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| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
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| original_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_presentation-original.md>
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| article = AXA/2025/FY/Earnings presentation
| doc_id = snjra2xp9r
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{{pdf page|1|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Full Year 2025 Earnings Presentation ===
* February 26, 2026
 
{{pdf page|2|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Full Year 2025 Earnings ===
=== IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES ===
* GIE_AXA_Internal 2 Full Year 2025 Earnings
 
* IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES
Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as "expects", "anticipates", "may", "plan," "target" or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, "would" and "could". In particular, the statements in this presentation regarding expected underlying earnings per share ("UEPS") growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group's current strategic plan. These statements in this presentation are based on Management's current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA's control, and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this presentation. Please refer to 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 a description of certain important factors, risks and uncertainties that may affect AXA's business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
* Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in this presentation regarding expected underlying earnings per share (“UEPS”) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan. These statements in this presentation are based on Management’s current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this presentation. Please refer to 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 a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
 
* In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures ("APMs"“APMs”), used by Management in analyzing AXA'sAXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA'sAXA’s results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group'sGroup’s consolidated financial statements and related notes prepared in accordance with IFRS. "Underlying“Underlying earnings"earnings”, UEPS ("underlying“underlying earnings per share"share”), "underlying“underlying return on equity"equity”, "combined“combined ratio"ratio” and "debt“debt gearing"gearing” are APMs as defined in ESMA'sESMA’s guidelines and the AMF'sAMF’s related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ("AXA's“AXA’s 2025 Activity Report"Report”), on the pages indicated under the heading "USE“USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES"MEASURES”. For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA'sAXA’s 2025 Activity Report.
* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
 
* AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.
AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
 
AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA's statutory auditors.
 
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* 1. FY25 Highlights p.04
* Thomas Buberl, Group CEO
* 2. FY25 Business Performance p.09
p.04
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology
 
2* 3. FY25 BusinessFinancial Performance p.13
* Alban de Mailly Nesle, Group CFO
Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology
p.09
 
3. FY25 Financial Performance
Alban de Mailly Nesle, Group CFO
p.13
 
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== FY25 Highlights ==
* Thomas Buberl, Group CEO
 
Thomas Buberl, Group CEO
 
{{pdf page|5|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Full Year 2025 – Excellent performance ===
 
Revenues* +6% Revenues vs. FY24
* +8% Underlying EPS vs. FY24
ROE 16% FY25
Underlying EPS +8% vs. FY24
Solvency II ratio 224% FY25
Delivering value for shareholders +8% DPS{{fn ref|1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}} growth and €1.25bn annual share buy back{{fn ref|2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026
 
* 16% ROE FY25
{{fn note|1=1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}}
{{fn note|1=2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
 
* 224% Solvency II ratio FY25
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=== Executing the plan on growth, margin and efficiency ===
 
* Delivering value for shareholders +8% DPS{{fn ref|1|2=Based on the dividend proposed by AXA's Board of Directors on February 25, 2026 and subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}} growth and €1.25bn annual share buy back{{fn ref|2|2=Following AXA's Board of Directors' approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart: Underlying earnings, FY24 vs FY25, in Euro billion.
FY24: 8.1
FY25: 8.4
Change: +6%
Annotation: +9% excluding AXA IM
</div>
 
* Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026
==== +6% top line growth, well balanced across ====
High organic growth
+6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
 
{{fn note|1=1|2=Based on the dividend proposed by AXA's Board of Directors on February 25, 2026 and subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}
Record profitability
{{fn note|1=2|2=Following AXA's Board of Directors' approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
Further margin expansion in P&C and L&H; improvement in efficiency
 
{{pdf page|6|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Scaling the business
Continued=== investmentsExecuting inthe plan on growth, margin and technologyefficiency ===
 
<div style="overflow-x:auto">
Consistent earnings growth while enhancing reserve prudence
{| id="t1" class="wikitable fintable"
|+ Underlying earnings (In Euro billion)
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying earnings
| style="text-align:right" | 8.1
| style="text-align:right" | 8.4
| style="text-align:right" | +6%
|-
| style="text-align:left" | Underlying earnings excluding AXA IM
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | +9%
|}
</div>
* High organic growth: +6% top line growth, well balanced across lines (P&amp;C: +5%, Life: +9%, Health: +5%)
* Record profitability: Further margin expansion in P&amp;C and L&amp;H; improvement in efficiency
* Scaling the business: Continued investments in growth and technology
* Consistent earnings growth while enhancing reserve prudence
 
{{fn note|1=1|2=Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.}}
 
{{pdf page|7|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 108 ⟶ 109:
==== Secular trends fueling demand across businesses ====
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t2" class="wikitable fintable"
[Chart/image description:]
Pie chart:|+ FY25 gross written premium split excluding AXA IM and holdings, by business line.
|-
Life (33%)
! style="text-align:left" | Segment
Health (17%)
! class="col-s" style="text-align:right" | Share
Retail (17%)
|-
Large & Specialty (17%)
| style="text-align:left" | Life
SME & Mid-market (16%)
| style="text-align:right" | 33%
AXA logo at center.
|-
| style="text-align:left" | Health
| style="text-align:right" | 17%
|-
| style="text-align:left" | Large &amp; Specialty
| style="text-align:right" | 17%
|-
| style="text-align:left" | Retail
| style="text-align:right" | 17%
|-
| style="text-align:left" | SME &amp; Mid-market
| style="text-align:right" | 16%
|}
</div>
 
Left annotation:* Protection gaps and emerging corporate risks
 
Right annotation: Demographics driving demand for private retirement and healthcare
* Demographics driving demand for private retirement and healthcare
 
==== Our right to win ====
 
* Leading brand & high customer NPS
 
* Strong and diversified distribution
 
* Technical expertise to price & underwrite risks
 
* Scale offering cost advantage
 
{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}
 
{{pdf page|8|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Laying the foundation for the next plan ===
* Clear tech and AI roadmap
 
Clear tech and AI roadmap* Driving efficiency Enhancing capital allocation discipline
* Enhancing capital allocation discipline
 
* Building resilience
==== Confidence in sustaining earnings growth ====
* Confidence in sustaining earnings growth
 
GIE_AXA_Internal Building resilience
 
{{pdf page|9|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== FY25 Business Performance ==
2
* Guillaume Borie
 
Guillaume Borie* Global Head of Finance, Strategy, Underwriting, Risk, and Technology FY25 Business Performance
 
{{pdf page|10|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 147 ⟶ 166:
 
<div style="overflow-x:auto">
{| id="t1t3" class="wikitable"
|-
! style="text-align:left" |
! style="text-align:right" | Gross written premiums
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | France (27% of total GWP{{fn ref|1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6% to €31bn
| style="text-align:right" | +7% to €2.2bn
|-
| style="text-align:left" | Europe (38% of total GWP{{fn ref|1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6% to €43bn
| style="text-align:right" | +9% to €3.5bn
|-
| style="text-align:left" | AXA XL (17% of total GWP{{fn ref|1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +4% to €19bn
| style="text-align:right" | +9% to €1.9bn
|-
| style="text-align:left" | Asia, Africa &amp; EME-LATAM (18% of total GWP{{fn ref|1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +13% to €20bn
| style="text-align:right" | +6% to €1.5bn
|}
</div>
<tr><td>France (27% of total GWP{{fn noteref|1=1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})</td><td>+6% to €31bn</td><td>+7% to €2.2bn</td></tr>
<tr><td>Europe (38% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})</td><td>+6% to €43bn</td><td>+9% to €3.5bn</td></tr>
<tr><td>AXA XL (17% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})</td><td>+4% to €19bn</td><td>+9% to €1.9bn</td></tr>
<tr><td>Asia, Africa & EME-LATAM (18% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})</td><td>+13% to €20bn</td><td>+6% to €1.5bn</td></tr>
</table>
 
{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
 
{{pdf page|11|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Strong margins, confidence in sustaining growth ===
 
* €58bn GWP
<div class="ed-chart-desc">
* GWP mix: Retail, SME & Mid-market, AXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large & Specialty) — shares not printed
[Chart/image description:]
Donut chart: GWP breakdown, €58bn total.
- Retail: share not printed
- AXA XL{{fn ref|1|2=1. Includes AXA XL Re premiums of €2.6bn.}} (Large & Specialty): share not printed
- SME & Mid-market: share not printed
</div>
 
<div style="overflow-x:auto">
Underlying earnings +9%{{fn ref|2|2=2. Change FY25 vs. FY24 at constant FX.}} to €5.9bn
{| id="t4" class="wikitable"
 
|+ 2025 and Beyond
<div class="ed-chart-desc">
|-
[Chart/image description:]
! style="text-align:left" |
Table/Grid: Strategic outlook for 2025 and Beyond 2025.
! style="text-align:left" | 2025
- Retail and SME & Mid-market:
! style="text-align:left" | Beyond 2025
- 2025: Growing volumes while expanding margins
|-
- Beyond 2025: Investing to improve customer retention & expanding distribution footprint
| style="text-align:left" | Retail and SME &amp; Mid-market
- AXA XL (Large & Specialty):
| style="text-align:left" | Growing volumes while expanding margins
- 2025: Profitable growth with stable margins
| style="text-align:left" | Investing to improve customer retention &amp; expanding distribution footprint
- Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
|-
| style="text-align:left" | AXA XL (Large &amp; Specialty)
| style="text-align:left" | Profitable growth with stable margins
| style="text-align:left" | Capitalizing on attractive growth opportunities and continued cycle management
|}
</div>
 
* Underlying earnings +9%{{fn ref|2|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn
<div class="ed-chart-desc">
* Continued progress on efficiency + Higher investment income
[Chart/image description:]
* Data & AI to further enhance customer experience & technical excellence
Flow diagram: Drivers of growth (indicated by a plus sign).
- Continued progress on efficiency
- Higher investment income
- Data & AI to further enhance customer experience & technical excellence
</div>
 
{{fn note|1=1|2=1. Includes AXA XL Re premiums of €2.6bn.}}
{{fn note|1=2|2=2. Change FY25 vs. FY24 at constant FX.}}
 
{{pdf page|12|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== L&H – Good momentum, well positioned to capture growth opportunities ===
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t5" class="wikitable"
[Chart/image description:]
|+ €57bn GWP
Donut chart: Gross Written Premium (GWP) split by business line, in Euro billion.
|-
- Short-term: ~€15bn (dark blue segment)
| style="text-align:left" | Short-term
- Long-term: ~€42bn (light blue segment)
| style="text-align:right" | Long-term
- Center label: €57bn GWP
|}
</div>
 
==== 2025 Beyond 2025 ====
Underlying earnings +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn
 
* Long-term business
<div class="ed-chart-desc">
* 2025: Accelerating net flows in Savings at attractive margins
[Chart/image description:]
* Beyond 2025: Capturing savings & retirement opportunity, sourcing best asset management products for our customers
Two-column roadmap: Strategic priorities for 2025 and Beyond 2025.
* Short-term business
Left column header: 2025
* 2025: Growing technical results while absorbing Mexico VAT impact
- Long-term business: Accelerating net flows in Savings at attractive margins
* Beyond 2025: Capitalizing on demand for health & protection while further improving our margins
- Short-term business: Growing technical results while absorbing Mexico VAT impact
Right column header: Beyond 2025
- Long-term business: Capturing savings & retirement opportunity, sourcing best asset management products for our customers
- Short-term business: Capitalizing on demand for health & protection while further improving our margins
</div>
 
* Underlying earnings +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn
<div class="ed-chart-desc">
* Focus on cost reduction
[Chart/image description:]
* Increasing penetration of Protection riders in Savings offerings
Three horizontal strategy boxes below the roadmap, connected by a central plus icon.
* Leveraging AI to reduce claims leakage & improve customer outcomes in Health
- Left box: Focus on cost reduction
- Center box: Increasing penetration of Protection riders in Savings offerings
- Right box: Leveraging AI to reduce claims leakage & improve customer outcomes in Health
</div>
 
{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}
Line 243 ⟶ 242:
{{pdf page|13|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== FY25 Financial Performance ==
* Alban de Mailly Nesle
* Group CFO
 
{{pdf page|14|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Continued disciplined growth ===
 
* In Euro billion
 
==== GWP & Other Revenues ====
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t6" class="wikitable fintable"
[Chart/image description:]
Stacked bar chart:|+ GWP &amp; Other Revenues, FY24 vs FY25, in Euro billion.
|-
</div>
! style="text-align:left" |
 
! class="col-s" style="text-align:right" | FY24
FY24 total: 56.5
! class="col-s" style="text-align:right" | FY25
FY25 total: 58.0
! class="col-s" style="text-align:right" | Change
Change label: +5%
! class="col-s" style="text-align:right" | o/w pricing{{fn ref|1|2=Price effect.}}
 
! class="col-s" style="text-align:right" | o/w volume{{fn ref|2|2=Includes exposure adjustments and mix &amp; other effects.}}
Segments (FY25 values):
|-
* Commercial lines: 35.8, Change: +4%, o/w pricing: +2%, o/w volume: +2%
| style="text-align:left" | Commercial lines
* AXA XL Reinsurance: 2.6, Change: +8%, o/w pricing: +0.3%, o/w volume: +7%
| rowspan="3" style="text-align:right" | 56.5
* Retail lines: 19.7, Change: +7%, o/w pricing: +5%, o/w volume: +2%
| style="text-align:right" | 35.8
 
| style="text-align:right" | +4%
Column headers: Change, o/w pricing{{fn ref|1|2=Price effect.}}, o/w volume{{fn ref|2|2=Includes exposure adjustments and mix & other effects.}}
| style="text-align:right" | +2%
 
| style="text-align:right" | +2%
<div class="ed-chart-desc">
|-
[Chart/image description:]
| style="text-align:left" | AXA XL Reinsurance
Table panel showing Change, o/w pricing, o/w volume columns alongside the bar chart as described above.
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
| style="text-align:right" | +0.3%
| style="text-align:right" | +7%
|-
| style="text-align:left" | Retail lines
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
| style="text-align:right" | +5%
| style="text-align:right" | +2%
|-
| style="text-align:left" | Total
| style="text-align:right" | 56.5
| style="text-align:right" | 58.0
| style="text-align:right" | +5%
| style="text-align:right" |
| style="text-align:right" |
|}
</div>
 
* Continued pricing momentum and volume growth in Mid-market and SME; Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance
* Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance
* Growth supported by alternative capital
* Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)
Line 285 ⟶ 303:
==== Combined ratio ====
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t7" class="wikitable fintable"
[Chart/image description:]
Stacked bar chart:|+ Combined ratio, FY24 vs FY25.
|-
FY24 Total: 91.0%
! style="text-align:left" |
- Undiscounted CY loss ratio (ex Nat Cat): 67.4%
! class="col-s" style="text-align:right" | FY24
- Expense ratio: 25.0%
! class="col-s" style="text-align:right" | FY25
- Nat Cat: 3.8%
|-
- Prior year reserve development: -1.6%
| style="text-align:left" | Combined ratio (total)
- Discount: -3.6%
| style="text-align:right" | 91.0%
FY25 Total: 90.6%
| style="text-align:right" | 90.6%
- Undiscounted CY loss ratio (ex Nat Cat): 67.0%
|-
- Expense ratio: 24.8%
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
- Nat Cat: 3.4%
| style="text-align:right" | 67.4%
- Prior year reserve development: -1.1%
| style="text-align:right" | 67.0%
- Discount: -3.5%
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 25.0%
| style="text-align:right" | 24.8%
|-
| style="text-align:left" | Nat Cat
| style="text-align:right" | 3.8%
| style="text-align:right" | 3.4%
|-
| style="text-align:left" | Prior year reserve development
| style="text-align:right" | -1.6%
| style="text-align:right" | -1.1%
|-
| style="text-align:left" | Discount
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.5%
|}
</div>
 
* Better undiscounted current year loss ratio excluding Nat Cat from:
* Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
 
* Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
 
Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
* Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
Nat Cat charges below normalized load
 
Lower reliance on prior year reserve development
* Nat Cat charges below normalized load
Taking advantage of a good year to enhance reserve prudence
 
* Lower reliance on prior year reserve development
 
* Taking advantage of a good year to enhance reserve prudence
 
{{pdf page|16|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Earnings growth from higher underwriting and financial result ===
 
&#42;In Euro million*
 
<div style="overflow-x:auto">
==== Underlying Earnings ====
{| id="t8" class="wikitable fintable"
 
|+ Underlying Earnings waterfall (In Euro million)
<div class="ed-chart-desc">
|-
[Chart/image description:]
! style="text-align:left" | Step
Waterfall chart: Underlying Earnings, FY24 to FY25, in Euro million.
! class="col-s" style="text-align:right" | Value
- FY24: 5,510
|-
- Volume growth: +292
| style="text-align:left" | FY24
- Margin improvement: +189
| style="text-align:right" | 5,510
- Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}} (grouping Volume growth and Margin improvement): +481 (calculated from components)
|-
- Investment income: +435
| style="text-align:left" | Volume growth
- Insurance finance expenses: -235
| style="text-align:right" | +292
- Financial result (grouping Investment income and Insurance finance expenses): +200 (calculated from components)
|-
- Tax: -169
| style="text-align:left" | Margin improvement
- Affiliates, FX & other: -150
| style="text-align:right" | +189
- FY25: 5,872
|-
- Total change FY24 to FY25: +9%
| style="text-align:left" | Investment income
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses
| style="text-align:right" | -235
|-
| style="text-align:left" | Tax
| style="text-align:right" | -169
|-
| style="text-align:left" | Affiliates, FX &amp; other
| style="text-align:right" | -150
|-
| style="text-align:left" | FY25
| style="text-align:right" | 5,872
|}
</div>
 
* +9%
 
* Underwriting result{{fn ref|1|2=Change at constant FX. 1. Underwriting result includes expenses.}}
 
* Financial result
 
* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
 
* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
 
* Higher unwind of discount of claims reserves, in line with guidance
 
* Unfavorable forex impact notably due to USD depreciation vs. EUR
 
{{fn note|1=1|2=Change at constant FX. 1. Underwriting result includes expenses.}}
 
{{pdf page|17|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Strong growth in premiums, positive net flows ===
 
<div style="overflow-x:auto">
In Euro billion
{| id="t9" class="wikitable fintable"
|+ Life GWP &amp; Other Revenues
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Growth
|-
| style="text-align:left" | Protection
| style="text-align:right" |
| style="text-align:right" | 17.3
| style="text-align:right" | +11%
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" |
| style="text-align:right" | 9.3
| style="text-align:right" | +13%
|-
| style="text-align:left" | Capital light G/A
| style="text-align:right" |
| style="text-align:right" | 9.0
| style="text-align:right" | +7%
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" |
| style="text-align:right" | 1.9
| style="text-align:right" | -7%
|-
| style="text-align:left" | Total
| style="text-align:right" | 34.5
| style="text-align:right" | 37.5
| style="text-align:right" | +9%
|}
</div>
 
<div style="overflow-x:auto">
==== Life GWP & Other Revenues ====
{| id="t10" class="wikitable fintable"
|+ Health GWP &amp; Other Revenues
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Growth
|-
| style="text-align:left" | Individual
| style="text-align:right" |
| style="text-align:right" | 10.5
| style="text-align:right" | +6%
|-
| style="text-align:left" | Group
| style="text-align:right" |
| style="text-align:right" | 8.5
| style="text-align:right" | +4%
|-
| style="text-align:left" | Total
| style="text-align:right" | 17.5
| style="text-align:right" | 19.0
| style="text-align:right" | +5%
|}
</div>
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t11" class="wikitable fintable"
[Chart/image description:]
|+ Net flows: €+5.4bn vs. €+1.5bn in FY24
Stacked bar chart: Life GWP & Other Revenues, FY24 vs FY25, in Euro billion.
|-
Total:
! style="text-align:left" | Segment
- FY24: 34.5
! class="col-s" style="text-align:right" | Flow (€bn)
- FY25: 37.5 (+9% change)
|-
| style="text-align:left" | Protection
| style="text-align:right" | +4.9
|-
| style="text-align:left" | Health
| style="text-align:right" | +2.7
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" | +1.5
|-
| style="text-align:left" | Capital light G/A
| style="text-align:right" | +1.2
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | -5.0
|}
</div>
 
o/w FY25 Employee Benefits{{fn ref|1|2=Change at constant scope and FX. Including both short-term and long-term Employee Benefits GWP and other revenues.}}
Segments:
Euro 12.9 billion (+4% vs. FY24)
* Protection: FY24 (value not printed), FY25: 17.3 (+11% change)
* Unit-linked: FY24 (value not printed), FY25: 9.3 (+13% change)
* Capital light G/A: FY24 (value not printed), FY25: 9.0 (+7% change)
* Traditional G/A: FY24 (value not printed), FY25: 1.9 (-7% change)
 
{{fn note|1=1|2=Change at constant scope and FX. Including both short-term and long-term Employee Benefits GWP and other revenues.}}
Annotation below chart:
o/w FY25 Employee Benefits{{fn ref|1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}} Euro 12.9 billion (+4% vs. FY24)
 
{{pdf page|18|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
==== Health GWP & Other Revenues ====
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
 
* In Euro billion
<div class="ed-chart-desc">
[Chart/image description:]
Stacked bar chart: Health GWP & Other Revenues, FY24 vs FY25, in Euro billion.
Total:
- FY24: 17.5
- FY25: 19.0 (+5% change)
</div>
 
<div style="overflow-x:auto">
Segments:
{| id="t12" class="wikitable fintable"
* Individual: FY24 (value not printed), FY25: 10.5 (+6% change)
|+ PVEP
* Group: FY24 (value not printed), FY25: 8.5 (+4% change)
|-
 
! style="text-align:left" |
==== Net flows: €+5.4bn vs. €+1.5bn in FY24 ====
! class="col-s" style="text-align:right" | FY24
 
<div! class="edcol-charts" style="text-descalign:right"> | FY25
|-
[Chart/image description:]
| style="text-align:left" | Protection &amp; Health
Horizontal bar chart: Net flows by segment, in Euro billion.
| rowspan="4" style="text-align:right" | 50.9
- Protection: +4.9
| style="text-align:right" | 31.4
- Health: +2.7
|-
- Unit-Linked: +1.5
| style="text-align:left" | Unit-Linked
- Capital light G/A: +1.2
| style="text-align:right" | 8.5
- Traditional G/A: -5.0
|-
| style="text-align:left" | Capital-light G/A
| style="text-align:right" | 7.8
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | 1.7
|-
| style="text-align:left" | Total
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
|-
| style="text-align:left" | Change
| style="text-align:right" |
| style="text-align:right" | -2%
|-
| style="text-align:left" | Protection &amp; Health change
| style="text-align:right" |
| style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked change
| style="text-align:right" |
| style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A change
| style="text-align:right" |
| style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A change
| style="text-align:right" |
| style="text-align:right" | -10%
|}
</div>
 
<div style="overflow-x:auto">
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
{| id="t13" class="wikitable fintable"
|+ NB CSM (pre-tax)
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | NB CSM (pre-tax)
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
|-
| style="text-align:left" | Change
| style="text-align:right" |
| style="text-align:right" | +3%
|}
</div>
 
<div style="overflow-x:auto">
{{pdf page|18|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
{| id="t14" class="wikitable fintable"
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
|+ NBV (post-tax)
In Euro billion
|-
 
! style="text-align:left" |
<div class="ed-chart-desc">
! class="col-s" style="text-align:right" | FY24
[Chart/image description:]
! class="col-s" style="text-align:right" | FY25
Bar chart: PVEP, FY24 vs FY25, in Euro billion.
|-
Protection & Health: 50.9 (FY24), 49.4 (FY25, -2%)
| style="text-align:left" | NBV (post-tax)
Unit-Linked: 8.5 (FY25, +18%)
| style="text-align:right" | 2.3
Capital-light G/A: 7.8 (FY25, -10%)
| style="text-align:right" | 2.2
Traditional G/A: 1.7 (FY25, -10%)
|-
| style="text-align:left" | Change
| style="text-align:right" |
| style="text-align:right" | stable
|-
| style="text-align:left" | NBV margin
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
|}
</div>
 
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
Bar chart: NB CSM (pre-tax), FY24 vs FY25, in Euro billion.
FY24: 2.2
FY25: 2.2 (+3%)
 
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
Bar chart: NBV (post-tax), FY24 vs FY25, in Euro billion.
FY24: 2.3
FY25: 2.2 (stable)
 
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
NBV margin: 4.4% (FY24), 4.5% (FY25)
 
{{fn note|1=1|2=Change at constant scope and FX.}}
► PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
► NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
► NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
 
{{pdf page|19|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
* In Euro billion
 
==== Contractual Service Margin rollforward ====
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t15" class="wikitable"
[Chart/image description:]
Waterfall chart:|+ Contractual Service Margin rollforward, FY24 to FY25, in(In Euro billion.)
|-
- FY24: 33.6 (o/w Life: 25.8, o/w Health: 7.7)
! style="text-align:left" | FY24
- New business CSM: +2.2
! style="text-align:right" | New business CSM
- Underlying return on in-force: +1.3
! style="text-align:left" | Underlying return on in-force
- CSM release: -3.0
! style="text-align:right" | CSM release
- Normalized CSM growth: +2% (grouping New business CSM, Underlying return on in-force, and CSM release)
! style="text-align:right" | Economic variance: +0.6
! style="text-align:right" | Operating variance: -0.3
! style="text-align:right" | Affiliates, FX &amp; other: -1.4
! style="text-align:right" | FY25
- FY25: 33.0 (o/w Life: 25.4, o/w Health: 7.6)
|}
</div>
<tr><td>33.6</td><td>+2.2</td><td>+1.3</td><td>-3.0</td><td>+0.6</td><td>-0.3</td><td>-1.4</td><td>33.0</td></tr>
<tr><td>o/w Life: 25.8</td><td></td><td></td><td></td><td></td><td></td><td></td><td>25.4</td></tr>
<tr><td>o/w Health: 7.7</td><td></td><td></td><td></td><td></td><td></td><td></td><td>7.6</td></tr>
</table>
 
* Normalized CSM growth +2%
 
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
 
* Economic variance reflecting government spreads tightening and positive equity market returns
 
* Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
 
* FX impact mainly from JPY and HKD depreciation
 
{{fn note|1=1|2=Change at constant scope and FX.}}
 
{{pdf page|20|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
* In Euro million
 
==== Underlying Earnings ====
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t16" class="wikitable fintable"
[Chart/image description:]
Bar chart:|+ Underlying earnings, FY24 vs FY25,Earnings in(In Euro million.)
|-
FY24 total: 3,323
! style="text-align:left" |
- Short-term technical margin: 415
! class="col-s" style="text-align:right" | FY24
- Long-term result incl. CSM release: 2,680
! style="text-align:left" | Short-term technical margin
- Financial result: 975
! style="text-align:left" | Long-term result incl. CSM release
- Tax & others: -748
! class="col-s" style="text-align:right" | Financial result
Change drivers:
! class="col-s" style="text-align:right" | Tax, FX and others
- Short-term technical margin: +60
! class="col-s" style="text-align:right" | FY25
- Long-term result incl. CSM release: +156
|-
- Financial result: -11
| style="text-align:left" | Short-term technical margin
- Tax, FX and others: -27
| style="text-align:right" | 415
FY25 total: 3,501
| style="text-align:left" | +60
- Short-term technical margin: 479
| style="text-align:left" |
- Long-term result incl. CSM release: 2,804
| style="text-align:right" |
- Financial result: 946
| style="text-align:right" |
- Tax & others: -728
| style="text-align:right" | 479
Overall change: +7%
|-
o/w Life: 2.6 → 2.7 (+4% vs. FY24)
| style="text-align:left" | Long-term result incl. CSM release
o/w Health: 0.7 → 0.8 (+17% vs. FY24)
| style="text-align:right" | 2,680
| style="text-align:left" |
| style="text-align:left" | +156
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 2,804
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -11
| style="text-align:right" |
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax &amp; others
| style="text-align:right" | -748
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | -27
| style="text-align:right" | -728
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,323
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 3,501
|}
</div>
 
* +7% Underlying Earnings
Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€ -0.1bn)
 
<div style="overflow-x:auto">
Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins
{| id="t17" class="wikitable fintable"
|+ in billions
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change at constant FX
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
| style="text-align:right" | +4% vs. FY24
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 0.7
| style="text-align:right" | 0.8
| style="text-align:right" | +17% vs. FY24
|}
</div>
 
* Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn)
 
* Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins
 
{{fn note|1=1|2=Change at constant FX.}}
 
{{pdf page|21|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 481 ⟶ 730:
 
<div style="overflow-x:auto">
{| id="t2t18" class="wikitable fintable"
|-
! style="text-align:left" |
Line 535 ⟶ 784:
</div>
 
* Underlying earnings
* Strong performance from insurance businesses
* Stable holding cost, expected to remain at current level in 2026
 
* Net Income
 
* Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM
* Lower financial flows reflecting unfavorable forex impact
Line 545 ⟶ 794:
==== Underlying earnings per share ====
 
In Euro
==== Underlying earnings per share In Euro ====
&#32;In Euro
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t19" class="wikitable fintable"
[Chart/image description:]
Bar chart:|+ Underlying earnings per share, FY24 vs FY25, in(In Euro.)
|-
FY24: 3.59
! style="text-align:left" | FY24
FY25: 3.86
! class="col-s" style="text-align:right" | FY25
Overall change: +8%
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | 3.59
| style="text-align:right" | 3.86
| style="text-align:right" | +8%
|}
</div>
 
* +6% from earnings growth
* +3% from capital management
* -2% from forex
 
* including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback
+3% from capital management
 
{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}
-2% from forex
 
including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback
 
<!-- furniture -->
 
{{pdf page|22|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Shareholders' Equity ===
In Euro billion
 
==== Shareholders' equity{{fn ref|1|2=Shareholders' equity Group share. Full Year 2025 Earnings}} ====
<div class="ed-chart-desc">
 
[Chart/image description:]
<div style="overflow-x:auto">
Stacked bar chart: Shareholders' equity{{fn ref|1|2=1. Shareholders' equity Group share.}}, FY24, HY25, and FY25, in Euro billion.
{| id="t20" class="wikitable fintable"
- FY24:
|+ Shareholders' equity<sup>1</sup>
- SHE (excl. OCI): 58.0
|-
- Net OCI: -8.1
! style="text-align:left" |
- Total Shareholders' equity: 49.9
! class="col-s" style="text-align:right" | FY24
- SHE (excl. OCI & undated subordinated debt): 53.2
! class="col-s" style="text-align:right" | HY25
- Debt gearing: 20.6%
! class="col-s" style="text-align:right" | FY25
- Underlying ROE: 15.2%
|-
- HY25:
| style="text-align:left" | Total
- SHE (excl. OCI): 52.7
| style="text-align:right" | 49.9
- Net OCI: -7.2
| style="text-align:right" | 45.5
- Total Shareholders' equity: 45.5
| style="text-align:right" | 47.2
- SHE (excl. OCI & undated subordinated debt): 47.0
|-
- Debt gearing: 23.4%
| style="text-align:left" | SHE (excl. OCI)
- Underlying ROE: 17.5%
| style="text-align:right" | 58.0
- FY25:
| style="text-align:right" | 52.7
- SHE (excl. OCI): 54.0
| style="text-align:right" | 54.0
- Net OCI: -6.8
|-
- Total Shareholders' equity: 47.2
| style="text-align:left" | Net OCI
- SHE (excl. OCI & undated subordinated debt): 49.4
| style="text-align:right" | -8.1
- Debt gearing: 22.3%
| style="text-align:right" | -7.2
- Underlying ROE: 16.0%
| style="text-align:right" | -6.8
|-
| style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt)
| style="text-align:right" | 53.2
| style="text-align:right" | 47.0
| style="text-align:right" | 49.4
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 23.4%
| style="text-align:right" | 22.3%
|-
| style="text-align:left" | Underlying ROE
| style="text-align:right" | 15.2%
| style="text-align:right" | 17.5%
| style="text-align:right" | 16.0%
|}
</div>
 
<div style="overflow-x:auto">
{| id="t3t21" class="wikitable fintable"
|+ Shareholders' equity{{fn ref|1|2=1. Shareholders' equity Group share.}} (in Euro billion)
|-
! style="text-align:left" |
! class="col-ms" style="text-align:right" | FY24 to FY25
! class="col-ms" style="text-align:right" | HY25 to FY25
|-
| style="text-align:left" | Opening Shareholders' equity
Line 644 ⟶ 912:
|}
</div>
 
{{fn note|1=1|2=1. Shareholders' equity Group share.}}
{{fn note|1=1|2=Shareholders' equity Group share. Full Year 2025 Earnings}}
 
{{pdf page|23|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Higher organic cash remittance and robust cash position at Holding ===
 
* In Euro billion
 
==== Net Cash Remittance ====
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t22" class="wikitable fintable"
[Chart/image description:]
Bar chart:|+ Net Cash Remittance, FY24 vs FY25, in Euro billion.
|-
- FY24: 7.7 total (consisting of 7.1 base and 0.6 "Proceeds related to in-force treaties{{fn ref|2|2=2. €0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}")
! style="text-align:left" |
- FY25: 7.5
! class="col-s" style="text-align:right" | FY24
- Remittance ratio{{fn ref|1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}: FY24: 82%, FY25: 82%
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Proceeds related to in-force treaties{{fn ref|2|2=€0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
| style="text-align:right" | 0.6
| style="text-align:right" |
|-
| style="text-align:left" | Ordinary cash remittance
| style="text-align:right" | 7.1
| style="text-align:right" | 7.5
|-
| style="text-align:left" | Total
| style="text-align:right" | 7.7
| style="text-align:right" | 7.5
|-
| style="text-align:left" | Remittance ratio{{fn ref|1|2=Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
| style="text-align:right" | 82%
| style="text-align:right" | 82%
|}
</div>
 
<div style="overflow-x:auto">
{| id="t4t23" class="wikitable fintable"
|-
|! style="text-align:left" | FY24 Cash position
|! class="col-s" style="text-align:right" | 4.0
|-
| style="text-align:left" | Net cash remittance from subsidiaries
Line 686 ⟶ 975:
| style="text-align:right" | +3.1
|-
|! style="text-align:left" | FY25 Cash position
|! class="col-s" style="text-align:right" | 5.6
|}
</div>
 
{{fn note|1=1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
{{fn note|1=2|2=2. €0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
 
{{pdf page|24|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Solvency II at 224% ===
 
In Euro billion Foreseeable dividends: €-4.8bn Provision for annual share buyback for 2026: €-1.25bn
In Euro billion
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t24" class="wikitable"
[Chart/image description:]
Bar chart:|+ Eligible Own Funds (EOF) and Solvency Capital Requirement (SCR) for FY24 and FY25, in Euro billion.
|-
EOF FY24: 55.9
! style="text-align:left" | FY24
EOF FY25: 56.4
! style="text-align:left" | Regulatory &amp; model changes
SCR FY24: 25.9
! style="text-align:left" | Normalized capital generation
SCR FY25: 25.2
! style="text-align:right" | Operating variance
Drivers of EOF change from FY24 to FY25: +0.2 (Regulatory & model changes), +8.8 (Normalized capital generation), -0.4 (Operating variance), -2.1 (Economic variance & FX), -6.0 (Dividend & annual share buyback), -0.1 (Management actions, debt & other)
! style="text-align:right" | Economic variance &amp; FX
Drivers of SCR change from FY24 to FY25: 0.0 (Regulatory & model changes), +0.6 (Normalized capital generation), 0.0 (Operating variance), -1.2 (Economic variance & FX), 0.0 (Dividend & annual share buyback), -0.2 (Management actions, debt & other)
Annotation: Foreseeable! dividendsstyle="text-align:left" €4.8bn.| ProvisionDividend for&amp; annual share buyback for 2026: €1.25bn.
! style="text-align:left" | Management actions, debt &amp; other
! style="text-align:right" | FY25
|}
</div>
 
<tr><td> 55.9</td><td> +0.2</td><td> +8.8</td><td> -0.4</td><td> -2.1</td><td> -6.0 -0.1</td><td></td><td>56.4</td></tr>
Solvency II ratio
</table>
FY24: 216%
FY25: 224%
Drivers of Solvency II ratio change from FY24 to FY25: +0pt (Regulatory & model changes), +28pts (Normalized capital generation), -1pt (Operating variance), +4pts (Economic variance & FX), -24pts (Dividend & annual share buyback), +2pts (Management actions, debt & other)
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t25" class="wikitable"
[Chart/image description:]
|+ Solvency II ratio
#### Key sensitivities
|-
Bar chart: Key sensitivities to Solvency II ratio as of December 31, 2025.
! style="text-align:left" | FY24
Base ratio: 224%
! style="text-align:left" | Regulatory &amp; model changes
Interest rate +50bps: +2 pts
! style="text-align:left" | Normalized capital generation
Interest rate -50bps: -1 pt
! style="text-align:right" | Operating variance
Corporate spreads +50bps: -1 pt
! style="text-align:right" | Economic variance &amp; FX
Euro Sovereign spreads +50bps{{fn ref|1|2=Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}: -7 pts
! style="text-align:left" | Dividend &amp; annual share buyback
Credit migration{{fn ref|2|2=Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}: -4 pts
! style="text-align:left" | Management actions, debt &amp; other
Listed Equity (excl. PE & Infra) +25%: -1 pt
! style="text-align:right" | FY25
Listed Equity (excl. PE & Infra) -25%: +2 pts
|}
PE & Infra +25%: +14 pts
</div>
PE & Infra -25%: -19 pts
 
Inflation swap curve +50bps: -5 pts
<tr><td>216%</td><td>+0pt</td><td>+28pts</td><td>-1pt</td><td>+4pts</td><td>-24pts</td><td>+2pts</td><td>224%</td></tr>
</table>
 
<div style="overflow-x:auto">
{| id="t26" class="wikitable"
|+ Solvency Capital Requirement (SCR)
|-
! style="text-align:left" | FY24
! style="text-align:left" | Regulatory &amp; model changes
! style="text-align:left" | Normalized capital generation
! style="text-align:right" | Operating variance
! style="text-align:right" | Economic variance &amp; FX
! style="text-align:left" | Dividend &amp; annual share buyback
! style="text-align:left" | Management actions, debt &amp; other
! style="text-align:right" | FY25
|}
</div>
 
<tr><td>25.9</td><td>0.0</td><td>+0.6</td><td>0.0</td><td>-1.2</td><td>0.0</td><td>-0.2</td><td>25.2</td></tr>
</table>
 
==== Key sensitivities ====
 
<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|-
! style="text-align:left" | Scenario
! class="col-s" style="text-align:right" | Impact
|-
| style="text-align:left" | Ratio as of December 31, 2025
| style="text-align:right" | 224%
|-
| style="text-align:left" | Interest rate +50bps
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Interest rate -50bps
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Corporate spreads +50bps
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1|2=Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Credit migration{{fn ref|2|2=Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) +25%
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) -25%
| style="text-align:right" | -4 pts
|-
| style="text-align:left" | PE &amp; Infra +25%
| style="text-align:right" | +14 pts
|-
| style="text-align:left" | PE &amp; Infra -25%
| style="text-align:right" | -19 pts
|-
| style="text-align:left" | Inflation swap curve +50bps
| style="text-align:right" | -5 pts
|}
</div>
 
Line 740 ⟶ 1,092:
 
<div style="overflow-x:auto">
{| id="t5t28" class="wikitable"
|-
| style="text-align:left" | Ratio as of 31/12/2025
Line 748 ⟶ 1,100:
| style="text-align:left" | Impact of the end of grandfathering period on January 1, 2026
| style="text-align:right" | -10pts to 215%
| style="text-align:left" | ▶ Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
|-
| style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27
| style="text-align:right" | +17pts{{fn ref|1|2=1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
| style="text-align:left" | ▶ No change expected in organic capital generation<br/>▶ Additional capital flexibility
|}
</div>
No change expected in organic capital generation<br/>
 
Additional capital flexibility
{{fn note|1=1|2=1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
</td>
</tr>
</table>
{{fn note|1=1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
 
{{pdf page|26|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Thomas Buberl, Group CEO Conclusion ===
* Thomas Buberl, Group CEO
==== Conclusion ====
Thomas Buberl, Group CEO
 
{{pdf page|27|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Conclusion ===
 
* Record results, at the top end of the target range while enhancing reserve prudence
* All businesses in excellent shape, delivering strong growth and profitability
* Diversified franchise, well-positioned to capture future growth opportunities
* Laying foundations for the next plan and confident in delivering sustainable earnings growth
 
{{pdf page|28|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
All businesses in excellent shape, delivering strong growth and profitability
== Q&A ==
February 26, 2026
* <!-- furniture -->
* <!-- furniture -->
* <!-- furniture -->
* <!-- furniture -->
* <!-- furniture -->
 
{{pdf page|29|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Diversified franchise, well-positioned to capture future growth opportunities
=== AXA Investor Relations – Keep in touch ===
 
==== Meet our management ====
* Laying foundations for the next plan and confident in delivering sustainable
 
* March - Roadshows - Europe and US
earnings growth GIE_AXA_Internal
* May 5 - 1Q25 Activity Indicators - Paris
* June 2 - BNP Paribas Exane CEO Conference - Paris
* June 2-4 - Goldman Sachs European Financials Conference - Zurich
* July 31 - HY26 Earnings Release - Paris
* September 21 - AXA Investor Day - London
 
==== Contact us ====
{{pdf page|28|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== February 26, 2026 Q&A Full Year 2025 Earnings ===
==== Q&A Full Year 2025 Earnings ====
 
* Investor Relations: +33 1 40 75 48 42 | investor.relations@axa.com
{{pdf page|29|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== AXA Investor Relations – Keep in touch ===
 
==== Follow us ====
<div class="ed-chart-desc">
 
[Chart/image description:]
* www.axa.com
Icon of a person/headset representing investor relations management.
 
</div>
{{pdf page|30|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== Appendices ==
 
{{pdf page|31|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
* 1. Debt and Invested Assets p.31
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
 
{{pdf page|32|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
* In Euro billion
 
==== Gross financial debt{{fn ref|1,2|2=1. Nominal debt. 2. In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}} ====
 
* Debt gearing 20.6% 22.3%
 
<div style="overflow-x:auto">
{| id="t6t29" class="wikitable fintable"
|+ Gross financial debt (In Euro billion)
|-
! style="text-align:left" | March
! class="col-s" style="text-align:leftright" | RoadshowsFY24
! class="col-s" style="text-align:right" | Europe and USFY25
! class="col-s" style="text-align:right" | Jan 1st 2026
|-
| style="text-align:left" | May 5Total
| style="text-align:leftright" | 1Q25 Activity Indicators19.2
| style="text-align:right" | Paris20.3
| style="text-align:right" | 20.3
|-
| style="text-align:left" | JuneTier 21
| style="text-align:leftright" | BNP Paribas Exane CEO Conference4.8
| style="text-align:right" | Paris4.6
| style="text-align:right" | 3.2
|-
| style="text-align:left" | JuneTier 2-4
| style="text-align:leftright" | Goldman Sachs European Financials Conference10.8
| style="text-align:right" | Zurich12.2
| style="text-align:right" | 11.3
|-
| style="text-align:left" | JulySenior 31debt
| style="text-align:leftright" | HY26 Earnings Release3.5
| style="text-align:right" | Paris3.5
| style="text-align:right" | 5.8
|-
| style="text-align:left" | September 21
| style="text-align:left" | AXA Investor Day
| style="text-align:right" | London
|}
</div>
 
* End of the grandfathering period
Investor Relations
+33 1 40 75 48 42
investor.relations@axa.com
 
* o/w €0.4bn redeemed in Jan 2026
<div class="ed-chart-desc">
[Chart/image description:]
Share/follow icon.
</div>
 
==== Contractual maturity breakdown ====
<div class="ed-chart-desc">
[Chart/image description:]
YouTube icon.
</div>
 
<div style="overflow-x:auto">
f
{| id="t30" class="wikitable fintable"
 
|+ Contractual maturity breakdown (In Euro billion)
<div class="ed-chart-desc">
|-
[Chart/image description:]
! style="text-align:left" |
Facebook icon.
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
! class="col-s" style="text-align:right" | 2027
! class="col-s" style="text-align:right" | 2028
! class="col-s" style="text-align:right" | 2029
! class="col-s" style="text-align:right" | 2030
! class="col-s" style="text-align:right" | 2031-2039
! class="col-s" style="text-align:right" | ≥2040
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | Senior debt
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 1.5
| style="text-align:right" | 0.5
| style="text-align:right" |
|-
| style="text-align:left" | Tier 2
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 0.5
| style="text-align:right" | 0.9
| style="text-align:right" | 0.7
| style="text-align:right" | 10.8
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Tier 1
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 4.6
| style="text-align:right" |
|}
</div>
 
* o/w Grandfathered debt
<div class="ed-chart-desc">
[Chart/image description:]
Instagram icon.
</div>
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t31" class="wikitable fintable"
[Chart/image description:]
|+ Contractual maturity breakdown – o/w Grandfathered debt
Twitter/X icon.
|-
</div>
! style="text-align:left" |
 
! class="col-s" style="text-align:right" | 2025
in
! class="col-s" style="text-align:right" | 2026
 
<div! class="edcol-charts" style="text-descalign:right"> | 2027
! class="col-s" style="text-align:right" | 2028
[Chart/image description:]
! class="col-s" style="text-align:right" | 2029
LinkedIn icon.
! class="col-s" style="text-align:right" | 2030
</div>
! class="col-s" style="text-align:right" | 2031-2039
 
<div! class="edcol-charts" style="text-descalign:right"> | ≥2040
! class="col-s" style="text-align:right" | Undated
[Chart/image description:]
|-
Sustainability/leaf icon.
| style="text-align:left" | Tier 1
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 1.4
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.7
| style="text-align:right" | -
| style="text-align:right" | 0.2
| style="text-align:right" | -
|}
</div>
 
==== Economic maturity breakdown{{fn ref|3|2=3. Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}} ====
O
 
<div class="ed-chart-desc">
[Chart/image description:]
Additional social/web icon.
</div>
 
<div class="ed-chart-desc">
[Chart/image description:]
AXA logo.
</div>
 
{{pdf page|30|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== Appendices ==
 
{{pdf page|31|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
<div style="overflow-x:auto">
{| id="t7t32" class="wikitable fintable"
|+ Economic maturity breakdown (In Euro billion)
|-
|! style="text-align:left" | 1.
|! class="col-s" style="text-align:leftright" | Debt and Invested Assets2025
|! class="col-s" style="text-align:right" | p.312026
! class="col-s" style="text-align:right" | 2027
! class="col-s" style="text-align:right" | 2028
! class="col-s" style="text-align:right" | 2029
! class="col-s" style="text-align:right" | 2030
! class="col-s" style="text-align:right" | 2031-2039
! class="col-s" style="text-align:right" | ≥2040
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | 2.Senior debt
| style="text-align:leftright" | Additional P&amp;C disclosures
| style="text-align:right" | p.36
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 1.5
| style="text-align:right" | 0.5
| style="text-align:right" |
|-
| style="text-align:left" | 3.Tier 2
| style="text-align:leftright" | Additional IFRS17 disclosures
| style="text-align:right" | p0.411
| style="text-align:right" | 2.4
| style="text-align:right" | 0.1
| style="text-align:right" | 0.5
| style="text-align:right" | 2.0
| style="text-align:right" | 6.4
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | 4.Tier 1
| style="text-align:leftright" | Sustainability
| style="text-align:right" | p.44
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 0.9
| style="text-align:right" | 0.7
| style="text-align:right" | 0.4
| style="text-align:right" |
| style="text-align:right" | 4.0
|}
</div>
 
* o/w Grandfathered debt
{{pdf page|32|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t33" class="wikitable fintable"
[Chart/image description:]
|+ Economic maturity breakdown – o/w Grandfathered debt
Stacked bar chart: Gross financial debt{{fn ref|1,2}}, FY24 vs FY25 vs Jan 1st 2026 (End of the grandfathering period).
|-
Legend: Tier 1, Tier 2, Senior debt.
! style="text-align:left" |
- FY24: Total 19.2 (Debt gearing: 20.6%)
! class="col-s" style="text-align:right" | 2025
- Tier 1: 4.8
! class="col-s" style="text-align:right" | 2026
- Tier 2: 10.8
! class="col-s" style="text-align:right" | 2027
- Senior debt: 3.5
! class="col-s" style="text-align:right" | 2028
- FY25: Total 20.3 (Debt gearing: 22.3%)
! class="col-s" style="text-align:right" | 2029
- Tier 1: 4.6
! class="col-s" style="text-align:right" | 2030
- Tier 2: 12.2
! class="col-s" style="text-align:right" | 2031-2039
- Senior debt: 3.5
! class="col-s" style="text-align:right" | ≥2040
- Jan 1st 2026 (End of the grandfathering period): Total 20.3
! class="col-s" style="text-align:right" | Undated
- Tier 1: 3.2
|-
- Tier 2: 11.3
| style="text-align:left" | Tier 1
- Senior debt: 5.8 (with callout: "o/w €0.4bn redeemed in Jan 2026")
| style="text-align:right" | -
</div>
| style="text-align:right" | 0.1
 
| style="text-align:right" | -
<div class="ed-chart-desc">
| style="text-align:right" | 0.1
[Chart/image description:]
| style="text-align:right" | -
Two stacked bar charts showing maturity breakdowns.
| style="text-align:right" | -
Legend: Tier 1, Tier 2, Senior debt.
| style="text-align:right" | 0.4
| style="text-align:right" | -
| style="text-align:right" | 0.8
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.7
| style="text-align:right" | 0.2
| style="text-align:right" | -
| style="text-align:right" | -
|}
</div>
 
{{fn note|1=1,2|2=1. Nominal debt. 2. In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}}
Chart 1: Contractual maturity breakdown
{{fn note|1=3|2=3. Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
* 2025: values not printed
* 2026: values not printed
* 2027: values not printed
* 2028: Senior debt: 0.5
* 2029: values not printed
* 2030: Tier 2: 0.7, Senior debt: 0.9
* 2031-2039: Tier 2: 1.5
* ≥2040: Tier 2: 10.8, Senior debt: 0.5
* Undated: Tier 1: 4.6, Tier 2: 0.7
o/w Grandfathered debt:
* Tier 1: 2025: -, 2026: -, 2027: -, 2028: -, 2029: -, 2030: -, 2031-2039: -, ≥2040: -, Undated: 1.4
* Tier 2: 2025: -, 2026: -, 2027: -, 2028: -, 2029: -, 2030: 0.7, 2031-2039: -, ≥2040: 0.2, Undated: -
 
Chart 2: Economic maturity breakdown{{fn ref|3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
* 2025: values not printed
* 2026: Tier 1: 0.1
* 2027: Tier 2: 2.4
* 2028: Tier 1: 0.1, Senior debt: 0.5
* 2029: Tier 2: 2.0
* 2030: Tier 2: 0.7, Senior debt: 0.9
* 2031-2039: Tier 1: 0.4, Tier 2: 6.4, Senior debt: 1.5
* ≥2040: Senior debt: 0.5
* Undated: Tier 1: 4.0, Tier 2: 0.7
o/w Grandfathered debt:
* Tier 1: 2025: -, 2026: 0.1, 2027: -, 2028: 0.1, 2029: -, 2030: -, 2031-2039: 0.4, ≥2040: -, Undated: 0.8
* Tier 2: 2025: -, 2026: -, 2027: -, 2028: -, 2029: -, 2030: 0.7, 2031-2039: 0.2, ≥2040: -, Undated: -
 
{{fn note|1=1|2=Nominal debt.}}
{{fn note|1=2|2=In January 2026, AXA has called (i) the remaining T2 GF €139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}}
{{fn note|1=3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
 
{{pdf page|33|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== General Account Invested Assets ===
 
* FY25 Total General Account invested assets Duration gap at -0.4 year
<div class="ed-chart-desc">
 
[Chart/image description:]
<div style="overflow-x:auto">
Donut chart: FY25 Total General Account invested assets, Duration gap at -0.4 year.
{| id="t34" class="wikitable"
Total value in center: Euro 450 billion
|+ FY25 Total General Account invested assets: Euro 450 billion
Segments (with legend):
|-
- Fixed income
| style="text-align:left" | Fixed income
- Real estate
|-
- Infrastructure equity
| style="text-align:left" | Real estate
- Listed equities
|-
- Private equity and hedge funds
| style="text-align:left" | Infrastructure equity
- Cash
|-
- Policy loans
| style="text-align:left" | Listed equities
|-
| style="text-align:left" | Private equity and hedge funds
|-
| style="text-align:left" | Cash
|-
| style="text-align:left" | Policy loans
|}
</div>
 
<div style="overflow-x:auto">
{| id="t8t35" class="wikitable fintable"
|+ Invested assets (100%) In Euro billion
|-
Line 993 ⟶ 1,441:
| style="text-align:right" | 27%
|-
| style="text-align:left" | o/w Other fixed income {{fn ref|1|2=1. Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial &amp; Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}
| style="text-align:right" | 56
| style="text-align:right" | 13%
Line 1,005 ⟶ 1,453:
| style="text-align:right" | 2%
|-
| style="text-align:left" | Listed equities {{fn ref|2|2=2. Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
|-
| style="text-align:left" | Private equity and hedge funds {{fn ref|3|2=3. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
Line 1,021 ⟶ 1,469:
| style="text-align:right" | 0%
|-
!| style="text-align:left" | Total Insurance Invested Assets {{fn ref|4|2=4. Please refer to the financial supplement for more details.}}
! class="col-s"| style="text-align:right" | 450
! class="col-s"| style="text-align:right" | 100%
|}
</div>
 
{{fn note|1=1|2=1. Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial &amp; Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}
{{fn note|1=2|2=2. Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}
{{fn note|1=3|2=3. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
{{fn note|1=4|2=4. Please refer to the financial supplement for more details.}}
 
{{pdf page|34|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 1,036 ⟶ 1,484:
 
<div style="overflow-x:auto">
{| id="t9t36" class="wikitable fintable"
|-
! style="text-align:left" | Invested assets (100%)<br/>In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | % of total G/A{{fn ref|1|2=G/A: General Account}}<br/> portfolio
! style="text-align:leftright" | Comments
|-
| style="text-align:left" | Residential Mortgages
| style="text-align:right" | 16
| style="text-align:right" | 4%
| style="text-align:left" | - €6bn Dutch mortgages, NHG guaranteed<br/>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
|-
| style="text-align:left" | CLO &amp; ABS
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:left" | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
|-
| style="text-align:left" | Infrastructure debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Skewed towards resilient industries (Telecom, Utilities, Transport)
|-
| style="text-align:left" | CRE debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
|-
| style="text-align:left" | Mid-Market lending
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:left" | - Strong diversification with €8m average ticket<br/>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
|-
| style="text-align:left" | Other
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:left" |
|-
| style="text-align:left" | Total Structured and Private Credit Assets
| style="text-align:right" | 69
| style="text-align:right" | 15%
| style="text-align:left" | o/w 54% participating
|}
</div>
<tr><td>Residential Mortgages</td><td>16</td><td>4%</td><td>- €6bn Dutch mortgages, NHG guaranteed<br>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)</td></tr>
<tr><td>CLO & ABS</td><td>25</td><td>6%</td><td>- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)</td></tr>
<tr><td>Infrastructure debt</td><td>8</td><td>2%</td><td>- Skewed towards resilient industries (Telecom, Utilities, Transport)</td></tr>
<tr><td>CRE debt</td><td>8</td><td>2%</td><td>- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV</td></tr>
<tr><td>Mid-Market lending</td><td>10</td><td>2%</td><td>- Strong diversification with €8m average ticket<br>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation</td></tr>
<tr><td>Other</td><td>2</td><td>0%</td><td></td></tr>
<tr><td><strong>Total Structured and Private Credit Assets</strong></td><td><strong>69</strong></td><td><strong>15%</strong></td><td>o/w 54% participating</td></tr>
</table>
 
{{fn note|1=1|2=G/A: General Account}}
Line 1,087 ⟶ 1,508:
==== FY25 Fixed Income Reinvestment ====
 
* Government bonds & related (32%) – Average rating: AA
<div class="ed-chart-desc">
* Investment grade credit (40%)- Average rating: A
[Chart/image description:]
* ABS/CLO/IG fund financing (21%)
Donut chart: FY25 Fixed Income Reinvestment, total Euro 57 billion.
* Below investment grade credit (7%)
- Government bonds & related: 32% (Average rating: AA)
 
- Investment grade credit: 40% (Average rating: A)
* Euro 57 billion
- ABS/CLO/IG fund financing: 21%
- Below investment grade credit: 7%
</div>
 
==== FY25 Fixed Income Reinvestment Yield ====
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t37" class="wikitable fintable"
[Chart/image description:]
Bar chart:|+ FY25 Fixed Income Reinvestment Yield.
|-
- Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}: 3.5%
! style="text-align:left" Private| & StructuredPublic fixed income{{fn ref|21|2=PrivateGovernment &and StructuredCorporate credit (CLOs, ABS, Infra & CRE debt, Fund financingbonds and Private hybrid)related.}}: 4.7%
! style="text-align:left" | Private &amp; Structured fixed income{{fn ref|2|2=Private &amp; Structured credit (CLOs, ABS, Infra &amp; CRE debt, Fund financing and Private hybrid).}}
- Total fixed income: 3.9%
! class="col-s" style="text-align:right" | Total fixed income
|-
| style="text-align:left" | 3.5%
| style="text-align:left" | 4.7%
| style="text-align:right" | 3.9%
|}
</div>
 
==== ▶* Euro 57 billion fixed income invested at 3.9% ====
* Average duration of 9 years
* Includes Euro 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
Line 1,115 ⟶ 1,540:
 
{{pdf page|36|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
* 1. Debt and Invested Assets p.31
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
 
{{pdf page|37|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== AXA XL Insurance – Large Commercial & Specialty business ===
 
==== Well diversified across lines of business and geographies ====
 
<div style="overflow-x:auto">
{| id="t10t38" class="wikitable fintable"
|+ $19bn FY25 GWP by line of business
|-
| style="text-align:left" | 1.Casualty
| style="text-align:leftright" | Debt and Invested Assets35%
| style="text-align:right" | p.31
|-
| style="text-align:left" | 2.Property
| style="text-align:leftright" | Additional P&amp;C disclosures29%
| style="text-align:right" | p.36
|-
| style="text-align:left" | 3.Specialty
| style="text-align:leftright" | Additional IFRS17 disclosures19%
| style="text-align:right" | p.41
|-
| style="text-align:left" | 4.Professional lines{{fn ref|1|2=Including Cyber}}
| style="text-align:leftright" | Sustainability17%
| style="text-align:right" | p.44
|}
</div>
 
<div style="overflow-x:auto">
{{pdf page|37|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
{| id="t39" class="wikitable fintable"
=== AXA XL Insurance – Large Commercial & Specialty business ===
|+ $19bn FY25 GWP by geography
 
|-
==== Well diversified across lines of business and geographies ====
| style="text-align:left" | Americas
 
| style="text-align:right" | 46%
<div class="ed-chart-desc">
|-
[Chart/image description:]
| style="text-align:left" | Europe &amp; APAC
Two donut charts showing FY25 GWP composition.
| style="text-align:right" | 35%
|-
| style="text-align:left" | UK &amp; Lloyds
| style="text-align:right" | 19%
|}
</div>
 
Chart 1: $19bn FY25 GWP by line of business
* Casualty: 35%
* Property: 29%
* Specialty: 19%
* Professional lines{{fn ref|1|2=Including Cyber; 2. Source: McKinsey; 3. Source: Aon, Guy Carpenter, and Global Market Insights; 4. Source: Industry Research Biz (January 2026).}}: 17%
 
Chart 2: $19bn FY25 GWP by geography
* Americas: 46%
* Europe & APAC: 35%
* UK & Lloyds: 19%
 
==== Leading market positions across lines ====
 
====* Top 3 globally ====
* Multinational Programs{{fn ref|2|2=Source: McKinsey}}
 
* Marine{{fn ref|3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
Multinational Programs{{fn ref|2}}
* Fine Art & Specie{{fn ref|4|2=Source: Industry Research Biz (January 2026)}}
 
Marine{{fn ref|3}}
 
Fine Art & Specie{{fn ref|4}}
 
==== Managing the cycle to deliver consistent profitability ====
 
* Profitability vs. Ex-price growth (%)
* Professional lines (Lower ex-price growth, lower profitability)
 
* Casualty (Medium ex-price growth, medium profitability)
<div class="ed-chart-desc">
* Specialty (Medium-high ex-price growth, medium-high profitability)
[Chart/image description:]
* Property (High ex-price growth, high profitability)
Bubble/scatter chart: lines of business plotted by Ex-price growth (%) on x-axis and Profitability on y-axis.
{{fn note|1=1|2=Including Cyber}}
- Property: high profitability, moderate-to-high ex-price growth
{{fn note|1=2|2=Source: McKinsey}}
- Specialty: mid profitability, mid ex-price growth
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
- Casualty: mid profitability, higher ex-price growth
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
- Professional lines: lower profitability, lower ex-price growth
Bubble sizes vary; exact axis values not printed.
@@ORIG_0@@
</div>
 
{{pdf page|38|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 1,188 ⟶ 1,607:
(Net undiscounted claims reserves/Net earned premiums)
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t40" class="wikitable fintable"
[Chart/image description:]
Bar chart:|+ Claims reserves ratio, FY18(Net undiscounted claims reserves/Net toearned FY25.premiums)
|-
IFRS4:
! style="text-align:left" |
FY18: 179%
! class="col-s" style="text-align:right" | FY18
FY19: 185%
! class="col-s" style="text-align:right" | FY19
FY20: 193%
! class="col-s" style="text-align:right" | FY20
FY21: 188%
! class="col-s" style="text-align:right" | FY21
FY22: 189%
! class="col-s" style="text-align:right" | FY22
IFRS17:
! class="col-s" style="text-align:right" | FY22
FY22: 198%
! class="col-s" style="text-align:right" | FY23
FY23: 195%
! class="col-s" style="text-align:right" | FY24
FY24: 180%
! class="col-s" style="text-align:right" | FY25
FY25: 175%
|-
! style="text-align:left" |
! colspan="5" style="text-align:center" | IFRS4
! colspan="4" style="text-align:center" | IFRS17
|-
| style="text-align:left" | Claims reserves ratio
| style="text-align:right" | 179%
| style="text-align:right" | 185%
| style="text-align:right" | 193%
| style="text-align:right" | 188%
| style="text-align:right" | 189%
| style="text-align:right" | 198%
| style="text-align:right" | 195%
| style="text-align:right" | 180%
| style="text-align:right" | 175%
|}
</div>
 
Line 1,207 ⟶ 1,642:
(Net undiscounted technical reserves{{fn ref|1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums)
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t41" class="wikitable fintable"
[Chart/image description:]
Bar chart:|+ Technical reserves ratio, FY18(Net undiscounted technical reserves/Net toearned FY25.premiums)
|-
IFRS4:
! style="text-align:left" |
FY18: 213%
! class="col-s" style="text-align:right" | FY18
FY19: 227%
! class="col-s" style="text-align:right" | FY19
FY20: 233%
! class="col-s" style="text-align:right" | FY20
FY21: 226%
! class="col-s" style="text-align:right" | FY21
FY22: 227%
! class="col-s" style="text-align:right" | FY22
IFRS17:
! class="col-s" style="text-align:right" | FY22
FY22: 234%
! class="col-s" style="text-align:right" | FY23
FY23: 232%
! class="col-s" style="text-align:right" | FY24
FY24: 216%
! class="col-s" style="text-align:right" | FY25
FY25: 210%
|-
@@ORIG_0@@
! style="text-align:left" |
! colspan="5" style="text-align:center" | IFRS4
! colspan="4" style="text-align:center" | IFRS17
|-
| style="text-align:left" | Technical reserves ratio
| style="text-align:right" | 213%
| style="text-align:right" | 227%
| style="text-align:right" | 233%
| style="text-align:right" | 226%
| style="text-align:right" | 227%
| style="text-align:right" | 234%
| style="text-align:right" | 232%
| style="text-align:right" | 216%
| style="text-align:right" | 210%
|}
</div>
 
{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}
 
{{pdf page|39|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program{{fn ref|1|2=Excludes local reinsurance covers;}} ===
 
* In Euro
 
==== Insurance segment (occurrence protection) ====
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart: 2026 Simplified Group Nat Cat Reinsurance Program — Capacity and Retention by peril, Insurance segment (occurrence protection) and Reinsurance segment (illustrative), in Euro.
</div>
 
Insurance==== Reinsurance segment (occurrence protectionillustrative): ====
EU Windstorm — Capacity: 4.0bn, Retention: 600m
Europe Flood — Capacity: 2.1bn, Retention: 450m
Europe Earthquake — Capacity: 2.1bn, Retention: 400m
NA Hurricane — Capacity: 1.2bn, Retention: 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
NA Earthquake — Capacity: 1.2bn, Retention: 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
Per other perils{{fn ref|3|2=Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}} — Retention: 400m (capacity bar shown, no labeled value)
 
* Alternative Capital & Cat Bonds
Reinsurance segment (illustrative):
Alternative Capital & Cat Bonds — shown as a separate bar (capacity not labeled)
 
<div style="overflow-x:auto">
1.0bn
{| id="t42" class="wikitable fintable"
|+ Insurance segment (occurrence protection) — Capacity and Retention by peril
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | EU Windstorm
! class="col-s" style="text-align:right" | Europe Flood
! class="col-s" style="text-align:right" | Europe Earthquake
! class="col-s" style="text-align:right" | NA Hurricane
! class="col-s" style="text-align:right" | NA Earthquake
! class="col-s" style="text-align:right" | Per other perils{{fn ref|3|2=Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
|-
| style="text-align:left" | Capacity
| style="text-align:right" | 4.0bn
| style="text-align:right" | 2.1bn
| style="text-align:right" | 2.1bn
| style="text-align:right" | 1.2bn
| style="text-align:right" | 1.2bn
| style="text-align:right" |
|-
| style="text-align:left" | Retention
| style="text-align:right" | 600m
| style="text-align:right" | 450m
| style="text-align:right" | 400m
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
| style="text-align:right" | 400m
|}
</div>
 
* Stable retention levels maintained in 2026 as in 2025
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
Line 1,254 ⟶ 1,724:
 
{{pdf page|40|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost{{fn ref|1|2=1. Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance). Full Year 2025 Earnings}} in 2026 ===
 
In Euro billion (net of reinsurance)
 
==== Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ====
 
net of reinsurance, post-tax | net of reinsurance, pre-tax
<div class="ed-chart-desc">
 
[Chart/image description:]
<div style="overflow-x:auto">
Bar chart: Group underlying earnings deviation to average Nat Cat charges in 2026.
{| id="t43" class="wikitable"
The chart shows a distribution of outcomes from negative to positive deviation.
-|+ MoreGroup severeunderlying years (Negativeearnings deviation into ca.average 40%Nat ofCat charges in cases):2026
|-
- 1/20y (95th): €-1.2bn
! style="text-align:left" | Percentile
- 1/10y (90th): €-0.8bn
! style="text-align:right" | Return period
- 1/5y (80th): €-0.4bn
! style="text-align:right" | Deviation
- Median (50th): €+0.1bn
|-
- Less severe years (Positive deviation in ca. 60% of cases):
| style="text-align:left" | 95th
- 1/5y (20th): €+0.5bn
| style="text-align:right" | 1/20y (more severe)
- 1/10y (10th): €+0.7bn
| style="text-align:right" | €-1.2bn
- 1/20y (5th): €+0.8bn
|-
| style="text-align:left" | 90th
| style="text-align:right" | 1/10y
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 80th
| style="text-align:right" | 1/5y
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | 50th
| style="text-align:right" | Median
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 20th
| style="text-align:right" | 1/5y
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 10th
| style="text-align:right" | 1/10y
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 5th
| style="text-align:right" | 1/20y
| style="text-align:right" | €+0.8bn
|}
</div>
 
* More severe years — Negative deviation in ca. 40% of cases
==== Average Expected Nat Cat charges net of reinsurance, pre-tax ====
* Less severe years — Positive deviation in ca. 60% of cases
 
==== Average Expected Nat Cat charges ====
<div class="ed-chart-desc">
 
[Chart/image description:]
<div style="overflow-x:auto">
Bar chart: Average Expected Nat Cat charges, 2025 vs 2026, in Euro billion.
{| id="t44" class="wikitable"
- 2025: 2.6
|+ Average Expected Nat Cat charges (net of reinsurance, pre-tax)
- 2026: 2.7
|-
- Estimated impact on GEP:
! style="text-align:left" |
- 2025: ca. 4.5%
! style="text-align:right" | 2025
- 2026: ca. 4.5%
! style="text-align:right" | 2026
|-
| style="text-align:left" | Value (€bn)
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
|-
| style="text-align:left" | Estimated impact on GEP
| style="text-align:right" | ca. 4.5%
| style="text-align:right" | ca. 4.5%
|}
</div>
 
{{fn note|1=1|2=1. Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance). Full Year 2025 Earnings}}
 
{{pdf page|41|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
* 1. Debt and Invested Assets p.31
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
 
{{pdf page|42|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Margin Analysis ===
 
&#32;#### Technical Result
In Euro million (pre-tax)
 
<div style="overflow-x:auto">
{| id="t11t45" class="wikitable fintable"
|-
|! style="text-align:left" | 1.
|! class="col-m" style="text-align:leftright" | Debt and Invested AssetsFY25
|! class="col-m" style="text-align:right" | p.31Change
|-
| style="text-align:left" | 2.<strong>Current Accident Year Undiscounted Technical Margin</strong>
| style="text-align:leftright" | Additional P&amp;C disclosures2,778
| style="text-align:right" | p.36+707
|-
| style="text-align:left" | Gross Earned Premiums
| style="text-align:right" | 57,656
| style="text-align:right" | +6%
|-
| style="text-align:left" | 3.Current Accident Year Undiscounted Combined Ratio
| style="text-align:leftright" | Additional IFRS17 disclosures95.2%
| style="text-align:right" | p-1.410pt
|-
| style="text-align:left" | 4.<em>o/w Nat Cats</em>
| style="text-align:leftright" | Sustainability<em>3.4%</em>
| style="text-align:right" | p<em>-0.444pt</em>
|}
</div>
 
<div style="overflow-x:auto">
{{pdf page|42|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
{| id="t46" class="wikitable fintable"
=== P&C – Margin Analysis ===
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Current Accident Year Discounting</strong>
| style="text-align:right" | 2,009
| style="text-align:right" | +115
|-
| style="text-align:left" | Discounting Ratio (in Combined Ratio points)
| style="text-align:right" | -3.5%
| style="text-align:right" | +0.0pt
|-
| style="text-align:left" | Current Accident Year Net Claims reserves
| style="text-align:right" | €19.0bn
| style="text-align:right" |
|-
| style="text-align:left" | Duration
| style="text-align:right" | 4.0 years
| style="text-align:right" |
|-
| style="text-align:left" | Current Accident Year Discount rate
| style="text-align:right" | 2.8%
| style="text-align:right" |
|}
</div>
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t47" class="wikitable fintable"
[Chart/image description:]
|-
Bar chart: Technical Result and Financial Result for P&C, FY25, in Euro million (pre-tax). The chart shows a flow from Technical Result components (Current Accident Year Undiscounted Technical Margin, Current Accident Year Discounting, Prior Years' Reserve Development) to Financial Result components (Investment Income, Insurance Finance Expenses), culminating in Underlying Earnings before tax and Underlying Earnings.
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Prior Years' Reserve Development (PYD)</strong>
| style="text-align:right" | 622
| style="text-align:right" | -341
|-
| style="text-align:left" | PYD ratio
| style="text-align:right" | -1.1%
| style="text-align:right" | +0.7pt
|}
</div>
 
* FY25 sensitivity to Current Accident Year discount rate changes{{fn ref|2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}
Technical Result (In Euro million pre-tax):
* +25bps: €+0.2bn
* Current Accident Year Undiscounted Technical Margin: FY25 2,778, Change +707
* -25bps: €-0.2bn
* Gross Earned Premiums: 57,656, +6%
* Current Accident Year Undiscounted Combined Ratio: 95.2%, -1.0pt
* o/w Nat Cats: 3.4%, -0.4pt
* Current Accident Year Discounting: FY25 2,009, Change +115
* Discounting Ratio (in Combined Ratio points): -3.5%, +0.0pt
* Current Accident Year Net Claims reserves: €19.0bn
* Duration: 4.0 years
* Current Accident Year Discount rate: 2.8%
* Prior Years' Reserve Development (PYD): FY25 622, Change -341
* PYD ratio: -1.1%, +0.7pt
 
==== Financial Result (In Euro million pre-tax):====
In Euro million (pre-tax)
* Investment Income: FY25 3,988, Change +435
* FY25 Average Assets: €115bn
* Asset book yield: 3.5%
* FY25 Reinvestment yield{{fn ref|1|2=Reinvestment yield on fixed income assets.}}: 4.3%
* Insurance Finance Expenses: FY25 -1,358, Change -235
* FY24 Reserves at locked-in rate: €71bn
* Liability book yield: 1.9%
 
<div style="overflow-x:auto">
Underlying Earnings before tax: FY25 8,040, Change +681
{| id="t48" class="wikitable fintable"
* Tax: -2,060, -169
|-
* Affiliates, Minority interests & Other: -108, -10
! style="text-align:left" |
* Underlying Earnings: FY25 5,872, Change +501
! class="col-s" style="text-align:right" | FY25
* Growth vs. FY24 (at constant FX): +9%
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Investment Income</strong>
| style="text-align:right" | 3,988
| style="text-align:right" | +435
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €115bn
| style="text-align:right" |
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 3.5%
| style="text-align:right" |
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1|2=Reinvestment yield on fixed income assets.}}
| style="text-align:right" | 4.3%
| style="text-align:right" |
|}
</div>
 
<div style="overflow-x:auto">
Callout box: FY25 sensitivity to Current Accident Year discount rate changes{{fn ref|2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}
{| id="t49" class="wikitable fintable"
* +25bps: €+0.2bn
|-
* -25bps: €-0.2bn
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Insurance Finance Expenses</strong>
| style="text-align:right" | -1,358
| style="text-align:right" | -235
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €71bn
| style="text-align:right" |
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 1.9%
| style="text-align:right" |
|}
</div>
 
Callout box:* 2026e Insurance Finance Expenses (pre-tax): ~ €-1.4bn
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount
* +25bps: ~ €-50m
* -25bps: ~ €+50m
 
<div style="overflow-x:auto">
{| id="t50" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Underlying Earnings before tax</strong>
| style="text-align:right" | 8,040
| style="text-align:right" | +681
|-
| style="text-align:left" | Tax
| style="text-align:right" | -2,060
| style="text-align:right" | -169
|-
| style="text-align:left" | Affiliates, Minority interests &amp; Other
| style="text-align:right" | -108
| style="text-align:right" | -10
|-
| style="text-align:left" | <strong>Underlying Earnings</strong>
| style="text-align:right" | 5,872
| style="text-align:right" | +501
|-
| style="text-align:left" | <em>Growth vs. FY24 (at constant FX)</em>
| style="text-align:right" |
| style="text-align:right" | <em>+9%</em>
|}
</div>
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
Line 1,361 ⟶ 1,970:
=== L&H – Margin Analysis ===
 
* Includes scope impact
 
==== Technical Result ====
&#42;In Euro million, pre-tax*
 
<div style="overflow-x:auto">
{| id="t12t51" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,373 ⟶ 1,982:
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Short-term Technical Margin</b>
| style="text-align:right" | <b>479</b>
| style="text-align:right" | <b>+60</b>
|-
| style="text-align:left" | Gross Earned Premiums
Line 1,384 ⟶ 1,993:
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|}
</div>
 
<div style="overflow-x:auto">
{| id="t52" class="wikitable fintable"
|-
|! style="text-align:left" | Long-term Technical Margin
|! class="col-m" style="text-align:right" | 2,804FY25
|! class="col-m" style="text-align:right" | +156Change
|-
| style="text-align:left" | <b>Long-term Technical Margin</b>
| style="text-align:right" | <b>2,804</b>
| style="text-align:right" | <b>+156</b>
|-
| style="text-align:left" | CSM release
Line 1,398 ⟶ 2,016:
|}
</div>
 
* Incl. recapture of Laya
 
<div style="overflow-x:auto">
{| id="t53" class="wikitable"
|+ Life &amp; Health FY25 CSM Key Sensitivities
|}
</div>
(in Euro billion)</caption>
<tr><th></th><th>FY25</th></tr>
<tr><td><b>Baseline</b></td><td>33.3</td></tr>
<tr><td>Interest rates +50bps</td><td>-0.8</td></tr>
<tr><td>Interest rates -50bps</td><td>0.6</td></tr>
<tr><td>Sovereign spreads +50bps</td><td>-1.9</td></tr>
<tr><td>Sovereign spreads -50bps</td><td>1.9</td></tr>
<tr><td>Corporate spread +50bps</td><td>-0.8</td></tr>
<tr><td>Corporate spread -50bps</td><td>0.7</td></tr>
<tr><td>Equities +25%</td><td>1.8</td></tr>
<tr><td>Equities -25%</td><td>-2.2</td></tr>
</table>
 
==== Financial Result ====
&#42;In Euro million, pre-tax*
 
<div style="overflow-x:auto">
{| id="t13t54" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Investment Income (non-VFA only)</b>
| style="text-align:right" | <b>2,484</b>
| style="text-align:right" | <b>-1</b>
|-
| style="text-align:left" | FY25 Average Assets
Line 1,421 ⟶ 2,059:
| style="text-align:right" |
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1|2=1. Reinvestment yield on fixed income assets.}}
| style="text-align:right" | 3.8%
| style="text-align:right" |
|}
</div>
 
<div style="overflow-x:auto">
{| id="t55" class="wikitable"
|-
|! style="text-align:left" | Insurance Finance Expenses (non-VFA only)
|! style="text-align:right" | -1,538FY25
|! style="text-align:right" | -9Change
|-
| style="text-align:left" | <b>Insurance Finance Expenses (non-VFA only)</b>
| style="text-align:right" | <b>-1,538</b>
| style="text-align:right" | <b>-9</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
Line 1,437 ⟶ 2,084:
| style="text-align:right" |
|}
</div>
 
<div class="ed-chart-desc">
[Chart/image description:]
Flow diagram showing the summation of margins to Underlying Earnings:
- Short-term Technical Margin (479) [Incl. recapture of Laya]
- Plus (+) Long-term Technical Margin (2,804)
- Plus (+) Investment Income (non-VFA only) (2,484)
- Plus (+) Insurance Finance Expenses (non-VFA only) (-1,538)
- Equals (=) Underlying Earnings before tax (4,229)
</div>
 
<div style="overflow-x:auto">
{| id="t14t56" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Underlying Earnings before tax</b>
| style="text-align:right" | <b>4,229</b>
| style="text-align:right" | <b>+205</b>
|-
| style="text-align:left" | Tax
Line 1,468 ⟶ 2,105:
| style="text-align:right" | -51
|-
| style="text-align:left" | <b>Underlying Earnings</b>
| style="text-align:right" | <b>3,501</b>
| style="text-align:right" | <b>+219</b>
|-
| style="text-align:left" | <i>Growth vs. FY24 (at constant FX)</i>
| style="text-align:right" |
| style="text-align:right" | +7%
Line 1,478 ⟶ 2,115:
</div>
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|+ Life &amp; Health FY25 CSM Key Sensitivities (in Euro billion)
|-
| style="text-align:left" | Baseline
| style="text-align:right" | 33.3
|-
| style="text-align:left" | Interest rates +50bps
| style="text-align:right" | -0.8
|-
| style="text-align:left" | Interest rates -50bps
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Sovereign spreads +50bps
| style="text-align:right" | -1.9
|-
| style="text-align:left" | Sovereign spreads -50bps
| style="text-align:right" | 1.9
|-
| style="text-align:left" | Corporate spread +50bps
| style="text-align:right" | -0.8
|-
| style="text-align:left" | Corporate spread -50bps
| style="text-align:right" | 0.7
|-
| style="text-align:left" | Equities +25%
| style="text-align:right" | 1.8
|-
| style="text-align:left" | Equities -25%
| style="text-align:right" | -2.2
|}
</div>
 
{{fn note|1=1|2=1. Reinvestment yield on fixed income assets.}}
 
{{pdf page|44|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
* 1. Debt and Invested Assets p.31
<!-- furniture -->
* 2. Additional P&C disclosures p.36
 
* 3. Additional IFRS17 disclosures p.41
<div style="overflow-x:auto">
{| id="t16" class="wikitable"
|-
| style="text-align:left" | 1.
| style="text-align:left" | Debt and Invested Assets
| style="text-align:right" | p.31
|-
| style="text-align:left" | 2.
| style="text-align:left" | Additional P&amp;C disclosures
| style="text-align:right" | p.36
|-
| style="text-align:left" | 3.
| style="text-align:left" | Additional IFRS17 disclosures
| style="text-align:right" | p.41
|-
| style="text-align:left" | 4.
| style="text-align:left" | Sustainability
| style="text-align:right" | p.44
|}
</div>
 
{{pdf page|45|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 1,541 ⟶ 2,126:
 
<div style="overflow-x:auto">
{| id="t17t57" class="wikitable"
|-
|+ As a GLOBAL INVESTOR
! colspan="2" style="text-align:center" | As a GLOBAL INVESTOR
! colspan="2" style="text-align:center" | As a GLOBAL INSURER
! colspan="2" style="text-align:center" | As a COMPANY
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
! style="text-align:left" | Target
|-
! style="text-align:right" | 2025 Result
| style="text-align:left" | €5bn{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in climate transition financing per year
| style="text-align:right" | €6.4bn
|-
| style="text-align:left" | &gt;€500m{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in community resilience financing per year
| style="text-align:right" | €1.4bn
|}
</div>
 
<div style="overflow-x:auto">
{| id="t18" class="wikitable"
|+ As a GLOBAL INSURER
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €5bn{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in climate transition financing per year
| rowspan="2" style="text-align:right" | €6.4bn
| style="text-align:left" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:right" | €4.6bn
| style="text-align:left" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} AXA Group employees trained on climate adaptation by 2026
| style="text-align:right" | 46,420
|-
| style="text-align:left" | &gt;€500m{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in community resilience financing per year
| style="text-align:left" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}} climate adaptation solutions &amp; services (cumulative 2024-2026) Target revised in 2025
| style="text-align:right" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}} climate adaptation solutions &amp; services (cumulative 2024-2026) Target revised in 2025
| style="text-align:right" | 19,698 Cumulative 2024-2025
| style="text-align:left" | 19,698 Cumulative 2024-2025
| style="text-align:right" | Contribute to Net-Zero -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030 in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
| style="text-align:left" | -64% Reduction against 2019
|-
| style="text-align:left" |
| style="text-align:right" | €1.4bn
| style="text-align:left" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026
| style="text-align:right" | 20.6m
|}
</div>
 
<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|+ As a COMPANY
|-
! style="text-align:left" | Target
! class="col-m" style="text-align:right" | 2025 Result
|-
| style="text-align:left" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} AXA Group employees trained on climate adaptation by 2026
| style="text-align:right" | 46,420
|-
| style="text-align:left" | Contribute to Net-Zero -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030 in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
| style="text-align:right" | -64% Reduction against 2019
|-
| style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026
| style="text-align:right" | 56%
Line 1,603 ⟶ 2,173:
=== Sustainability Performance & Ratings ===
 
* 2025 percentile: 97th {{fn ref|1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}} in Dow Jones Best-in-Class Europe & World indices
==== S&P Global ====
2025 percentile: 97{{fn ref|th 1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}} in Dow Jones Best-in-Class Europe & World indices
 
* 2025 score: AAA
* 2025 score: B
 
* 2025 ESG Risk Rating: 17.0 –0– Low risk
 
* 2025 score: 4.3/5 in FTSE4Good Index Series
 
{{fn note|1=1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}}
==== QCDP ====
2025 score: B
 
{{fn note|1=th 1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}}
 
{{pdf page|47|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 1,621 ⟶ 2,188:
 
* 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 holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities).
* AXA XL: includes insurance and reinsurance activities and holding.
 
* AXAXL: includes insurance and reinsurance activities and holding.
 
* Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa : Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings.
 
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings.
 
* AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
 
* Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9
 
{{pdf page|48|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 1,638 ⟶ 2,200:
 
* 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 asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders
 
* CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period
 
* Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force
* Financial result: consists of investment income on assets backing BBA and 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
 
* Financial result: consists of investment income on assets backing BBA and 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 (GWP & Other Revenues): represent the 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 (i.e. banking, services, and asset management activities)
 
* New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (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 Contractual Service Margin (NB CSM): 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 margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP
 
* NewBusiness Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP
 
* Operating variance: the variation of the year-end CSM versus 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. Operating variance is 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. PVEP is discounted at the reference interest rate and PVEP is Group share
 
* Technical experience: consists the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses
 
* Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance
 
{{pdf page|49|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== February 26, 2026 Thank you Full Year 2025 Earnings ===
* Full Year 2025 Earnings
==== Thank you ====
* February 26, 2026
Full Year 2025 Earnings
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