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| pages = 49
| pages = 49
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
| summary_md = <!-- ARCHIVE_MD_LINK_HERE -->
| summary_md = File:AXA-2025-FY-Earnings_presentation.md
| intro_sentence = This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).
| intro_sentence = This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).
| wide = yes
| wide = yes

Revision as of 14:36, 22 July 2026

Document info
Document IDsnjra2xp9r
OrganizationAXA
Year2025
PeriodFY
Period labelFY25
Document categoryEarnings presentation
Document nameAXA Full Year 2025 Results Presentation
Publication date2026-02-26
LanguageEnglish
Pages49
Sourceoriginal URL
Transcriptwiki page
Datadata page

This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).

Full Year 2025 Earnings Presentation

[c. 1; p. 1]

Presentation date
  • The presentation date is February 26, 2026.

Full Year 2025 Earnings

[c. 2; p. 2]

Legal and cautionary statements
  • Certain statements in the presentation are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and other non-historical information.
  • Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", "would", and "could".
  • Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking statements providing one-off guidance for the last year of the Group’s current strategic plan.
  • These statements are based on Management’s current views and intentions and are subject to change.
  • Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside AXA’s control, which can cause actual results to differ materially.
  • Each forward-looking statement is valid only at the date of the presentation.
  • For important factors, risks, and uncertainties affecting AXA’s business and/or results, 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”).
  • AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
  • The presentation refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management for analyzing operating trends, financial performance, and position.
  • These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies.
  • Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.
  • "Underlying earnings", UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio”, and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
  • AXA provides a reconciliation of APMs to related financial statement items and/or their calculation methodology in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
  • Further information on non-GAAP financial measures is available in the Glossary in AXA’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.

[c. 3; p. 3]

Presentation structure and speakers
  • The presentation includes "FY25 Highlights" on page 04, presented by Thomas Buberl, Group CEO.
  • "FY25 Business Performance" is on page 09, presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
  • "FY25 Financial Performance" is on page 13, presented by Alban de Mailly Nesle, Group CFO.

FY25 Highlights

[c. 4; p. 4]

Group CEO
  • Thomas Buberl is the Group CEO.

Full Year 2025 – Excellent performance

[c. 5; p. 5]

Financial performance FY25

[c. 6; p. 5]

Shareholder returns and future outlook

[c. 7; p. 5]

Full Year 2025 – Excellent performance
(1) 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.
(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.

Executing the plan on growth, margin and efficiency

[c. 8; p. 6]

Underlying earnings by FY24, FY25, Change
FY24 FY25 Change
Underlying earnings 8.1 8.4 +6%
Underlying earnings excluding AXA IM +9%
  • High organic growth: +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
  • Record profitability: Further margin expansion in P&C and L&H; improvement in efficiency
  • Scaling the business: Continued investments in growth and technology
  • Consistent earnings growth while enhancing reserve prudence
(1) Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.

Diversified franchise, well positioned in an attractive industry

Secular trends fueling demand across businesses

[c. 9; p. 7]

Share by segment
Segment Share
Life 33%
Health 17%
Large & Specialty 17%
Retail 17%
SME & Mid-market 16%

[c. 10; p. 7]

Secular trends fueling demand
  • Protection gaps and emerging corporate risks are driving demand.
  • Demographics are driving demand for private retirement and healthcare.

Our right to win

[c. 11; p. 7]

Competitive advantages
  • Leading brand and high customer NPS
  • Strong and diversified distribution
  • Technical expertise in pricing and underwriting risks
  • Scale offering cost advantage

[c. 12; p. 7]

Our right to win
(1) Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.

Laying the foundation for the next plan

[c. 13; p. 8]

Strategic priorities
  • Clear tech and AI roadmap
  • Driving efficiency
  • Enhancing capital allocation discipline
  • Building resilience
  • Confidence in sustaining earnings growth

FY25 Business Performance

[c. 14; p. 9]

Executive roles
  • Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.

Strong delivery across our businesses

[c. 15; p. 10]

Gross written premiums & Underlying earnings by geography
Gross written premiums Underlying earnings

France (27% of total GWP1)+6% to €31bn+7% to €2.2bn Europe (38% of total GWP1)+6% to €43bn+9% to €3.5bn AXA XL (17% of total GWP1)+4% to €19bn+9% to €1.9bn Asia, Africa & EME-LATAM (18% of total GWP1)+13% to €20bn+6% to €1.5bn

(1) FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.

P&C – Strong margins, confidence in sustaining growth

[c. 16; p. 11]

Gross written premiums
  • Gross Written Premiums (GWP) were EUR 58bn.
  • GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty).

[c. 17; p. 11]

2025 and Beyond
2025 Beyond 2025
Retail and SME & Mid-market Growing volumes while expanding margins Investing to improve customer retention & expanding distribution footprint
AXA XL (Large & Specialty) Profitable growth with stable margins Capitalizing on attractive growth opportunities and continued cycle management

[c. 18; p. 11]

Underlying earnings and efficiency
  • Underlying earnings: +9% to EUR 5.9bn
  • Continued progress on efficiency
  • Higher investment income
  • Data & AI to further enhance customer experience & technical excellence

[c. 19; p. 11]

P&C – Strong margins, confidence in sustaining growth
(1) Includes AXA XL Re premiums of €2.6bn.
(2) Change FY25 vs. FY24 at constant FX.

L&H – Good momentum, well positioned to capture growth opportunities

[c. 20; p. 12]

GWP by Short-term and Long-term
Short-term Long-term

2025 Beyond 2025

[c. 21; p. 12]

Strategic priorities for 2025 and Beyond 2025
  • Long-term business:
    • 2025: Accelerating net flows in Savings at attractive margins
    • Beyond 2025: Capturing savings & retirement opportunity, sourcing best asset management products for customers
  • Short-term business:
    • 2025: Growing technical results while absorbing Mexico VAT impact
    • Beyond 2025: Capitalizing on demand for health & protection while further improving margins
  • Underlying earnings +7% to EUR 3.5bn
  • Focus on cost reduction
  • Increasing penetration of Protection riders in Savings offerings
  • Leveraging AI to reduce claims leakage & improve customer outcomes in Health

[c. 22; p. 12]

2025 Beyond 2025
(1) Change FY25 vs. FY24 at constant FX.

FY25 Financial Performance

[c. 23; p. 13]

Group CFO
  • Alban de Mailly Nesle is the Group CFO.

P&C – Continued disciplined growth

[c. 24; p. 14]

Currency notation
  • All figures are in EUR billion.

GWP & Other Revenues

[c. 25; p. 14]

GWP & other revenues by lines of business
FY24 FY25 Change o/w pricing1 o/w volume2
Commercial lines 56.5 35.8 +4% +2% +2%
AXA XL Reinsurance 2.6 +8% +0.3% +7%
Retail lines 19.7 +7% +5% +2%
Total 56.5 58.0 +5%

[c. 26; p. 14]

Commercial lines growth drivers
  • Continued pricing momentum and volume growth in Mid-market and SME.
  • Growth in lines of business with attractive margins while maintaining focus 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).

[c. 27; p. 14]

GWP & Other Revenues
(1) Price effect.
(2) Includes exposure adjustments and mix & other effects.

P&C – Delivering further margin expansion while enhancing reserve prudence

Combined ratio

[c. 28; p. 15]

Combined ratio
FY24 FY25
Combined ratio (total) 91.0% 90.6%
Undiscounted CY loss ratio (ex Nat Cat) 67.4% 67.0%
Expense ratio 25.0% 24.8%
Nat Cat 3.8% 3.4%
Prior year reserve development -1.6% -1.1%
Discount -3.6% -3.5%

[c. 29; p. 15]

Combined ratio drivers
  • Undiscounted current year loss ratio improved, excluding Nat Cat.
  • Margin expansion in Commercial lines SME & mid-market business and Personal lines due to favorable pricing.
  • AXA XL Insurance margins stable at attractive levels, reflecting disciplined cycle management.
  • Expense ratio improved due to efficiency measures, while continuing investment in growth initiatives and technology.

[c. 30; p. 15]

Nat Cat and reserve management
  • Nat Cat charges were below the normalized load.
  • Lower reliance on prior year reserve development.
  • Reserve prudence enhanced during a favorable year.

P&C – Earnings growth from higher underwriting and financial result

[c. 31; p. 16]

P&C earnings growth
  • P&C earnings grew by EUR 0.2bn to EUR 7.6bn in 2023.
  • This growth was driven by a higher underwriting result and a higher financial result.

[c. 32; p. 16]

Underlying earnings waterfall by step
Step Value
FY24 5,510
Volume growth +292
Margin improvement +189
Investment income +435
Insurance finance expenses -235
Tax -169
Affiliates, FX & other -150
FY25 5,872

[c. 33; p. 16]

P&C earnings growth
  • P&C earnings grew +9%.
  • Growth was driven by the underwriting result.
  • Growth was driven by the financial result.

[c. 34; p. 16]

Underwriting result drivers
  • The underwriting result improved due to strong volume growth.
  • The underwriting result improved due to an enhanced all-year combined ratio.
  • The underwriting result improved while enhancing reserve prudence.

[c. 35; p. 16]

Financial result drivers
  • Investment income increased due to higher volumes.
  • Investment income increased due to better reinvestment yields on fixed income assets.
  • The unwind of discount of claims reserves was higher, in line with guidance.

[c. 36; p. 16]

Forex impact
  • There was an unfavorable forex impact, notably due to USD depreciation vs. EUR.

[c. 37; p. 16]

P&C – Earnings growth from higher underwriting and financial result
(1) Change at constant FX. 1. Underwriting result includes expenses.

Life & Health – Strong growth in premiums, positive net flows

[c. 38; p. 17]

Life GWP & Other Revenues
FY24 FY25 Growth
Protection 17.3 +11%
Unit-Linked 9.3 +13%
Capital light G/A 9.0 +7%
Traditional G/A 1.9 -7%
Total 34.5 37.5 +9%

[c. 39; p. 17]

Health GWP & other revenues by individual and group
FY24 FY25 Growth
Individual 10.5 +6%
Group 8.5 +4%
Total 17.5 19.0 +5%

[c. 40; p. 17]

Flow by segment
Segment Flow (€bn)
Protection +4.9
Health +2.7
Unit-Linked +1.5
Capital light G/A +1.2
Traditional G/A -5.0

[c. 41; p. 17]

Employee Benefits premiums
  • Employee Benefits premiums: EUR 12.9bn (+4% vs. FY24)

[c. 42; p. 17]

Life & Health – Strong growth in premiums, positive net flows
(1) Change at constant scope and FX. Including both short-term and long-term Employee Benefits GWP and other revenues.

Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

[c. 43; p. 18]

Currency notation
  • All figures are in EUR billion.

[c. 44; p. 18]

PVEP by business mix
FY24 FY25
Protection & Health 50.9 31.4
Unit-Linked 8.5
Capital-light G/A 7.8
Traditional G/A 1.7
Total 50.9 49.4
Change -2%
Protection & Health change -4%
Unit-Linked change +18%
Capital-light G/A change -10%
Traditional G/A change -10%

[c. 45; p. 18]

NB CSM (pre-tax)
FY24 FY25
NB CSM (pre-tax) 2.2 2.2
Change +3%

[c. 46; p. 18]

NBV (post-tax) by FY
FY24 FY25
NBV (post-tax) 2.3 2.2
Change stable
NBV margin 4.4% 4.5%

[c. 47; p. 18]

PVEP, NB CSM, and NBV performance
  • 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.

[c. 48; p. 18]

Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting
(1) Change at constant scope and FX.

Life & Health – Growth in new business driving Normalized CSM growth

[c. 49; p. 19]

New business CSM
  • New business CSM: EUR 2.2bn

Contractual Service Margin rollforward

[c. 50; p. 19]

Contractual Service Margin rollforward (In Euro billion)
FY24 New business CSM Underlying return on in-force CSM release Economic variance Operating variance Affiliates, FX & other FY25

33.6+2.2+1.3-3.0+0.6-0.3-1.433.0 o/w Life: 25.825.4 o/w Health: 7.77.6

[c. 51; p. 19]

Normalized CSM growth and drivers
  • Normalized CSM growth: +2%
  • Normalized CSM up +2%, with CSM release growth reflecting better margins
  • New business CSM growth impacted by higher rates
  • Economic variance reflects government spreads tightening and positive equity market returns
  • Operating variance driven by better margins and net flows, more than offset by a reduction in the duration of Group Life business in Switzerland
  • FX impact mainly from JPY and HKD depreciation

[c. 52; p. 19]

Contractual Service Margin rollforward
(1) Change at constant scope and FX.

Life & Health – Strong momentum in both short-term and long-term business

[c. 53; p. 20]

Life & Health business overview
  • All figures are in EUR million.

Underlying Earnings

[c. 54; p. 20]

Underlying Earnings (In Euro million)
FY24 Short-term technical margin Long-term result incl. CSM release Financial result Tax, FX and others FY25
Short-term technical margin 415 +60 479
Long-term result incl. CSM release 2,680 +156 2,804
Financial result 975 -11 946
Tax & others -748 -27 -728
Total 3,323 3,501

[c. 55; p. 20]

Underlying Earnings

[c. 56; p. 20]

in billions
FY24 FY25 Change at constant FX
o/w Life 2.6 2.7 +4% vs. FY24
o/w Health 0.7 0.8 +17% vs. FY24

[c. 57; p. 20]

Technical Margin and Long-Term Results
  • Short-term technical margin was strong, reflecting underwriting and claims initiatives.
  • Underwriting and claims initiatives more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
  • Long-term results were higher due to an increase in CSM release (+8%).
  • The increase in CSM release reflects growth in the reserve base, including from favorable equity market performance, and better margins.

[c. 58; p. 20]

Underlying Earnings
(1) Change at constant FX.

Growth in net income reflecting higher earnings & the gain from the sale of AXA IM

[c. 59; p. 21]

Net income by business line
FY24 FY25 Change
Property & Casualty 5.5 5.9 +9%
Life & Health 3.3 3.5 +7%
Asset Management 0.4 0.2 -57%
Holdings & other -1.2 -1.2 -
Underlying earnings 8.1 8.4 +6%
Non-financial flows -0.5 +2.1
o/w capital gains from AXA IM disposal - +2.2
Financial flows (incl. RCG) +0.3 -0.7
Net income 7.9 9.8 +26%

[c. 60; p. 21]

Underlying earnings and net income drivers
  • Underlying earnings showed strong performance from insurance businesses.
  • Holding cost was stable and is expected to remain at the current level in 2026.
  • Net income was higher, mainly reflecting higher underlying earnings and the gain from the sale of AXA IM.
  • Lower financial flows reflected an unfavorable forex impact.

Underlying earnings per share

[c. 61; p. 21]

Underlying earnings per share

[c. 62; p. 21]

Underlying earnings per share (In Euro)
FY24 FY25 Change
3.59 3.86 +8%

[c. 63; p. 21]

Underlying EPS growth drivers

[c. 64; p. 21]

Underlying earnings per share
(1) Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.

Shareholders' Equity

Shareholders' equity

[c. 65; p. 22]

Shareholders' equity1
FY24 HY25 FY25
Total 49.9 45.5 47.2
SHE (excl. OCI) 58.0 52.7 54.0
Net OCI -8.1 -7.2 -6.8
SHE (excl. OCI & undated subordinated debt) 53.2 47.0 49.4
Debt gearing 20.6% 23.4% 22.3%
Underlying ROE 15.2% 17.5% 16.0%

[c. 66; p. 22]

Shareholders' equity
FY24 to FY25 HY25 to FY25
Opening Shareholders' equity 49.9 45.5
Change in Net OCI 1.3 0.4
Net income for the period 9.8 5.9
Dividend -4.6 -
Annual share buyback -1.2 -
Anti-dilutive share buyback following the sale of AXA IM -3.5 -3.5
Undated subordinated debt (including interest charges) -0.3 -1.2
Forex -3.5 -0.1
Other -0.6 0.3
Closing Shareholders' equity 47.2 47.2
(1) Shareholders' equity Group share. Full Year 2025 Earnings

Higher organic cash remittance and robust cash position at Holding

[c. 67; p. 23]

Cash remittance and position
  • In EUR billion

Net Cash Remittance

[c. 68; p. 23]

Net Cash Remittance
FY24 FY25
Proceeds related to in-force treaties2 0.6
Ordinary cash remittance 7.1 7.5
Total 7.7 7.5
Remittance ratio1 82% 82%

[c. 69; p. 23]

Net Cash Remittance
FY24 Cash position 4.0
Net cash remittance from subsidiaries +7.5
Dividend -4.6
Annual share buyback -1.2
Anti-dilutive share buyback following the sale of AXA IM -3.5
Holding costs and interest expenses -1.3
Change in net debt +1.6
M&A and other +3.1
FY25 Cash position 5.6
(1) Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.
(2) €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.

Solvency II at 224%

[c. 70; p. 24]

Foreseeable dividends and share buyback provision

[c. 71; p. 24]

Eligible Own Funds (EOF)
FY24 Regulatory & model changes Normalized capital generation Operating variance Economic variance & FX Dividend & annual share buyback Management actions, debt & other FY25

[c. 72; p. 24]

Solvency II ratio movements
  • Solvency II ratio: 55.9 (reported)
  • Solvency II ratio movements: +0.2 from operating return; +8.8 from market impacts; -0.4 from capital management; -2.1 from regulatory changes; -6.0 from other impacts; -0.1 from FX
  • Solvency II ratio at period end: 56.4 (reported)

[c. 73; p. 24]

Solvency II ratio
FY24 Regulatory & model changes Normalized capital generation Operating variance Economic variance & FX Dividend & annual share buyback Management actions, debt & other FY25

[c. 74; p. 24]

Solvency II ratio evolution
  • Solvency II ratio was 216%.
  • The ratio increased by +28pts due to operating return.
  • The ratio decreased by -1pt due to market impacts.
  • The ratio increased by +4pts due to capital management.
  • The ratio decreased by -24pts due to regulatory changes.
  • The ratio increased by +2pts due to other effects.
  • The final Solvency II ratio was 224%.

[c. 75; p. 24]

Solvency Capital Requirement (SCR)
FY24 Regulatory & model changes Normalized capital generation Operating variance Economic variance & FX Dividend & annual share buyback Management actions, debt & other FY25

[c. 76; p. 24]

Solvency II ratio bridge
  • Solvency II ratio bridge: 25.9 (start); 0.0 (operating capital generation); +0.6 (market impacts); 0.0 (non-operating items); -1.2 (

Key sensitivities

[c. 77; p. 24]

Impact by scenario
Scenario Impact
Ratio as of December 31, 2025 224%
Interest rate +50bps +2 pts
Interest rate -50bps -1 pt
Corporate spreads +50bps -1 pt
Euro Sovereign spreads +50bps1 -1 pt
Credit migration2 +2 pts
Listed Equity (excl. PE & Infra) +25% -7 pts
Listed Equity (excl. PE & Infra) -25% -4 pts
PE & Infra +25% +14 pts
PE & Infra -25% -19 pts
Inflation swap curve +50bps -5 pts
(1) 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).
(2) Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).

Solvency II – impact of the end of grandfathering period and Solvency II revision

[c. 78; p. 25]

Ratio as of 31/12/2025 by impact of the end of grandfathering period and Solvency II revision
Ratio as of 31/12/2025 224%
Impact of the end of grandfathering period on January 1, 2026 -10pts to 215% Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
Impact of Solvency II revision to come into effect in 1Q27 +17pts1(footnote: 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.)

No change expected in organic capital generation
Additional capital flexibility

(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.

Conclusion

[c. 79; p. 26]

Group CEO
  • Thomas Buberl is the Group CEO.

Conclusion

[c. 80; p. 27]

Business performance and outlook
  • Record results were achieved at the top end of the target range while enhancing reserve prudence.
  • All businesses are in excellent shape, delivering strong growth and profitability.
  • The diversified franchise is well-positioned to capture future growth opportunities.
  • Foundations are being laid for the next plan, with confidence in delivering sustainable earnings growth.

Q&A

[c. 81; p. 28]

Date

AXA Investor Relations – Keep in touch

Meet our management

[c. 82; p. 29]

Investor relations calendar
  • March: Roadshows in Europe and US
  • May 5: 1Q25 Activity Indicators in Paris
  • June 2: BNP Paribas Exane CEO Conference in Paris
  • June 2-4: Goldman Sachs European Financials Conference in Zurich
  • July 31: HY26 Earnings Release in Paris
  • September 21: AXA Investor Day in London

Contact us

[c. 83; p. 29]

Investor Relations contact
  • Investor Relations contact: +33 1 40 75 48 42
  • Investor Relations email: investor.relations@axa.com

Follow us

[c. 84; p. 29]

AXA website
  • AXA website: www.axa.com

Appendices

[c. 85; p. 31]

Appendices overview
  • The document includes appendices on: Debt and Invested Assets; Additional P&C disclosures; Additional IFRS17 disclosures.

Gross financial debt and maturity breakdown as of December 31st, 2025

[c. 86; p. 32]

Gross financial debt and maturity breakdown
  • All figures are in EUR billion.

Gross financial debt

[c. 87; p. 32]

Debt gearing
  • Debt gearing: 20.6% (prior: 22.3%)

[c. 88; p. 32]

Gross financial debt (In Euro billion)
FY24 FY25 Jan 1st 2026
Total 19.2 20.3 20.3
Tier 1 4.8 4.6 3.2
Tier 2 10.8 12.2 11.3
Senior debt 3.5 3.5 5.8

[c. 89; p. 32]

Gross financial debt details
  • End of the grandfathering period
  • EUR 0.4bn redeemed in Jan 2026

Contractual maturity breakdown

[c. 90; p. 32]

Contractual maturity breakdown (In Euro billion)
2025 2026 2027 2028 2029 2030 2031-2039 ≥2040 Undated
Senior debt 1.5 0.5
Tier 2 0.5 0.9 0.7 10.8
Tier 1 4.6

[c. 91; p. 32]

Contractual maturity breakdown
  • Grandfathered debt is included in the contractual maturity breakdown.

[c. 92; p. 32]

Tier 1 & Tier 2 by 2025, 2026, 2027, 2028, 2029, 2030, 2031-2039, ≥2040, Undated
2025 2026 2027 2028 2029 2030 2031-2039 ≥2040 Undated
Tier 1 - - - - - - - - 1.4
Tier 2 - - - - - 0.7 - 0.2 -

Economic maturity breakdown

[c. 93; p. 32]

Economic maturity breakdown by senior debt, Tier 2, Tier 1
2025 2026 2027 2028 2029 2030 2031-2039 ≥2040 Undated
Senior debt 1.5 0.5
Tier 2 0.1 2.4 0.1 0.5 2.0 6.4
Tier 1 0.9 0.7 0.4 4.0

[c. 94; p. 32]

Grandfathered debt
  • o/w Grandfathered debt

[c. 95; p. 32]

Tier 1 & Tier 2 by economic maturity
2025 2026 2027 2028 2029 2030 2031-2039 ≥2040 Undated
Tier 1 - 0.1 - 0.1 - - 0.4 - 0.8
Tier 2 - - - - - 0.7 0.2 - -
(1,2) 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.
(3) 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.

General Account Invested Assets

[c. 96; p. 33]

General Account invested assets duration gap
  • FY25 Total General Account invested assets Duration gap at -0.4 year

[c. 97; p. 33]

FY25 Total General Account invested assets: Euro 450 billion
Fixed income
Real estate
Infrastructure equity
Listed equities
Private equity and hedge funds
Cash
Policy loans

[c. 98; p. 33]

Invested assets (100%) In Euro billion
FY25 %
Fixed income 345 77%
o/w Government bonds 167 37%
o/w Corporate bonds and loans 121 27%
o/w Other fixed income 1 56 13%
Real estate 41 9%
Infrastructure equity 10 2%
Listed equities 2 10 2%
Private equity and hedge funds 3 23 5%
Cash 19 4%
Policy loans 2 0%
Total Insurance Invested Assets 4 450 100%
(1) Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).
(2) Includes hedges. Listed equities excluding hedges at Euro 14 billion.
(3) Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).
(4) Please refer to the financial supplement for more details.

Structured and Private Credit assets

[c. 99; p. 34]

Invested assets (100%) by Total Structured and Private Credit Assets
Invested assets (100%)
In Euro billion 		FY25 % of total G/A1 portfolio Comments

Residential Mortgages164%- €6bn Dutch mortgages, NHG guaranteed
- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) CLO & ABS256%- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA) Infrastructure debt82%- Skewed towards resilient industries (Telecom, Utilities, Transport) CRE debt82%- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV Mid-Market lending102%- Strong diversification with €8m average ticket
- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation Other20% Total Structured and Private Credit Assets6915%o/w 54% participating

(1) G/A: General Account

Investment portfolio – Fixed Income reinvestment

FY25 Fixed Income Reinvestment

[c. 100; p. 35]

Fixed income reinvestment portfolio
  • Government bonds & related comprise 32% of the portfolio with an average rating of AA.
  • Investment grade credit comprises 40% of the portfolio with an average rating of A.
  • ABS/CLO/IG fund financing comprises 21% of the portfolio.
  • Below investment grade credit comprises 7% of the portfolio.
  • The total reinvestment amount is EUR 57bn.

FY25 Fixed Income Reinvestment Yield

[c. 101; p. 35]

Fixed income reinvestment yield by public, private & structured fixed income
Public fixed income1 Private & Structured fixed income2 Total fixed income
3.5% 4.7% 3.9%

[c. 102; p. 35]

FY25 fixed income reinvestment yield
  • EUR 57bn fixed income invested at 3.9%
  • Average duration of 9 years
  • Includes EUR 19.7bn of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
  • Gradual shift from alternative total return assets to Private & Structured credit

[c. 103; p. 35]

FY25 Fixed Income Reinvestment Yield
(1) Government and Corporate bonds and related.
(2) Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).

[c. 104; p. 36]

Additional disclosures
  • Additional P&C disclosures are on page 36.
  • Additional IFRS17 disclosures are on page 41.
  • Debt and Invested Assets disclosures are on page 31.

AXA XL Insurance – Large Commercial & Specialty business

Well diversified across lines of business and geographies

[c. 105; p. 37]

GWP by line of business
Casualty 35%
Property 29%
Specialty 19%
Professional lines1 17%

[c. 106; p. 37]

GWP by geography
Americas 46%
Europe & APAC 35%
UK & Lloyds 19%

Leading market positions across lines

[c. 107; p. 37]

Commercial lines market position
  • Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie.

Managing the cycle to deliver consistent profitability

[c. 108; p. 37]

Profitability vs. Ex-price growth by line of business
  • Profitability vs. Ex-price growth (%)
    • Professional lines: lower ex-price growth, lower profitability
    • Casualty: medium ex-price growth, medium profitability
    • Specialty (including Cyber): medium-high ex-price growth, medium-high profitability
    • Property: high ex-price growth, high profitability

P&C – Focus on Reserves

Claims reserves ratio

[c. 109; p. 38]

Claims reserves ratio definition
  • Net undiscounted claims reserves / Net earned premiums.

[c. 110; p. 38]

Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)
FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 FY25
IFRS4 IFRS17
Claims reserves ratio 179% 185% 193% 188% 189% 198% 195% 180% 175%

Technical reserves ratio

[c. 111; p. 38]

Technical reserves ratio definition
  • The technical reserves ratio is calculated as Net undiscounted technical reserves divided by Net earned premiums.

[c. 112; p. 38]

Technical reserves ratio (Net undiscounted technical reserves/Net earned premiums)
FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 FY25
IFRS4 IFRS17
Technical reserves ratio 213% 227% 233% 226% 227% 234% 232% 216% 210%
(1) Includes net undiscounted claims reserves and unearned premium reserves.

P&C – 2026 Simplified Group Nat Cat Reinsurance Program

[c. 113; p. 39]

Nat Cat Reinsurance Program
  • All figures are in EUR.

Insurance segment (occurrence protection)

Reinsurance segment (illustrative)

[c. 114; p. 39]

Alternative Capital & Cat Bonds
  • Alternative Capital & Cat Bonds

[c. 115; p. 39]

Capacity and Retention by peril
EU Windstorm Europe Flood Europe Earthquake NA Hurricane NA Earthquake Per other perils3
Capacity 4.0bn 2.1bn 2.1bn 1.2bn 1.2bn
Retention 600m 450m 400m 600m2 600m2 400m

[c. 116; p. 39]

Retention levels
  • Stable retention levels maintained in 2026 as in 2025.

[c. 117; p. 39]

Reinsurance segment (illustrative)
(1) Excludes local reinsurance covers;
(2) Varying retention between MX and NA (400m MX, 600m NA);
(3) 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.

P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026

[c. 118; p. 40]

Nat Cat cost deviation
  • Nat Cat cost deviation in 2026 is presented in EUR billion (net of reinsurance).

Group underlying earnings deviation to average Nat Cat charges in 2026

[c. 119; p. 40]

Nat Cat charges deviation
  • The table presents Nat Cat charges deviation net of reinsurance, post-tax and pre-tax.

[c. 120; p. 40]

Deviation by percentile and return period
Percentile Return period Deviation
95th 1/20y (more severe) €-1.2bn
90th 1/10y €-0.8bn
80th 1/5y €-0.4bn
50th Median €+0.1bn
20th 1/5y €+0.5bn
10th 1/10y €+0.7bn
5th 1/20y €+0.8bn

[c. 121; p. 40]

Nat Cat charges deviation
  • Negative deviation in approximately 40% of cases for more severe years.
  • Positive deviation in approximately 60% of cases for less severe years.

Average Expected Nat Cat charges

[c. 122; p. 40]

Value & Estimated impact on GEP by year
2025 2026
Value (€bn) 2.6 2.7
Estimated impact on GEP ca. 4.5% ca. 4.5%
(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

[c. 123; p. 41]

Additional disclosures
  • Debt and Invested Assets are detailed on p.31
  • Additional P&C disclosures are on p.36
  • Additional IFRS17 disclosures are on p.41

P&C – Margin Analysis

Technical Result

[c. 124; p. 42]

Pre-tax technical result
  • All figures are in EUR million (pre-tax).

[c. 125; p. 42]

Current Accident Year Undiscounted Technical Margin
FY25 Change
Current Accident Year Undiscounted Technical Margin 2,778 +707
Gross Earned Premiums 57,656 +6%
Current Accident Year Undiscounted Combined Ratio 95.2% -1.0pt
o/w Nat Cats 3.4% -0.4pt

[c. 126; p. 42]

Current Accident Year Discounting by FY25
FY25 Change
Current Accident Year Discounting 2,009 +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%

[c. 127; p. 42]

Prior Years' Reserve Development (PYD)
FY25 Change
Prior Years' Reserve Development (PYD) 622 -341
PYD ratio -1.1% +0.7pt

[c. 128; p. 42]

FY25 Current Accident Year discount rate sensitivity
  • FY25 sensitivity to Current Accident Year discount rate changes: +25bps results in EUR +0.2bn; -25bps results in EUR -0.2bn.

Financial Result

[c. 129; p. 42]

Pre-tax results
  • All figures are in EUR million (pre-tax).

[c. 130; p. 42]

Investment income
FY25 Change
Investment Income 3,988 +435
FY25 Average Assets €115bn
Asset book yield 3.5%
FY25 Reinvestment yield1 4.3%

[c. 131; p. 42]

Insurance Finance Expenses
FY25 Change
Insurance Finance Expenses -1,358 -235
FY24 Reserves at locked-in rate €71bn
Liability book yield 1.9%

[c. 132; p. 42]

Insurance finance expenses
  • 2026e Insurance Finance Expenses (pre-tax): ~ EUR -1.4bn
  • Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount:
    • +25bps: ~ EUR -50m
    • -25bps: ~ EUR +50m

[c. 133; p. 42]

Underlying Earnings before tax and Underlying Earnings
FY25 Change
Underlying Earnings before tax 8,040 +681
Tax -2,060 -169
Affiliates, Minority interests & Other -108 -10
Underlying Earnings 5,872 +501
Growth vs. FY24 (at constant FX) +9%
(1) Reinvestment yield on fixed income assets.
(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.

L&H – Margin Analysis

[c. 134; p. 43]

Scope impact
  • Scope impact is included.

Technical Result

[c. 135; p. 43]

Pre-tax technical result
  • Pre-tax technical result in EUR million

[c. 136; p. 43]

Short-term Technical Margin by Gross Earned Premiums and All Year Combined Ratio
FY25 Change
Short-term Technical Margin 479 +60
Gross Earned Premiums 17,416 +10%
All Year Combined Ratio 97.2% -0.1pts

[c. 137; p. 43]

Long-term Technical Margin by CSM release and Technical experience
FY25 Change
Long-term Technical Margin 2,804 +156
CSM release 2,954 +215
Technical experience -150 -58

[c. 138; p. 43]

Technical result adjustments
  • The technical result includes the recapture of Laya.

[c. 139; p. 43]

FY25 CSM by sensitivities

(in Euro billion) FY25 Baseline33.3 Interest rates +50bps-0.8 Interest rates -50bps0.6 Sovereign spreads +50bps-1.9 Sovereign spreads -50bps1.9 Corporate spread +50bps-0.8 Corporate spread -50bps0.7 Equities +25%1.8 Equities -25%-2.2

Financial Result

[c. 140; p. 43]

Pre-tax result
  • Pre-tax result (in EUR million, pre-tax)

[c. 141; p. 43]

Investment Income (non-VFA only)
FY25 Change
Investment Income (non-VFA only) 2,484 -1
FY25 Average Assets €98bn
Asset book yield 2.5%
FY25 Reinvestment yield1 3.8%

[c. 142; p. 43]

Insurance Finance Expenses (non-VFA only)
FY25 Change
Insurance Finance Expenses (non-VFA only) -1,538 -9
FY24 Reserves at locked-in rate €62bn
Liability book yield 2.5%

[c. 143; p. 43]

Underlying earnings before tax and underlying earnings
FY25 Change
Underlying Earnings before tax 4,229 +205
Tax -800 65
Affiliates, Minority interests & Other 72 -51
Underlying Earnings 3,501 +219
Growth vs. FY24 (at constant FX) +7%
(1) Reinvestment yield on fixed income assets.

[c. 144; p. 44]

Additional disclosures
  • Debt and Invested Assets disclosures are on p.31.
  • Additional P&C disclosures are on p.36.
  • Additional IFRS17 disclosures are on p.41.

Expanding AXA's role in society: AXA for Progress Index

[c. 145; p. 45]

Target and 2025 Result by Global Investor, Global Insurer, and Company
As a GLOBAL INVESTOR As a GLOBAL INSURER As a COMPANY
Target 2025 Result Target 2025 Result Target 2025 Result
€5bn2 in climate transition financing per year €6.4bn €6bn3 in P&C GWP to support transition underwriting (cumulative 2024-2026) €4.6bn >80,0006(footnote: 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 46,420
>€500m2 in community resilience financing per year >20,0004 climate adaptation solutions & services (cumulative 2024-2026) Target revised in 2025 19,698 Cumulative 2024-2025 Contribute to Net-Zero -50%7(footnote: 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 emissions8(footnote: 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).) -64% Reduction against 2019
€1.4bn >20m5(footnote: Low-income to mass market segments in emerging markets and modest income segments in mature markets.) inclusive insurance customers by 2026 20.6m 50% Percentage of AXA Group employees engaged in volunteering activities by 2026 56%
(1) AXA's Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group's auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.
(2) Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.
(3) Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.
(4) 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 & 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 & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.
(5) Low-income to mass market segments in emerging markets and modest income segments in mature markets.
(6) Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.
(7) Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.
(8) 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).

Sustainability Performance & Ratings

[c. 146; p. 46]

Sustainability ratings
  • Dow Jones Best-in-Class Europe & World indices percentile: 97th in 2025
  • MSCI score: AAA in 2025
  • CDP score: B in 2025
  • Sustainalytics ESG Risk Rating: 17.0 (Low risk) in 2025
  • FTSE4Good Index Series score: 4.3/5 in 2025

[c. 147; p. 46]

Sustainability Performance & Ratings
(1) 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.

Scope

[c. 148; p. 47]

Scope of activities by geography and segment
  • France: includes insurance activities, banking activities, and holding.
  • Europe: includes Switzerland (insurance activities); Germany (insurance activities and holding); Belgium and Luxembourg (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.
  • Asia, Africa & EME-LATAM:
    • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings are fully consolidated.
    • Asia: China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) businesses are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income.
    • Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), and Egypt (insurance activities and holding) are fully consolidated.
    • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
    • EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
    • EME-LATAM: 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 Architas), and Capza which are fully consolidated, and Asian joint ventures which are consolidated under the equity method.

[c. 149; p. 47]

Accounting standards
  • All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023, unless otherwise specified.
  • Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.

Glossary

[c. 150; p. 48]

Glossary of financial terms
  • Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%
  • 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
  • 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
  • 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 of 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

Thank you

[c. 151; p. 49]

Earnings presentation details
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