Document:AXA/2025/FY/Earnings presentation: Difference between revisions

| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf

| wide = yes

| article = AXA/2025/FY/Earnings presentation

| doc_id = snjra2xp9r

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title: 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

doc_type: slides

pages: 49

converter: anchor_injection/1

tier: economic

scanned_pages: []

---

 

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* 1. FY25 Highlights p.04

* Thomas Buberl, Group CEO

* +8% Underlying EPS vs. FY24

 

 

 

* 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

 

{{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.}}

 

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</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

* 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.}}

 

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==== Secular trends fueling demand across businesses ====

 

<div style="overflow-x:auto">

{| id="t2" class="wikitable fintable"

|-

! style="text-align:left" | Segment

|-

| style="text-align:left" | Large &amp; Specialty

| style="text-align:right" | 17%

|-

| style="text-align:left" | SME &amp; Mid-market

| style="text-align:right" | 16%

|}

</div>

 

 

==== Our right to win ====

* Scale offering cost advantage

 

{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}

 

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=== Strong delivery across our businesses ===

 

! style="text-align:right" | Gross written premiums

! style="text-align:right" | Underlying earnings

|}

</div>

 

{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}

 

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* €58bn GWP

* 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

 

<div style="overflow-x:auto">

{| id="t4" class="wikitable"

|-

! style="text-align:left" |

</div>

 

* Data & AI to further enhance customer experience & technical excellence

 

{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}

{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}

 

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<div style="overflow-x:auto">

{| id="t5" class="wikitable"

|-

| style="text-align:left" | Short-term

|}

</div>

 

==== 2025 Beyond 2025 ====

 

* Long-term business

* Short-term business

 

* Focus on cost reduction

* Increasing penetration of Protection riders in Savings offerings

* Leveraging AI to reduce claims leakage & improve customer outcomes in Health

 

 

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<div style="overflow-x:auto">

{| id="t6" class="wikitable fintable"

|-

! class="col-s" style="text-align:right" | FY24

! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:left" | Commercial lines

| style="text-align:right" | 35.8

| style="text-align:right" | +4%

|-

| style="text-align:left" | AXA XL Reinsurance

| style="text-align:right" | 2.6

| style="text-align:right" | +8%

|-

| style="text-align:left" | Retail lines

| style="text-align:right" | 19.7

| style="text-align:right" | +7%

</div>

 

* Growth supported by alternative capital

* Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)

 

{{fn note|1=1|2=Price effect.}}

{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}

 

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! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:right" | 91.0%

| style="text-align:right" | 90.6%

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

 

 

<div style="overflow-x:auto">

| style="text-align:right" | 5,510

|-

| style="text-align:right" | +292

|-

| style="text-align:right" | +189

|-

| style="text-align:right" | +435

|-

| style="text-align:right" | -235

|-

 

* +9%

 

* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence

* Unfavorable forex impact notably due to USD depreciation vs. EUR

 

 

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

 

<div style="overflow-x:auto">

! 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" | 1.9

| style="text-align:right" | -7%

|}

</div>

! 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" | 8.5

| style="text-align:right" | +4%

|}

</div>

|-

! style="text-align:left" | Segment

|-

| style="text-align:left" | Protection

</div>

 

 

 

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

 

<div style="overflow-x:auto">

|-

| style="text-align:left" | Protection &amp; Health

| style="text-align:right" | 31.4

|-

| style="text-align:left" | Unit-Linked

| style="text-align:right" | 8.5

|-

| 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" | Change

|-

| style="text-align:left" | Protection &amp; Health change

|-

| style="text-align:left" | Unit-Linked change

|-

| style="text-align:left" | Capital-light G/A change

|-

| style="text-align:left" | Traditional G/A change

|}

</div>

|+ NB CSM (pre-tax)

|-

! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:right" | 2.2

|-

|}

</div>

|+ NBV (post-tax)

|-

! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:right" | 2.2

|-

|-

| style="text-align:right" | 4.5%

|}

* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France

 

 

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! style="text-align:right" | Affiliates, FX &amp; other

! style="text-align:right" | FY25

|}

</div>

 

 

* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates

* 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 ===

 

 

 

<div style="overflow-x:auto">

{| id="t16" class="wikitable fintable"

|-

|-

| style="text-align:left" | Short-term technical margin

|-

| style="text-align:left" | Long-term result incl. CSM release

|-

| style="text-align:left" | Financial result

| style="text-align:right" | -11

|-

| style="text-align:right" | -27

|-

| style="text-align:right" | 3,501

|}

</div>

 

<div style="overflow-x:auto">

{| id="t17" class="wikitable fintable"

|-

! style="text-align:left" |

! class="col-s" style="text-align:right" | FY24

! class="col-s" style="text-align:right" | FY25

|-

|-

|}

</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}}

 

==== Underlying earnings per share ====

In Euro

 

* +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

 

{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}

 

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=== Shareholders' Equity ===

 

==== Shareholders' equity{{fn ref|1|2=Shareholders' equity Group share. Full Year 2025 Earnings}} ====

<div style="overflow-x:auto">

{| id="t20" class="wikitable fintable"

|-

! style="text-align:left" |

! class="col-s" style="text-align:right" | HY25

! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:left" | SHE (excl. OCI)

| style="text-align:right" | -7.2

| style="text-align:right" | -6.8

|-

| style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt)

</div>

 

{{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}}

! style="text-align:left" |

! class="col-s" style="text-align:right" | FY24

|-

| 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" |

|-

| 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: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.}}

</div>

 

{{fn note|1=1|2=Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}

{{fn note|1=2|2=€0.6bn proceeds related to L&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% ===

 

 

<div style="overflow-x:auto">

|-

! style="text-align:left" | Dividend &amp; annual share buyback

|-

|-

|}

</div>

 

==== Key sensitivities ====

 

<div style="overflow-x:auto">

|-

! class="col-s" style="text-align:right" | Impact

|-

| style="text-align:left" | Interest rate +50bps

|-

| 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: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:left" | Listed Equity (excl. PE &amp; Infra) +25%

|-

| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) -25%

|-

| style="text-align:left" | PE &amp; Infra +25%

</div>

 

{{fn note|1=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).}}

{{fn note|1=2|2=Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}

 

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

 

</div>

 

{{pdf page|26|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}

== 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

 

{{pdf page|28|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}

February 26, 2026

 

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==== Meet our management ====

 

 

==== Contact us ====

 

{{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

* In Euro billion

 

 

* Debt gearing 20.6% 22.3%

 

<div style="overflow-x:auto">

|+ Gross financial debt (In Euro billion)

|-

! style="text-align:left" |

|-

| style="text-align:left" | Tier 1

| style="text-align:right" | 3.5

| style="text-align:right" | 5.8

|}

</div>

 

 

* o/w €0.4bn redeemed in Jan 2026

 

 

<div style="overflow-x:auto">

|+ Contractual maturity breakdown (In Euro billion)

|-

| 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:right" | 0.5

| style="text-align:right" | 0.7

| style="text-align:right" | 10.8

| style="text-align:right" |

|-

| style="text-align:right" |

| style="text-align:right" |

| style="text-align:right" |

|}

</div>

 

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

 

<div style="overflow-x:auto">

|+ Economic maturity breakdown (In Euro billion)

|-

| style="text-align:right" | 0.1

| style="text-align:right" | 2.4

| 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:left" | Tier 1

| style="text-align:right" |

| style="text-align:right" |

| style="text-align:right" | 0.9

| style="text-align:right" |

| style="text-align:right" | 4.0

|}

</div>

 

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

</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.}}

{{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.}}

 

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=== General Account Invested Assets ===

 

 

<div style="overflow-x:auto">

|+ FY25 Total General Account invested assets: Euro 450 billion

|-

| style="text-align:left" | Fixed income

|-

| style="text-align:left" | Real estate

|-

| style="text-align:left" | Infrastructure equity

|-

| 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">

|+ Invested assets (100%) In Euro billion

|-

</div>

 

{{fn note|1=2|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}

{{fn note|1=3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}

{{fn note|1=4|2=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}}

 

<div style="overflow-x:auto">

|-

! style="text-align:left" | Invested assets (100%)<br/>In Euro billion

|}

</div>

 

{{fn note|1=1|2=G/A: General Account}}

 

{{pdf page|35|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}

 

==== FY25 Fixed Income Reinvestment ====

 

* Government bonds & related (32%) – Average rating: AA

* Investment grade credit (40%)- Average rating: A

* ABS/CLO/IG fund financing (21%)

* Below investment grade credit (7%)

 

==== FY25 Fixed Income Reinvestment Yield ====

 

<div style="overflow-x:auto">

|-

! style="text-align:left" | Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}

 

* 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)

* Gradual shift from alternative total return assets to Private & Structured credit

 

{{fn note|1=1|2=Government and Corporate bonds and related.}}

{{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}

 

{{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

==== Well diversified across lines of business and geographies ====

 

 

 

==== 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}}

* Fine Art & Specie{{fn ref|4|2=Source: Industry Research Biz (January 2026)}}

 

==== Managing the cycle to deliver consistent profitability ====

 

{{fn note|1=1|2=Including Cyber}}

{{fn note|1=2|2=Source: McKinsey}}

{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}

{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}

 

{{pdf page|38|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

! class="col-s" style="text-align:right" | FY20

! class="col-s" style="text-align:right" | FY21

! class="col-s" style="text-align:right" | FY23

! class="col-s" style="text-align:right" | FY24

! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:left" | Claims reserves ratio

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

! class="col-s" style="text-align:right" | FY20

! class="col-s" style="text-align:right" | FY21

! class="col-s" style="text-align:right" | FY23

! class="col-s" style="text-align:right" | FY24

! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:left" | Technical reserves ratio

</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}}

 

* In Euro

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

! 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" | 1.2bn

| style="text-align:right" |

|-

| style="text-align:left" | Retention

| 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;}}

{{fn note|1=2|2=Varying retention between MX and NA (400m MX, 600m NA);}}

{{fn note|1=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.}}

 

{{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=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 ===

 

 

==== Group underlying earnings deviation to average Nat Cat charges in 2026 ====

 

 

<div style="overflow-x:auto">

|-

! style="text-align:right" | Deviation

|-

| style="text-align:right" | €-1.2bn

|-

| style="text-align:right" | €-0.8bn

|-

| style="text-align:right" | €-0.4bn

|-

| style="text-align:right" | €+0.1bn

|-

| style="text-align:right" | €+0.5bn

|-

| style="text-align:right" | €+0.7bn

|-

| style="text-align:right" | €+0.8bn

|}

 

* More severe years — Negative deviation in ca. 40% of cases

* Less severe years — Positive deviation in ca. 60% of cases

 

 

<div style="overflow-x:auto">

|+ Average Expected Nat Cat charges (net of reinsurance, pre-tax)

|-

! style="text-align:right" | 2026

|-

| style="text-align:right" | 2.6

| style="text-align:right" | 2.7

</div>

 

{{fn note|1=1|2=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

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

|-

| style="text-align:left" | <strong>Current Accident Year Undiscounted Technical Margin</strong>

| style="text-align:right" | 2,778

| style="text-align:right" | +707

|-

| style="text-align:left" | Gross Earned Premiums

| style="text-align:right" | -1.0pt

|-

|}

</div>

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

</div>

 

 

In Euro million (pre-tax)

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

</div>

 

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:left" | <strong>Underlying Earnings before tax</strong>

| style="text-align:left" | <em>Growth vs. FY24 (at constant FX)</em>

| style="text-align:right" |

|}

</div>

 

{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}

{{fn note|1=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.}}

 

{{pdf page|43|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

! class="col-s" style="text-align:right" | Change

|-

|-

| style="text-align:left" | Gross Earned Premiums

|}

</div>

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

|-

|-

| style="text-align:left" | CSM release

|}

</div>

 

<div style="overflow-x:auto">

|}

</div>

 

==== Financial Result ====

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

|-

|-

| style="text-align:left" | FY25 Average Assets

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

|-

|-

| style="text-align:left" | FY24 Reserves at locked-in rate

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

|-

|-

| style="text-align:left" | Tax

| style="text-align:right" | -51

|-

|-

| style="text-align:right" |

| style="text-align:right" | +7%

</div>

 

{{fn note|1=1|2=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

* 2. Additional P&C disclosures p.36

 

<div style="overflow-x:auto">

|-

! colspan="2" style="text-align:center" | As a GLOBAL INVESTOR

</div>

 

{{fn note|1=1|2=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.}}

{{fn note|1=2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}

{{fn note|1=7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}

{{fn note|1=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).}}

 

{{pdf page|46|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}

=== Sustainability Performance & Ratings ===

 

{{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.}}

 

{{pdf page|47|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}

 

{{pdf page|49|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}