Insurer Brain

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

Browse history interactively
← Older editNewer edit →
Content deleted Content added
VisualWikitext
doc_archive: publish snjra2xp9r (original transcript) (.md link)
doc_archive: publish snjra2xp9r (original transcript)
Line 11:
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
| wide = yes
| original_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_presentation-original.md>
| docling_file = <!-- ARCHIVE_DOCLING_LINK_HERE -->
| article = AXA/2025/FY/Earnings presentation
| doc_id = snjra2xp9r
Line 20:
---
title: https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
source_file: tmpk0bdd7mstmpbnfh9bao.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
tables: 5551
converter: anchor_injection/1
tier: economicslides
parsed_at: '2026-07-22T0922T13:0134:31Z39Z'
scanned_pages: []
residue:
- '- February 26, 2026'
---
ORIGINAL_FRONTMATTER -->
 
{{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}}
=== IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES ===
=== Full Year 2025 Earnings ===
* 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.
* GIE_AXA_Internal 2 Full Year 2025 Earnings
* In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management in analyzing AXA's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA'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's consolidated financial statements and related notes 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 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 2025 Activity Report"), on the pages indicated under the heading "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES". For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA's 2025 Activity Report.
* IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES
* AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* 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.
* 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.
* In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’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’s consolidated financial statements and related notes 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 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 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”. For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see 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.
 
{{pdf page|3|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== ContentsTable of contents ===
* 1. FY25 Highlights p.04
* Thomas Buberl, Group CEO
Line 59:
{{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 ===
 
* +6% Revenues vs. FY24
* +8% Underlying EPS vs. FY24
* 16% ROE FY25
 
* 16224% ROESolvency —II ratio 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.}}
 
* 224% Solvency II ratio — 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
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Based on the dividend proposed by AXA'sAXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders'Shareholders’ Annual General Meeting to be held on April 30, 2026.}}
{{fn note|1=2|2=Following AXA'sAXA’s Board of Directors'Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
</div>
 
Line 81 ⟶ 76:
<div style="overflow-x:auto">
{| 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>
 
+6% ( +9% excluding AXA IM)
* 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
* High organic growth: +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
* Scaling the business: Continued investments in growth and technology
* Record profitability: Further margin expansion in P&C and L&H; improvement in efficiency
* Consistent earnings growth while enhancing reserve prudence
* Scaling the business: Continued investments in growth and technology
 
&#32;Consistent earnings growth while enhancing reserve prudence
 
<div class="ed-fn-notes" style="display:none">
Line 115 ⟶ 105:
 
* Protection gaps and emerging corporate risks
 
* Demographics driving demand for private retirement and healthcare
 
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Pie chart represents FY25 gross written premium split (excluding AXA IM and holdings).
|-
! style="text-align:left" | Segment
Line 141 ⟶ 130:
|}
</div>
 
<!-- furniture -->
<!-- furniture -->
 
==== Our right to win ====
 
* Leading brand & high customer NPS
 
* Strong and diversified distribution
 
* Technical expertise to price & underwrite risks
 
* Scale offering cost advantage
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}
</div>
 
{{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
* Driving efficiency
Line 173 ⟶ 153:
 
{{pdf page|10|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
<!-- furniture -->
 
=== Strong delivery across our businesses ===
 
Line 180 ⟶ 158:
{| id="t3" class="wikitable"
|-
! style="text-align:left" | Segment
! style="text-align:right" | Gross written premiums
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | France <br/>(27% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6% <br/>to €31bn
| style="text-align:right" | +7% <br/>to €2.2bn
|-
| style="text-align:left" | Europe <br/>(38% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6% <br/>to €43bn
| style="text-align:right" | +9% <br/>to €3.5bn
|-
| style="text-align:left" | AXA XL <br/>(17% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +4% <br/>to €19bn
| style="text-align:right" | +9% <br/>to €1.9bn
|-
| style="text-align:left" | Asia, Africa &amp; EME-LATAM <br/>(18% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +13% <br/>to €20bn
| style="text-align:right" | +6% <br/>to €1.5bn
|}
</div>
Line 209 ⟶ 187:
=== P&C – Strong margins, confidence in sustaining growth ===
 
* GWP €58bn: Retail, SME & Mid-market, AXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large & Specialty)
* €58bn GWP
 
* 2025 / Beyond 2025:
* 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
* Retail and SME & Mid-market: Growing volumes while expanding margins (2025) | Investing to improve customer retention & expanding distribution footprint (Beyond 2025)
* AXA XL (Large & Specialty): Profitable growth with stable margins (2025) | Capitalizing on attractive growth opportunities and continued cycle management (Beyond 2025)
 
* Underlying earnings +9%{{fn ref|2|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn
 
* Continued progress on efficiency | Higher investment income | Data & AI to further enhance customer experience & technical excellence
<div style="overflow-x:auto">
{| id="t4" class="wikitable"
|+ 2025 and Beyond 2025 outlook
|-
! style="text-align:left" |
! style="text-align:left" | 2025
! style="text-align:left" | Beyond 2025
|-
| style="text-align:left" | Retail and SME &amp; Mid-market
| style="text-align:left" | Growing volumes while expanding margins
| style="text-align:left" | Investing to improve customer retention &amp; expanding distribution footprint
|-
| 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>
 
* Continued progress on efficiency
* Higher investment income
* Data & AI to further enhance customer experience & technical excellence
 
<div class="ed-fn-notes" style="display:none">
Line 244 ⟶ 204:
{{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 ===
* GWP: €57bn (Short-term, Long-term — shares not printed)
 
2025 | Beyond 2025
<div style="overflow-x:auto">
{| id="t5" class="wikitable"
|+ GWP
|-
| style="text-align:left" | Short-term
| style="text-align:right" |
|-
| style="text-align:left" | Long-term
| style="text-align:right" |
|-
| style="text-align:left" | Total GWP
| style="text-align:right" | €57bn
|}
</div>
 
* Underlying earnings +7%{{fn ref|1|2=1. Change FY25 vs. FY24 at constant FX.}} to €3.5bn
 
==== 2025 Beyond 2025 ====
 
* Long-term business
* Accelerating net flows in Savings at attractive margins
* Capturing savings & retirement opportunity, sourcing best asset management products for our customers
 
* Short-term business
* Growing technical results while absorbing Mexico VAT impact
* Capitalizing on demand for health & protection while further improving our margins
 
* Underlying earnings +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €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
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=1. Change FY25 vs. FY24 at constant FX.}}
</div>
 
Line 286 ⟶ 232:
{{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 style="overflow-x:auto">
{| id="t6t4" class="wikitable fintable"
|+ GWP &amp; Other Revenues (In Euro billion)
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
Line 333 ⟶ 277:
 
* 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
* Growth supported by alternative capital
* Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=none|2=Change at constant scope and FX.}}
{{fn note|1=1|2=Price effect.}}
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
Line 348 ⟶ 293:
 
<div style="overflow-x:auto">
{| id="t7t5" class="wikitable fintable"
|+ Combined ratio
|-
Line 354 ⟶ 299:
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|-
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
Line 378 ⟶ 319:
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.5%
|-
| style="text-align:left" |
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|}
</div>
Line 383 ⟶ 328:
* 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
* 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
 
* Nat Cat charges below normalized load
 
* Lower reliance on prior year reserve development
 
* Taking advantage of a good year to enhance reserve prudence
 
Line 400 ⟶ 340:
 
<div style="overflow-x:auto">
{| id="t8t6" class="wikitable fintable"
|+ Underlying Earnings waterfall (In Euro million)
|-
! style="text-align:left" | Step
! class="col-s" style="text-align:right" | ValueIn Euro million
|-
| style="text-align:left" | FY24
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth ( Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}})
| style="text-align:right" | +292
|-
Line 415 ⟶ 355:
| style="text-align:right" | +189
|-
| style="text-align:left" | Investment income ( Financial result)
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses
| style="text-align:right" | -235
|-
Line 432 ⟶ 372:
</div>
 
* +9%
 
* 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
 
* 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
 
Change at constant FX.
* Unfavorable forex impact notably due to USD depreciation vs. EUR
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Underwriting result includes expenses.}}
</div>
 
Full Year 2025 Earnings
 
{{pdf page|17|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 450 ⟶ 390:
 
* In Euro billion
 
==== Life GWP & Other Revenues ====
 
<div style="overflow-x:auto">
{| id="t9t7" class="wikitable fintable"
|+ Life GWP &amp; Other Revenues
|-
Line 458 ⟶ 400:
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | GrowthChange
|-
| style="text-align:left" | Total
Line 486 ⟶ 428:
|}
</div>
 
==== Health GWP & Other Revenues ====
 
<div style="overflow-x:auto">
{| id="t10t8" class="wikitable fintable"
|+ Health GWP &amp; Other Revenues
|-
Line 494 ⟶ 438:
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | GrowthChange
|-
| style="text-align:left" | Total
Line 512 ⟶ 456:
|}
</div>
 
==== Net flows: €+5.4bn ====
 
* vs. €+1.5bn in FY24
 
<div style="overflow-x:auto">
{| id="t11t9" class="wikitable fintable"
|+ Net flows: €+5.4bn vs. €+1.5bn in FY24
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | Net flows€bn
|-
| style="text-align:left" | Protection
Line 537 ⟶ 485:
</div>
 
* 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)
 
* Euro 12.9 billion (+4% vs. FY24) Change at constant scope and FX.
* Change at constant scope and FX.
 
<div class="ed-fn-notes" style="display:none">
Line 547 ⟶ 496:
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
 
PVEP
<div style="overflow-x:auto">
{| id="t12t10" class="wikitable fintable"
|+ PVEP
|-
Line 554 ⟶ 504:
! 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" | Protection &amp; Health
| style="text-align:right" |
| style="text-align:right" | 31.4
| style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" |
| style="text-align:right" | 8.5
| style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A
| style="text-align:right" |
| style="text-align:right" | 7.8
| style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" |
| style="text-align:right" | 1.7
| style="text-align:right" | -10%
|-
| style="text-align:left" | Total
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
| style="text-align:right" | -2%
|-
| style="text-align:left" | Change
| colspan="2" style="text-align:right" | -2%
|-
| style="text-align:left" | Protection &amp; Health change
| colspan="2" style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked change
| colspan="2" style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A change
| colspan="2" style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A change
| colspan="2" style="text-align:right" | -10%
|}
</div>
 
NB CSM (pre-tax)
<div style="overflow-x:auto">
{| id="t13t11" class="wikitable fintable"
|+ NB CSM (pre-tax)
|-
! style="text-align:left" | FY24
! 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" | 2.2NB CSM
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
|-
| colspan="2" style="text-align:leftright" | +3%
|}
</div>
 
NBV (post-tax)
<div style="overflow-x:auto">
{| id="t14t12" class="wikitable fintable"
|+ NBV (post-tax)
|-
! style="text-align:left" | FY24
! 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" | 2.3NBV
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
| style="text-align:right" | stable
|}
</div>
 
NBV margin
<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ NBV margin
|-
| colspan="2"! style="text-align:left" | stable
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | NBV margin 4.4%
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
|}
Line 624 ⟶ 583:
 
* 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
 
* Change at constant scope and FX.
 
{{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 style="overflow-x:auto">
{| id="t15t14" class="wikitable fintable"
|+ Contractual Service Margin rollforward (In<br/> Euro billion)Normalized CSM growth +2%
|-
! style="text-align:left" | FY24
! class="col-s" style="text-align:right" | New business CSMValue
! class="col-s" style="text-align:leftright" | Underlyingo/w return on in-forceLife
! class="col-s" style="text-align:right" | CSMo/w releaseHealth
! style="text-align:right" | Economic variance
! style="text-align:right" | Operating variance
! style="text-align:right" | Affiliates, FX &amp; other
! style="text-align:right" | FY25
|-
| style="text-align:left" | 33.6FY24
| style="text-align:right" | 33.6
| style="text-align:right" | 25.8
| style="text-align:right" | 7.7
|-
| style="text-align:left" | New business CSM
| style="text-align:right" | +2.2
| style="text-align:leftright" | +1.3
| style="text-align:right" |
|-
| style="text-align:left" | Underlying return on in-force
| style="text-align:right" | +1.3
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | CSM release
| style="text-align:right" | -3.0
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Economic variance
| style="text-align:right" | +0.6
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Operating variance
| style="text-align:right" | -0.3
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Affiliates, FX &amp; other
| style="text-align:right" | -1.4
| style="text-align:right" | 33.0
| style="text-align:right" |
|-
| colspan="8" style="text-align:left" | Normalized CSM growth +2%FY25
| style="text-align:right" | 33.0
| style="text-align:right" | 25.4
| style="text-align:right" | 7.6
|}
</div>
 
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
* o/w Life: 25.8 (FY24) → 25.4 (FY25)
* 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
* o/w Health: 7.7 (FY24) → 7.6 (FY25)
 
* 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
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Change at constant scope and FX.}}
Line 685 ⟶ 655:
In Euro million
 
==== Underlying Earnings +7% ====
 
+7%
 
<div style="overflow-x:auto">
{| id="t16t15" class="wikitable fintable"
|+ Underlying Earnings waterfall (In Euro million)
|-
! style="text-align:left" | Step
! class="col-s" style="text-align:right" | ValueFY24
! class="col-s" style="text-align:right" | Change
|-
|! class="col-s" style="text-align:leftright" | FY24FY25
| style="text-align:right" | 3,323
|-
| style="text-align:left" | Short-term technical margin
| style="text-align:right" | 415
| style="text-align:right" | +60
| style="text-align:right" | 479
|-
| style="text-align:left" | Long-term result incl. CSM release
| style="text-align:right" | 2,680
| style="text-align:right" | +156
| style="text-align:right" | 2,804
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:right" | -11
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax, FX and&amp; others
| style="text-align:right" | -748
| style="text-align:right" | -27
| style="text-align:right" | -728
|-
| style="text-align:left" | FY25Underlying Earnings
| style="text-align:right" | 3,323
| style="text-align:right" | +7%
| style="text-align:right" | 3,501
|}
</div>
 
Change at constant FX.
 
==== in billions ====
 
<div style="overflow-x:auto">
{| id="t17t16" class="wikitable fintable"
|+ in billions
|+ FY24 vs FY25 Underlying Earnings breakdown (In Euro million)
|-
! 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" |
|-
| style="text-align:left" | Short-termo/w technical marginLife
| style="text-align:right" | 4152.6
| style="text-align:right" | 4792.7
| style="text-align:right" | +4% vs. FY24
|-
| style="text-align:left" | Long-termo/w result incl. CSM releaseHealth
| style="text-align:right" | 2,6800.7
| style="text-align:right" | 2,8040.8
| style="text-align:right" | +17% vs. FY24
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax &amp; others
| style="text-align:right" | -748
| style="text-align:right" | -728
|}
</div>
 
* o/w Life: 2.6 → 2.7 in billions — +4% vs. FY24
* o/w Health: 0.7 → 0.8 in billions — +17% vs. FY24
 
* 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
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Change at constant FX.}}
</div>
 
{{pdf page|21|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ===
* In Euro billion
 
<div style="overflow-x:auto">
{| id="t18t17" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-ms" style="text-align:right" | FY24
! class="col-ms" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | Change
|-
| style="text-align:left" | Property &amp; Casualty
Line 782 ⟶ 755:
| style="text-align:right" | -
|-
| style="text-align:left" | <strong>Underlying earnings</strong>
| style="text-align:right" | <strong>8.1</strong>
| style="text-align:right" | <strong>8.4</strong>
| style="text-align:right" | <strong>+6%</strong>
|-
| style="text-align:left" | Non-financial flows
Line 792 ⟶ 765:
| style="text-align:right" |
|-
| style="text-align:left" | <em>o/w capital gains from AXA IM disposal</em>
| style="text-align:right" | -
| style="text-align:right" | +2.2
Line 802 ⟶ 775:
| style="text-align:right" |
|-
| style="text-align:left" | <strong>Net income</strong>
| style="text-align:right" | <strong>7.9</strong>
| style="text-align:right" | <strong>9.8</strong>
| style="text-align:right" | <strong>+26%</strong>
|}
</div>
Line 812 ⟶ 785:
* 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
Line 818 ⟶ 790:
 
==== Underlying earnings per share ====
In Euro
 
<div style="overflow-x:auto">
{| id="t19t18" class="wikitable fintable"
|+ Underlying earnings per share (In Euro)
|-
! style="text-align:left" | FY24
! 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" | 3.59Underlying earnings per share
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
| style="text-align:right" | +8%
Line 838 ⟶ 810:
* -2% from forex
* including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback
 
<!-- furniture -->
 
<div class="ed-fn-notes" style="display:none">
Line 846 ⟶ 816:
 
{{pdf page|22|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Shareholders'Shareholders’ Equity ===
 
* In Euro billion
 
==== Shareholders'Shareholders’ equity{{fn ref|1|2=Shareholders'Shareholders’ equity Group share. Full Year 2025 Earnings}} ====
 
<div style="overflow-x:auto">
{| id="t20t19" class="wikitable fintable"
|+ Shareholders'Shareholders’ equity (in Euro billion)
|-
! style="text-align:left" |
Line 871 ⟶ 841:
| style="text-align:right" | -6.8
|-
| style="text-align:left" | Total Shareholders' Equityequity
| style="text-align:right" | 49.9
| style="text-align:right" | 45.5
Line 894 ⟶ 864:
 
<div style="overflow-x:auto">
{| id="t21t20" class="wikitable fintable"
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24 to FY25
! class="col-s" style="text-align:right" | HY25 to FY25
Line 941 ⟶ 911:
|}
</div>
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Shareholders'Shareholders’ equity Group share. Full Year 2025 Earnings}}
</div>
 
Line 950 ⟶ 919:
 
* In Euro billion
 
==== Net Cash Remittance ====
 
<div style="overflow-x:auto">
{| id="t22t21" class="wikitable fintable"
|+ Net Cash Remittance
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-ms" style="text-align:right" | FY25
|-
| style="text-align:left" | Remittance
| 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 remittance
| style="text-align:right" | 7.1
| style="text-align:right" | 7.5
|-
| style="text-align:left" | 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:right" | 0.6
| style="text-align:right" |
|-
| style="text-align:left" | Total
| style="text-align:right" | 7.7
| style="text-align:right" | <strong>7.5</strong>
|-
| style="text-align:left" | 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.}}
| style="text-align:right" | 82%
| style="text-align:right" | 82%
Line 980 ⟶ 947:
 
<div style="overflow-x:auto">
{| id="t23t22" class="wikitable fintable"
|+ Cash Position Bridge
|-
!| 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 1,012 ⟶ 980:
 
<div class="ed-fn-notes" style="display:none">
{{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&S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
</div>
 
Line 1,019 ⟶ 987:
=== Solvency II at 224% ===
 
* In Euro billion
* In Euro billion Foreseeable dividends: €-4.8bn Provision for annual share buyback for 2026: €-1.25bn
* Foreseeable dividends: €-4.8bn
* Provision for annual share buyback for 2026: €-1.25bn
 
<div style="overflow-x:auto">
{| id="t24t23" class="wikitable fintable"
|+ In Euro billion
|+ Eligible Own Funds (EOF) / Solvency Capital Requirement (SCR) / Solvency II ratio bridge FY24–FY25
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | Regulatory &amp; model changes
! class="col-s" style="text-align:right" | Normalized capital generation
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Economic variance &amp; FX
! class="col-s" style="text-align:leftright" | Dividend &amp; annual share buyback
! class="col-s" style="text-align:right" | Management actions, debt &amp; other
! class="col-s" style="text-align:right" | FY25
Line 1,041 ⟶ 1,011:
| style="text-align:right" | -0.4
| style="text-align:right" | -2.1
| style="text-align:leftright" | -6.0 / -0.1
| style="text-align:right" | -0.1
| style="text-align:right" | 56.4
|-
Line 1,051 ⟶ 1,021:
| style="text-align:right" | -1pt
| style="text-align:right" | +4pts
| style="text-align:leftright" | -24pts
| style="text-align:right" | +2pts
| style="text-align:right" | 224%
Line 1,061 ⟶ 1,031:
| style="text-align:right" | 0.0
| style="text-align:right" | -1.2
| style="text-align:leftright" | 0.0
| style="text-align:right" | -0.2
| style="text-align:right" | 25.2
Line 1,068 ⟶ 1,038:
 
==== Key sensitivities ====
 
* Ratio as of December 31, 2025: 224%
 
<div style="overflow-x:auto">
{| id="t25t24" class="wikitable fintable"
|+ Ratio as of December 31, 2025
|+ Key sensitivities
|-
!| style="text-align:left" | Sensitivity
! class="col-s"| style="text-align:right" | Impact224%
|-
| style="text-align:left" | Interest rate +50bps
Line 1,117 ⟶ 1,085:
{{pdf page|25|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Solvency II – 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%
* Ratio as of 31/12/2025: 224%
* ImpactEuro of2.4 thebillion endgrandfathered ofdebt grandfatheringno periodlonger oneligible as capital from January 1, 2026: -10pts to 215%
* Impact of Solvency II revision to come into effect in 1Q27: +17pts{{fn ref|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.}}
* Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
* No change expected in organic capital generation
* Impact of Solvency II revision to come into effect in 1Q27: +17pts{{fn ref|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.}}
* No change expected in organic capital generation
* Additional capital flexibility
 
<div class="ed-fn-notes" style="display:none">
{{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.}}
Line 1,130 ⟶ 1,098:
{{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
Line 1,142 ⟶ 1,110:
{{pdf page|28|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Q&A ===
* Full Year 2025 Earnings
February 26, 2026
 
{{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 ===
 
==== Meet our management ====
* March Roadshows Europe and US
 
* May 5 1Q25 Activity Indicators Paris
* March | Roadshows | Europe and US
* MayJune 52 |BNP 1Q25Paribas ActivityExane IndicatorsCEO |Conference Paris
* June 2-4 |Goldman BNPSachs ParibasEuropean Exane CEOFinancials Conference | ParisZurich
* July 31 HY26 Earnings Release Paris
* June 2-4 | Goldman Sachs European Financials Conference | Zurich
* September 21 AXA Investor Day London
* July 31 | HY26 Earnings Release | Paris
* September 21 | AXA Investor Day | London
 
==== Contact us ====
* Investor Relations +33 1 40 75 48 42 investor.relations@axa.com
 
* Investor Relations: +33 1 40 75 48 42 | investor.relations@axa.com
 
==== Follow us ====
 
* www.axa.com
 
Line 1,176 ⟶ 1,138:
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
==== Gross financial debt{{fn ref|1,2}} ====
* 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.}} Contractual maturity breakdown ====
 
* Debt gearing 20.6% 22.3%
 
<div style="overflow-x:auto">
{| id="t26t25" class="wikitable fintable"
|+ Gross financial debt (Inin Euro billion) and Debt gearing
|-
! style="text-align:left" |
! class="col-ms" style="text-align:right" | FY24
! class="col-ms" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | Jan 1st 2026 <br/> End of the grandfathering period
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 22.3%
| style="text-align:right" | -
|-
| style="text-align:left" | Tier 1
Line 1,204 ⟶ 1,167:
| style="text-align:right" | 3.5
| style="text-align:right" | 3.5
| style="text-align:right" | 5.8 {{fn ref|*|2=o/w €0.4bn redeemed in Jan 2026}}
|-
| style="text-align:left" | <strong>Total</strong>
| style="text-align:right" | <strong>19.2</strong>
| style="text-align:right" | <strong>20.3</strong>
| style="text-align:right" | <strong>20.3</strong>
|}
</div>
 
<div class="ed-fn-notes" style="display:none">
* Jan 1st 2026: End of the grandfathering period
{{fn note|1=*|2=o/w €0.4bn redeemed in Jan 2026}}
</div>
 
==== Contractual maturity breakdown ====
* o/w €0.4bn redeemed in Jan 2026
 
* Legend: Tier 1, Tier 2, Senior debt
 
<div style="overflow-x:auto">
{| id="t27t26" class="wikitable fintable"
|+ Contractual maturity breakdown (Inin Euro billion)
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,235 ⟶ 1,198:
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.5
| style="text-align:right" | -
| style="text-align:right" | 0.9
| 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" | -
| style="text-align:right" | 0.7
| style="text-align:right" | -
| style="text-align:right" | 10.8
| style="text-align:right" | 0.7
|-
| 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" | 4.6
| style="text-align:right" |
|-
| style="text-align:left" | Tiero/w 1Grandfathered debt
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
Line 1,264 ⟶ 1,239:
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 0.7
| style="text-align:right" |
|}
</div>
 
==== o/w Grandfathered debt (Contractual maturity breakdown) ====
 
<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|-
! style="text-align:left" |
! 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" | Tier 1
Line 1,309 ⟶ 1,265:
</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.}} ====
 
<div style="overflow-x:auto">
{| id="t29t27" class="wikitable fintable"
|+ Economic maturity breakdown (Inin Euro billion)
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,327 ⟶ 1,283:
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | -
| style="text-align:right" | 0.1
| 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:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | -
| style="text-align:right" | -
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -
| style="text-align:right" | 0.1-
| style="text-align:right" | 2.4
| style="text-align:right" | 0.51
| style="text-align:right" | 2.0
| style="text-align:right" | 0.47
| style="text-align:right" | 6.4
| style="text-align:right" | -
| style="text-align:right" | 0.7
| style="text-align:right" |
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | 0.1-
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.4
| style="text-align:right" | 0.5
| style="text-align:right" | 4.0
|-
| style="text-align:left" | o/w Grandfathered 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" | 0.1
| style="text-align:right" | 0.9
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 4.0
| style="text-align:right" |
|}
</div>
 
==== o/w Grandfathered debt (Economic maturity breakdown) ====
 
<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|-
! style="text-align:left" |
! 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" | Tier 1
Line 1,402 ⟶ 1,351:
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Nominal debt.}}
{{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=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=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.}}
{{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.}}
</div>
 
Line 1,409 ⟶ 1,359:
=== General Account Invested Assets ===
 
*==== FY25 Total General Account invested assets ====
* Duration gap at -0.4 year
* Euro 450 billion
 
* Fixed income
<div style="overflow-x:auto">
* Real estate
{| id="t31" class="wikitable fintable"
* Infrastructure equity
|+ FY25 Total General Account invested assets: Euro 450 billion
* Listed equities
|-
* Private equity and hedge funds
| style="text-align:left" | Fixed income
* Cash
| style="text-align:right" | 77%
* Policy loans
|-
| style="text-align:left" | Real estate
| style="text-align:right" | 9%
|-
| style="text-align:left" | Infrastructure equity
| style="text-align:right" | 2%
|-
| style="text-align:left" | Listed equities
| style="text-align:right" | 2%
|-
| style="text-align:left" | Private equity and hedge funds
| style="text-align:right" | 5%
|-
| style="text-align:left" | Cash
| style="text-align:right" | 4%
|-
| style="text-align:left" | Policy loans
| style="text-align:right" | 0%
|}
</div>
 
<div style="overflow-x:auto">
{| id="t32t28" class="wikitable fintable"
|+ Invested assets (100%) In Euro billion
|-
Line 1,459 ⟶ 1,391:
| style="text-align:right" | 27%
|-
| style="text-align:left" | o/w Other fixed income {{fn ref|1|2=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 1,471 ⟶ 1,403:
| style="text-align:right" | 2%
|-
| style="text-align:left" | Listed equities {{fn ref|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=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 1,487 ⟶ 1,419:
| style="text-align:right" | 0%
|-
| style="text-align:left" | Total Insurance Invested Assets {{fn ref|4|2=Please refer to the financial supplement for more details.}}
| style="text-align:right" | 450
| style="text-align:right" | 100%
Line 1,494 ⟶ 1,426:
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=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=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).}}
Line 1,504 ⟶ 1,436:
 
<div style="overflow-x:auto">
{| id="t33t29" class="wikitable fintable"
|+ Invested assets (100%) In Euro billion
|-
! style="text-align:left" | Invested assets (100%)<br/>In Euro billion
! class="col-ms" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | % of total G/A{{fn ref|1|2=G/A: General Account}} portfolio
! style="text-align:left" | Comments
|-
Line 1,541 ⟶ 1,474:
| style="text-align:left" |
|-
| style="text-align:left" | <strongb>Total Structured and Private Credit Assets</strongb>
| style="text-align:right" | <strongb>69</strongb>
| style="text-align:right" | <strongb>15%</strongb>
| style="text-align:left" | o/w 54% participating
|}
Line 1,557 ⟶ 1,490:
==== FY25 Fixed Income Reinvestment ====
 
<div style="overflow-x:auto">
* Euro 57 billion
{| id="t30" class="wikitable fintable"
 
|+ FY25 Fixed Income Reinvestment (Total: Euro 57 billion)
* Government bonds & related (32%) – Average rating: AA
|-
 
*| Investmentstyle="text-align:left" grade| creditGovernment bonds &amp; related (4032%)- – Average rating: AAA
| style="text-align:right" | 32%
 
|-
* ABS/CLO/IG fund financing (21%)
| style="text-align:left" | Investment grade credit (40%)- Average rating: A
 
| style="text-align:right" | 40%
* Below investment grade credit (7%)
|-
| style="text-align:left" | ABS/CLO/IG fund financing (21%)
| style="text-align:right" | 21%
|-
| style="text-align:left" | Below investment grade credit (7%)
| style="text-align:right" | 7%
|}
</div>
 
==== FY25 Fixed Income Reinvestment Yield ====
 
<div style="overflow-x:auto">
{| id="t34t31" class="wikitable fintable"
|-
! style="text-align:left" | Category
! class="col-s" style="text-align:right" | Yield
|-
| style="text-align:left" | Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}
| style="text-align:right" | 3.5%
|-
!| style="text-align:left" | PublicPrivate &amp; Structured fixed income{{fn ref|12|2=GovernmentPrivate and&amp; CorporateStructured bondscredit (CLOs, ABS, Infra &amp; CRE debt, Fund financing and relatedPrivate hybrid).}}
| style="text-align:right" | 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).}}
! class="col-s" style="text-align:right" | Total fixed income
|-
| style="text-align:left" | 3.5%Total fixed income
| style="text-align:left" | 4.7%
| style="text-align:right" | 3.9%
|}
Line 1,583 ⟶ 1,528:
 
* 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 1,592 ⟶ 1,536:
{{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}
</div>
 
* Full Year 2025 Earnings
 
{{pdf page|36|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 1,601 ⟶ 1,547:
{{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="t32" class="wikitable fintable"
|+ $19bn FY25 GWP by line of business
|-
| style="text-align:left" | Casualty
| style="text-align:right" | 35%
|-
| style="text-align:left" | Property
| style="text-align:right" | 29%
|-
| style="text-align:left" | Specialty
| style="text-align:right" | 19%
|-
| style="text-align:left" | Professional lines{{fn ref|1|2=Including Cyber;}}
| style="text-align:right" | 17%
|}
</div>
 
<div style="overflow-x:auto">
* $19bn FY25 GWP by line of business
{| id="t33" class="wikitable fintable"
* Casualty (35%)
|+ $19bn FY25 GWP by geography
* Property (29%)
|-
* Specialty (19%)
| style="text-align:left" | Americas
* Professional lines{{fn ref|1|2=Including Cyber}} (17%)
| style="text-align:right" | 46%
 
|-
* $19bn FY25 GWP by geography
| style="text-align:left" | Europe &amp; APAC
* Americas (46%)
| style="text-align:right" | 35%
* Europe & APAC (35%)
|-
* UK & Lloyds (19%)
| style="text-align:left" | UK &amp; Lloyds
| style="text-align:right" | 19%
|}
</div>
 
==== Leading market positions across lines ====
 
* Top 3 globally
* Multinational Programs{{fn ref|2|2=Source: McKinsey;}}
 
* Multinational ProgramsMarine{{fn ref|23|2=Source: McKinseyAon, Guy Carpenter, and Global Market Insights;}}
* Fine Art & Specie{{fn ref|4|2=Source: Industry Research Biz (January 2026).}}
 
* 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 ====
* Profitability vs Ex-price growth (%):
 
* Property
* Bubble chart with axes: Ex-price growth (%) (x-axis) and Profitability (y-axis); segments shown: Property (high profitability, high ex-price growth), Specialty, Casualty, Professional lines (lower profitability, lower ex-price growth)
* Specialty
* Casualty
* Professional lines
 
<div class="ed-fn-notes" style="display:none">
{{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).}}
</div>
 
{{pdf page|38|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Focus on Reserves ===
 
==== Claims reserves ratio ====
(Net undiscounted claims reserves/Net earned premiums)
 
<div style="overflow-x:auto">
{| id="t35t34" class="wikitable fintable"
|+ Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)
|-
! colspan="5" style="text-align:leftcenter" | IFRS4
! classcolspan="col-s4" style="text-align:rightcenter" | FY18IFRS17
|-
! style="text-align:left" | FY18
! class="col-s" style="text-align:right" | FY19
! class="col-s" style="text-align:right" | FY20
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22 (IFRS4)
! class="col-s" style="text-align:right" | FY22 (IFRS17)
! 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 ratio179%
| style="text-align:right" | 179%
| style="text-align:right" | 185%
| style="text-align:right" | 193%
Line 1,669 ⟶ 1,631:
|}
</div>
 
==== Technical reserves ratio ====
(Net undiscounted technical reserves{{fn ref|1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums)
 
<div style="overflow-x:auto">
{| id="t36t35" class="wikitable fintable"
|+ Technical reserves ratio (Net undiscounted technical reserves{{fn ref|1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums)
|+ Technical reserves ratio
|-
! colspan="5" style="text-align:leftcenter" | IFRS4
! classcolspan="col-s4" style="text-align:rightcenter" | FY18IFRS17
|-
! style="text-align:left" | FY18
! class="col-s" style="text-align:right" | FY19
! class="col-s" style="text-align:right" | FY20
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22 (IFRS4)
! class="col-s" style="text-align:right" | FY22 (IFRS17)
! 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 ratio213%
| style="text-align:right" | 213%
| style="text-align:right" | 227%
| style="text-align:right" | 233%
Line 1,708 ⟶ 1,668:
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program{{fn ref|1|2=Excludes local reinsurance covers;}} ===
 
* In Euro
 
==== Insurance segment (occurrence protection) ====
 
<div style="overflow-x:auto">
{| id="t37t36" class="wikitable fintable"
|+ Insurance segment (occurrence protection) / Reinsurance segment (illustrative)
|-
! style="text-align:left" | Peril
! class="col-s" style="text-align:right" | EU WindstormCapacity
! class="col-s" style="text-align:right" | Europe FloodRetention
! 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" | Reinsurance segment (illustrative) — Alternative Capital &amp; Cat Bonds
|-
| style="text-align:left" | CapacityEU Windstorm
| style="text-align:right" | 4.0bn
| style="text-align:right" | 600m
|-
| style="text-align:left" | Europe Flood
| style="text-align:right" | 2.1bn
| style="text-align:right" | 450m
|-
| style="text-align:left" | Europe Earthquake
| style="text-align:right" | 2.1bn
| style="text-align:right" | 400m
|-
| style="text-align:left" | NA Hurricane
| style="text-align:right" | 1.2bn
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
|-
| style="text-align:left" | NA Earthquake
| style="text-align:right" | 1.2bn
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
| style="text-align:left" |
|-
| style="text-align:left" | 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" | Retention
| style="text-align:right" | 600m1.2bn
| 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
| style="text-align:left" |
|}
</div>
 
==== Reinsurance segment (illustrative) ====
 
* Alternative Capital & Cat Bonds
 
* Stable retention levels maintained in 2026 as in 2025
Line 1,752 ⟶ 1,719:
 
{{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 ===
 
* 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
 
* 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">
{| id="t38t37" class="wikitable"
|+ Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax)
|-
! style="text-align:left" | ScenarioReturn Period
! style="text-align:right" | Percentile
! style="text-align:right" | Deviation
|-
| style="text-align:left" | 1/20y more severe
| style="text-align:right" | 95th(5th)
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 1/10y more severe
| style="text-align:right" | 90th(10th)
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 1/5y more severe
| style="text-align:right" | 80th(20th)
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | Median
| style="text-align:right" | (50th)
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 1/5y less severe
| style="text-align:right" | 20th(80th)
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 1/10y less severe
| style="text-align:right" | 10th(90th)
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 1/20y less severe
| style="text-align:right" | 5th(95th)
| style="text-align:right" | €+0.8bn
|}
</div>
 
==== Average Expected Nat Cat charges net of reinsurance, pre-tax ====
* More severe years — Negative deviation in ca. 40% of cases
 
* Less severe years — Positive deviation in ca. 60% of cases
 
==== Average Expected Nat Cat charges ====
 
<div style="overflow-x:auto">
{| id="t39t38" class="wikitable"
|+ Average Expected Nat Cat charges (net of reinsurance, pre-tax)
|-
! style="text-align:left" | Year
! style="text-align:right" | 2025Charges (€bn)
! style="text-align:right" | 2026Estimated impact on GEP
|-
| style="text-align:left" | Amount (€bn)2025
| style="text-align:right" | 2.6
| style="text-align:right" | ca. 4.5%
|-
| style="text-align:left" | 2026
| 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%
|}
Line 1,823 ⟶ 1,789:
 
<div class="ed-fn-notes" style="display:none">
{{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}}
</div>
 
{{pdf page|41|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Contents ===
 
* 1. Debt and Invested Assets p.31
 
* 2. Additional P&C disclosures p.36
 
* 3. Additional IFRS17 disclosures p.41
 
* 4. Sustainability p.44
 
{{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 ====
&#42;In Euro million (pre-tax)*
 
<div style="overflow-x:auto">
{| id="t40t39" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,845 ⟶ 1,816:
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Current Accident Year Undiscounted Technical Margin</strong>
| style="text-align:right" | 2,778
| style="text-align:right" | +707
|}
</div>
 
<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|-
| style="text-align:left" | Gross Earned Premiums
Line 1,869 ⟶ 1,835:
 
<div style="overflow-x:auto">
{| id="t42t40" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,875 ⟶ 1,841:
! 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
Line 1,898 ⟶ 1,864:
 
<div style="overflow-x:auto">
{| id="t43t41" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,904 ⟶ 1,870:
! 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
Line 1,914 ⟶ 1,880:
</div>
 
* FY25 sensitivity to Current Accident Year discount rate changes{{fn ref|2}}
<div style="overflow-x:auto">
* +25bps: €+0.2bn
{| id="t44" class="wikitable"
* -25bps: €-0.2bn
|+ 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.}}
|-
! style="text-align:left" | +25bps
! style="text-align:right" | -25bps
|-
| style="text-align:left" | €+0.2bn
| style="text-align:right" | €-0.2bn
|}
</div>
 
&#32;####==== Financial Result ====
&#42;In Euro million (pre-tax)*
 
<div style="overflow-x:auto">
{| id="t45t42" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,936 ⟶ 1,894:
! 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
Line 1,948 ⟶ 1,906:
| 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" |
Line 1,955 ⟶ 1,913:
 
<div style="overflow-x:auto">
{| id="t46t43" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,961 ⟶ 1,919:
! 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
Line 1,975 ⟶ 1,933:
</div>
 
* 2026e Insurance Finance Expenses (pre-tax): ~ €-1.4bn
<div style="overflow-x:auto">
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount
{| id="t47" class="wikitable"
* +25bps: ~ €-50m
|+ 2026e Insurance Finance Expenses (pre-tax): ~ €-1.4bn — Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount
* -25bps: ~€+50m
|-
! style="text-align:left" | +25bps
! style="text-align:right" | -25bps
|-
| style="text-align:left" | ~ €-50m
| style="text-align:right" | ~€+50m
|}
</div>
 
<div style="overflow-x:auto">
{| id="t48t44" class="wikitable fintable"
|+ Full Year 2025 Earnings
|-
! style="text-align:left" |
Line 1,995 ⟶ 1,945:
! class="col-s" 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
Line 2,007 ⟶ 1,957:
| 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" | +9%
Line 2,017 ⟶ 1,967:
</div>
 
Changes versus FY24 at constant FX. 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.
<div class="ed-fn-notes" style="display:none">
{{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.}}
</div>
 
{{pdf page|43|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== L&H – Margin Analysis ===
 
* Includes scope impact
 
==== Technical Result ====
&#42;In Euro million, pre-tax*
 
<div style="overflow-x:auto">
{| id="t49t45" class="wikitable fintable"
|+ Technical Result
|-
! style="text-align:left" |
Line 2,037 ⟶ 1,984:
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Short-term Technical Margin</strong>
| style="text-align:right" | 479
| style="text-align:right" | +60
Line 2,048 ⟶ 1,995:
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|}
</div>
 
* Incl. recapture of Laya
 
<div style="overflow-x:auto">
{| id="t50" class="wikitable fintable"
|-
!| style="text-align:left" | Incl. recapture of Laya
! class="col-s"| style="text-align:right" | FY25
! class="col-s"| style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Long-term Technical Margin</strong>
| style="text-align:right" | 2,804
| style="text-align:right" | +156
Line 2,071 ⟶ 2,011:
| style="text-align:right" | -150
| style="text-align:right" | -58
|}
</div>
 
<div style="overflow-x:auto">
{| id="t51" class="wikitable fintable"
|+ Life &amp; Health FY25 CSM Key Sensitivities (in Euro billion)
|-
! style="text-align:left" | Baseline
! class="col-s" 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>
 
==== Financial Result ====
&#42;In Euro million, pre-tax*
 
<div style="overflow-x:auto">
{| id="t52t46" class="wikitable fintable"
|+ Financial Result
|-
! style="text-align:left" |
Line 2,117 ⟶ 2,025:
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Investment Income (non-VFA only)</strong>
| style="text-align:right" | 2,484
| style="text-align:right" | -1
Line 2,132 ⟶ 2,040:
| style="text-align:right" | 3.8%
| style="text-align:right" |
|}
</div>
 
<div style="overflow-x:auto">
{| id="t53" 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" | <strong>Insurance Finance Expenses (non-VFA only)</strong>
| style="text-align:right" | -1,538
| style="text-align:right" | -9
Line 2,155 ⟶ 2,054:
|}
</div>
 
==== Life & Health FY25 CSM Key Sensitivities ====
(in Euro billion)
 
<div style="overflow-x:auto">
{| id="t54t47" class="wikitable fintable"
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| 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>
 
<div style="overflow-x:auto">
{| id="t48" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,163 ⟶ 2,097:
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Underlying Earnings before tax</strong>
| style="text-align:right" | 4,229
| style="text-align:right" | +205
Line 2,175 ⟶ 2,109:
| style="text-align:right" | -51
|-
| style="text-align:left" | <strong>Underlying Earnings</strong>
| style="text-align:right" | 3,501
| style="text-align:right" | +219
|-
| style="text-align:left" | <em>Growth vs. FY24 (at constant FX)</em>
| style="text-align:right" |
| style="text-align:right" | +7%
Line 2,190 ⟶ 2,124:
 
{{pdf page|44|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== ContentsTable of contents ===
* 1. Debt and Invested Assets p.31
* 2. Additional P&C disclosures p.36
Line 2,196 ⟶ 2,130:
 
{{pdf page|45|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Expanding AXA'sAXA’s role in society: AXA for Progress Index{{fn ref|1|2=AXA'sAXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group'sGroup’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.}} ===
==== As a GLOBAL INVESTOR ====
 
<div style="overflow-x:auto">
{| id="t55t49" class="wikitable"
|-
! 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:left" | €5bn{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}<br/> in climate transition financing per year
! style="text-align:right" | 2025 Result
| 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.}}<br/> in community resilience financing per year
| style="text-align:right" | €1.4bn
|}
</div>
 
==== As a GLOBAL INSURER ====
 
<div style="overflow-x:auto">
{| id="t50" class="wikitable"
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €5bn€6bn{{fn ref|23|2=Scope: corporateAXA andFrance, sovereignAXA debtGermany, realAXA estateSwitzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and privateAXA assets.XL; TimeframeUnit: perGross annumWritten throughPremiums 2030(GWP); Timeframe: cumulative 2024-2026.}}<br/> in climateP&amp;C GWP to support transition financingunderwriting per(cumulative year2024-2026)
| 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;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.}}<br/> climate adaptation solutions &amp; services (cumulative 2024-2026)<br/> Target revised in 2025
| 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" | 19,698<br/>Cumulative 2024-2025
| 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: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" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}<br/> inclusive insurance customers by 2026
| 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>
 
==== As a COMPANY ====
 
<div style="overflow-x:auto">
{| id="t51" class="wikitable fintable"
|-
! 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.}}<br/> AXA Group employees trained on climate adaptation by 2026
| style="text-align:right" | 46,420
|-
| style="text-align:left" | Contribute to Net-Zero<br/> -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<br/> 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%<br/>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 2,235 ⟶ 2,186:
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=AXA'sAXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group'sGroup’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=3|2=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.}}
Line 2,247 ⟶ 2,198:
{{pdf page|46|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Sustainability Performance & Ratings ===
 
* S&P Global: 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
* 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
* MSCI: 2025 score: AAA
* CDP: 2025 score: BAAA
* 2025 score: B
* Morningstar Sustainalytics: 2025 ESG Risk Rating: 17.0– Low risk
* 2025 ESG Risk Rating: 17.0– Low risk
* FTSE Russell: 2025 score: 4.3/5 in FTSE4Good Index Series
* 2025 score: 4.3/5 in FTSE4Good Index Series
 
<div class="ed-fn-notes" style="display:none">
Line 2,259 ⟶ 2,211:
{{pdf page|47|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Scope ===
 
* 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).
Line 2,266 ⟶ 2,217:
* 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*
 
* 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 2,276 ⟶ 2,226:
* 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’sshareholder'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
Line 2,287 ⟶ 2,237:
 
{{pdf page|49|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Thank you Full Year 2025 Earnings February 26, 2026 ===
* Full Year 2025 Earnings
Retrieved from "https://www.insurerbrain.com/wiki/Document:AXA/2025/FY/Earnings_presentation"