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

Revision as of 21:35, 22 July 2026

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

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

Full Year 2025 Earnings Presentation

Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures

[c. 1; p. 2]

Forward-looking statements and non-GAAP measures
  • Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
  • Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", or conditional verbs such as "would" and "could".
  • Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking and provide one-off guidance for the last year of the Group's current strategic plan.
  • These statements are based on Management's current views and intentions and are subject to change.
  • Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which can cause actual results to differ materially.
  • Each forward-looking statement is valid only at the date of the presentation.
  • 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 important factors, risks, and uncertainties affecting AXA's business and/or results of operations.
  • AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
  • The presentation refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management to analyze operating trends, financial performance, and financial position.
  • These non-GAAP measures may not be comparable to similarly labeled measures used by other companies and should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS.
  • "Underlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015.
  • AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements (and/or their calculation methodology) in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report") under the heading "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES".
  • Further information on non-GAAP financial measures is available in the Glossary in AXA's 2025 Activity Report.
  • AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
  • AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026.
  • The consolidated financial statements are subject to completion of an audit procedure by AXA's statutory auditors.

Table of contents

[c. 2; p. 3]

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

FY25 Highlights

[c. 3; p. 4]

Group CEO statement
  • Thomas Buberl is the Group CEO.

Full Year 2025 – Excellent performance

[c. 4; p. 5]

Key financial performance indicators

[c. 5; p. 5]

Full Year 2025 – Excellent performance
(1) Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.
(2) Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.

Executing the plan on growth, margin and efficiency

[c. 6; p. 6]

Executing the plan on growth, margin and efficiency
FY24 FY25
Underlying earnings 8.1 8.4

[c. 7; p. 6]

Group performance overview
  • Group revenue +6% (+9% excluding AXA IM)
  • High organic growth: +6% top line growth, balanced across lines
    • P&C: +5%
    • Life: +9%
    • Health: +5%
  • Record profitability with further margin expansion in P&C and L&H
  • Improvement in efficiency
  • Scaling the business through continued investments in growth and technology
  • Consistent earnings growth while enhancing reserve prudence

[c. 8; p. 6]

Executing the plan on growth, margin and efficiency
(1) Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.

Diversified franchise, well positioned in an attractive industry

Secular trends fueling demand across businesses

[c. 9; p. 7]

Demand drivers
  • Protection gaps and emerging corporate risks drive demand.
  • Demographics drive demand for private retirement and healthcare.

[c. 10; p. 7]

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

Our right to win

[c. 11; p. 7]

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

Laying the foundation for the next plan

[c. 12; p. 8]

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

FY25 Business Performance

[c. 13; p. 9]

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

Strong delivery across our businesses

[c. 14; p. 10]

Gross written premiums & underlying earnings by segment
Segment Gross written premiums Underlying earnings
France
(27% of total GWP1) 		+6%
to €31bn 		+7%
to €2.2bn
Europe
(38% of total GWP1) 		+6%
to €43bn 		+9%
to €3.5bn
AXA XL
(17% of total GWP1) 		+4%
to €19bn 		+9%
to €1.9bn
Asia, Africa & EME-LATAM
(18% of total GWP1) 		+13%
to €20bn 		+6%
to €1.5bn
(1) FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.

P&C – Strong margins, confidence in sustaining growth

[c. 15; p. 11]

P&C GWP and strategic focus
  • GWP EUR 58bn across Retail, SME & Mid-market, and AXA XL (Large & Specialty).
  • 2025 / Beyond 2025 strategic focus:
    • Retail and SME & Mid-market: Growing volumes while expanding margins (2025); Investing to improve customer retention and 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).

[c. 16; p. 11]

P&C underlying earnings and drivers
  • Underlying earnings +9% to EUR 5.9bn.
  • Drivers include continued progress on efficiency, higher investment income, and the use of Data & AI to enhance customer experience and technical excellence.

[c. 17; p. 11]

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

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

[c. 18; p. 12]

GWP and Underlying Earnings

[c. 19; p. 12]

Strategic Focus Areas
  • Strategic focus areas for 2025 and beyond 2025 include:
    • Long-term business:
      • Accelerating net flows in Savings with attractive margins
      • Capturing savings & retirement opportunities by sourcing the best asset management products for customers
    • Short-term business:
      • Growing technical results while absorbing the Mexico VAT impact
      • Capitalizing on demand for health & protection while further improving margins

[c. 20; p. 12]

Underlying Earnings and Cost Reduction
  • Underlying earnings: +7% to EUR 3.5bn (FY25 vs. FY24 at constant FX)
  • Focus on cost reduction
  • Increasing penetration of Protection riders in Savings offerings
  • Leveraging AI to reduce claims leakage and improve customer outcomes in Health

FY25 Financial Performance

[c. 21; p. 13]

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

P&C – Continued disciplined growth

GWP & Other Revenues

[c. 22; p. 14]

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

[c. 23; p. 14]

Commercial Lines Growth Drivers
  • Continued pricing momentum and volume growth in Mid-market and SME
  • Growth in lines of business with attractive margins, with a focus on retention at AXA XL Insurance
  • Growth supported by alternative capital
  • Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)

[c. 24; p. 14]

GWP & Other Revenues
(none) Change at constant scope and FX.
(1) Price effect.
(2) Includes exposure adjustments and mix & other effects.

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

Combined ratio

[c. 25; p. 15]

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

[c. 26; p. 15]

Combined ratio drivers
  • 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
    • Nat Cat charges below normalized load
    • Lower reliance on prior year reserve development
    • Taking advantage of a good year to enhance reserve prudence

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

[c. 27; p. 16]

P&C Earnings Growth
  • P&C earnings growth was driven by higher underwriting and financial results.

[c. 28; p. 16]

Underlying Earnings
In Euro million
FY24 5,510
Volume growth +292
Margin improvement +189
Investment income +435
Insurance finance expenses -235
Tax -169
Affiliates, FX & other -150
FY25 5,872

[c. 29; p. 16]

P&C earnings growth drivers
  • P&C earnings grew +9% (at constant FX).
  • Growth was driven by a better underwriting result from strong volume growth and an improved all-year combined ratio, while enhancing reserve prudence.
  • Increased investment income reflected higher volumes and better reinvestment yields on fixed income assets.
  • Higher unwind of discount of claims reserves was in line with guidance.
  • Unfavorable forex impact was notably due to USD depreciation vs. EUR.
  • Underwriting result includes expenses.

[c. 30; p. 16]

Full Year 2025 Earnings

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

[c. 31; p. 17]

Life & Health premiums and net flows
  • Life & Health premiums: EUR 32.0bn (+7% LFL)
    • Individual Protection & Health: EUR 19.0bn (+8% LFL)
    • Group Protection & Health: EUR 6.0bn (+6% LFL)
    • Savings: EUR 7.0bn (+6% LFL)
  • Life & Health net flows: +EUR 0.2bn
    • Individual Protection & Health: +EUR 1.0bn
    • Group Protection & Health: +EUR 0.2bn
    • Savings: -EUR 1.0bn

Life GWP & Other Revenues

[c. 32; p. 17]

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

Health GWP & Other Revenues

[c. 33; p. 17]

Health GWP & other revenues by segment
FY24 FY25 Change
Total 17.5 19.0 +5%
Individual 10.5 +6%
Group 8.5 +4%

Net flows: €+5.4bn

[c. 34; p. 17]

Net flows
  • Net flows were EUR +1.5bn in FY24.

[c. 35; p. 17]

Net flows by business line
€bn
Protection +4.9
Health +2.7
Unit-Linked +1.5
Capital light G/A +1.2
Traditional G/A -5.0

[c. 36; p. 17]

Employee Benefits net flows
  • Employee Benefits net flows were EUR 12.9bn in FY25 (+4% vs. FY24).
  • The change is at constant scope and FX.

[c. 37; p. 17]

Net flows: €+5.4bn
(1) Including both short-term and long-term Employee Benefits GWP and other revenues.

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

[c. 38; p. 18]

PVEP, NB CSM, and NBV performance
  • PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes.
  • NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits.
  • NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.

[c. 39; p. 18]

Reporting basis
  • All changes are at constant scope and FX.

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

[c. 40; p. 19]

Contractual Service Margin rollforward by Life and Health
Value o/w Life o/w Health
FY24 33.6 25.8 7.7
New business CSM +2.2
Underlying return on in-force +1.3
CSM release -3.0
Economic variance +0.6
Operating variance -0.3
Affiliates, FX & other -1.4
FY25 33.0 25.4 7.6

[c. 41; p. 19]

Normalized CSM growth and variances
  • Normalized CSM increased by +2%.
  • CSM release growth reflected better margins and new business CSM growth, impacted by higher rates.
  • Economic variance reflected government spreads tightening and positive equity market returns.
  • Operating variance was driven by better margins and net flows, which were more than offset by a reduction in the duration of Group Life business in Switzerland.
  • FX impact was mainly from JPY and HKD depreciation.

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

[c. 42; p. 20]

Life & Health gross revenues
  • Gross revenues for Life & Health were EUR 78,990m in 2023, an increase of +1% LFL compared to 2022.
  • This growth was driven by Health and Protection lines.
  • Health gross revenues increased by +7% LFL to EUR 19,000m.
  • Protection gross revenues increased by +3% LFL to EUR 20,000m.
  • Unit-Linked gross revenues decreased by -4% LFL to EUR 26,000m.
  • General Account gross revenues decreased by -2% LFL to EUR 14,000m.

Underlying Earnings

[c. 43; p. 20]

Underlying earnings growth

[c. 44; p. 20]

Underlying Earnings
FY24 Change FY25
Short-term technical margin 415 +60 479
Long-term result incl. CSM release 2,680 +156 2,804
Financial result 975 -11 946
Tax & others -748 -27 -728
Underlying Earnings 3,323 +7% 3,501

[c. 45; p. 20]

Constant FX change
  • Change is measured at constant FX.

in billions

[c. 46; p. 20]

o/w Life & o/w Health by FY24 & FY25
FY24 FY25
o/w Life 2.6 2.7 +4% vs. FY24
o/w Health 0.7 0.8 +17% vs. FY24

[c. 47; p. 20]

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

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

[c. 48; p. 21]

Net income

[c. 49; p. 21]

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

[c. 50; p. 21]

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

Underlying earnings per share

[c. 51; p. 21]

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

[c. 52; p. 21]

Underlying earnings per share growth drivers

[c. 53; p. 21]

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

Shareholders’ Equity

[c. 54; p. 22]

Shareholders' Equity
  • Shareholders' Equity is presented in EUR billion.

Shareholders’ equity

[c. 55; p. 22]

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

[c. 56; p. 22]

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

Higher organic cash remittance and robust cash position at Holding

[c. 57; p. 23]

Cash remittance and position
  • Cash remittance: EUR 8.4bn
  • Cash at Holding: EUR 4.2bn

[c. 58; p. 23]

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

[c. 59; p. 23]

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

Solvency II at 224%

[c. 60; p. 24]

Foreseeable dividends and share buyback provision

[c. 61; p. 24]

In Euro billion
FY24 Regulatory & model changes Normalized capital generation Operating variance Economic variance & FX Dividend & annual share buyback Management actions, debt & other FY25
Eligible Own Funds (EOF) 55.9 +0.2 +8.8 -0.4 -2.1 -6.0 -0.1 56.4
Solvency II ratio 216% +0pt +28pts -1pt +4pts -24pts +2pts 224%
Solvency Capital Requirement (SCR) 25.9 0.0 +0.6 0.0 -1.2 0.0 -0.2 25.2

Key sensitivities

[c. 62; p. 24]

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

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

[c. 63; p. 25]

Solvency II ratio and capital impacts
  • Solvency II ratio as of December 31, 2025: 224%
  • Impact of the end of the grandfathering period on January 1, 2026: -10pts, resulting in a 215% ratio
  • EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, 2026
  • Impact of Solvency II revision, effective Q1 2027: +17pts
  • No change expected in organic capital generation
  • Additional capital flexibility

[c. 64; p. 25]

Solvency II – impact of the end of grandfathering period and Solvency II revision
(1) Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.

Conclusion

[c. 65; p. 26]

Group CEO
  • Thomas Buberl is the Group CEO.

Conclusion

[c. 66; p. 27]

Business performance and outlook
  • Achieved record results at the top end of the target range while enhancing reserve prudence.
  • All businesses are in excellent shape, delivering strong growth and profitability.
  • The diversified franchise is well-positioned to capture future growth opportunities.
  • Laying foundations for the next plan and confident in delivering sustainable earnings growth.

Q&A

[c. 67; p. 28]

Full Year 2025 Earnings

AXA Investor Relations – Keep in touch

Meet our management

[c. 68; p. 29]

upcoming events and contacts
  • Upcoming events include: March Roadshows Europe and US; May 5 1Q25 Activity Indicators Paris; June 2 BNP Paribas Exane CEO Conference Paris; June 2-4 Goldman Sachs European Financials Conference Zurich; July 31 HY26 Earnings Release Paris; September 21 AXA Investor Day London.
  • Investor Relations contact: +33 1 40 75 48 42, investor.relations@axa.com.
  • Follow AXA at www.axa.com.

Appendices

Contents

[c. 69; p. 31]

Additional disclosures
  • Additional disclosures include: Debt and Invested Assets; Additional P&C disclosures; Additional IFRS17 disclosures.

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

Gross financial debt

[c. 70; p. 32]

Gross financial debt by tier and senior debt
in Euro billion FY24 FY25 Jan 1st 2026
End of the grandfathering period
Debt gearing 20.6% 22.3% -
Tier 1 4.8 4.6 3.2
Tier 2 10.8 12.2 11.3
Senior debt 3.5 3.5 5.8 *(footnote: o/w €0.4bn redeemed in Jan 2026)
Total 19.2 20.3 20.3
(*) o/w €0.4bn redeemed in Jan 2026

Contractual maturity breakdown

[c. 71; p. 32]

Contractual maturity breakdown by segment
Segment 2025 2026 2027 2028 2029 2030 2031-2039 ≥2040 Undated
Senior debt - - - 0.5 - 0.9 1.5 - -
Tier 2 - - - - - 0.7 - 10.8 0.7
Tier 1 - - - - - - - - 4.6
o/w Grandfathered debt
Tier 1 - - - - - - - - 1.4
Tier 2 - - - - - 0.7 - 0.2 -

Economic maturity breakdown

[c. 72; p. 32]

Economic maturity breakdown (in Euro billion)
Segment 2025 2026 2027 2028 2029 2030 2031-2039 ≥2040 Undated
Senior debt - 0.1 - 0.5 - 0.9 1.5 - -
Tier 2 - - 2.4 0.1 2.0 0.7 6.4 - 0.7
Tier 1 - - - - - - 0.4 0.5 4.0
o/w Grandfathered debt
Tier 1 - 0.1 - 0.1 - - 0.4 - 0.8
Tier 2 - - - - - 0.7 0.2 - -
(1) Nominal debt.
(2) In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.
(3) Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.

General Account Invested Assets

FY25 Total General Account invested assets

[c. 73; p. 33]

Duration gap and invested assets
  • Duration gap: -0.4 year
  • Total invested assets: EUR 450bn
  • Invested assets include: Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, Policy loans

[c. 74; p. 33]

Invested assets (100%) In Euro billion
FY25 %
Fixed income 345 77%
o/w Government bonds 167 37%
o/w Corporate bonds and loans 121 27%
o/w Other fixed income1 56 13%
Real estate 41 9%
Infrastructure equity 10 2%
Listed equities2 10 2%
Private equity and hedge funds3 23 5%
Cash 19 4%
Policy loans 2 0%
Total Insurance Invested Assets4 450 100%
(1) Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).
(2) Includes hedges. Listed equities excluding hedges at Euro 14 billion.
(3) Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).
(4) Please refer to the financial supplement for more details.

Structured and Private Credit assets

[c. 75; p. 34]

Invested assets (100%) In Euro billion
FY25 % of total G/A1 portfolio Comments
Residential Mortgages 16 4% - €6bn Dutch mortgages, NHG guaranteed
- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
CLO & ABS 25 6% - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
Infrastructure debt 8 2% - Skewed towards resilient industries (Telecom, Utilities, Transport)
CRE debt 8 2% - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
Mid-Market lending 10 2% - Strong diversification with €8m average ticket
- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
Other 2 0%
Total Structured and Private Credit Assets 69 15% o/w 54% participating
(1) G/A: General Account

Investment portfolio – Fixed Income reinvestment

FY25 Fixed Income Reinvestment

[c. 76; p. 35]

FY25 Fixed Income Reinvestment (Total: Euro 57 billion)
Government bonds & related (32%) – Average rating: AA 32%
Investment grade credit (40%)- Average rating: A 40%
ABS/CLO/IG fund financing (21%) 21%
Below investment grade credit (7%) 7%

FY25 Fixed Income Reinvestment Yield

[c. 77; p. 35]

Fixed income reinvestment yield by category
Category Yield
Public fixed income1 3.5%
Private & Structured fixed income2 4.7%
Total fixed income 3.9%

[c. 78; p. 35]

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

[c. 79; p. 35]

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

[c. 80; p. 35]

FY25 earnings

Contents

[c. 81; p. 36]

additional disclosures
  • Additional disclosures include: Debt and Invested Assets on p.31; Additional P&C disclosures on p.36; Additional IFRS17 disclosures on p.41.

AXA XL Insurance – Large Commercial & Specialty business

Well diversified across lines of business and geographies

[c. 82; p. 37]

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

[c. 83; p. 37]

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

Leading market positions across lines

[c. 84; p. 37]

leading market positions
  • Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie.
  • Profitability vs.

[c. 85; p. 37]

Leading market positions across lines
(1) Including Cyber;
(2) Source: McKinsey;
(3) Source: Aon, Guy Carpenter, and Global Market Insights;
(4) Source: Industry Research Biz (January 2026).

P&C – Focus on Reserves

[c. 86; p. 38]

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

[c. 87; p. 38]

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

P&C – 2026 Simplified Group Nat Cat Reinsurance Program

[c. 88; p. 39]

2026 Simplified Group Nat Cat Reinsurance Program
  • The 2026 Simplified Group Nat Cat Reinsurance Program is denominated in Euro.

Insurance segment (occurrence protection)

[c. 89; p. 39]

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

Reinsurance segment (illustrative)

[c. 90; p. 39]

Alternative Capital & Cat Bonds
  • Alternative Capital & Cat Bonds
  • Stable retention levels are expected to be maintained in 2026, consistent with 2025 levels.

[c. 91; p. 39]

Reinsurance segment (illustrative)
(1) Excludes local reinsurance covers;
(2) Varying retention between MX and NA (400m MX, 600m NA);
(3) Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.

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

[c. 92; p. 40]

P&C Nat Cat cost deviation
  • P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 (net of reinsurance)

Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax

[c. 93; p. 40]

Nat Cat deviation analysis
  • Net of reinsurance, post-tax
  • Net of reinsurance, pre-tax
  • More severe years: Negative deviation in approximately 40% of cases
  • Less severe years: Positive deviation in approximately 60% of cases

[c. 94; p. 40]

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

Average Expected Nat Cat charges net of reinsurance, pre-tax

[c. 95; p. 40]

Charges & Estimated impact on GEP by Year
Year Charges (€bn) Estimated impact on GEP
2025 2.6 ca. 4.5%
2026 2.7 ca. 4.5%
(1) Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).

Contents

[c. 96; p. 41]

Appendix sections
  • Debt and Invested Assets disclosures are on page 31.
  • Additional P&C disclosures are on page 36.
  • Additional IFRS17 disclosures are on page 41.
  • Sustainability disclosures are on page 44.

P&C – Margin Analysis

Technical Result

[c. 97; p. 42]

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

[c. 98; p. 42]

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

[c. 99; p. 42]

Technical Result
FY25 Change
Current Accident Year Discounting 2,009 +115
Discounting Ratio (in Combined Ratio points) -3.5% +0.0pt
Current Accident Year Net Claims reserves €19.0bn
Duration 4.0 years
Current Accident Year Discount rate 2.8%

[c. 100; p. 42]

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

[c. 101; p. 42]

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

Financial Result

[c. 102; p. 42]

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

[c. 103; p. 42]

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

[c. 104; p. 42]

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

[c. 105; p. 42]

Insurance Finance Expenses and Sensitivity
  • 2026e Insurance Finance Expenses (pre-tax) are projected at approximately EUR -1.4bn.
  • The sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount is:
    • A +25bps change results in approximately EUR -50m.
    • A -25bps change results in approximately EUR +50m.

[c. 106; p. 42]

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

[c. 107; p. 42]

Financial result definitions
  • Changes versus FY24 are at constant FX.
  • Reinvestment yield on fixed income assets is defined as (1).
  • 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 is defined as (2).

L&H – Margin Analysis

[c. 108; p. 43]

Scope impact
  • Includes scope impact.

Technical Result

[c. 109; p. 43]

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

[c. 110; p. 43]

Technical Result
FY25 Change
Short-term Technical Margin 479 +60
Gross Earned Premiums 17,416 +10%
All Year Combined Ratio 97.2% -0.1pts
Incl. recapture of Laya
Long-term Technical Margin 2,804 +156
CSM release 2,954 +215
Technical experience -150 -58

Financial Result

[c. 111; p. 43]

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

[c. 112; p. 43]

Investment income and insurance finance expenses
FY25 Change
Investment Income (non-VFA only) 2,484 -1
FY25 Average Assets €98bn
Asset book yield 2.5%
FY25 Reinvestment yield1 3.8%
Insurance Finance Expenses (non-VFA only) -1,538 -9
FY24 Reserves at locked-in rate €62bn
Liability book yield 2.5%

Life & Health FY25 CSM Key Sensitivities

[c. 113; p. 43]

CSM sensitivity to interest rates
  • CSM sensitivity to interest rates is EUR -0.2bn for a +50bps change and EUR +0.2bn for a -50bps change.

[c. 114; p. 43]

Life & Health FY25 CSM Key Sensitivities
Baseline 33.3
Interest rates +50bps -0.8
Interest rates -50bps 0.6
Sovereign spreads +50bps -1.9
Sovereign spreads -50bps 1.9
Corporate spread +50bps -0.8
Corporate spread -50bps 0.7
Equities +25% 1.8
Equities -25% -2.2

[c. 115; p. 43]

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

Table of contents

[c. 116; p. 44]

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

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

As a GLOBAL INVESTOR

[c. 117; p. 45]

Climate transition and community resilience financing per year
Target 2025 Result
€5bn2
in climate transition financing per year 		€6.4bn
>€500m2
in community resilience financing per year 		€1.4bn

As a GLOBAL INSURER

[c. 118; p. 45]

Target by 2025 Result
Target 2025 Result
€6bn3
in P&C GWP to support transition underwriting (cumulative 2024-2026) 		€4.6bn
>20,0004
climate adaptation solutions & services (cumulative 2024-2026)
Target revised in 2025 		19,698
Cumulative 2024-2025
>20m5(footnote: Low-income to mass market segments in emerging markets and modest income segments in mature markets.)
inclusive insurance customers by 2026 		20.6m

As a COMPANY

[c. 119; p. 45]

Target by 2025 Result
Target 2025 Result
>80,0006(footnote: Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.)
AXA Group employees trained on climate adaptation by 2026 		46,420
Contribute to Net-Zero
-50%7(footnote: Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.) by 2030
in absolute carbon emissions and offset of residual emissions8(footnote: Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).) 		-64%
Reduction against 2019
50% Percentage of AXA Group employees engaged in volunteering activities by 2026 56%
(1) AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.
(2) Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.
(3) Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.
(4) Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.
(5) Low-income to mass market segments in emerging markets and modest income segments in mature markets.
(6) Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.
(7) Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.
(8) Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).

Sustainability Performance & Ratings

[c. 120; p. 46]

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

[c. 121; p. 46]

Sustainability Performance & Ratings
(1) The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.

Scope

[c. 122; p. 47]

Scope definitions
  • France: includes insurance activities, banking activities, and holding.
  • Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities).
  • AXA XL: includes insurance and reinsurance activities and holding.
  • Asia, Africa & EME-LATAM:
    • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings (fully consolidated).
    • Asia (equity method): China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses, contributing only to NBV, PVEP, underlying earnings, and net income.
    • Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) (fully consolidated).
    • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated).
    • EME-LATAM (equity method): Russia (Reso) (insurance activities), contributing only to net income.
    • Other: AXA Mediterranean Holdings.
  • Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings.
  • AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method).
  • All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023, unless otherwise specified.
  • Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.

Glossary

[c. 123; p. 48]

Glossary of terms
  • Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
  • Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
  • CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
  • Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
  • Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
  • Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).
  • Other Revenues: represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities).
  • New Business Value (NBV): the value of newly issued contracts during the current year, consisting of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period (carried by Life entities, considering expected renewals), (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.
  • New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
  • New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP.
  • Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes, net of reinsurance.
  • Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term, discounted at the reference interest rate and representing the Group share.
  • Technical experience: consists of the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses.
  • Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance.

Thank you

[c. 124; p. 49]

Full Year 2025 Earnings
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