AXA/2025/FY/Earnings presentation

Document info
Document ID	snjra2xp9r
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document category	Earnings presentation
Document name	AXA Full Year 2025 Results Presentation
Publication date	2026-02-26
Language	English
Pages	49
Source	original URL
Transcript	wiki page
Data	data page

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

Full Year 2025 Earnings Presentation

[c. 1; p. 1]

Earnings presentation

• Full Year 2025 Earnings Presentation

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

[c. 2; p. 2]

Forward-looking statements and non-GAAP measures

• Certain statements in the presentation 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, providing one-off guidance for the last year of the Group's current strategic plan.
• These statements are based on Management's current views and intentions and are subject to change.
• Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially.
• Each forward-looking statement speaks only as of the presentation date.
• 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 important factors, risks, and uncertainties.
• AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
• The presentation refers to non-GAAP financial measures or alternative performance measures ("APMs") used by Management for analyzing operating trends, financial performance, and position.
• These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies.
• Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements 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 APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (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 of 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 by AXA's statutory auditors.

Contents

[c. 3; p. 3]

Presentation agenda and speakers

• FY25 Highlights presented on page 04
• Thomas Buberl, Group CEO, is a speaker
• FY25 Business Performance presented on page 09
• Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, is a speaker
• FY25 Financial Performance presented on page 13
• Alban de Mailly Nesle, Group CFO, is a speaker

FY25 Highlights

[c. 4; p. 4]

Group CEO

• Thomas Buberl is the Group CEO.

Full Year 2025 – Excellent performance

[c. 5; p. 5]

FY25 performance and shareholder value

• Revenues +6% vs. FY24
• Underlying EPS +8% vs. FY24
• ROE 16% in FY25
• Solvency II ratio 224% in FY25
• Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual share buyback
• Confident to deliver underlying EPS growth at the upper end of the 6%-8% target range for 2026

[c. 6; 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. 7; p. 6]

Underlying earnings by FY

	FY24	FY25	Change
Underlying earnings	8.1	8.4	+6%

[c. 8; p. 6]

Key performance indicators

• Underlying earnings per share (EPS) +9% excluding AXA IM
• Top line growth +6% (organic)
  • P&C: +5%
  • Life: +9%
  • Health: +5%
• Record profitability with further margin expansion in P&C and L&H
• Improvement in efficiency
• Continued investments in growth and technology
• Consistent earnings growth while enhancing reserve prudence

[c. 9; 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. 10; p. 7]

Secular trends fueling demand

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

[c. 11; p. 7]

Share by business segment

Business Segment	Share (%)
Life	33%
Health	17%
Large & Specialty	17%
SME & Mid-market	16%
Retail	17%

Our right to win

[c. 12; p. 7]

Competitive advantages

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

[c. 13; p. 7]

Our right to win

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

Laying the foundation for the next plan

[c. 14; 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. 15; p. 9]

Executive roles

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

Strong delivery across our businesses

[c. 16; p. 10]

Basis of reporting

• Gross written premiums and underlying earnings are reported at constant scope and FX.

[c. 17; p. 10]

Gross written premiums & Underlying earnings by geography

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

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

P&C – Strong margins, confidence in sustaining growth

[c. 18; p. 11]

GWP and underlying earnings

• GWP: EUR 58bn
• GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty)
• Underlying earnings: +9% to EUR 5.9bn

2025 and Beyond 2025 Strategy

[c. 19; p. 11]

Strategic priorities by segment

• Retail and SME & Mid-market: growing volumes while expanding margins by 2025; investing to improve customer retention and expanding distribution footprint beyond 2025.
• AXA XL (Large & Specialty): profitable growth with stable margins by 2025; capitalizing on attractive growth opportunities and continued cycle management beyond 2025.
• Continued progress on efficiency.
• Higher investment income.
• Data & AI to further enhance customer experience and technical excellence.

[c. 20; p. 11]

2025 and Beyond 2025 Strategy

(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. 21; p. 12]

L&H GWP and Underlying Earnings

• GWP: EUR 57bn
  • Short-term
  • Long-term
• Underlying earnings: +7% to EUR 3.5bn

Strategic Priorities

[c. 22; p. 12]

Strategic priorities by business line

	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

[c. 23; p. 12]

Strategic priorities

• Focus on cost reduction
• Increasing penetration of Protection riders in Savings offerings
• Leveraging AI to reduce claims leakage and improve customer outcomes in Health

[c. 24; p. 12]

Strategic Priorities

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

FY25 Financial Performance

[c. 25; p. 13]

Group CFO

• Alban de Mailly Nesle is the Group CFO.

P&C – Continued disciplined growth

[c. 26; p. 14]

P&C Gross Written Premiums

• Gross Written Premiums (GWP) in P&C were EUR 40.1bn in 2023, up from EUR 37.7bn in 2022 (+6% LFL).

GWP & Other Revenues

[c. 27; p. 14]

GWP & other revenues by commercial lines, AXA XL Reinsurance, and retail lines

in Euro billion	FY24	FY25	Change	o/w pricing1	o/w volume2
Total	56.5	58.0	+5%
Commercial lines		35.8	+4%	+2%	+2%
AXA XL Reinsurance		2.6	+8%	+0.3%	+7%
Retail lines		19.7	+7%	+5%	+2%

[c. 28; p. 14]

Business growth drivers

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

[c. 29; p. 14]

Reporting basis

• All changes are reported at constant scope and FX.

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

Combined ratio

[c. 30; p. 15]

Combined ratio

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

[c. 31; p. 15]

Undiscounted current year loss ratio

• Undiscounted current year loss ratio improved, excluding Nat Cat, due to margin expansion in Commercial lines SME & mid-market business and Personal lines, reflecting a favorable pricing environment.
• Stable AXA XL Insurance margins at attractive levels reflected disciplined cycle management.
• Improvement in expense ratio reflected the impact of efficiency measures, while continuing investment in growth initiatives and technology.
• Nat Cat charges were below the normalized load.
• Lower reliance on prior year reserve development.
• Enhanced reserve prudence.

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

[c. 32; p. 16]

P&C earnings

• In EUR million

Underlying Earnings

[c. 33; 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
Change at constant FX	+9%

[c. 34; p. 16]

Underlying earnings drivers

• 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 in line with guidance.
• Unfavorable forex impact notably due to USD depreciation vs. EUR.

[c. 35; p. 16]

Underlying Earnings

(1) Underwriting result includes expenses.

[c. 36; p. 16]

Constant FX change and FY25 earnings

• Change at constant FX.
• Full Year 2025 Earnings.

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

[c. 37; p. 17]

Currency notation

• All figures are in EUR billion.

[c. 38; p. 17]

Life GWP & Other Revenues

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

[c. 39; p. 17]

Health GWP & other revenues by individual and group

(in Euro billion)	FY24	FY25	Change
Individual		10.5	+6%
Group		8.5	+4%
Total Health GWP & Other Revenues	17.5	19.0	+5%

[c. 40; p. 17]

Employee Benefits premiums

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

[c. 41; p. 17]

Net flows: €+5.4bn vs. €+1.5bn in FY24

(in Euro billion)	FY25
Protection	+4.9
Health	+2.7
Unit-Linked	+1.5
Capital light G/A	+1.2
Traditional G/A	-5.0

[c. 42; p. 17]

Basis of change

• Change is measured at constant scope and FX.

[c. 43; p. 17]

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

(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. 44; p. 18]

Currency notation

• All figures are in EUR billions.

[c. 45; p. 18]

PVEP by lines of business

(in Euro billion)	FY24	FY25	Change at constant scope and FX
Protection & Health		31.4	-4%
Unit-Linked		8.5	+18%
Capital-light G/A		7.8	-10%
Traditional G/A		1.7	-10%
Total PVEP	50.9	49.4	-2%

[c. 46; p. 18]

NB CSM (pre-tax)

(in Euro billion)	FY24	FY25	Change at constant scope and FX
NB CSM (pre-tax)	2.2	2.2	+3%

[c. 47; p. 18]

NBV (post-tax) by FY24, FY25, and Change at constant scope and FX

(in Euro billion)	FY24	FY25	Change at constant scope and FX
NBV (post-tax)	2.3	2.2	stable
NBV margin	4.4%	4.5%

[c. 48; p. 18]

Life & Health performance

• PVEP impacted by higher interest rates on discounting despite strong growth in Life volumes
• NB CSM driven by robust Savings & Protection sales; reported growth impacted by higher interest rates for discounting of future profits
• NBV broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
• Change at constant scope and FX

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

[c. 49; p. 19]

Normalized CSM growth and variances

• Normalized CSM growth: +2%
• Normalized CSM up +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
• Economic variance reflected government spreads tightening and positive equity market returns
• Operating variance 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 mainly from JPY and HKD depreciation

[c. 50; p. 19]

Contractual Service Margin rollforward

In Euro billion	CSM
FY24	33.6
o/w Life	25.8
o/w Health	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
o/w Life	25.4
o/w Health	7.6

[c. 51; p. 19]

Constant scope and FX definition

• Change at constant scope and FX.

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

[c. 52; p. 20]

Life & Health performance

• All figures are in EUR million.

Underlying Earnings

[c. 53; 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
Total	3,323	+7%	3,501

[c. 54; p. 20]

Underlying earnings by business line

• Life underlying earnings: EUR 2.7bn (prior: EUR 2.6bn), +4% vs. FY24
• Health underlying earnings: EUR 0.8bn (prior: EUR 0.7bn), +17% vs. FY24

[c. 55; p. 20]

Technical margin and long-term results

• Short-term technical margin was strong due to underwriting and claims initiatives, which offset the EUR -0.1bn impact of legislative change on VAT recoverability in Mexico
• Long-term results increased due to an 8% rise in CSM release, reflecting growth in the reserve base and improved margins, including from favorable equity market performance
• Change at constant FX

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

[c. 56; p. 21]

Underlying earnings and 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. 57; p. 21]

Underlying earnings and net income drivers

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

Underlying earnings per share

[c. 58; p. 21]

In Euro

FY24	FY25	Change
3.59	3.86	+8%

[c. 59; p. 21]

Underlying earnings per share drivers

• Underlying earnings per share growth drivers: +6% from earnings growth; -1% from temporary earnings dilution from AXA IM sale due to timing of anti-dilutive share buyback; +3% from capital management; -2% from forex.

[c. 60; 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. 61; p. 22]

Shareholders' Equity

• All figures are in EUR bn.

Shareholders' equity

[c. 62; p. 22]

Shareholders' equity by period

	FY24	HY25	FY25
SHE (excl. OCI)	58.0	52.7	54.0
Net OCI	-8.1	-7.2	-6.8
Shareholders' equity	49.9	45.5	47.2

[c. 63; p. 22]

Shareholders' equity and debt gearing

• 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. 64; p. 22]

Shareholders' equity

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

(1) Shareholders' equity Group share.

Higher organic cash remittance and robust cash position at Holding

[c. 65; p. 23]

Currency notation

• All figures are in EUR billion.

Net Cash Remittance

[c. 66; p. 23]

Net Cash Remittance

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

Cash Position Bridge

[c. 67; p. 23]

Cash Position Bridge

	In Euro billion
FY24 Cash position	4.0
Net cash remittance from subsidiaries	+7.5
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive share buyback following the sale of AXA IM	-3.5
Holding costs and interest expenses	-1.3
Change in net debt	+1.6
M&A and other	+3.1
FY25 Cash position	5.6

(1) Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.

(2) €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.

Solvency II at 224%

[c. 68; p. 24]

Solvency II ratio

• Solvency II ratio: 224%
• Solvency II ratio in Euro billion

[c. 69; p. 24]

Eligible Own Funds (EOF) waterfall

FY24	55.9
Regulatory & model changes	+0.2
Normalized capital generation	+8.8
Operating variance	-0.4
Economic variance & FX	-2.1
Dividend & annual share buyback	-6.0
Management actions, debt & other	-0.1
FY25	56.4

[c. 70; p. 24]

Foreseeable dividends and share buyback provision

• Foreseeable dividends: EUR -4.8bn
• Provision for annual share buyback for 2026: EUR -1.25bn

[c. 71; p. 24]

Solvency II ratio bridge

FY24	216%
Regulatory & model changes	+0pt
Normalized capital generation	+28pts
Operating variance	-1pt
Economic variance & FX	+4pts
Dividend & annual share buyback	-24pts
Management actions, debt & other	+2pts
FY25	224%

[c. 72; p. 24]

Solvency Capital Requirement (SCR) waterfall

FY24	25.9
Regulatory & model changes	0.0
Normalized capital generation	+0.6
Operating variance	0.0
Economic variance & FX	-1.2
Dividend & annual share buyback	0.0
Management actions, debt & other	-0.2
FY25	25.2

Key sensitivities

[c. 73; p. 24]

Key sensitivities

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%	+14 pts
Listed Equity (excl. PE & Infra) -25%	-19 pts
PE & Infra +25%	+2 pts
PE & Infra -25%	-1 pt
Inflation swap curve +50bps	-5 pts

(1) 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) 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. 74; p. 25]

Solvency II ratio by period/impact

Period/Impact	Change	Ratio
Ratio as of 31/12/2025		224%
Impact of the end of grandfathering period on January 1, 2026	-10pts	215%
Impact of Solvency II revision to come into effect in 1Q27	+17pts1

[c. 75; p. 25]

Grandfathered debt and capital flexibility

• EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, 2026.
• No change is expected in organic capital generation.
• Additional capital flexibility is anticipated.

[c. 76; 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. 77; p. 26]

Group CEO

• Thomas Buberl, Group CEO

Conclusion

[c. 78; p. 27]

Business performance and outlook

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

Q&A Full Year 2025 Earnings

AXA Investor Relations – Keep in touch

Meet our management

[c. 79; p. 29]

investor calendar

• March: Roadshows - Europe and US [p.

Contact us

[c. 80; p. 29]

Investor Relations Contact Information

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

Follow us

[c. 81; p. 29]

AXA website

• AXA's website is www.axa.com.

Appendices

Contents

[c. 82; p. 31]

Additional disclosures

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

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

[c. 83; p. 32]

Gross financial debt and maturity breakdown

• All figures are in EUR bn.

Gross financial debt¹'²

[c. 84; p. 32]

Gross financial debt by tier

	FY24	FY25	Jan 1st 2026
Tier 1	4.8	4.6	3.2
Tier 2	10.8	12.2	11.3
Senior debt	3.5	3.5	5.8
Total	19.2	20.3	20.3

[c. 85; p. 32]

Debt gearing and redemption

• Debt gearing: 20.6% in FY24; 22.3% in FY25
• EUR 0.4bn redeemed in January 2026
• End of the grandfathering period

Contractual maturity breakdown

[c. 86; p. 32]

Senior debt, Tier 2, Tier 1 by contractual maturity

	2025	2026	2027	2028	2029	2030	2031-2039	≥2040	Undated
Senior debt	0.5	-	-	0.5	-	0.9	1.5	0.5	0.7
Tier 2	-	-	-	-	-	0.7	-	10.8	4.6
Tier 1	-	-	-	-	-	-	-	-	-

o/w Grandfathered debt

[c. 87; p. 32]

Grandfathered debt by contractual maturity and tier

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

Economic maturity breakdown³

[c. 88; p. 32]

Economic maturity breakdown³ (In Euro billion)

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

o/w Grandfathered debt

[c. 89; p. 32]

Tier 1 and Tier 2 by economic maturity

	2025	2026	2027	2028	2029	2030	2031-2039	≥2040	Undated
Tier 1	-	0.1	-	0.1	-	-	0.4	-	0.8
Tier 2	-	-	-	-	-	0.7	-	0.2	-

(1) 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

[c. 90; p. 33]

General Account Invested Assets

• Total General Account invested assets for FY25 were EUR 450bn.
• The duration gap was -0.4 years.
• Invested assets mix included: Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, and Policy loans.

[c. 91; p. 33]

Invested assets (100%) In Euro billion

	FY25	%
Fixed income	345	77%
o/w Government bonds	167	37%
o/w Corporate bonds and loans	121	27%
o/w Other fixed income 1	56	13%
Real estate	41	9%
Infrastructure equity	10	2%
Listed equities 2	10	2%
Private equity and hedge funds 3	23	5%
Cash	19	4%
Policy loans	2	0%
Total Insurance Invested Assets 4	450	100%

(1) Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).

(2) Includes hedges. Listed equities excluding hedges at Euro 14 billion.

(3) Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).

(4) Please refer to the financial supplement for more details.

Structured and Private Credit assets

[c. 92; p. 34]

Invested assets (100%) In Euro billion

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. 93; p. 35]

Share & Average rating by Segment

Segment	Share	Average rating
Government bonds & related	32%	AA
Investment grade credit	40%	A
ABS/CLO/IG fund financing	21%
Below investment grade credit	7%

FY25 Fixed Income Reinvestment Yield

[c. 94; p. 35]

FY25 Fixed Income Reinvestment Yield

	Yield
Public fixed income1	3.5%
Private & Structured fixed income2	4.7%
Total fixed income	3.9%

[c. 95; 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. 96; 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).

Contents

[c. 97; p. 36]

Additional disclosures

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

AXA XL Insurance – Large Commercial & Specialty business

Well diversified across lines of business and geographies

[c. 98; p. 37]

Share by line of business

Line of business	Share
Casualty	35%
Property	29%
Specialty	19%
Professional lines1	17%

[c. 99; p. 37]

$19bn FY25 GWP by geography

Geography	Share
Americas	46%
Europe & APAC	35%
UK & Lloyds	19%

Leading market positions across lines

[c. 100; p. 37]

Leading market positions

• Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie.

Managing the cycle to deliver consistent profitability

[c. 101; p. 37]

Profitability vs. Ex-price Growth

• The chart "Profitability vs Ex-price growth (%)" displays bubbles for Property, Specialty, Casualty, and Professional lines.

[c. 102; p. 37]

Managing the cycle to deliver consistent profitability

(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

Claims reserves ratio

[c. 103; p. 38]

Claims reserves ratio definition

• The claims reserves ratio is defined as Net undiscounted claims reserves divided by Net earned premiums.

[c. 104; 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%

Technical reserves ratio

[c. 105; p. 38]

Net undiscounted technical reserves ratio

• Net undiscounted technical reserves are measured against Net earned premiums.

[c. 106; 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 Program¹

[c. 107; p. 39]

P&C Nat Cat Reinsurance Program Structure

• All figures are in EUR.
• The simplified Group Nat Cat Reinsurance Program for 2026 includes an Insurance segment (occurrence protection), a Reinsurance segment (illustrative), and Alternative Capital & Cat Bonds.

[c. 108; p. 39]

Capacity and retention by peril

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

[c. 109; p. 39]

2026 Nat Cat Reinsurance Program

• Retention levels for 2026 are maintained at the same stable levels as in 2025.

[c. 110; p. 39]

P&C – 2026 Simplified Group Nat Cat Reinsurance Program¹

(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. 111; p. 40]

Nat Cat cost deviation

• The data is presented in EUR billion, net of reinsurance.

Group underlying earnings deviation to average Nat Cat charges in 2026

[c. 112; p. 40]

Net of reinsurance post-tax deviation

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

[c. 113; p. 40]

Earnings deviation by probability

Probability	Earnings deviation
1/20y (95th)	€-1.2bn
1/10y (90th)	€-0.8bn
1/5y (80th)	€-0.4bn
Median (50th)	€+0.1bn
1/5y (20th)	€+0.5bn
1/10y (10th)	€+0.7bn
1/20y (5th)	€+0.8bn

Average Expected Nat Cat charges

[c. 114; p. 40]

Average expected Nat Cat charges

• Net of reinsurance, pre-tax.

[c. 115; p. 40]

Average expected Nat Cat charges and estimated impact on GEP by year

	2025	2026
Average Expected Nat Cat charges	2.6	2.7
Estimated impact on GEP	ca. 4.5%	ca. 4.5%

(1) Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).

Contents

[c. 116; p. 41]

Additional disclosures

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

P&C – Margin Analysis

[c. 117; p. 42]

Changes vs. FY24 at constant FX

• Changes are versus FY24 at constant FX.

In Euro million (pre-tax)

[c. 118; p. 42]

Technical Result

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

[c. 119; p. 42]

FY25 sensitivity to discount rate changes

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

In Euro million (pre-tax)

[c. 120; p. 42]

Financial Result In Euro million (pre-tax)

	FY25	Change
Investment Income	3,988	+435
FY25 Average Assets	€115bn
Asset book yield	3.5%
FY25 Reinvestment yield1	4.3%
Insurance Finance Expenses	-1,358	-235
FY24 Reserves at locked-in rate	€71bn
Liability book yield	1.9%

[c. 121; p. 42]

2026e Insurance Finance Expenses

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

[c. 122; p. 42]

Underlying earnings before tax, tax, affiliates, minority interests & other, and underlying earnings

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

(1) Reinvestment yield on fixed income assets.

(2) Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.

L&H – Margin Analysis

[c. 123; p. 43]

Scope impact

• Includes scope impact.

Technical Result

[c. 124; p. 43]

Pre-tax technical result

• Pre-tax technical result in EUR million.

[c. 125; p. 43]

Short-term Technical Margin, Gross Earned Premiums, All Year Combined Ratio by FY25

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

[c. 126; p. 43]

Technical Result Adjustments

• Includes the recapture of Laya.

[c. 127; p. 43]

Long-term Technical Margin

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

Financial Result

[c. 128; p. 43]

Pre-tax results

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

[c. 129; p. 43]

Investment income (non-VFA only)

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

[c. 130; p. 43]

Insurance Finance Expenses (non-VFA only)

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

[c. 131; p. 43]

Financial Result

	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%

Life & Health FY25 CSM Key Sensitivities

[c. 132; p. 43]

CSM sensitivity to economic factors

• CSM sensitivity to a 100 bps increase in interest rates is -EUR 0.2bn.
• CSM sensitivity to a 100 bps decrease in interest rates is +EUR 0.2bn.
• CSM sensitivity to a 10% increase in equity markets is +EUR 0.1bn.
• CSM sensitivity to a 10% decrease in equity markets is -EUR 0.1bn.
• CSM sensitivity to a 10% increase in real estate markets is +EUR 0.1bn.
• CSM sensitivity to a 10% decrease in real estate markets is -EUR 0.1bn.
• CSM sensitivity to a 10% increase in credit spreads is -EUR 0.1bn.
• CSM sensitivity to a 10% decrease in credit spreads is +EUR 0.1bn.
• CSM sensitivity to a 10% increase in FX rates (USD/EUR) is +EUR 0.1bn.
• CSM sensitivity to a 10% decrease in FX rates (USD/EUR) is -EUR 0.1bn.
• CSM sensitivity to a 10% increase in FX rates (GBP/EUR) is +EUR 0.1bn.
• CSM sensitivity to a 10% decrease in FX rates (GBP/EUR) is -EUR 0.1bn.

[c. 133; 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

(1) Reinvestment yield on fixed income assets.

[c. 134; p. 43]

CSM key sensitivities

• Changes versus FY24 are at constant FX.

Contents

[c. 135; p. 44]

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.

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

As a GLOBAL INVESTOR

[c. 136; p. 45]

Climate and community financing targets and results

• Target for climate transition financing: EUR 5bn per year.
• Target for community resilience financing: >EUR 500m per year.
• 2025 Result for climate transition financing: EUR 6.4bn.
• 2025 Result for community resilience financing: EUR 1.4bn.

As a GLOBAL INSURER

[c. 137; p. 45]

P&C GWP and climate adaptation targets

• Target for P&C GWP to support transition underwriting is EUR 6bn (cumulative 2024-2026).
• Target for climate adaptation solutions & services is >20,000 (cumulative 2024-2026), with this target revised in 2025.
• Target for inclusive insurance customers is >20m by 2026.
• 2025 Result for P&C GWP is EUR 4.6bn.
• 2025 Result for cumulative climate adaptation solutions & services (2024-2025) is 19,698.
• 2025 Result for inclusive insurance customers is 20.6m.

As a COMPANY

[c. 138; p. 45]

ESG targets and results

• Target: >80,000 AXA Group employees trained on climate adaptation by 2026
• 2025 Result: 46,420 employees trained
• Target: Contribute to Net-Zero -50% by 2030 in absolute carbon emissions and offset of residual emissions
• 2025 Result: -64% reduction against 2019
• Target: 50% of AXA Group employees engaged in volunteering activities by 2026
• 2025 Result: 56% of employees engaged

[c. 139; p. 45]

As a COMPANY

(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. 140; p. 46]

Sustainability ratings

• S&P Global: 97th percentile in Dow Jones Best-in-Class Europe & World indices for 2025.
• MSCI: AAA score for 2025.
• CDP: B score for 2025.
• MORNINGSTAR SUSTAINALYTICS: ESG Risk Rating of 17.0 (Low risk) for 2025.
• FTSE RUSSELL An LSEG Business: 4.3/5 score in FTSE4Good Index Series for 2025.

[c. 141; 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. 142; p. 47]

Scope definitions

• France: includes insurance activities, banking activities, and holding.
• Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities).
• AXA XL: includes insurance and reinsurance activities and holding.
• 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 (equity method).

[c. 143; p. 47]

Accounting standards

• All comparative figures from 2023 onwards are under IFRS17/9 accounting standards, effective January 1, 2023.
• Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.

Glossary

[c. 144; 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.
  • It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests.
• New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
• New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP.
• Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes.
  • Operating variance is net of reinsurance.
• Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term.
  • PVEP is discounted at the reference interest rate and PVEP is Group share.
• Technical experience: consists 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. 145; p. 49]

FY 2025 earnings

• Full Year 2025 Earnings