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| pages = 49
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_presentation.md->
| intro_sentence = This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).
| wide = yes
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{{chunk|doc=snjra2xp9r|c=1|p=1}}
====== Full Year 2025 Earnings Presentation ======
 
 
* [[Definition:Full year 2025|Full Year 2025]]
* Earnings Presentation
* February 26, [[Definition:Year 2026|2026]]
 
{{chunk|doc=snjra2xp9r|c=2|p=2}}
====== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ======
 
* Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in this presentation regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“UEPS”) growth for [[Definition:Year 2026|2026]] are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan. These statements in this presentation are based on Management’s current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this presentation. Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
Line 33 ⟶ 35:
 
{{chunk|doc=snjra2xp9r|c=3|p=3}}
====== Contents ======
 
* 1. [[Definition:Full year 2025|FY25]] Highlights p.04
* Thomas Buberl, Group CEO
* p.04
* 2. FY25 Business Performance p.09
* 2. FY25 Business Performance
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology
* p.09
* 3. FY25 Financial Performance p.13
* 3. FY25 Financial Performance
* Alban de Mailly Nesle, Group CFO
* p.13
 
== FY25 Highlights ==
 
{{chunk|doc=snjra2xp9r|c=4|p=4}}
====== Section ======
 
* Thomas Buberl, Group CEO
 
{{chunk|doc=snjra2xp9r|c=5|p=5}}
====== Full Year 2025 – Excellent performance ======
 
[[Definition:Full year 2025|FY25]] Key Performance Indicators
* +6% Revenues vs. [[Definition:Full year 2024|FY24]]
* +8% [[Definition:Underlying earnings per share|Underlying EPS]] vs. FY24
* 16% ROE [[Definition:Full year 2025|FY25]]
* 224% Solvency II ratio FY25
 
* Delivering value for shareholders +8% DPS{{fn ref|1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}} growth and €1.25bn annual share buy back{{fn ref|2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
Delivering value for shareholders
* +8% DPS{{fn ref|1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}} growth and €1.25bn annual share buy back{{fn ref|2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
 
Outlook
* Confident to deliver underlying EPS growth at the upper end of 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
 
Line 63 ⟶ 73:
 
{{chunk|doc=snjra2xp9r|c=6|p=6}}
====== Executing the plan on growth, margin and efficiency ======
 
<div style="overflow-x:auto">
Line 78 ⟶ 88:
| style="text-align:right" | 8.4
|-
| style="text-align:left" | Change at constant FX
| style="text-align:right" | +6%
|-
Line 86 ⟶ 96:
</div>
 
High organic growth
* High organic growth: +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
* +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
* Record profitability: Further margin expansion in P&C and L&H; improvement in efficiency
 
* Scaling the business: Continued investments in growth and technology
Record profitability
* Consistent earnings growth while enhancing reserve prudence
* Further margin expansion in P&C and L&H; improvement in efficiency
 
Scaling the business
* Continued investments in growth and technology
 
Consistent earnings growth while enhancing reserve prudence
 
<div class="ed-fn-notes" style="display:none">
Line 96 ⟶ 112:
 
{{chunk|doc=snjra2xp9r|c=7|p=7}}
====== Diversified franchise, well positioned in an attractive industry ======
 
* Secular trends fueling demand across businesses
* Protection gaps and emerging corporate risks
* Demographics driving demand for private retirement and healthcare
 
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.
|-
! style="text-align:left" | Business SegmentLine
! class="col-s" style="text-align:right" | FY25 GWP SplitShare (%)
|-
| style="text-align:left" | Life
| style="text-align:right" | (33%)
|-
| style="text-align:left" | Health
| style="text-align:right" | (17%)
|-
| style="text-align:left" | Large &amp; Specialty
| style="text-align:right" | (17%)
|-
| style="text-align:left" | SME &amp; Mid-market
| style="text-align:right" | (16%)
|-
| style="text-align:left" | Retail
| style="text-align:right" | (17%)
|}
</div>
 
* Our right to win
* Leading brand & high customer NPS
* Strong and diversified distribution
Line 135 ⟶ 150:
 
{{chunk|doc=snjra2xp9r|c=8|p=8}}
====== Laying the foundation for the next plan ======
 
* Clear tech and AI roadmap
Line 141 ⟶ 156:
* Enhancing capital allocation discipline
* Building resilience
 
* Confidence in sustaining earnings growth
Confidence in sustaining earnings growth
 
== FY25 Business Performance ==
 
{{chunk|doc=snjra2xp9r|c=9|p=9}}
====== Section ======
 
* Guillaume Borie
* Global Head of Finance, Strategy, Underwriting, Risk, and Technology
 
{{chunk|doc=snjra2xp9r|c=10|p=10}}
====== Strong delivery across our businesses ======
 
<div style="overflow-x:auto">
{| id="t3" class="wikitable"
|+ Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.
|+ Strong delivery across our businesses
|-
! style="text-align:left" | Entity
! style="text-align:right" | Gross written premiums
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | **France **<br/>(27% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6% <br/>to €31bn
| style="text-align:right" | +7% <br/>to €2.2bn
|-
| style="text-align:left" | **Europe **<br/>(38% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6% <br/>to €43bn
| style="text-align:right" | +9% <br/>to €3.5bn
|-
| style="text-align:left" | **AXA XL **<br/>(17% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +4% <br/>to €19bn
| style="text-align:right" | +9% <br/>to €1.9bn
|-
| style="text-align:left" | **Asia, Africa &amp; EME-LATAM **<br/>(18% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +13% <br/>to €20bn
| style="text-align:right" | +6% <br/>to €1.5bn
|}
</div>
 
* Change for [[Definition:Gross written premiums|Gross written premiums]] at constant scope and [[Definition:Foreign exchange|FX]] and for [[Definition:Underlying earnings|underlying earnings]] at constant FX.
 
{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
 
{{chunk|doc=snjra2xp9r|c=11|p=11}}
====== P&C – Strong margins, confidence in sustaining growth ======
 
* €58bn [[Definition:Gross written premiums|GWP]]: €58bn
* GWP mix: Retail, SME & Mid-market, AXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large & Specialty) — shares not printed
* [[Definition:Underlying earnings|Underlying earnings]] +9%{{fn ref|2|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn
 
* 2025
2025 and Beyond 2025 Strategy
* Retail and SME & Mid-market: Growing volumes while expanding margins
 
* AXA XL (Large & Specialty): Profitable growth with stable margins
*&#124; Segment | 2025 | Beyond 2025 |
&#124; :--- | :--- | :--- |
* Retail and SME & Mid-market: Investing to improve customer retention & expanding distribution footprint
&#124; Retail and SME & Mid-market | Growing volumes while expanding margins | Investing to improve customer retention & expanding distribution footprint |
* AXA XL (Large & Specialty): Capitalizing on attractive growth opportunities and continued cycle management
&#124; AXA XL (Large & Specialty) | Profitable growth with stable margins | Capitalizing on attractive growth opportunities and continued cycle management |
 
Key Drivers
 
* Continued progress on efficiency
* Higher investment income
Line 204 ⟶ 222:
 
{{chunk|doc=snjra2xp9r|c=12|p=12}}
====== L&H – Good momentum, well positioned to capture growth opportunities ======
 
* [[Definition:Gross written premiums|GWP]] €57bn
<!-- furniture -->
* Short-term
* Long-term
* [[Definition:Underlying earnings|Underlying earnings]] +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn
 
<div style="overflow-x:auto">
{| id="t4" class="wikitable"
|+ Strategic Priorities
|+ GWP mix
|-
|! style="text-align:left" | In Euro billion
|! style="text-align:rightleft" | GWP2025
! style="text-align:left" | Beyond 2025
|-
| style="text-align:left" | Short-term
| style="text-align:right" | —
|-
| style="text-align:left" | Long-term
| style="text-align:right" | —
|-
| style="text-align:left" | Total
| style="text-align:right" | €57bn
|}
</div>
 
* [[Definition:Underlying earnings|Underlying earnings]] +7%{{fn ref|1|2=1. Change FY25 vs. FY24 at constant FX.}} to €3.5bn
 
<div style="overflow-x:auto">
{| id="t5" class="wikitable"
|-
| style="text-align:left" | —
| style="text-align:left" | 2025
| style="text-align:left" | Beyond 2025
|-
| style="text-align:left" | Long-term business
Line 249 ⟶ 251:
* Leveraging AI to reduce claims leakage & improve customer outcomes in Health
 
{{fn note|1=1|2=1. Change FY25 vs. FY24 at constant FX.}}
 
== FY25 Financial Performance ==
 
{{chunk|doc=snjra2xp9r|c=13|p=13}}
====== Section ======
 
* Alban de Mailly Nesle
Line 260 ⟶ 262:
 
{{chunk|doc=snjra2xp9r|c=14|p=14}}
====== P&C – Continued disciplined growth ======
 
* In Euro billion
* Change at constant scope and [[Definition:Foreign exchange|FX]].
 
<div style="overflow-x:auto">
{| id="t6t5" class="wikitable fintable"
|+ GWP &amp; Other Revenues
|-
Line 306 ⟶ 305:
</div>
 
Commercial lines
* Continued pricing momentum and volume growth in Mid-market and SME
* Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance
 
AXA XL Reinsurance
* Growth supported by alternative capital
 
Retail lines
* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])
 
Change at constant scope and [[Definition:Foreign exchange|FX]].
{{fn note|1=1|2=Price effect.}}
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
 
{{chunk|doc=snjra2xp9r|c=15|p=15}}
====== P&C – Delivering further margin expansion while enhancing reserve prudence ======
 
<div style="overflow-x:auto">
{| id="t7t6" class="wikitable fintable"
|+ Combined ratio
|-
Line 324 ⟶ 329:
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|-
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
Line 348 ⟶ 349:
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.5%
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|}
</div>
Line 360 ⟶ 365:
 
{{chunk|doc=snjra2xp9r|c=16|p=16}}
====== P&C – Earnings growth from higher underwriting and financial result ======
 
* In Euro million
* Change at constant [[Definition:Foreign exchange|FX]].
 
<div style="overflow-x:auto">
{| id="t8t7" class="wikitable fintable"
|+ Underlying Earnings (In Euro million)
|-
! style="text-align:left" | In Euro million
Line 375 ⟶ 377:
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth (Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}})
| style="text-align:right" | +292
|-
| style="text-align:left" | Margin improvement (Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}})
| style="text-align:right" | +189
|-
| style="text-align:left" | Investment income (Financial result)
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses (Financial result)
| style="text-align:right" | -235
|-
Line 396 ⟶ 398:
| style="text-align:right" | 5,872
|-
| style="text-align:left" | TotalChange changeat (%)constant FX.
| style="text-align:right" | +9%
|}
</div>
 
* Better underwriting result{{fn ref|1|2=Underwriting result includes expenses.}} from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
* Higher unwind of discount of claims reserves, in line with guidance
Line 409 ⟶ 411:
 
{{chunk|doc=snjra2xp9r|c=17|p=17}}
====== Life & Health – Strong growth in premiums, positive net flows ======
 
* In Euro billion
* Change at constant scope and [[Definition:Foreign exchange|FX]].
 
<div style="overflow-x:auto">
{| id="t9t8" class="wikitable fintable"
|+ Life GWP &amp; Other Revenues
|-
Line 443 ⟶ 444:
| style="text-align:right" | -7%
|-
| style="text-align:left" | **Total Life GWP &amp; Other Revenues**
| style="text-align:right" | **34.5**
| style="text-align:right" | **37.5**
| style="text-align:right" | **+9%**
|}
</div>
 
<div style="overflow-x:auto">
{| id="t10t9" class="wikitable fintable"
|+ Health GWP &amp; Other Revenues
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Individual
Line 469 ⟶ 470:
| style="text-align:right" | +4%
|-
| style="text-align:left" | **Total Health GWP &amp; Other Revenues**
| style="text-align:right" | **17.5**
| style="text-align:right" | **19.0**
| style="text-align:right" | **+5%**
|}
</div>
 
* o/w [[Definition:Full year 2025|FY25]] Employee Benefits{{fn ref|1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}} Euro 12.9 billion (+4% vs. [[Definition:Full year 2024|FY24]])
* Euro 12.9 billion (+4% vs. [[Definition:Full year 2024|FY24]])
 
<div style="overflow-x:auto">
{| id="t11t10" class="wikitable fintable"
|+ Net flows: €+5.4bn vs. €+1.5bn in FY24
|-
Line 501 ⟶ 503:
|}
</div>
 
<!-- furniture -->
 
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
 
{{chunk|doc=snjra2xp9r|c=18|p=18}}
====== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
 
In Euro billion
* 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
 
<div style="overflow-x:auto">
{| id="t12t11" class="wikitable fintable"
|+ PVEP (In Euro billion)
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change at constant scope and FX
|-
| style="text-align:left" | Protection &amp; Health
Line 548 ⟶ 550:
 
<div style="overflow-x:auto">
{| id="t13t12" class="wikitable fintable"
|+ NB CSM (pre-tax)
|-
Line 554 ⟶ 556:
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | NB CSM (pre-tax)
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
|-
| style="text-align:left" | Change at constant scope and FX
| style="text-align:right" | —
| style="text-align:right" | +3%
|}
Line 566:
 
<div style="overflow-x:auto">
{| id="t14t13" class="wikitable fintable"
|+ NBV (post-tax)
|-
Line 572:
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | NBV (post-tax)
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
|-
| style="text-align:left" | Change at constant scope and FX
| style="text-align:right" | —
| style="text-align:right" | stable
|-
Line 584 ⟶ 582:
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:right" | —
|}
</div>
 
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
* Change at constant scope and [[Definition:Foreign exchange|FX]]. <!-- furniture -->
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
 
Change at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=19|p=19}}
====== Life & Health – Growth in new business driving Normalized CSM growth ======
 
* In Euro billion
* Normalized CSM growth +2%
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
* Economic variance reflecting government spreads tightening and positive equity market returns
* Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
* [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation
 
<div style="overflow-x:auto">
{| id="t15t14" class="wikitable fintable"
|+ Contractual Service Margin rollforward (In Euro billion)
|-
! style="text-align:left" | In Euro billion
Line 632 ⟶ 628:
</div>
 
* Normalized CSM growth +2%
<div style="overflow-x:auto">
* [[Definition:Full year 2024|FY24]] o/w Life: 25.8
{| id="t16" class="wikitable fintable"
* FY24 o/w Health: 7.7
|+ Contractual Service Margin rollforward (continued)
* [[Definition:Full year 2025|FY25]] o/w Life: 25.4
|-
* FY25 o/w Health: 7.6
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 25.8
| style="text-align:right" | 25.4
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 7.7
| style="text-align:right" | 7.6
|}
</div>
 
Key Drivers
{{fn note|1=1|2=Change at constant scope and FX.}}
 
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
* Economic variance reflecting government spreads tightening and positive equity market returns
* Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
* [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation
 
<div class="ed-fn-notes" style="display:none">
 
</div>
 
{{chunk|doc=snjra2xp9r|c=20|p=20}}
====== Life & Health – Strong momentum in both short-term and long-term business ======
 
<!-- furniture -->
 
<div style="overflow-x:auto">
{| id="t17t15" class="wikitable fintable"
|+ Underlying Earnings (In Euro million)
|-
Line 669 ⟶ 664:
| style="text-align:left" | Short-term technical margin
| style="text-align:right" | 415
| style="text-align:left" | —+60
| style="text-align:left" | —
| style="text-align:right" | —
Line 678 ⟶ 673:
| style="text-align:right" | 2,680
| style="text-align:left" | —
| style="text-align:left" | —+156
| style="text-align:right" | —
| style="text-align:right" | —
Line 687 ⟶ 682:
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —-11
| style="text-align:right" | —
| style="text-align:right" | 946
Line 696 ⟶ 691:
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —-27
| style="text-align:right" | -728
|-
| style="text-align:left" | Total Underlying Earnings
| style="text-align:right" | 3,323
| style="text-align:left" | +60—
| style="text-align:left" | +156—
| style="text-align:right" | -11—
| style="text-align:right" | -27—
| style="text-align:right" | 3,501
|}
</div>
 
[[Definition:Underlying earnings|Underlying Earnings]] growth
* o/w Life (in billions): 2.6 in [[Definition:Full year 2024|FY24]]; 2.7 in [[Definition:Full year 2025|FY25]] (+4% vs. FY24)
* Underlying Earnings +7% (Change at constant [[Definition:Foreign exchange|FX]])
* o/w Health (in billions): 0.7 in FY24; 0.8 in FY25 (+17% vs. FY24)
* o/w Life: 2.6 in billions ([[Definition:Full year 2024|FY24]]) to 2.7 in billions ([[Definition:Full year 2025|FY25]]), +4% vs. FY24
* o/w Health: 0.7 in billions (FY24) to 0.8 in billions (FY25), +17% vs. FY24
 
Key Drivers
* Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn)
* Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins
 
<!-- furniture -->
 
{{fn note|1=1|2=Change at constant FX.}}
 
{{chunk|doc=snjra2xp9r|c=21|p=21}}
====== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ======
 
<div style="overflow-x:auto">
{| id="t18t16" class="wikitable fintable"
|+ In Euro billion
|-
Line 748 ⟶ 749:
| style="text-align:right" | -
|-
!| style="text-align:left" | Underlying earnings
! class="col-s"| style="text-align:right" | 8.1
! class="col-s"| style="text-align:right" | 8.4
! class="col-s"| style="text-align:right" | +6%
|-
| style="text-align:left" | Non-financial flows
Line 759 ⟶ 760:
|-
| style="text-align:left" | o/w capital gains from AXA IM disposal
| style="text-align:right" | -—
| style="text-align:right" | +2.2
| style="text-align:right" | —
Line 768 ⟶ 769:
| style="text-align:right" | —
|-
!| style="text-align:left" | Net income
! class="col-s"| style="text-align:right" | 7.9
! class="col-s"| style="text-align:right" | 9.8
! class="col-s"| style="text-align:right" | +26%
|}
</div>
 
[[Definition:Underlying earnings|Underlying earnings]]
* Strong performance from insurance businesses
* Stable holding cost, expected to remain at current level in [[Definition:Year 2026|2026]]
 
Net Income
* Higher net income mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]]
* Lower financial flows reflecting unfavorable forex impact
 
<div style="overflow-x:auto">
{| id="t19t17" class="wikitable fintable"
|+ Underlying earnings per share
|-
Line 792 ⟶ 801:
 
* +6% from earnings growth
* including -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from AXA IM sale due to the timing of anti-dilutive [[Definition:Share buyback|share buyback]]
* +3% from [[Definition:Capital management|capital management]]
* -2% from forex
* including -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from [[Definition:AXA Investment Managers|AXA IM]] sale due to the timing of anti-dilutive [[Definition:Share buyback|share buyback]]
* [[Definition:Underlying earnings|Underlying earnings]]
* Strong performance from insurance businesses
* Stable holding cost, expected to remain at current level in [[Definition:Year 2026|2026]]
* Net Income
* Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM
* Lower financial flows reflecting unfavorable forex impact
 
<div class="ed-fn-notes" style="display:none">
* Change at constant [[Definition:Foreign exchange|FX]] for underlying earnings and net income. Change on reported basis for [[Definition:Underlying earnings per share|underlying earnings per share]].
 
</div>
 
{{chunk|doc=snjra2xp9r|c=22|p=22}}
====== Shareholders’ Equity ======
 
* In Euro billion
 
<div style="overflow-x:auto">
{| id="t20t18" class="wikitable fintable"
|+ Shareholders’ equity{{fn ref|1|2=Shareholders’ equity Group share.}}
|-
Line 851 ⟶ 856:
 
<div style="overflow-x:auto">
{| id="t21t19" class="wikitable fintable"
|+ Shareholders' equity roll-forward
|-
! style="text-align:left" | In Euro billion
Line 903 ⟶ 907:
 
{{chunk|doc=snjra2xp9r|c=23|p=23}}
====== Higher organic cash remittance and robust cash position at Holding ======
 
* In Euro billion
 
<div style="overflow-x:auto">
{| id="t22t20" class="wikitable fintable"
|+ Net Cash Remittance
|-
Line 934 ⟶ 938:
 
<div style="overflow-x:auto">
{| id="t23t21" class="wikitable fintable"
|+ FY25 Cash position
|-
! style="text-align:left" | In Euro billion
Line 973 ⟶ 976:
 
{{chunk|doc=snjra2xp9r|c=24|p=24}}
====== Solvency II at 224% ======
 
<div style="overflow-x:auto">
{| id="t24t22" class="wikitable fintable"
|+ Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio waterfall
|+ Solvency II at 224%
|-
! style="text-align:left" | In Euro billion unless otherwise mentioned
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | Regulatory &amp; model changes
Line 1,021 ⟶ 1,024:
</div>
 
* Foreseeable [[Definition:Dividend|dividendsDividend]] & annual [[Definition:Share buyback|share buyback]] €-4.8bndetails
* Foreseeable dividends: €-4.8bn
* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: €-1.25bn
* Provision for annual share buyback for [[Definition:Year 2026|2026]]: €-1.25bn
 
<div style="overflow-x:auto">
{| id="t25t23" class="wikitable fintable"
|+ Key sensitivities
|-
!| style="text-align:left" | Ratio as of December 31, 2025
! class="col-s"| style="text-align:right" | 224%
|-
| style="text-align:left" | Interest rate +50bps
Line 1,040 ⟶ 1,044:
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1|2=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).}}
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Credit migration{{fn ref|2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
| style="text-align:right" | -4 pts
|-
Line 1,063 ⟶ 1,067:
</div>
 
{{fn note|1=1|2=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).}}
{{fn note|1=2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
 
{{chunk|doc=snjra2xp9r|c=25|p=25}}
====== Solvency II – impact of the end of grandfathering period and Solvency II revision ======
 
<div style="overflow-x:auto">
{| id="t26t24" class="wikitable fintable"
|+ Solvency II – impact of the end of grandfathering period and Solvency II revision
|-
! style="text-align:left" | Solvency II RatioImpact
! class="col-m" style="text-align:right" | ImpactValue
! style="text-align:left" | Details
|-
| style="text-align:left" | Ratio as of 31/12/2025
| style="text-align:right" | 224%
| style="text-align:left" | —
|-
| style="text-align:left" | Impact of the end of grandfathering period on January 1, 2026
| style="text-align:right" | -10pts to 215%
| style="text-align:left" | - Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
|-
| style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27
| style="text-align:right" | +17pts{{fn ref|1|2=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.}}
| style="text-align:left" |
|}
</div>
 
* Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, [[Definition:Year 2026|2026]]
* No change expected in organic capital generation
* Additional capital flexibility
</td>
</tr>
</table>
 
{{fn note|1=1|2=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 ==
 
{{chunk|doc=snjra2xp9r|c=26|p=26}}
====== Section ======
 
* Thomas Buberl, Group CEO
 
{{chunk|doc=snjra2xp9r|c=27|p=27}}
====== Conclusion ======
 
* Record results, at the top end of the [[Definition:Target range|target range]] while enhancing reserve prudence
Line 1,108 ⟶ 1,117:
* Laying foundations for the next plan and confident in delivering sustainable earnings growth
 
== Q&A Full Year 2025 Earnings February 26, 2026 ==
 
{{chunk|doc=snjra2xp9r|c=28|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
* Meet our management
* March: Roadshows — Europe and US
<div style="overflow-x:auto">
* May 5: 1Q25 Activity Indicators — Paris
{| id="t27" class="wikitable"
* June 2: BNP Paribas Exane CEO Conference — Paris
|-
* June 2-4: Goldman Sachs European Financials Conference — Zurich
| style="text-align:left" | March
* July 31: HY26 [[Definition:Earnings release|Earnings Release]] — Paris
| style="text-align:left" | Roadshows
* September 21: AXA Investor Day — London
| style="text-align:right" | Europe and US
 
|-
Contact us
| style="text-align:left" | May 5
| style="text-align:left" | 1Q25 Activity Indicators
| style="text-align:right" | Paris
|-
| style="text-align:left" | June 2
| style="text-align:left" | BNP Paribas Exane CEO Conference
| style="text-align:right" | Paris
|-
| style="text-align:left" | June 2-4
| style="text-align:left" | Goldman Sachs European Financials Conference
| style="text-align:right" | Zurich
|-
| style="text-align:left" | July 31
| style="text-align:left" | HY26 Earnings Release
| style="text-align:right" | Paris
|-
| style="text-align:left" | September 21
| style="text-align:left" | AXA Investor Day
| style="text-align:right" | London
|}
</div>
* Contact us
* Investor Relations
* +33 1 40 75 48 42
* investor.relations@axa.com
 
* Follow us www.axa.com
Follow us
* www.axa.com
 
== Appendices ==
 
{{chunk|doc=snjra2xp9r|c=29|p=31}}
====== Contents ======
 
* 1. Debt and Invested Assets p.31
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=30|p=32}}
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
 
* Debt gearing: 20.6% ([[Definition:Full year 2024|FY24]])
* Debt gearing: 22.3% ([[Definition:Full year 20252024|FY25FY24]]): 20.6%
* [[Definition:Full year 2025|FY25]]: 22.3%
 
<div style="overflow-x:auto">
{| id="t28t25" class="wikitable fintable"
|+ Gross financial debt{{fn ref|1,2}} (In Euro billion)
|-
! style="text-align:left" | In Euro billion
Line 1,185 ⟶ 1,177:
| style="text-align:right" | 3.5
| style="text-align:right" | 3.5
| style="text-align:right" | 5.8 {{fn ref|*|2=o/w €0.4bn redeemed in Jan 2026}}
|-
| style="text-align:left" | Total
Line 1,194 ⟶ 1,186:
</div>
 
{{fn* noteJan 1st [[Definition:Year 2026|1=*|2=2026]]: o/w €0.4bn redeemed in Jan 2026}}
 
<div style="overflow-x:auto">
{| id="t29t26" class="wikitable fintable"
|+ Contractual maturity breakdown (In Euro billion)
|-
! style="text-align:left" | In Euro billion
Line 1,211 ⟶ 1,203:
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | SeniorTier debt1
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Tier 2
Line 1,229 ⟶ 1,221:
| style="text-align:right" | —
| style="text-align:right" | 0.7
| style="text-align:right" | 1.5—
| style="text-align:right" | 10.8
| style="text-align:right" | 0.7
|-
| style="text-align:left" | TierSenior 1debt
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | 0.5
| style="text-align:right" | —
|-
| style="text-align:left" | **o/w Grandfathered debt**
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.6
|-
| style="text-align:left" | o/w Grandfathered debt: Tier 1
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,255 ⟶ 1,258:
| style="text-align:right" | 1.4
|-
| style="text-align:left" | o/w Grandfathered debt: Tier 2
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,269 ⟶ 1,272:
 
<div style="overflow-x:auto">
{| id="t30t27" class="wikitable fintable"
|+ Economic maturity breakdown{{fn ref|3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}} (In Euro billion)
|-
! style="text-align:left" | In Euro billion
Line 1,283 ⟶ 1,286:
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | SeniorTier debt1
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 0.57
| style="text-align:right" | —0.4
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | 4.0
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | —
| style="text-align:right" | 0.1—
| style="text-align:right" | 2.4
| style="text-align:right" | 0.15
| style="text-align:right" | 2.0
| style="text-align:right" | 0.79
| style="text-align:right" | 6.4
| style="text-align:right" | —
| style="text-align:right" | 0.7
|-
| style="text-align:left" | TierSenior 1debt
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,311 ⟶ 1,315:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | 4.0
|-
| style="text-align:left" | **o/w Grandfathered debt: Tier 1**
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | —
| style="text-align:right" | 0.1
Line 1,327 ⟶ 1,341:
| style="text-align:right" | 0.8
|-
| style="text-align:left" | o/w Grandfathered debt: Tier 2
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,345 ⟶ 1,359:
 
{{chunk|doc=snjra2xp9r|c=31|p=33}}
====== General Account Invested Assets ======
 
* [[Definition:Full year 2025|FY25]] Total General Account invested assets
* Duration gap at -0.4 year
* Euro 450 billion
 
<div style="overflow-x:auto">
{| id="t31t28" class="wikitable fintable"
|+ Invested assets (100%)
|-
Line 1,410 ⟶ 1,425:
 
{{chunk|doc=snjra2xp9r|c=32|p=34}}
====== Structured and Private Credit assets ======
 
<!-- furniture -->
 
<div style="overflow-x:auto">
{| id="t32t29" class="wikitable fintable"
|+ Invested assets (100%)
|+ Structured and Private Credit assets
|-
! style="text-align:left" | Invested assets (100%) In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | % of total G/A{{fn ref|1|2=G/A: General Account}} portfolio
! class="col-s" style="text-align:rightleft" | Comments
|-
| style="text-align:left" | Residential Mortgages
| style="text-align:right" | 16
| style="text-align:right" | 4%
| style="text-align:left" | - €6bn Dutch mortgages, NHG guaranteed<br/>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
| style="text-align:right" |
|-
| style="text-align:left" | CLO &amp; ABS
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:left" | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
|-
| style="text-align:left" | Infrastructure debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Skewed towards resilient industries (Telecom, Utilities, Transport)
|-
| style="text-align:left" | CRE debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
|-
| style="text-align:left" | Mid-Market lending
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:left" | - Strong diversification with €8m average ticket<br/>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
|-
| style="text-align:left" | Other
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:left" | —
|-
| style="text-align:left" | Total Structured and Private Credit Assets
| style="text-align:right" | 69
| style="text-align:right" | 15%
| style="text-align:left" | o/w 54% participating
|}
</div>
* €6bn Dutch mortgages, NHG guaranteed
* €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
</td>
</tr>
<tr>
<td>CLO &amp; ABS</td>
<td>25</td>
<td>6%</td>
<td>- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)</td>
</tr>
<tr>
<td>Infrastructure debt</td>
<td>8</td>
<td>2%</td>
<td>- Skewed towards resilient industries (Telecom, Utilities, Transport)</td>
</tr>
<tr>
<td>CRE debt</td>
<td>8</td>
<td>2%</td>
<td>- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV</td>
</tr>
<tr>
<td>Mid-Market lending</td>
<td>10</td>
<td>2%</td>
<td>
* Strong diversification with €8m average ticket
* Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
</td>
</tr>
<tr>
<td>Other</td>
<td>2</td>
<td>0%</td>
<td>—</td>
</tr>
<tr>
<td>Total Structured and Private Credit Assets</td>
<td>69</td>
<td>15%</td>
<td>o/w 54% participating</td>
</tr>
</table>
 
{{fn note|1=1|2=G/A: General Account}}
 
<!-- furniture -->
 
{{chunk|doc=snjra2xp9r|c=33|p=35}}
====== Investment portfolio – Fixed Income reinvestment ======
 
<div style="overflow-x:auto">
{| id="t33t30" class="wikitable fintable"
|+ FY25 Fixed Income Reinvestment
|-
Line 1,506 ⟶ 1,503:
 
<div style="overflow-x:auto">
{| id="t34t31" class="wikitable fintable"
|+ FY25 Fixed Income Reinvestment Yield
|-
! style="text-align:left" | Category
! class="col-s" style="text-align:right" | Yield (%)
|-
| style="text-align:left" | Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}
Line 1,523 ⟶ 1,520:
</div>
 
* Euro 57 billion fixed income invested at 3.9%
* Average duration of 9 years
* Includes Euro 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
Line 1,532 ⟶ 1,529:
 
{{chunk|doc=snjra2xp9r|c=34|p=36}}
====== Contents ======
 
* 1. Debt and Invested Assets p.31
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=35|p=37}}
====== AXA XL Insurance – Large Commercial & Specialty business ======
 
Well diversified across lines of business and geographies
 
<div style="overflow-x:auto">
{| id="t35t32" class="wikitable fintable"
|+ $19bn FY25 GWP by line of business
|-
! style="text-align:left" | Line of business
! class="col-s" style="text-align:right" | Share (%) of GWP
|-
| style="text-align:left" | Casualty
Line 1,565 ⟶ 1,563:
 
<div style="overflow-x:auto">
{| id="t36t33" class="wikitable fintable"
|+ $19bn FY25 GWP by geography
|-
! style="text-align:left" | Geography
! class="col-s" style="text-align:right" | Share (%) of GWP
|-
| style="text-align:left" | Americas
Line 1,592 ⟶ 1,590:
 
* Managing the cycle to deliver consistent profitability:
* Professional lines
* Property: high profitability, high ex-price growth
* Casualty
* Specialty: medium-high profitability, medium ex-price growth
* Specialty
* Casualty: medium profitability, medium ex-price growth
* Property
* Professional lines: lower profitability, lower ex-price growth
* Note: Chart shows Profitability vs Ex-price growth (%) — values not printed.
 
{{fn note|1=1|2=Including Cyber;}}
Line 1,603 ⟶ 1,602:
 
{{chunk|doc=snjra2xp9r|c=36|p=38}}
====== P&C – Focus on Reserves ======
 
<div style="overflow-x:auto">
{| id="t37t34" class="wikitable fintable"
|+ Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)
|-
! style="text-align:left" | Accounting Basis
! colspan="5" style="text-align:center" | IFRS4
! colspan="4" style="text-align:center" | IFRS17
Line 1,638 ⟶ 1,637:
 
<div style="overflow-x:auto">
{| id="t38t35" class="wikitable fintable"
|+ Technical reserves ratio (Net undiscounted technical reserves{{fn ref|1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums)
|-
! style="text-align:left" | Accounting Basis
! colspan="5" style="text-align:center" | IFRS4
! colspan="4" style="text-align:center" | IFRS17
Line 1,672 ⟶ 1,671:
 
{{chunk|doc=snjra2xp9r|c=37|p=39}}
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ======
 
Insurance segment (occurrence protection)
* Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025
 
<div style="overflow-x:auto">
{| id="t39t36" class="wikitable fintable"
|+ In Euro
|+ Insurance segment (occurrence protection) (In Euro)
|-
! style="text-align:left" | In EuroPeril
! class="col-s" style="text-align:right" | EU Windstorm
! class="col-s" style="text-align:right" | Europe Flood
Line 1,706 ⟶ 1,705:
</div>
 
* Reinsurance segment (illustrative)
* Alternative Capital & Cat Bonds
 
Key Takeaway
* Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
Line 1,714 ⟶ 1,716:
 
{{chunk|doc=snjra2xp9r|c=38|p=40}}
====== P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 ======
 
* In Euro billion (net of reinsurance)
 
<div style="overflow-x:auto">
{| id="t40t37" class="wikitable"
|+ Group underlying earnings deviation to average Nat Cat charges in 2026 (In Euro billion (net of reinsurance), net of reinsurance, post-tax)
|-
! style="text-align:left" | In Euro billion (net of reinsurance)Probability
! style="text-align:right" | DeviationReturn Period
! style="text-align:right" | Earnings Deviation
|-
| style="text-align:left" | 1/20y (95th)
| style="text-align:right" | 1/20y
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 1/10y (90th)
| style="text-align:right" | 1/10y
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 1/5y (80th)
| style="text-align:right" | 1/5y
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | Median (50th)
| style="text-align:right" | Median
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 1/5y (20th)
| style="text-align:right" | 1/5y
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 1/10y (10th)
| style="text-align:right" | 1/10y
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 1/20y (5th)
| style="text-align:right" | 1/20y
| style="text-align:right" | €+0.8bn
|}
</div>
 
* More severe years: Negative deviation in ca. 40% of cases
* Less severe years: PositiveNegative deviation in ca. 6040% of cases
* Less severe years
* Positive deviation in ca. 60% of cases
 
<div style="overflow-x:auto">
{| id="t41t38" class="wikitable fintable"
|+ Average Expected Nat Cat charges (net of reinsurance, pre-tax)
|-
|! style="text-align:left" | In Euro billion
|! style="text-align:right" | 2025
|! style="text-align:right" | 2026
|-
| style="text-align:left" | Average Expected Nat Cat charges
Line 1,772 ⟶ 1,782:
 
{{chunk|doc=snjra2xp9r|c=39|p=41}}
====== Contents ======
 
* 1. Debt and Invested Assets p.31
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=40|p=42}}
====== P&C – Margin Analysis ======
 
* Changes versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].
 
Technical Result
<div style="overflow-x:auto">
{| id="t42t39" class="wikitable fintable"
|+ Technical Result In Euro million (pre-tax)
|-
! style="text-align:left" | In Euro million (pre-tax)
Line 1,837 ⟶ 1,847:
</div>
 
* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes{{fn ref|2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}
* +25bps: €+0.2bn
* -25bps: €-0.2bn
 
Financial Result
<div style="overflow-x:auto">
{| id="t43t40" class="wikitable fintable"
|+ Financial Result In Euro million (pre-tax)
|-
! style="text-align:left" | In Euro million (pre-tax)
Line 1,875 ⟶ 1,890:
</div>
 
* 2026e Insurance Finance Expenses (pre-tax)
* ~ €-1.4bn
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount
* +25bps: ~ €-50m
* -25bps: ~ €+50m
 
[[Definition:Underlying earnings|Underlying Earnings]]
<div style="overflow-x:auto">
{| id="t44t41" class="wikitable fintable"
|+ In Euro million (pre-tax)
|+ Underlying Earnings
|-
! style="text-align:left" | In Euro million (pre-tax)
Line 1,905 ⟶ 1,927:
</div>
 
Changes versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].
* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes{{fn ref|2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}
* +25bps: €+0.2bn
* -25bps: €-0.2bn
* 2026e Insurance Finance Expenses (pre-tax): ~ €-1.4bn
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount
* +25bps: ~ €-50m
* -25bps: ~ €+50m
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
{{fn note|1=2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}
 
{{chunk|doc=snjra2xp9r|c=41|p=43}}
====== L&H – Margin Analysis ======
 
* Includes scope impact
* Incl. recapture of Laya
 
<div style="overflow-x:auto">
{| id="t45t42" class="wikitable fintable"
|+ Technical Result In Euro million, pre-tax
|-
! style="text-align:left" | In Euro million, pre-tax
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
Line 1,954 ⟶ 1,970:
|}
</div>
 
* Incl. recapture of Laya
 
<div style="overflow-x:auto">
{| id="t46t43" class="wikitable fintable"
|+ Financial Result In Euro million, pre-tax
|-
! style="text-align:left" | In Euro million, pre-tax
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
Line 1,996 ⟶ 2,010:
 
<div style="overflow-x:auto">
{| id="t47t44" class="wikitable fintable"
|+ Life &amp; Health FY25 CSM Key Sensitivities (in Euro billion)
|-
! style="text-align:left" | (in Euro billion)
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Baseline
Line 2,032 ⟶ 2,043:
 
<div style="overflow-x:auto">
{| id="t48t45" class="wikitable fintable"
|-
! style="text-align:left" | In Euro million, pre-tax
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
Line 2,061 ⟶ 2,072:
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
 
Changes versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=42|p=44}}
====== Contents ======
 
* 1. Debt and Invested Assets p.31
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=43|p=45}}
====== Expanding AXA’s role in society: AXA for Progress Index ======
 
<div style="overflow-x:auto">
{| id="t49t46" class="wikitable"
|+ As a GLOBAL INVESTOR
|-
Line 2,088 ⟶ 2,102:
 
<div style="overflow-x:auto">
{| id="t50t47" class="wikitable"
|+ As a GLOBAL INSURER
|-
Line 2,106 ⟶ 2,120:
 
<div style="overflow-x:auto">
{| id="t51t48" class="wikitable fintable"
|+ As a COMPANY
|-
Line 2,133 ⟶ 2,147:
 
{{chunk|doc=snjra2xp9r|c=44|p=46}}
====== Sustainability Performance & Ratings ======
 
S&P Global
* S&P Global: 2025 percentile: 97th {{fn ref|1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}} in Dow Jones Best-in-Class Europe & World indices
* 2025 percentile: 97th {{fn ref|1|2=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.}} in Dow Jones Best-in-Class Europe & World indices
* MSCI: 2025 score: AAA
* CDP: 2025 score: B
* MORNINGSTAR SUSTAINALYTICS: 2025 ESG Risk Rating: 17.0– Low risk
* FTSE RUSSELL An LSEG Business: 2025 score: 4.3/5 in FTSE4Good Index Series
 
MSCI
{{fn note|1=1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}}
* 2025 score: AAA
 
CDP
* 2025 score: B
 
MORNINGSTAR SUSTAINALYTICS
* 2025 ESG Risk Rating: 17.0– Low risk
 
FTSE RUSSELL
* 2025 score: 4.3/5 in FTSE4Good Index Series
 
{{fn note|1=1|2=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.}}
 
{{chunk|doc=snjra2xp9r|c=45|p=47}}
====== Scope ======
 
* France: includes insurance activities, banking activities and holding.
Line 2,152 ⟶ 2,175:
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]] (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
 
* Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9
Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9
 
{{chunk|doc=snjra2xp9r|c=46|p=48}}
====== Glossary ======
 
* 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%
Line 2,172 ⟶ 2,196:
 
{{chunk|doc=snjra2xp9r|c=47|p=49}}
====== Thank you ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings
* February 26, [[Definition:Year 2026|2026]]
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"