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| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
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| original_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_presentation-original.md>
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| article = AXA/2025/FY/Earnings presentation
| doc_id = snjra2xp9r
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---
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=== Full Year 2025 Earnings Presentation ===
 
* Full Year 2025
* Earnings Presentation
* February 26, 2026
 
Line 44 ⟶ 42:
=== IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES ===
 
'''Forward-looking statements'''
* Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in this presentation regarding expected underlying earnings per share (“UEPS”) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan. These statements in this presentation are based on Management’s current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this presentation. Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
* 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.
* In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. “Underlying earnings”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”. For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report.
* Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”.
* In particular, the statements in this presentation regarding expected underlying earnings per share (“UEPS”) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan.
* These statements in this presentation are based on Management’s current views and intentions and are subject to change.
* Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.
* Each forward-looking statement speaks only at the date of this presentation.
* Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations.
* AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
 
'''Non-GAAP financial measures'''
* In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results.
* These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies.
* As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
* “Underlying earnings”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
* For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report.
 
'''Additional information'''
* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.
Line 64 ⟶ 79:
== FY25 Highlights ==
 
'''Thomas Buberl, Group CEO'''
 
{{pdf page|5|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Full Year 2025 – Excellent performance ===
 
FY25'''Full Year 2025 Key Performance Indicators'''
* +6% Revenues vs. FY24
* +8% Underlying EPS vs. FY24
Line 75 ⟶ 90:
* 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.}}
 
'''Outlook'''
* Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026
 
Line 102 ⟶ 117:
| style="text-align:right" | 8.4
|-
| style="text-align:left" | Change at constant FX
| style="text-align:right" | +6%
|-
Line 110 ⟶ 125:
</div>
 
'''High organic growth'''
* +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
 
'''Consistent earnings growth while enhancing reserve prudence'''
 
<div class="ed-fn-notes" style="display:none">
Line 128 ⟶ 143:
=== 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 LineSegment
! class="col-s" style="text-align:right" | Share (%)
|-
| 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 161 ⟶ 177:
* Scale offering cost advantage
 
<div class="ed-fn-notes" style="display:none">
<!-- furniture -->
{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}
</div>
 
{{pdf page|8|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 171 ⟶ 189:
* Building resilience
 
'''Confidence in sustaining earnings growth'''
 
{{pdf page|9|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== FY25 Business Performance ==
 
* Guillaume Borie
* Global Head of Finance, Strategy, Underwriting, Risk, and Technology
 
Line 186 ⟶ 204:
|+ Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.
|-
! style="text-align:left" | Entity
! style="text-align:right" | Gross written premiums
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | **<b>France**</b><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" | **<b>Europe**</b><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" | **<b>AXA XL**</b><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" | **<b>Asia, Africa &amp; EME-LATAM**</b><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
Line 215 ⟶ 233:
=== P&C – Strong margins, confidence in sustaining growth ===
 
* GWP: €58bn GWP
* GWP mix: Retail, SME & Mid-market, AXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large & Specialty) — shares not printed
* Underlying earnings +9%{{fn ref|2|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn
 
'''Retail and SME & Mid-market'''
2025 and Beyond 2025 Strategy
* 2025: Growing volumes while expanding margins
* Beyond 2025: Investing to improve customer retention & expanding distribution footprint
 
'''AXA XL (Large & Specialty)'''
&#124; Segment | 2025 | Beyond 2025 |
* 2025: Profitable growth with stable margins
&#124; :--- | :--- | :--- |
* Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
&#124; Retail and SME & Mid-market | Growing volumes while expanding margins | Investing to improve customer retention & expanding distribution footprint |
&#124; AXA XL (Large & Specialty) | Profitable growth with stable margins | Capitalizing on attractive growth opportunities and continued cycle management |
 
Key Drivers
 
'''Key drivers'''
* Continued progress on efficiency
* Higher investment income
Line 240 ⟶ 258:
=== L&H – Good momentum, well positioned to capture growth opportunities ===
 
* GWP €57bn GWP
* Short-term
* Long-term
Line 282 ⟶ 300:
<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ GWP &amp; Other Revenues (In Euro billion)
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | o/w pricing{{fn ref|1|2=Price effect.}}
Line 312 ⟶ 330:
| style="text-align:right" | +2%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>56.5</b>
| style="text-align:right" | <b>58.0</b>
| style="text-align:right" | <b>+5%</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 321 ⟶ 339:
</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 FY25)
 
Change at constant scope and FX.
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Price effect.}}
Line 345 ⟶ 362:
|-
! style="text-align:left" |
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
Line 368 ⟶ 385:
| style="text-align:right" | -3.5%
|-
| style="text-align:left" | <b>Combined ratio</b>
| style="text-align:right" | <b>91.0%</b>
| style="text-align:right" | <b>90.6%</b>
|}
</div>
Line 384 ⟶ 401:
{{pdf page|16|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Earnings growth from higher underwriting and financial result ===
 
'''Underlying Earnings'''
* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
* Higher unwind of discount of claims reserves, in line with guidance
* Unfavorable forex impact notably due to USD depreciation vs. EUR
 
<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|+ Underlying Earnings (In Euro million)
|-
! style="text-align:left" | In Euro million
! class="col-sm" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
Line 413 ⟶ 436:
| style="text-align:right" | -150
|-
| style="text-align:left" | <b>FY25</b>
| style="text-align:right" | <b>5,872</b>
|-
| style="text-align:left" | Change at constant FX.
| style="text-align:right" | +9%
|}
</div>
 
* Better underwriting'''Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}} from strong volume growth and improved all-year combined ratio while enhancing reserve prudence'''
* Volume growth
* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
* Margin improvement
* Higher unwind of discount of claims reserves, in line with guidance
 
* Unfavorable forex impact notably due to USD depreciation vs. EUR
'''Financial result'''
* Investment income
* Insurance finance expenses
 
Change at constant FX.
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Underwriting result includes expenses.}}
Line 440 ⟶ 467:
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
Line 464 ⟶ 491:
| style="text-align:right" | -7%
|-
| style="text-align:left" | **<b>Total**</b>
| style="text-align:right" | **<b>34.5**</b>
| style="text-align:right" | **<b>37.5**</b>
| style="text-align:right" | **<b>+9%**</b>
|}
</div>
Line 490 ⟶ 517:
| style="text-align:right" | +4%
|-
| style="text-align:left" | **<b>Total**</b>
| style="text-align:right" | **<b>17.5**</b>
| style="text-align:right" | **<b>19.0**</b>
| style="text-align:right" | **<b>+5%**</b>
|}
</div>
Line 523 ⟶ 550:
|}
</div>
 
<!-- furniture -->
 
<div class="ed-fn-notes" style="display:none">
Line 533 ⟶ 558:
=== 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">
Line 540 ⟶ 569:
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
Line 564 ⟶ 593:
| style="text-align:right" | -10%
|-
| style="text-align:left" | <b>Total PVEP</b>
| style="text-align:right" | <b>50.9</b>
| style="text-align:right" | <b>49.4</b>
| style="text-align:right" | <b>-2%</b>
|}
</div>
Line 607 ⟶ 636:
|}
</div>
 
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
 
Change at constant scope and FX.
Line 616 ⟶ 641:
{{pdf page|19|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
<!-- furniture -->
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ Contractual Service Margin rollforward (In Euro billion)
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
Line 645 ⟶ 672:
| style="text-align:right" | -1.4
|-
| style="text-align:left" | <b>FY25</b>
| style="text-align:right" | <b>33.0</b>
|}
</div>
 
* '''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
* FX impact mainly from JPY and HKD depreciation
 
'''CSM breakdown'''
* FY24 o/w Life: 25.8
* FY24 o/w Health: 7.7
* FY25 o/w Life: 25.4
* FY25 o/w Health: 7.6
 
Key Drivers
 
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
* Economic variance reflecting government spreads tightening and positive equity market returns
* Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
* FX impact mainly from JPY and HKD depreciation
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Change at constant scope and FX.}}
 
</div>
 
<!-- furniture -->
 
{{pdf page|20|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
<!-- furniture -->
 
<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|+ Underlying Earnings (In Euro million)+7%
|-
! style="text-align:left" | In Euro million
Line 683 ⟶ 709:
! class="col-s" style="text-align:right" | Tax, FX and others
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | —
| 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
|-
| 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 695 ⟶ 729:
| style="text-align:right" | 2,680
| style="text-align:left" | —
| style="text-align:left" | +156—
| style="text-align:right" | —
| style="text-align:right" | —
Line 704 ⟶ 738:
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -11—
| style="text-align:right" | —
| style="text-align:right" | 946
Line 713 ⟶ 747:
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | -27—
| style="text-align:right" | -728
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,323
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 3,501
|}
</div>
 
&#42;in billions*
Underlying Earnings growth
 
* Underlying Earnings +7% (Change at constant FX)
* o/w Life: 2.6 in billions (FY24) to→ 2.7 in billions (FY25), +4% vs. FY24
* o/w Health: 0.7 in billions (FY24) to→ 0.8 in billions (FY25), +17% vs. FY24
 
Change at constant FX.
 
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 -->
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Change at constant FX.}}
</div>
 
{{pdf page|21|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 748 ⟶ 769:
|+ 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-sm" style="text-align:right" | Change
|-
| style="text-align:left" | Property &amp; Casualty
Line 773 ⟶ 794:
| style="text-align:right" | -
|-
| style="text-align:left" | <b>Underlying earnings</b>
| style="text-align:right" | <b>8.1</b>
| style="text-align:right" | <b>8.4</b>
| style="text-align:right" | <b>+6%</b>
|-
| style="text-align:left" | Non-financial flows
Line 783 ⟶ 804:
| style="text-align:right" | —
|-
| style="text-align:left" | <i>o/w capital gains from AXA IM disposal</i>
| style="text-align:right" | —
| style="text-align:right" | +2.2
Line 793 ⟶ 814:
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Net income</b>
| style="text-align:right" | <b>7.9</b>
| style="text-align:right" | <b>9.8</b>
| style="text-align:right" | <b>+26%</b>
|}
</div>
 
'''Underlying earnings'''
* Strong performance from insurance businesses
* Stable holding cost, expected to remain at current level in 2026
 
'''Net Income'''
* Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM
* Lower financial flows reflecting unfavorable forex impact
Line 815 ⟶ 836:
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying earnings per share
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
|-
| style="text-align:left" | Change
| style="text-align:right" | —
| style="text-align:right" | +8%
|}
Line 830 ⟶ 853:
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}
 
</div>
 
Line 836 ⟶ 859:
=== Shareholders’ Equity ===
 
'''In Euro billion'''
 
<div style="overflow-x:auto">
Line 843 ⟶ 866:
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | HY25
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | SHE (excl. OCI)
Line 857 ⟶ 880:
| style="text-align:right" | -6.8
|-
| style="text-align:left" | Total <b>Shareholders' equity</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>45.5</b>
| style="text-align:right" | <b>47.2</b>
|-
| style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt)
Line 881 ⟶ 904:
<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|+ FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24 to FY25
! class="col-sm" style="text-align:right" | HY25 to FY25
|-
| style="text-align:left" | <b>Opening Shareholders' equity</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>45.5</b>
|-
| style="text-align:left" | Change in Net OCI
Line 922 ⟶ 946:
| style="text-align:right" | 0.3
|-
| style="text-align:left" | <b>Closing Shareholders' equity</b>
| style="text-align:right" | <b>47.2</b>
| style="text-align:right" | <b>47.2</b>
|}
</div>
Line 934 ⟶ 958:
{{pdf page|23|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Higher organic cash remittance and robust cash position at Holding ===
 
In Euro billion
 
<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|+ Net Cash Remittance (In Euro billion)
|-
! style="text-align:left" | In Euro billion
Line 945 ⟶ 967:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Proceeds related to in-force treaties{{fn ref|2|2=2. €0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
| style="text-align:right" | 0.6
| style="text-align:right" | —
Line 953 ⟶ 975:
| style="text-align:right" | 7.5
|-
| style="text-align:left" | <b>Total Net Cash Remittance</b>
| style="text-align:right" | <b>7.7</b>
| style="text-align:right" | <b>7.5</b>
|-
| style="text-align:left" | Remittance ratio{{fn ref|1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
| style="text-align:right" | 82%
| style="text-align:right" | 82%
Line 965 ⟶ 987:
<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|+ FY24 to FY25 Cash Position (In Euro billion)
|-
!| style="text-align:left" | In<b>FY24 EuroCash billionposition</b>
! class="col-s"| style="text-align:right" | <b>4.0</b>
|-
| style="text-align:left" | FY24 Cash position
| style="text-align:right" | 4.0
|-
| style="text-align:left" | Net cash remittance from subsidiaries
Line 993 ⟶ 1,013:
| style="text-align:right" | +3.1
|-
| style="text-align:left" | <b>FY25 Cash position</b>
| style="text-align:right" | <b>5.6</b>
|}
</div>
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
{{fn note|1=2|2=2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
</div>
 
Line 1,008 ⟶ 1,028:
<div style="overflow-x:auto">
{| id="t22" class="wikitable fintable"
|+ Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio waterfallbridges
|-
! 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 1,018 ⟶ 1,038:
! class="col-s" style="text-align:right" | Dividend &amp; annual share buyback
! class="col-s" style="text-align:right" | Management actions, debt &amp; other
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | Eligible Own Funds (EOF)
Line 1,028 ⟶ 1,048:
| style="text-align:right" | -6.0
| style="text-align:right" | -0.1
| style="text-align:right" | <b>56.4</b>
|-
| style="text-align:left" | Solvency II ratio
Line 1,038 ⟶ 1,058:
| style="text-align:right" | -24pts
| style="text-align:right" | +2pts
| style="text-align:right" | <b>224%</b>
|-
| style="text-align:left" | Solvency Capital Requirement (SCR)
Line 1,048 ⟶ 1,068:
| style="text-align:right" | 0.0
| style="text-align:right" | -0.2
| style="text-align:right" | <b>25.2</b>
|}
</div>
Line 1,061 ⟶ 1,081:
|-
| style="text-align:left" | Ratio as of December 31, 2025
| style="text-align:right" | <b>224%</b>
|-
| style="text-align:left" | Interest rate +50bps
Line 1,072 ⟶ 1,092:
| 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 1,096 ⟶ 1,116:
 
<div class="ed-fn-notes" style="display:none">
{{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).}}
</div>
 
Line 1,103 ⟶ 1,123:
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
* Ratio as of 31/12/2025: 224%
<div style="overflow-x:auto">
* Impact of the end of grandfathering period on January 1, 2026: -10pts to 215%
{| id="t24" class="wikitable"
* Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
|+ Solvency II – impact of the end of grandfathering period and Solvency II revision
* Impact of Solvency II revision to come into effect in 1Q27: +17pts{{fn ref|1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
|-
! style="text-align:left" | Impact
! style="text-align:right" | Value
! 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>
* No change expected in organic capital generation
* Additional capital flexibility
</td>
</tr>
</table>
 
<div class="ed-fn-notes" style="display:none">
{{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.}}
</div>
 
Line 1,137:
== Conclusion ==
 
'''Thomas Buberl, Group CEO'''
 
{{pdf page|27|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 1,153:
=== AXA Investor Relations – Keep in touch ===
 
'''Meet our management'''
* March: Roadshows — Europe and US
* May 5: 1Q25 Activity Indicators — Paris
Line 1,161:
* September 21: AXA Investor Day — London
 
'''Contact us'''
* Investor Relations
* +33 1 40 75 48 42
* investor.relations@axa.com
 
'''Follow us'''
* www.axa.com
 
Line 1,182:
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
In Euro billion
Debt gearing
* FY24: 20.6%
* FY25: 22.3%
 
<div style="overflow-x:auto">
{| id="t25t24" class="wikitable fintable"
|+ Gross financial debt{{fn ref|1,2}} (In Euro billion)
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | Jan 1st 2026 End of the grandfathering period
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 22.3%
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 1
Line 1,210 ⟶ 1,213:
| style="text-align:right" | 5.8
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>19.2</b>
| style="text-align:right" | <b>20.3</b>
| style="text-align:right" | <b>20.3</b>
|}
</div>
Line 1,220 ⟶ 1,223:
 
<div style="overflow-x:auto">
{| id="t26t25" class="wikitable fintable"
|+ Contractual maturity breakdown (In Euro billion)
|-
! style="text-align:left" | In Euro billion
Line 1,234 ⟶ 1,237:
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | TierSenior 1debt
| 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 1,256 ⟶ 1,259:
| style="text-align:right" | 0.7
|-
| style="text-align:left" | SeniorTier debt1
| 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:right" | 4.6
|-
| style="text-align:left" | **<b>o/w Grandfathered debt**</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,303 ⟶ 1,306:
 
<div style="overflow-x:auto">
{| id="t27t26" 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 1,317 ⟶ 1,320:
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | TierSenior 1debt
| 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" | 0.75
| 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
Line 1,332 ⟶ 1,335:
| style="text-align:right" | —
| style="text-align:right" | 2.4
| style="text-align:right" | 0.5—
| style="text-align:right" | 2.0
| style="text-align:right" | 0.97
| style="text-align:right" | 6.4
| style="text-align:right" | —
| style="text-align:right" | 0.7
|-
| style="text-align:left" | SeniorTier debt1
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 0.1
| 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" | **<b>o/w Grandfathered debt**</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,394 ⟶ 1,397:
=== General Account Invested Assets ===
 
'''FY25 Total General Account invested assets'''
* Duration gap at -0.4 year
* Euro 450 billion
 
<div style="overflow-x:auto">
{| id="t28t27" class="wikitable fintable"
|+ Invested assets (100%)
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | %
|-
| style="text-align:left" | Fixed income
Line 1,446 ⟶ 1,449:
| style="text-align:right" | 0%
|-
| style="text-align:left" | <b>Total Insurance Invested Assets {{fn ref|4|2=Please refer to the financial supplement for more details.}}</b>
| style="text-align:right" | <b>450</b>
| style="text-align:right" | <b>100%</b>
|}
</div>
Line 1,463 ⟶ 1,466:
 
<div style="overflow-x:auto">
{| id="t29t28" class="wikitable fintable"
|+ Structured and Private Credit assets
|+ Invested assets (100%)
|-
! 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
Line 1,501 ⟶ 1,504:
| style="text-align:left" | —
|-
| style="text-align:left" | <b>Total Structured and Private Credit Assets</b>
| style="text-align:right" | <b>69</b>
| style="text-align:right" | <b>15%</b>
| style="text-align:left" | o/w 54% participating
|}
Line 1,516 ⟶ 1,519:
 
<div style="overflow-x:auto">
{| id="t30t29" class="wikitable fintable"
|+ FY25 Fixed Income Reinvestment
|-
Line 1,522 ⟶ 1,525:
! class="col-m" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Government bonds &amp; related – (Average rating: AA)
| style="text-align:right" | 32%
|-
| style="text-align:left" | Investment grade credit – (Average rating: A)
| style="text-align:right" | 40%
|-
Line 1,534 ⟶ 1,537:
| style="text-align:right" | 7%
|-
| style="text-align:left" | **<b>Total**</b>
| style="text-align:right" | **<b>Euro 57 billion**</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t31t30" 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 1,557 ⟶ 1,560:
</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 1,577 ⟶ 1,580:
=== AXA XL Insurance – Large Commercial & Specialty business ===
 
'''Well diversified across lines of business and geographies'''
 
<div style="overflow-x:auto">
{| id="t32t31" 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 1,595 ⟶ 1,598:
| style="text-align:right" | 19%
|-
| style="text-align:left" | Professional lines{{fn ref|1|2=Including Cyber;}}
| style="text-align:right" | 17%
|}
Line 1,601 ⟶ 1,604:
 
<div style="overflow-x:auto">
{| id="t33t32" 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 1,618 ⟶ 1,621:
</div>
 
'''Leading market positions across lines'''
 
* Top 3 globally
* Multinational Programs{{fn ref|2|2=Source: McKinsey;}}
* Marine{{fn ref|3|2=Source: Aon, Guy Carpenter, and Global Market Insights;}}
* Fine Art & Specie{{fn ref|4|2=Source: Industry Research Biz (January 2026).}}
 
'''Managing the cycle to deliver consistent profitability'''
 
* Qualitative chart: Profitability vs Ex-price growth (%)
* Managing the cycle to deliver consistent profitability:
* Property: High profitability, high ex-price growth
* Professional lines
* Specialty: Medium-high profitability, medium-high ex-price growth
* Casualty
* Casualty: Medium profitability, medium ex-price growth
* Specialty
* Professional lines: Low-medium profitability, low-medium ex-price growth
* Property
* Note: Chart shows Profitability vs Ex-price growth (%) — values not printed.
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Including Cyber;}}
{{fn note|1=2|2=Source: McKinsey;}}
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights;}}
{{fn note|1=4|2=Source: Industry Research Biz (January 2026).}}
</div>
 
Line 1,645 ⟶ 1,647:
 
<div style="overflow-x:auto">
{| id="t34t33" class="wikitable fintable"
|+ Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)
|-
! style="text-align:left" | Accounting Basis
! colspan="5" style="text-align:centerright" | IFRS4FY18
! colspan="4" style="text-align:centerright" | IFRS17FY19
! style="text-align:right" | FY20
! style="text-align:right" | FY21
! style="text-align:right" | FY22
! style="text-align:right" | FY22
! style="text-align:right" | FY23
! style="text-align:right" | FY24
! style="text-align:right" | FY25
|-
!| style="text-align:left" | PeriodAccounting Basis
!| classcolspan="col-s5" style="text-align:right" | FY18IFRS4
!| classcolspan="col-s4" style="text-align:right" | FY19IFRS17
! class="col-s" style="text-align:right" | FY20
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY23
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Ratio
Line 1,677 ⟶ 1,679:
 
<div style="overflow-x:auto">
{| id="t35t34" 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:centerright" | IFRS4FY18
! colspan="4" style="text-align:centerright" | IFRS17FY19
! style="text-align:right" | FY20
! style="text-align:right" | FY21
! style="text-align:right" | FY22
! style="text-align:right" | FY22
! style="text-align:right" | FY23
! style="text-align:right" | FY24
! style="text-align:right" | FY25
|-
!| style="text-align:left" | PeriodAccounting Basis
!| classcolspan="col-s5" style="text-align:right" | FY18IFRS4
!| classcolspan="col-s4" style="text-align:right" | FY19IFRS17
! class="col-s" style="text-align:right" | FY20
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY23
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Ratio
Line 1,715 ⟶ 1,717:
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program{{fn ref|1|2=Excludes local reinsurance covers;}} ===
 
'''Insurance segment (occurrence protection)'''
 
<div style="overflow-x:auto">
{| id="t36t35" class="wikitable fintable"
|+ In Euro
|-
Line 1,747 ⟶ 1,749:
</div>
 
'''Reinsurance segment (illustrative)'''
* Alternative Capital & Cat Bonds
 
'''Key Takeaway'''
* Stable retention levels maintained in 2026 as in 2025
 
Line 1,761 ⟶ 1,763:
{{pdf page|40|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost{{fn ref|1|2=Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).}} in 2026 ===
 
'''In Euro billion (net of reinsurance)'''
 
<div style="overflow-x:auto">
{| id="t37t36" 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" | Probability
! style="text-align:right" | Return PeriodPercentile
! style="text-align:right" | Earnings Deviation
|-
| style="text-align:left" | 95th1/20y
| style="text-align:right" | 1/20y(95th)
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 90th1/10y
| style="text-align:right" | 1/10y(90th)
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 80th1/5y
| style="text-align:right" | 1/5y(80th)
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | 50thMedian
| style="text-align:right" | Median(50th)
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 20th1/5y
| style="text-align:right" | 1/5y(20th)
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 10th1/10y
| style="text-align:right" | 1/10y(10th)
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 5th1/20y
| style="text-align:right" | 1/20y(5th)
| style="text-align:right" | €+0.8bn
|}
Line 1,806 ⟶ 1,810:
 
<div style="overflow-x:auto">
{| id="t38t37" class="wikitable"
|+ Average Expected Nat Cat charges (net of reinsurance, pre-tax)
|-
Line 1,837 ⟶ 1,841:
=== P&C – Margin Analysis ===
 
Technical Result
<div style="overflow-x:auto">
{| id="t39t38" 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
|-
| style="text-align:left" | <b>Current Accident Year Undiscounted Technical Margin</b>
| style="text-align:right" | <b>2,778</b>
| style="text-align:right" | <b>+707</b>
|-
| style="text-align:left" | Gross Earned Premiums
Line 1,862 ⟶ 1,865:
| style="text-align:right" | -0.4pt
|-
| style="text-align:left" | Current Accident Year Discounting—
| style="text-align:right" | 2,009—
| style="text-align:right" | +115—
|-
| style="text-align:left" | <b>Current Accident Year Discounting</b>
| style="text-align:right" | <b>2,009</b>
| style="text-align:right" | <b>+115</b>
|-
| style="text-align:left" | Discounting Ratio (in Combined Ratio points)
Line 1,882 ⟶ 1,889:
| style="text-align:right" | —
|-
| style="text-align:left" | Prior Years' Reserve Development (PYD)—
| style="text-align:right" | 622—
| style="text-align:right" | -341—
|-
| style="text-align:left" | <b>Prior Years' Reserve Development (PYD)</b>
| style="text-align:right" | <b>622</b>
| style="text-align:right" | <b>-341</b>
|-
| style="text-align:left" | PYD ratio
Line 1,892 ⟶ 1,903:
</div>
 
* 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="t40t39" 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
|-
| style="text-align:left" | <b>Investment Income</b>
| style="text-align:right" | <b>3,988</b>
| style="text-align:right" | <b>+435</b>
|-
| style="text-align:left" | FY25 Average Assets
Line 1,921 ⟶ 1,927:
| style="text-align:right" | —
|-
| style="text-align:left" | Insurance Finance Expenses—
| style="text-align:right" | -1,358—
| style="text-align:right" | -235—
|-
| style="text-align:left" | <b>Insurance Finance Expenses</b>
| style="text-align:right" | <b>-1,358</b>
| style="text-align:right" | <b>-235</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
Line 1,935 ⟶ 1,945:
</div>
 
'''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.}}'''
* 2026e Insurance Finance Expenses (pre-tax)
* ~+25bps: €-1+0.4bn2bn
* -25bps: €-0.2bn
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount
* +25bps: ~ €-50m
* -25bps: ~ €+50m
 
Underlying Earnings
<div style="overflow-x:auto">
{| id="t41t40" class="wikitable fintable"
|+ Underlying Earnings
|+ 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
|-
| style="text-align:left" | <b>Underlying Earnings before tax</b>
| style="text-align:right" | <b>8,040</b>
| style="text-align:right" | <b>+681</b>
|-
| style="text-align:left" | Tax
Line 1,962 ⟶ 1,969:
| style="text-align:right" | -10
|-
| style="text-align:left" | <b>Underlying Earnings</b>
| style="text-align:right" | <b>5,872</b>
| style="text-align:right" | <b>+501</b>
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
Line 1,971 ⟶ 1,978:
|}
</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
 
Changes versus FY24 at constant FX.
Line 1,981 ⟶ 1,995:
=== L&H – Margin Analysis ===
 
'''Includes scope impact'''
* Incl. recapture of Laya
 
<div style="overflow-x:auto">
{| id="t42t41" class="wikitable fintable"
|+ Technical Result (In Euro million, pre-tax)
|-
! style="text-align:left" | In Euro million, pre-tax
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Short-term Technical Margin</b>
| style="text-align:right" | <b>479</b>
| style="text-align:right" | <b>+60</b>
|-
| style="text-align:left" | Gross Earned Premiums
Line 2,004 ⟶ 2,017:
| style="text-align:right" | -0.1pts
|-
| style="text-align:left" | <b>Long-term Technical Margin</b>
| style="text-align:right" | <b>2,804</b>
| style="text-align:right" | <b>+156</b>
|-
| style="text-align:left" | CSM release
Line 2,017 ⟶ 2,030:
|}
</div>
 
* Incl. recapture of Laya
 
<div style="overflow-x:auto">
{| id="t43t42" 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
|-
| style="text-align:left" | <b>Investment Income (non-VFA only)</b>
| style="text-align:right" | <b>2,484</b>
| style="text-align:right" | <b>-1</b>
|-
| style="text-align:left" | FY25 Average Assets
Line 2,042 ⟶ 2,057:
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Insurance Finance Expenses (non-VFA only)</b>
| style="text-align:right" | <b>-1,538</b>
| style="text-align:right" | <b>-9</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
Line 2,057 ⟶ 2,072:
 
<div style="overflow-x:auto">
{| id="t44t43" class="wikitable fintable"
|+ Life &amp; Health FY25 CSM Key Sensitivities (in Euro billion)
|-
! style="text-align:left" | (in Euro billion)
! class="col-m" style="text-align:right" |
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| style="text-align:left" | Interest rates +50bps
Line 2,090 ⟶ 2,108:
 
<div style="overflow-x:auto">
{| id="t45t44" 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
|-
| style="text-align:left" | <b>Underlying Earnings before tax</b>
| style="text-align:right" | <b>4,229</b>
| style="text-align:right" | <b>+205</b>
|-
| style="text-align:left" | Tax
Line 2,108 ⟶ 2,126:
| style="text-align:right" | -51
|-
| style="text-align:left" | <b>Underlying Earnings</b>
| style="text-align:right" | <b>3,501</b>
| style="text-align:right" | <b>+219</b>
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
Line 2,121 ⟶ 2,139:
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
</div>
 
Changes versus FY24 at constant FX.
 
{{pdf page|44|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 2,135 ⟶ 2,151:
 
<div style="overflow-x:auto">
{| id="t46t45" class="wikitable"
|+ As a GLOBAL INVESTOR
|-
! style="text-align:left" | TargetMetric
! style="text-align:right" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €5bn{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in climate transition financing per year
| style="text-align:right" | €5bn{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
| style="text-align:right" | €6.4bn
|-
| style="text-align:left" | &gt;€500m{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in community resilience financing per year
| style="text-align:right" | &gt;€500m{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
| style="text-align:right" | €1.4bn
|}
Line 2,150 ⟶ 2,169:
 
<div style="overflow-x:auto">
{| id="t47t46" class="wikitable"
|+ As a GLOBAL INSURER
|-
! style="text-align:left" | TargetMetric
! style="text-align:right" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:right" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
| style="text-align:right" | €4.6bn
|-
| style="text-align:left" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}} climate adaptation solutions &amp; services (cumulative 2024-2026) <i>Target revised in 2025</i>
| style="text-align:right" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}}
| style="text-align:right" | 19,698 Cumulative 2024-2025
| style="text-align:right" | 19,698<br/>Cumulative 2024-2025
|-
| style="text-align:left" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026
| style="text-align:right" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
| style="text-align:right" | 20.6m
|}
Line 2,168 ⟶ 2,191:
 
<div style="overflow-x:auto">
{| id="t48t47" class="wikitable fintable"
|+ As a COMPANY
|-
! style="text-align:left" | TargetMetric
! class="col-s" style="text-align:right" | Target
! class="col-m" style="text-align:right" | 2025 Result
|-
| style="text-align:left" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} AXA Group employees trained on climate adaptation by 2026
| style="text-align:right" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}
| style="text-align:right" | 46,420
|-
| style="text-align:left" | Contribute to Net-Zero -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030 in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
| style="text-align:right" | -6450%{{fn Reductionref|7|2=Variation againstof AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}
| style="text-align:right" | -64%<br/>Reduction against 2019
|-
| style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026
| style="text-align:right" | 50%
| style="text-align:right" | 56%
|}
Line 2,188 ⟶ 2,215:
{{fn note|1=1|2=AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.}}
{{fn note|1=2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
{{fn note|1=3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
{{fn note|1=4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}}
{{fn note|1=5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
{{fn note|1=6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}
Line 2,199 ⟶ 2,226:
=== Sustainability Performance & Ratings ===
 
'''S&P Global'''
* 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: 17.0–0 – Low risk
 
'''FTSE RUSSELL An LSEG Business'''
* 2025 score: 4.3/5 in FTSE4Good Index Series
 
<div class="ed-fn-notes" style="display:none">
{{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.}}
</div>
 
Line 2,228 ⟶ 2,255:
* 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'''
 
{{pdf page|48|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Retrieved from "https://www.insurerbrain.com/wiki/Document:AXA/2025/FY/Earnings_presentation"