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| pages = 20
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_release.md->
| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).
| wide = yes
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}}
 
''This article summarizes [[Definition:AXA|AXA]]'s [[Definition:Earnings release|Earnings release]] published on 2026-02-26 (20 pages).''
 
== Press release ==
 
{{chunk|doc=chq99br5nr|c=1|p=1}}
====== '''Announcement details ======'''
 
* Paris, February 26th, [[Definition:Year 2026|2026]] (6:45am CET)
Line 29:
 
{{chunk|doc=chq99br5nr|c=2|p=1}}
======'''[[Definition:Underlying earnings per share|Underlying EPS]] growth ======'''
 
* [[Definition:AXA|AXA]] reports record results with [[Definition:Underlying earnings per share|underlying EPS]] growth at the top end of the [[Definition:Target range|target range]].
 
== Key FY25 highlights ==
 
{{chunk|doc=chq99br5nr|c=3|p=1}}
======'''[[Definition:Gross written premiums|Gross written premiums]] and underlying[[Definition:Underlying earnings|underlying ======earnings]]'''
 
{| class="wikitable chunkinfo"
| [[Definition:Gross written premiums & other revenues|GWP & other revenues]]; [[Definition:Full year 2025|FY25]] || 116 (EUR bn)▼
|-
| [[Definition:Underlying earnings|UE]]; [[Definition:Full year 2025|FY25]] || 8.4 (EUR bn)▼
|-
| [[Definition:Underlying earnings per share|UEPS]]; [[Definition:Full year 2025|FY25]] || 3.86 (EUR)▼
|}
 
* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]: EUR 116bn, +6% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings|Underlying earnings]]: EUR 8.4bn, +6% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings|Underlying earnings]] (excluding [[Definition:AXA Investment Managers|AXA IM]]): +9%
* [[Definition:Underlying earnings per share|Underlying earnings per share]]: EUR 3.86, +8% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings per share|Underlying earnings per share]] impact from [[Definition:Foreign exchange|foreign exchange movements]]: -2% [[Definition:Headwind|headwind]]
* [[Definition:Underlying earnings per share|Underlying earnings per share]] impact from temporary [[Definition:Earnings dilution|earnings dilution]] from [[Definition:AXA Investment Managers|AXA IM]] sale (due to timing of anti-dilutive [[Definition:Share buyback|share buyback]]): -1%
 
{{chunk|doc=chq99br5nr|c=4|p=1}}
====== '''Solvency II ratio ======'''
 
{| class="wikitable chunkinfo"
| Tags || [[Definition:Capital management|Capital management]]
|-
| Solvency II ratio; [[Definition:Full year 2025|December 31, 2025]] || 224 (%)
|-
| Solvency II ratio; [[Definition:Year 2026|January 1, 2026]] || 215 (%)
|}
 
* Solvency II ratio: 224% at December 31, 2025, +9 points vs. [[Definition:Full year 2024|FY24]]
Line 70 ⟶ 54:
 
{{chunk|doc=chq99br5nr|c=5|p=1}}
====== '''Shareholder returns ======'''
 
* [[Definition:Dividend|Dividend]] of EUR 2.32 per share, up +8% vs. [[Definition:Full year 2024|FY24]].
* Launch of an annual [[Definition:Share buyback|share buyback]] program of up to EUR 1.25bn.
* Completion of EUR 3.8bn additional [[Definition:Share buyback|share buyback]] related to [[Definition:AXA Investment Managers|AXA IM]] disposal, executed between July 2, 2025, and January 20, [[Definition:Year 2026|2026]].
 
== Outlook ==
 
{{chunk|doc=chq99br5nr|c=6|p=1}}
====== '''Outlook and strategic plan ======'''
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth for [[Definition:Year 2026|2026]] expected at the upper end of the 6-8% plan [[Definition:Target range|target range]].
* Expected impact of Solvency II revision at +17 points.
* [[Definition:AXA|AXA]] to present its new strategic plan for 2027-2029 on September 21, [[Definition:Year 2026|2026]].
 
{{chunk|doc=chq99br5nr|c=7|p=1}}
====== '''2025 performance and segment results ======'''
 
* [[Definition:AXA|AXA]] delivered +9% earnings growth in core businesses (excluding [[Definition:AXA Investment Managers|AXA IM]]) in 2025.
* Reserve prudence enhanced following strong 2025 results.
* [[Definition:Property & casualty|P&C]] franchise posted stellar results, combining price and volume with best-in-class margins, lower expense ratio, and higher investment income.
* [[Definition:AXA XL|AXA XL]] Insurance increased earnings with stable underlying margins.
* [[Definition:Life & health|Life & Health]] earnings rose +7%.
** Life earnings reflect early benefits of business rejuvenation strategy.
** Health earnings grew +17%, even after absorbing adverse change on VAT treatment in Mexico.
* Investments in automation and Artificial Intelligence are driving efficiency gains.
* Solvency II ratio is at a very strong level.
* Results demonstrate the earnings power of [[Definition:AXA|AXA]]'s well-diversified franchise and reinforce confidence in generating sustainable, long-term value.
* Thomas Buberl, CEO of [[Definition:AXA|AXA]], thanked colleagues, agents, partners, and customers for their commitment and trust.
 
== FY25 key highlights ==
 
{{chunk|doc=chq99br5nr|c=8|p=2}}
====== Gross written premiums & other revenues by lines of business ======
 
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
▲|+ [[Definition:UnderlyingKey earnings|UE]];figures – [[Definition:Full year 2025|FY25]] || 8.4 (EURkey bn)highlights
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at comparable basis
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums &amp; other revenues]]{{fn ref|1|2=Change in gross written premiums &amp; other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
Line 120 ⟶ 104:
| style="text-align:right" | +6%
|-
| style="text-align:left" | o/w [[Definition:Property & casualty|Property &amp; Casualty]]
| style="text-align:right" | 56,514
| style="text-align:right" | 58,038
Line 126 ⟶ 110:
| style="text-align:right" | +5%
|-
| style="text-align:left" | o/w [[Definition:Life & health|Life &amp; Health]]
| style="text-align:right" | 51,983
| style="text-align:right" | 56,512
Line 132 ⟶ 116:
| style="text-align:right" | +8%
|-
| style="text-align:left" | o/w [[Definition:AXA Investment Managers|Asset Management]]
| style="text-align:right" | 1,701
| style="text-align:right" | 875
Line 139 ⟶ 123:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=9|p=2}}▼
====== FY25 key highlights ======
 
<div style="overflow-x:auto">
Line 147 ⟶ 128:
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]]{{fn ref|2|2='Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
Line 165 ⟶ 146:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=10|p=2}}
====== Solvency II ratio (%) ======
 
<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" |
Line 188 ⟶ 166:
=== Activity indicators ===
 
{{chunk|doc=chq99br5nr|c=119|p=2}}
======'''[[Definition:Gross written premiums|gross written premiums]] and [[Definition:Other revenue|other revenues]] by [[Definition:Business mix|business line ======]]'''
 
* Total [[Definition:Gross written premiums|gross written premiums]] and [[Definition:Other revenue|other revenues]] were up 6%.
* [[Definition:Property & casualty|Property & Casualty]] ([[Definition:Property & casualty|P&C]]) premiums +5%.
** Commercial lines +4%, driven by higher volumes (notably at [[Definition:AXA XL|AXA XL]] Insurance) and favorable price effects across all geographies.
** Personal lines +7%, driven by favorable price effects and strong growth in net new contracts (notably in [[Definition:AXA France|France]], [[Definition:AXA Europe|Europe]], Asia & EME-LATAM).
** [[Definition:AXA XL|AXA XL]] Reinsurance +8%, supported by alternative capital.
* [[Definition:Life & health|Life & Health]] premiums +8%.
** Life premiums +9%.
*** Protection +11%, from strong sales in Hong Kong, Switzerland, and Japan.
*** Unit-Linked +13%, from higher volumes across all geographies.
*** G/A +4%, from continued momentum in Italy and [[Definition:AXA France|France]].
** Health premiums +5%, driven by price effects in all geographies.
 
=== Earnings ===
 
{{chunk|doc=chq99br5nr|c=1210|p=2}}
'''[[Definition:Underlying earnings|Underlying earnings]] and EPS'''
====== Earnings ======
 
* [[Definition:Underlying earnings|Underlying earnings]] increased by 6% to EUR 8.4bn, or +9% excluding [[Definition:AXA Investment Managers|AXA IM]].
=== Theme: Underlying earnings and EPS [¶1-¶ ===
* [[Definition:Underlying earnings|Underlying earnings]] growth was driven by:
** [[Definition:Property & casualty|Property & Casualty]]: +9%, from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income.
** [[Definition:Life & health|Life & Health]]: +7%, from improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from business rejuvenation strategy.
* Holdings [[Definition:Underlying earnings|underlying earnings]] remained broadly stable at EUR -1.2bn.
* [[Definition:AXA Investment Managers|Asset Management]] [[Definition:Underlying earnings|underlying earnings]] decreased by EUR 0.2bn due to the disposal of [[Definition:AXA Investment Managers|AXA IM]] on July 1, 2025.
▲|* [[Definition:Underlying earnings per share|UEPS]];Underlying [[Definition:Fullearnings yearper 2025|FY25share]] ||increased by 8% to EUR 3.86, (EUR)driven by:
** Increase in [[Definition:Underlying earnings|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.
** Impact of [[Definition:Share buyback|share buybacks]] (+3%), including the annual [[Definition:Share buyback|share buyback]] program and the anti-dilutive [[Definition:Share buyback|share buyback]] associated with the sale of [[Definition:AXA Investment Managers|AXA IM]].
* This increase was partially offset by the unfavorable impact of [[Definition:Foreign exchange|foreign exchange]] rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).
* The sale of [[Definition:AXA Investment Managers|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share|underlying earnings per share]] due to the timing of the associated [[Definition:Share buyback|share buyback]] (-1%).
 
▲{{chunk|doc=chq99br5nr|c=911|p=2}}
'''Net income'''
 
* Net income increased by 26% to EUR 9.8bn.
* This increase mainly reflects the rise in [[Definition:Underlying earnings|underlying earnings]] and significantly positive exceptional items, notably the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
 
== Balance sheet ==
 
{{chunk|doc=chq99br5nr|c=1312|p=3}}
====== '''Shareholders' equity ======'''
 
* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
* The decrease was due to: [[Definition:Full year 2024|FY24]] [[Definition:Dividend|dividend]] paid to shareholders (EUR -4.6bn), [[Definition:Share buyback|share buybacks]] in 2025 (EUR -4.7bn) including a EUR 3.5bn anti-dilutive [[Definition:Share buyback|buyback]] related to the [[Definition:AXA Investment Managers|AXA IM]] sale, and unfavorable [[Definition:Foreign exchange|foreign exchange]] impact (EUR -3.5bn) mainly from USD depreciation.
* These negative impacts more than offset positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).
 
{{chunk|doc=chq99br5nr|c=1413|p=3}}
====== '''CSM and Solvency II ratio ======'''
 
* CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
* New business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), leading to +2% normalized growth in CSM.
* Favorable market conditions (EUR +0.6bn) from tightening government spreads and positive equity market performance were more than offset by unfavorable [[Definition:Foreign exchange|foreign exchange]] impacts (EUR -1.5bn), mainly from JPY and HKD depreciation, and negative operating variance (EUR -0.3bn) due to a reduction in [[Definition:AXA|Group]] Life business duration in Switzerland despite better margins and net flows.
* Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
* This increase was driven by: strong operating return (+28 points) net of [[Definition:Dividend|dividend]] provision and annual [[Definition:Share buyback|share buyback]] (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points).
* These positive impacts were partly offset by the net impact of Nobis and Prima acquisitions and the [[Definition:AXA Investment Managers|AXA IM]] disposal, including the associated EUR 3.8bn [[Definition:Share buyback|share buyback]] (-5 points).
* As of January 1, [[Definition:Year 2026|2026]], the Solvency II ratio decreased by -10 points to 215% due to capital instruments and subordinated debt subject to Solvency II transitional measures no longer qualifying as eligible own funds.
* The [[Definition:AXA|Group]] estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points.
 
{{chunk|doc=chq99br5nr|c=1514|p=3}}
====== '''Financial metrics ======'''
 
* Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, due to higher [[Definition:Underlying earnings|underlying earnings]] and lower shareholders' equity.
* Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
* This increase was driven by lower shareholders' equity and CSM, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).
* The [[Definition:AXA|Group]]'s debt gearing was in line with its 19-23% plan guidance for 2024-[[Definition:Year 2026|2026]].
* Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.
* This reflected organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.
Line 245 ⟶ 239:
== Capital management ==
 
{{chunk|doc=chq99br5nr|c=1615|p=4}}
====== '''Shareholder returns ======'''
 
* A [[Definition:Dividend|dividend]] of EUR 2.32 per share (+8% versus [[Definition:Full year 2024|FY24]]) will be proposed at the Shareholders' Annual General Meeting on April 30, [[Definition:Year 2026|2026]].
* The [[Definition:Dividend|dividend]] is expected to be paid on May 13, [[Definition:Year 2026|2026]], with an ex-dividend date on May 11, [[Definition:Year 2026|2026]].
* [[Definition:AXA|AXA]]'s Board of Directors approved on February 25, [[Definition:Year 2026|2026]], the launch of an annual [[Definition:Share buyback|share buyback]] program for up to EUR 1.25bn.
* The [[Definition:Share buyback|share buyback]] program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.
* [[Definition:AXA|AXA]] intends to cancel all shares repurchased pursuant to this [[Definition:Share buyback|share buyback]] program.
* The [[Definition:Share buyback|share buyback]] program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end.
 
== Outlook ==
 
{{chunk|doc=chq99br5nr|c=1716|p=4}}
====== ''''Unlock the Future' Plan Outlook ======'''
 
* [[Definition:AXA|AXA]] is confident in achieving its main financial targets for the 2024-[[Definition:Year 2026|2026]] 'Unlock the Future' plan.
* Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.
* [[Definition:Property & casualty|P&C]] Retail and SME & Mid-market: pricing remains favorable, with expected continued benefit from earnthrough of higher pricing and underwriting actions.
* [[Definition:AXA XL|AXA XL]]: pricing conditions vary by line; the [[Definition:AXA|Group]] will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.
* Normalized natural catastrophe load: [[Definition:AXA|Group]] guidance remains at ca. 4.5 points of combined ratio for [[Definition:Year 2026|2026]].
* [[Definition:Life & health|Life & Health]]: earnings growth expected from short-term business due to disciplined pricing and claims management.
* [[Definition:Life & health|Life & Health]]: strategy to rejuvenate sales in long-term business and improved persistency should generate positive net flows, driving CSM growth over time.
 
{{chunk|doc=chq99br5nr|c=1817|p=4}}
====== '''Holdings and Financial Targets ======'''
 
* Holdings results: expected to remain similar in [[Definition:Year 2026|2026]] as in 2025.
* Management believes [[Definition:AXA|AXA]] is on track to deliver main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and following strong 2025 operating performance.
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth: expected at the upper end of the 6-8% CAGR [[Definition:Target range|target range]] for both 2023-2026E and for [[Definition:Year 2026|2026]].
* Underlying return on equity: expected between 14% and 16% between 2024 and 2026E.
* Cumulative organic cash upstream: expected in excess of EUR 21bn for 2024-2026E.
* [[Definition:Capital management|Capital management]] policy: [[Definition:AXA|Group]] targets a total [[Definition:Payout ratio|payout ratio]] of 75%.
* [[Definition:Dividend|Dividend]] [[Definition:Payout ratio|payout ratio]]: 60%.
* Annual [[Definition:Share buyback|share buybacks]]: additional 15%.
* Proposed [[Definition:Dividend|dividend]] per share: expected to be at least equal to the prior year's [[Definition:Dividend|dividend]] per share.
 
=== Property & Casualty ===
 
{{chunk|doc=chq99br5nr|c=1918|p=5}}
====== Gross written premiums and other revenues by lines of business ======
 
<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Key figures – [[Definition:Property & casualty|Property &amp; Casualty]]
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]] Price effect{{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} (in %)
|-
| style="text-align:left" | [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]]
| style="text-align:right" | 56.5
| style="text-align:right" | 58.0
Line 313 ⟶ 307:
| style="text-align:right" | +5.2%
|-
| style="text-align:left" | o/w [[Definition:AXA XL|AXA XL]] Reinsurance
| style="text-align:right" | 2.5
| style="text-align:right" | 2.6
Line 320 ⟶ 314:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=20|p=5}}
====== All-Year Combined ratio and Underlying earnings by FY ======
 
<div style="overflow-x:auto">
Line 328 ⟶ 319:
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
|-
Line 337 ⟶ 328:
| style="text-align:right" | -0.3 pt
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]]
| style="text-align:right" | 5,510
| style="text-align:right" | 5,872
Line 344 ⟶ 335:
</div>
 
{{chunk|doc=chq99br5nr|c=2119|p=5}}
====== '''[[Definition:Gross written premiums & other revenues|Gross ======written premiums & other revenues]]'''
 
* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]] +5% to EUR 58.0bn.
* Commercial lines +4% to EUR 35.8bn.
** [[Definition:AXA XL|AXA XL]] Insurance +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes); partly offset by lower pricing and volumes in Financial lines.
** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] +13% mainly driven by Türkiye (higher average premiums) and Mexico (favorable volume and price effects).
** [[Definition:AXA France|France]] +6% from favorable price effects across all lines and higher volumes.
* Personal lines +7% to EUR 19.7bn.
** [[Definition:AXA Europe|Europe]] +5% from favorable price effects across geographies, except UK & Ireland Motor where pricing softened after strong repricing in 2024.
** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] +14% driven by Türkiye (higher average premiums and volumes).
** [[Definition:AXA France|France]] +9% with strong volume growth in all lines (direct business and proprietary agent networks) and favorable price effects in Motor.
* [[Definition:AXA XL|AXA XL]] Reinsurance +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by softening in other lines.
 
{{chunk|doc=chq99br5nr|c=2220|p=5}}
====== '''All-year combined ratio ======'''
 
* All-year combined ratio improved by 0.3pts to 90.6%.
* Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from margin expansion in Commercial lines (-0.5pts), specifically SME & mid-market business (-0.9pts) in a favorable pricing environment, while [[Definition:AXA XL|AXA XL]] Insurance margins were stable (+0.1pts).
* Also driven by lower undiscounted current year loss ratio in Personal lines (-0.4pts) in a conducive pricing environment.
* Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.
* Lower natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%).
 
{{chunk|doc=chq99br5nr|c=2321|p=6}}
'''[[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]]'''
====== P&C underlying earnings ======
 
* [[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]] +9% to EUR 5.9bn.
* Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin.
* Driven by a higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in the unwind of the discount of claims reserves.
* Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax [[Definition:Underlying earnings|underlying earnings]].
 
=== Life & Health ===
 
{{chunk|doc=chq99br5nr|c=2422|p=6}}
====== Gross written premiums & other revenues by lines of business ======
 
<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ Key figures – [[Definition:Life & health|Life &amp; Health]]
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums &amp; other revenues]]
| style="text-align:right" | 52.0
| style="text-align:right" | 56.5
Line 429 ⟶ 420:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=25|p=6}}
====== Underlying earnings by Life and Health ======
 
<div style="overflow-x:auto">
Line 437 ⟶ 425:
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant forex
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]]
| style="text-align:right" | 3,323
| style="text-align:right" | 3,501
Line 460 ⟶ 448:
==== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ====
 
{{chunk|doc=chq99br5nr|c=2623|p=6}}
'''[[Definition:Life & health|Life & Health]] [[Definition:Gross written premiums|GWP]]'''
====== Life & Health GWP ======
 
* Life [[Definition:Gross written premiums|GWP]] grew by 9% to EUR 37.5bn.
** Unit-Linked [[Definition:Gross written premiums|GWP]] +13% driven by successful sales initiatives across all geographies.
** G/A [[Definition:Gross written premiums|GWP]] +4%, notably in [[Definition:AXA France|France]] (+4%), and from elevated sales of a capital-light product in Italy.
** G/A [[Definition:Gross written premiums|GWP]] partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong.
** Protection [[Definition:Gross written premiums|GWP]] +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland.
* Health [[Definition:Gross written premiums|GWP]] grew by 5% to EUR 19.0bn, driven by favorable price effects in both [[Definition:AXA|Group]] and Individual businesses across most geographies, partly offset by lower volumes.
 
{{chunk|doc=chq99br5nr|c=2724|p=7}}
====== '''Present value of expected premiums (PVEP) ======'''
 
* Present value of expected premiums (PVEP) decreased by 2% to EUR 49.4bn.
** Life PVEP +1%, from higher volumes in Hong Kong, [[Definition:AXA France|France]], and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums.
** Health PVEP -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in [[Definition:AXA France|France]] following underwriting and pruning actions.
 
{{chunk|doc=chq99br5nr|c=2825|p=7}}
====== '''NB CSM and NBV ======'''
 
* NB CSM increased by 3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.
* NBV (post-tax) was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in [[Definition:AXA France|France]].
* NBV margin (post tax) increased by 0.1 point to 4.5%.
 
{{chunk|doc=chq99br5nr|c=2926|p=7}}
====== '''Net flows ======'''
 
* Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024.
* Net flows in 2025 were driven by:
** Protection (EUR +4.9bn), mainly in Hong Kong, Japan, and [[Definition:AXA France|France]].
** Health (EUR +2.7bn), mainly in Germany, Japan, and [[Definition:AXA France|France]].
** Unit-Linked (EUR +1.5bn), primarily in [[Definition:AXA France|France]].
** Partly offset by G/A Savings (EUR -3.7bn).
*** Inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn).
 
{{chunk|doc=chq99br5nr|c=3027|p=7}}
======'''[[Definition:Life & health|Life & Health]] underlying[[Definition:Underlying earnings|underlying ======earnings]]'''
 
* [[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]] increased by 7% to EUR 3.5bn, driven by:
** Long-term technical result (EUR +0.2bn) driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business.
** Short-term technical result (EUR +0.1bn) driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies.
** Short-term technical result more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
** Lower income taxes (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, [[Definition:AXA France|France]] and Mexico.
** Lower contribution from affiliates, notably ICBC-AXA and improved results at [[Definition:AXA|AXA]] MPS that resulted in an increase in earnings of minority shareholders.
 
== Holdings ==
 
{{chunk|doc=chq99br5nr|c=3128|p=7}}
====== '''Holdings underlying[[Definition:Underlying earnings|underlying ======earnings]]'''
 
* Holdings [[Definition:Underlying earnings|underlying earnings]] remained broadly stable at EUR -1.2bn.
Line 516 ⟶ 504:
=== Ratings ===
 
{{chunk|doc=chq99br5nr|c=3229|p=8}}
====== Insurer financial strength ratings and AXA's credit ratings by Agency ======▼
 
<div style="overflow-x:auto">
{| id="t8" class="wikitable"
▲======|+ Insurer financial strength ratings and [[Definition:AXA|AXA]]'s credit ratings by Agency ======
|-
! style="text-align:left" |
! style="text-align:right" |
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! colspan="2" style="text-align:center" | [[Definition:AXA|AXA]]'s credit ratings {{fn ref|22}}
|-
! style="text-align:left" | Agency
! style="text-align:right" | Date of last review
! style="text-align:left" | [[Definition:AXA|AXA]] SA
! style="text-align:left" | [[Definition:AXA|AXA]]'s principal insurance subsidiaries
! style="text-align:left" | Outlook
! style="text-align:right" | Senior debt of the Company
Line 565 ⟶ 553:
=== Glossary ===
 
{{chunk|doc=chq99br5nr|c=3330|p=8}}
====== '''Glossary of financial terms ======'''
 
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
* Contractual service margin ("CSM"): a component of the carrying amount of the asset or liability for a [[Definition:AXA|group]] of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
* CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
* [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]]: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).
** [[Definition:Other revenue|Other Revenues]] represent premiums and fees collected on activities other than insurance (i.e., banking, services, and [[Definition:AXA Investment Managers|asset management]] activities).
* New business contractual service margin ("NB CSM"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
* New business value ("NBV"): the value of newly issued contracts during the current year, consisting of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.
* New business value margin ("NBV Margin"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.
{{chunk|doc=chq99br5nr|c=3330|p=9|cont=1}}
* Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes, net of reinsurance.
* Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term, discounted at the reference interest rate and representing the [[Definition:AXA|Group]] share.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) other long-term elements mainly composed of non-attributable expenses.
* Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
Line 588 ⟶ 576:
=== Scope ===
 
{{chunk|doc=chq99br5nr|c=3431|p=10}}
====== '''Scope of operations by geography and entity ======'''
 
* [[Definition:AXA France|France]]: includes insurance activities, banking activities, and holding.
* [[Definition:AXA Europe|Europe]]: includes Switzerland (insurance activities); Germany (insurance activities and holding); Belgium and Luxembourg (insurance activities and holding); United Kingdom and Ireland (insurance activities and holding); Spain (insurance activities and holding); Italy (insurance activities); Prima (insurance activities); and [[Definition:AXA|AXA]] Life [[Definition:AXA Europe|Europe]] (insurance activities).
* [[Definition:AXA XL|AXA XL]]: includes insurance and reinsurance activities and holding.
* [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]:
** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand [[Definition:Property & casualty|P&C]], Indonesia L&S (excluding bancassurance entity), China [[Definition:Property & casualty|P&C]], South Korea, and Asia Holdings are fully consolidated.
** Asia: China L&S, Thailand L&S, the Philippines L&S and [[Definition:Property & casualty|P&C]], Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) are consolidated under the equity method and contribute to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
** Other: [[Definition:AXA|AXA]] Mediterranean Holdings.
* [[Definition:AXA Transversal & Other|Transversal & Other]]: includes [[Definition:AXA|AXA]] Assistance, [[Definition:AXA|AXA]] Liabilities Managers, [[Definition:AXA|AXA]] SA (including [[Definition:AXA|Group]]'s internal reinsurance activity), and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]]: includes [[Definition:AXA Investment Managers|AXA Investment Managers]], Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.
 
=== Exchange rates ===
 
{{chunk|doc=chq99br5nr|c=3532|p=10}}
====== Exchange rates ======▼
 
<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
▲======|+ Exchange rates ======
|-
! style="text-align:left" | For 1 Euro
Line 617 ⟶ 605:
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | USD
Line 656 ⟶ 644:
== Notes ==
 
{{chunk|doc=chq99br5nr|c=3633|p=11}}
====== '''Notes ======'''
 
{{fn note|1=1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}
Line 684 ⟶ 672:
{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}
 
{{chunk|doc=chq99br5nr|c=3734|p=11}}
====== '''Reporting Basis and Assumptions ======'''
 
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.
 
{{chunk|doc=chq99br5nr|c=3835|p=11}}
====== '''Financial Statement Approval ======'''
 
* [[Definition:AXA|AXA]]'s consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, [[Definition:Year 2026|2026]].
* The financial statements are subject to completion of an audit procedure by [[Definition:AXA|AXA]]'s statutory auditors.
 
== About the AXA group ==
 
{{chunk|doc=chq99br5nr|c=3936|p=12}}
====== '''[[Definition:AXA|AXA Group]] overview and financials ======'''
 
* [[Definition:AXA|AXA Group]] is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
* In 2025, IFRS17 revenues amounted to EUR 115.5bn.
* In 2025, IFRS17 [[Definition:Underlying earnings|underlying earnings]] amounted to EUR 8.4bn.
* The [[Definition:AXA|AXA]] ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
* AXA’s[[Definition:AXA|AXA]]’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
* [[Definition:AXA|AXA Group]] is included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* [[Definition:AXA|AXA]] is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance.
* [[Definition:AXA|AXA]] is a signatory of the UN Principles for Responsible Investment.
* This press release and regulated information are available on the [[Definition:AXA|AXA Group]] website (axa.com).
 
{{chunk|doc=chq99br5nr|c=4037|p=12}}
====== '''Contact information ======'''
 
* Investor Relations contact: +33.1.40.75.48.42; investor.relations@axa.com.
Line 722 ⟶ 710:
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ==
 
{{chunk|doc=chq99br5nr|c=4138|p=12}}
====== '''Forward-looking statements and non-GAAP financial measures ======'''
 
* Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
* Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs such as “would” and “could”.
* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“UEPS”“[[Definition:Underlying earnings per share|UEPS]]”) growth for [[Definition:Year 2026|2026]] are forward-looking and provide one-off guidance for the last year of the Group’s[[Definition:AXA|Group]]’s current strategic plan.
* These statements are based on Management’s current views and intentions and are subject to change.
* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA’s[[Definition:AXA|AXA]]’s control, which could cause actual results to differ materially.
* Each forward-looking statement is valid only at the date of the press release.
* For important factors, risks, and uncertainties, refer to Part 5 – “Risk Factors and Risk Management” of AXA’s[[Definition:AXA|AXA]]’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”).
* [[Definition:AXA|AXA]] disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* The press release refers to non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management to analyze operating trends, financial performance, and position.
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s[[Definition:AXA|Group]]’s consolidated financial statements prepared in accordance with IFRS.
* “[[Definition:Underlying earnings|Underlying earnings]]”, [[Definition:Underlying earnings per share|UEPS]] (“underlying“[[Definition:Underlying earnings per share|underlying earnings per share”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.
* [[Definition:AXA|AXA]] provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements in its Activity Report as of December 31, 2025 (“AXA’s“[[Definition:AXA|AXA]]’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
* Further information on non-GAAP financial measures is available in the Glossary of AXA’s[[Definition:AXA|AXA]]’s 2025 Activity Report.
 
== Appendix 1: Gross written premiums et other revenues by geography and business line ==
 
{{chunk|doc=chq99br5nr|c=4239|p=13}}
====== Gross written premiums and other revenues by geography and business line ======
 
<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] by geography and [[Definition:Business mix|business line]]
|-
! style="text-align:left" |
! colspan="4" style="text-align:center" | [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]]
! colspan="2" style="text-align:center" | o/w [[Definition:Property & casualty|Property &amp; Casualty]]
! colspan="2" style="text-align:center" | o/w [[Definition:Life & health|Life &amp; Health]]
! colspan="2" style="text-align:center" | o/w [[Definition:AXA Investment Managers|Asset Management]]
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | [[Definition:AXA France|France]]{{fn ref|i}}
| style="text-align:right" | 28,996
| style="text-align:right" | 30,598
Line 778 ⟶ 766:
| style="text-align:right" |
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 39,298
| style="text-align:right" | 43,005
Line 790 ⟶ 778:
| style="text-align:right" |
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 19,383
| style="text-align:right" | 19,277
Line 802 ⟶ 790:
| style="text-align:right" |
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
| style="text-align:right" | 19,083
| style="text-align:right" | 19,925
Line 826 ⟶ 814:
| style="text-align:right" |
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|AXA Investment Managers]]
| style="text-align:right" | 1,701
| style="text-align:right" | 875
Line 856 ⟶ 844:
== Appendix 2: Underlying earnings by geography and by business line ==
 
{{chunk|doc=chq99br5nr|c=4340|p=14}}
====== Underlying earnings by geography and by business line ======▼
 
<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
▲======|+ [[Definition:Underlying earnings|Underlying earnings]] by geography and by [[Definition:Business mix|business line ======]]
|-
! style="text-align:left" |
! colspan="3" style="text-align:center" | [[Definition:Underlying earnings|Underlying earnings]]
! colspan="2" style="text-align:center" | o/w [[Definition:Property & casualty|Property &amp; Casualty]]
! colspan="2" style="text-align:center" | o/w [[Definition:Life & health|Life &amp; Health]]
! colspan="2" style="text-align:center" | o/w [[Definition:AXA Investment Managers|Asset Management]]
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 2,071
| style="text-align:right" | 2,224
Line 890 ⟶ 878:
| style="text-align:right" |
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 3,187
| style="text-align:right" | 3,486
Line 901 ⟶ 889:
| style="text-align:right" |
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 1,820
| style="text-align:right" | 1,893
Line 912 ⟶ 900:
| style="text-align:right" |
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
| style="text-align:right" | 1,504
| style="text-align:right" | 1,493
Line 934 ⟶ 922:
| style="text-align:right" |
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|AXA Investment Managers]]
| style="text-align:right" | 402
| style="text-align:right" | 175
Line 962 ⟶ 950:
== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==
 
{{chunk|doc=chq99br5nr|c=4441|p=15}}
====== Total P&C by Commercial lines, Personal lines, and AXA XL Reinsurance ======▼
 
<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
▲======|+ Total [[Definition:Property & casualty|P&amp;C]] by Commercial lines, Personal lines, and [[Definition:AXA XL|AXA ReinsuranceXL]] ======Reinsurance
|-
! style="text-align:left" |
! colspan="2" style="text-align:center" | Commercial lines
! colspan="4" style="text-align:center" | Personal lines
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]] Reinsurance
! colspan="2" style="text-align:center" | Total [[Definition:Property & casualty|P&amp;C]]
|-
! style="text-align:left" | in Euro million
Line 985 ⟶ 973:
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 5,077
| style="text-align:right" | +6%
Line 1,002 ⟶ 990:
| style="text-align:right" | +7%
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 9,179
| style="text-align:right" | +1%
Line 1,016 ⟶ 1,004:
| style="text-align:right" | +4%
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 16,604
| style="text-align:right" | +3%
Line 1,030 ⟶ 1,018:
| style="text-align:right" | +4%
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
| style="text-align:right" | 3,193
| style="text-align:right" | +13%
Line 1,075 ⟶ 1,063:
 
{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
 
{{chunk|doc=chq99br5nr|c=45|p=15}}
====== Interest Rates (5Y) For the Discounting of P&amp;C Claims Reserves ======
 
<div style="overflow-x:auto">
Line 1,083 ⟶ 1,068:
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]{{fn ref|i}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]{{fn ref|ii}}
|-
| style="text-align:left" | EUR
Line 1,117 ⟶ 1,102:
== Appendix 4: Property & Casualty – price effect & 2026 market pricing trends ==
 
{{chunk|doc=chq99br5nr|c=4642|p=16}}
====== Price effects by country and business line ======
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable"
|+ [[Definition:Property & casualty|P&amp;C]]: Price effects by country and [[Definition:Business mix|business line]]
|-
! style="text-align:left" | [[Definition:Full year 2025|FY25]] (in %)
! style="text-align:right" | Commercial lines
! style="text-align:right" | Personal lines
! style="text-align:right" | [[Definition:AXA XL|AXA XL]] Reinsurance
! style="text-align:left" | [[Definition:Year 2026|2026]] Market pricing trends
|-
| style="text-align:left" | <strong>[[Definition:AXA France|France]]</strong>
| style="text-align:right" | <strong>+4.0%</strong>
| style="text-align:right" | <strong>+3.3%</strong>
Line 1,135 ⟶ 1,120:
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>[[Definition:AXA Europe|Europe]]</strong>
| style="text-align:right" | <strong>+3.1%</strong>
| style="text-align:right" | <strong>+5.4%</strong>
Line 1,177 ⟶ 1,162:
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>[[Definition:AXA XL|AXA XL]]{{fn ref|ii}}</strong>
| style="text-align:right" | <strong>+0.2%</strong>
| style="text-align:right" |
Line 1,183 ⟶ 1,168:
| style="text-align:left" | Softening prices with conditions varying by lines
|-
| style="text-align:left" | <strong>[[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]</strong>
| style="text-align:right" | <strong>+3.8%</strong>
| style="text-align:right" | <strong>+7.1%</strong>
Line 1,202 ⟶ 1,187:
== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==
 
{{chunk|doc=chq99br5nr|c=4743|p=17}}
====== Gross written premiums & other revenues by geography and business line ======
 
<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
▲|+ [[Definition:Gross written premiums & other revenues|GWPGross written premiums &amp; other revenues]]; by geography and [[Definition:FullBusiness year 2025mix|FY25business line]] || 116 (EUR bn)
|-
! style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums &amp; other revenues]]
! colspan="2" style="text-align:center" | Total
! colspan="2" style="text-align:center" | o/w Protection
Line 1,216 ⟶ 1,201:
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 20,852
| style="text-align:right" | +5%
Line 1,239 ⟶ 1,224:
| style="text-align:right" | +2%
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 21,748
| style="text-align:right" | +8%
Line 1,251 ⟶ 1,236:
| style="text-align:right" | +4%
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 118
| style="text-align:right" | -8%
Line 1,263 ⟶ 1,248:
| style="text-align:right" | -
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
| style="text-align:right" | 13,668
| style="text-align:right" | +13%
Line 1,318 ⟶ 1,303:
== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==
 
{{chunk|doc=chq99br5nr|c=4844|p=18}}
====== PVEP, NBV, and NBV margin by geography ======▼
 
<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
▲======|+ PVEP, NBV, and NBV margin by geography ======
|-
! colspan="7" style="text-align:center" | Life New Business Metrics [[Definition:Full year 2025|FY25]]
! colspan="6" style="text-align:center" | Health{{fn ref|i}} New Business Metrics [[Definition:Full year 2025|FY25]]
! colspan="6" style="text-align:center" | Total{{fn ref|ii}} New Business Metrics [[Definition:Full year 2025|FY25]]
|-
! style="text-align:left" | in Euro million
Line 1,348 ⟶ 1,333:
! class="col-s" style="text-align:right" | Change{{fn ref|ii}}
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 14,971
| style="text-align:right" | -4%
Line 1,368 ⟶ 1,353:
| style="text-align:right" | +0.4pts
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 10,102
| style="text-align:right" | +3%
Line 1,388 ⟶ 1,373:
| style="text-align:right" | -0.5pts
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
| style="text-align:right" | 12,029
| style="text-align:right" | +7%
Line 1,429 ⟶ 1,414:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=49|p=18}}
====== NB CSM to NBV by Life, Health, Total ======
 
<div style="overflow-x:auto">
Line 1,470 ⟶ 1,452:
== Appendix 7: Life & Health – net flows ==
 
{{chunk|doc=chq99br5nr|c=5045|p=19}}
====== Total Life & Health net flows by business line ======
 
<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|+ Net flows by [[Definition:Business mix|business line]]
|-
! style="text-align:left" | in Euro billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Health{{fn ref|i}}
Line 1,508 ⟶ 1,490:
| style="text-align:right" | 0.0
|-
! style="text-align:left" | Total [[Definition:Life & health|Life &amp; Health]]{{fn ref|i}} net flows
! class="col-m" style="text-align:right" | +1.5
! class="col-m" style="text-align:right" | +5.4
Line 1,520 ⟶ 1,502:
== Appendix 8: Main transactions and next main investor events ==
 
{{chunk|doc=chq99br5nr|c=5146|p=20}}
====== '''Main transactions in 2025 ======'''
 
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement related to [[Definition:AXA|AXA]]'s [[Definition:Share buyback|share buyback]] program of up to EUR 1.2bn (February 28, 2025)
* Announced the completion of the acquisition of Nobis [[Definition:AXA|Group]] in Italy (April 1, 2025)
* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement related to [[Definition:AXA|AXA]]'s Shareplan and certain stock-based compensation (June 2, 2025)
* Announced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas (July 1, 2025)
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement of up to EUR 3.8bn following the sale of [[Definition:AXA Investment Managers|AXA IM]] (July 1, 2025)
* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)
* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)
Line 1,536 ⟶ 1,518:
== Next main investor events ==
 
{{chunk|doc=chq99br5nr|c=5247|p=20}}
====== '''Investor event calendar ======'''
 
* [[Definition:Year 2026|2026]] Shareholder’s Annual General Meeting: April 30, [[Definition:Year 2026|2026]]
* First quarter [[Definition:Year 2026|2026]] Activity Indicators: May 5, [[Definition:Year 2026|2026]]
* HY26 [[Definition:Earnings release|Earnings Release]]: July 31, [[Definition:Year 2026|2026]]
* [[Definition:AXA|AXA]] Investor Day: September 21, [[Definition:Year 2026|2026]]
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_release"