Document:AXA/2025/FY/Earnings release: Difference between revisions

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| article = AXA/2025/FY/Earnings release

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title: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf

source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf

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Paris, February 26 th , 2026 (6:45am CET)

 

AXA reports record results with underlying EPS growth at the top end of the target range

 

 

* Gross written premiums & other revenues{{fn ref|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.}} at Euro 116 billion, up +6% vs. FY24

* Solvency II ratio{{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} at 224% at December 31, 2025, up +9 points vs. FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period{{fn ref|6|2=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}}

 

 

* Dividend of Euro 2.32 per share, up +8% vs. FY24{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}

* Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal{{fn ref|4|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}} , executed between July 2, 2025, and January 20, 2026

 

 

* Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range{{fn ref|9|2=Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}}

 

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== FY25 key highlights ==

 

! class="col-s" style="text-align:right" | FY24

! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:left" | Gross written premiums & other revenues{{fn ref|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.}}

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! class="col-s" style="text-align:right" | FY24

! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:left" | 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).}}

 

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| style="text-align:left" | Solvency II ratio (%){{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}}

 

* Property & Casualty (+5%), with growth in (i) Commercial lines{{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects{{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at (iii) AXA XL Reinsurance (+8%), with growth supported by alternative capital; and

* Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A{{fn ref|13|2=General account.}} (+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven by price effects in all geographies.

 

 

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Shareholders' equity was Euro 47.2 billion as of December 31, 2025, down by Euro 2.8 billion versus December 31, 2024, as (i) the positive contribution from net income (Euro +9.8 billion) and net OCI (Euro +1.3 billion) were more than offset by (ii) the FY24 dividend paid to shareholders (Euro -4.6 billion), (iii) the impact of share buybacks executed in 2025 (Euro -4.7 billion) including the Euro 3.5 billion anti-dilutive share buyback related to the sale of AXA IM, and (iv) an unfavorable foreign exchange impact (Euro -3.5 billion), notably due to the depreciation of the U.S. dollar.

== Capital management and outlook ==

 

 

A dividend of Euro 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}} . The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.

The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and it is expected to be completed by year-end. Further details will be communicated regarding the execution of the share buyback program.

 

 

Entering the final year of its 2024-2026 'Unlock the Future' plan, AXA is confident in its ability to achieve its main financial targets, underpinned by (i) profitable organic growth, (ii) scaling technical capabilities across its businesses, and (iii) driving operational efficiency across the organization through reinforced cost management.

 

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Gross written premiums & other revenues were up 5% to Euro 58.0 billion.

* Commercial lines grew by 4% to Euro 35.8 billion, driven by:

* AXA XL Insurance (+3%) from growth in lines with attractive margins, including in Property, and in Casualty from both favorable price effects and higher volumes, partly offset by lower pricing and volumes in Financial lines;

* Asia, Africa & EME-LATAM (+13%) mainly driven by Türkiye from higher average premiums, along with favorable volume and price effects in Mexico; and

* France (+6%) from favorable price effects in all lines of business and higher volumes.

* Personal lines grew by 7% to Euro 19.7 billion, driven by:

* Europe (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened following strong repricing in 2024;

* Asia, Africa & EME-LATAM (+14%) driven by Türkiye from higher average premiums and volumes; and

* France (+9%) with strong volume growth in all lines of business, both from direct business and proprietary agent networks, combined with favorable price effects in Motor.

* AXA XL Reinsurance grew by 8% to Euro 2.6 billion, driven by growth supported by alternative capital and favorable price effects in Casualty partly offset by a softening in other lines.

The all-year combined ratio improved by 0.3 point to 90.6%, mainly driven by:

* Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) from further margin expansion in (i) Commercial lines (-0.5 point), driven by the SME & mid-market business (-0.9 point) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1 point), as well as in (ii) Personal lines (-0.4 point) in a conducive pricing environment;

* Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio reflecting efficiency gains; and

* Lower natural catastrophe charges (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%).

 

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* Increase in technical result (Euro +0.5 billion) reflecting strong growth in volumes, combined with an improvement in technical margin; and

* Higher financial result (Euro +0.2 billion) thanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves;

* Partly offset by higher income taxes (Euro -0.2 billion) mainly due to higher pre-tax underlying earnings.

 

 

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* Life grew by 9% to Euro 37.5 billion, mainly from:

* Health grew by 5% to Euro 19.0 billion, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes.

 

 

* Life (+1%), from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums; and

 

THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com

 

&#32;Investor Relations: +33.1.40.75.48.42

investor.relations@axa.com

Individual Shareholder Relations: +33.1.40.75.48.43

&#32;Media Relations: +33.1.40.75.46.74

ziad.gebran@axa.com

ahlem.girard@axa.com

sylwia.tulak@axa.com

axa.com/en/about-us/strategy-commitments

axa.com/en/investor/sri-ratings-ethical-indexes

 

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== APPENDIX 4: PROPERTY & CASUALTY – PRICE EFFECT & 2026 MARKET PRICING TRENDS ==

 

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|+ P&amp;C: Price effects{{fn ref|i|2=i. Price effect calculated as a percentage of total gross written premiums in the prior year.}} by country and business line

|-

! style="text-align:left" | FY25 (in %)

! style="text-align:left" | 2026 Market pricing trends

|-

| style="text-align:right" |

| style="text-align:left" | Moderation of price increase

|-

| style="text-align:right" |

| style="text-align:left" |

|-

| style="text-align:right" | +3.0%

| style="text-align:right" | +5.0%

| style="text-align:left" | Continued price increases both in Personal and Commercial lines

|-

| style="text-align:right" | +3.1%

| style="text-align:right" | +10.3%

| style="text-align:left" | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation

|-

| style="text-align:right" | +2.5%

| style="text-align:right" | +4.4%

| style="text-align:left" | Price increase broadly in line with 2025

|-

| style="text-align:right" | +1.4%

| style="text-align:right" | -2.6%

| style="text-align:left" | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines

|-

| style="text-align:right" | +8.8%

| style="text-align:right" | +8.6%

| style="text-align:left" | Moderation of price increase

|-

| style="text-align:right" | +5.2%

| style="text-align:right" | +5.3%

| style="text-align:left" | Moderation of price increase

|-

| style="text-align:right" |

| style="text-align:left" | Softening prices with conditions varying by lines

|-

| style="text-align:right" |

| style="text-align:left" | Moderation of price increase

|-

| style="text-align:left" |

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|-

! style="text-align:left" | in Euro billion

|-

| style="text-align:left" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}}

| style="text-align:right" | -3.7

|-

|-

|-

| style="text-align:left" | Unit-Linked{{fn ref|iii|2=Including Investment contracts with no discretionary participation features ("DPF")}}

| style="text-align:right" | 0.0

|-

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== APPENDIX 8: MAIN TRANSACTIONS AND NEXT MAIN INVESTOR EVENTS ==

 

* Announced the execution of a share repurchase agreement in relation to AXA's share buyback program of up to Euro 1.2 billion (February 28, 2025)

* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)

* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)

 

* First quarter 2026 Activity Indicators (May 5, 2026)

* HY26 Earnings Release (July 31, 2026)