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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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'''Announcement details'''
 
* The announcement wasAnnouncement made in Paris on February 26th26, [[Definition:Year 2026|2026]], at 6:45 am45am CET.
 
== Full Year 2025 Earnings ==
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* [[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 [[Definition:Underlying earnings|underlying earnings]]'''
 
* [[Definition:Gross written premiums & other revenues|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.}}: EUR 116bn, +6% vs. [[Definition:Full year 2024|FY24]]
* [[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).}}: EUR 8.4bn, +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]]{{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).}}: +9% excluding [[Definition:AXA Investment Managers|AXA IM]]{{fn ref|3|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}
* [[Definition:Underlying earnings|Underlying earnings]] (excluding [[Definition:AXA Investment Managers|AXA IM]]): +9%
* [[Definition:Underlying earnings per share|Underlying earnings per share]]{{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).}}: EUR 3.86, +8% vs. [[Definition:Full year 2024|FY24]]
* [[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]]{{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).}} includes -2% [[Definition:Headwind|headwind]] from [[Definition:Foreign exchange|foreign exchange movements]]
* [[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]]{{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).}} includes -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from the sale of [[Definition:AXA Investment Managers|AXA IM]] due to timing of anti-dilutive [[Definition:Share buyback|share buyback]]{{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.}}
* [[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'''
 
* 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.}}: 224% at December 31, 2025, +9pts vs. [[Definition:Full year 2024|FY24]]
* Solvency II ratio: 224% at December 31, 2025, +9 points vs. [[Definition:Full year 2024|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.}}: 215% on January 1, [[Definition:Year 2026|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.}}
* Solvency II ratio: 215% on January 1, [[Definition:Year 2026|2026]], reflecting the end of the grandfathering period
 
=== Capital Management ===
 
{{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]]{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}
* Launch of an annual [[Definition:Share buyback|share buyback]] program of up to EUR 1.25bn{{fn ref|8|2=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
* 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]]{{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.}}
 
=== Outlook ===
 
{{chunk|doc=chq99br5nr|c=6|p=1}}
'''[[Definition:Year 2026|2026]] outlookOutlook and strategicSolvency planII'''
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth for [[Definition:Year 2026|2026]] is expected to be at the upper end of the 6-8% plan [[Definition:Target range|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.}}
* Expected impact of Solvency II revision isat +17 points{{fn ref|10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
* [[Definition:AXA|AXA]] willto present its new strategic plan for 2027-2029 on September 21, [[Definition:Year 2026|2026]].
 
{{chunk|doc=chq99br5nr|c=7|p=1}}
'''2025 performancePerformance and segmentStrategic resultsCommentary'''
 
* In 2025, [[Definition:AXA|AXA]] delivered strong performance with +9% earnings growth in core businesses, excluding [[Definition:AXA Investment Managers|AXA IM]].
* Reserve prudence was enhanced followingusing excellent results.
* [[Definition:Property & casualty|P&C]] franchise posted stellarstrong results, balancingwith a healthy balance between price and volume with, best-in-class margins, a 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 by 7%.
** Life earningsbusiness reflectreflects early benefits of therejuvenation strategy to rejuvenate the business.
** Health grew by 17%, even after absorbing the adverse change on VAT treatment change in Mexico.
* Investments in automation and Artificial Intelligence are driving efficiency gains.
* Solvency II ratio is at a very strong level.
* These 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.
 
{{chunk|doc=chq99br5nr|c=8|p=2}}
'''Key highlightsHighlights'''
 
* TheThis document contains key highlights inis a press release.
 
== FY25 key highlights ==
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'''[[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]]{{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.}} were up +6%.
* Growth was driven by:
** [[Definition:Property & casualty|Property & Casualty]]: +5%.
*** Commercial lines{{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}}: +4%, fromdriven by higher volumes (notably at [[Definition:AXA XL|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.
*** 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.
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**** Protection: +11%, from strong sales in Hong Kong, Switzerland, and Japan.
**** Unit-Linked: +13%, from higher volumes across all geographies.
**** G/A{{fn ref|13|2=General account.}}: +4%, from continued momentum in Italy and [[Definition:AXA France|France]].
*** Health premiums: +5%, driven by price effects in all geographies.
 
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{{chunk|doc=chq99br5nr|c=11|p=2}}
'''[[Definition:Underlying earnings|Underlying earnings]] and EPS'''
 
* [[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).}} increased by 6% to EUR 8.4bn, or +9% excluding [[Definition:AXA Investment Managers|AXA IM]]{{fn ref|3|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}.
* [[Definition:Underlying earnings|Underlying earnings]] increased by 6% to EUR 8.4bn, or +9% excluding [[Definition:AXA Investment Managers|AXA IM]].
* [[Definition:UnderlyingThis earnings|Underlying earnings]] growthincrease was driven by:
** [[Definition:Property & casualty|Property & Casualty]]: +9%, from higher volumes, underwriting margin expansion, and increased financial resultresults 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 the business rejuvenation strategy.
* Holdings{{fn ref|14|2=Including banking activities.}} [[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|Underlying earnings per share]]{{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).}} increased by 8% to EUR 3.86.
* [[Definition:Underlying earnings per share|Underlying earnings per share]] increased by 8% to EUR 3.86, driven by:
* This increase was mainly driven by:
** Increase in [[Definition:Underlying earnings|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.
** The 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]].
** The 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%).
* This 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%).
* The sale of [[Definition:AXA Investment Managers|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share|underlying earnings per share]] (-1%) due to the timing of the associated [[Definition:Share buyback|share buyback]].
 
{{chunk|doc=chq99br5nr|c=12|p=2}}
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* Net income increased by 26% to EUR 9.8bn.
* This increase mainlyprimarily reflects the riseincrease in [[Definition:Underlying earnings|underlying earnings]] and significantly positive exceptional items, notablyparticularly the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
 
=== Balance sheet ===
 
{{chunk|doc=chq99br5nr|c=13|p=3}}
'''Shareholders' equity and CSM'''
 
* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
* The decrease in shareholders' equity was due to: [[Definition:Full year 2024|FY24]] [[Definition:Dividend|dividend]] paid to shareholders (-EUR -4.6bn), impact of [[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 moreon thanshareholders' equity were partly offset by positive contributions from net income (+EUR +9.8bn) and net OCI (+EUR +1.3bn).
* CSM{{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.}}{{fn ref|15|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
* CSM saw +2% normalized growth from new business contribution (+EUR 2.2bn) and underlying return on in-force (+EUR 1.3bn), which more than offset CSM release (-EUR 3.0bn).
* Market conditions had a favorable impact on CSM (+EUR 0.6bn), driven by tightening government spreads and positive equity market performance.
* This was more than offset by unfavorable [[Definition:Foreign exchange|foreign exchange]] impacts (-EUR 1.5bn), mainly from the depreciation of JPY and HKD, and a 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.
 
{{chunk|doc=chq99br5nr|c=14|p=3}}
'''CSM and Solvency II ratio'''
 
* 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.}} was 224% as of December 31, 2025, up 9 points versus December 31, 2024.
* CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
* The increase in Solvency II ratio was driven by a 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 (+4 points).
* 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.
* These positive impacts were partly offset by the net impact of acquisitions (Nobis and Prima) and disposal of [[Definition:AXA Investment Managers|AXA IM]], including the associated EUR 3.8bn [[Definition:Share buyback|share buyback]] (-5 points).
* 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.
* As of January 1, [[Definition:Year 2026|2026]], capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualify as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.
* Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
* The [[Definition:AXA|Group]] estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio{{fn ref|10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}} by +17 points.
* 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=15|p=3}}
'''Financial metrics'''
 
* Underlying return on equity{{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).}} 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.
* 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{{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).}} was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
* Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
* ThisThe increase in debt gearing was driven by lower shareholders' equity and CSM, and the issuance of EUR 3.5bn in Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).
* This was partly offset by the 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 2024-2026.
* The [[Definition:AXA|Group]]'s debt gearing was within its 19-23% plan guidance for 2024-2026.
* Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.
* ThisCash reflectedat organicHolding{{fn ref|16|2=Including cash remittanceand fromliquid subsidiariesinvested ofassets at AXA SA Holding and other central holdings.}} amounted to EUR 75.5bn6bn as of December 31, 2025, up EUR 01.4bn6bn versus December 31, 2024.
* This increase reflects organic cash remittance from subsidiaries of EUR 7.5bn, which was up EUR 0.4bn versus December 31, 2024.
 
== Capital management and outlook ==
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{{chunk|doc=chq99br5nr|c=16|p=4}}
'''[[Definition:Dividend|Dividend]] proposal'''
'''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]]{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 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]].
 
{{chunk|doc=chq99br5nr|c=17|p=4}}
'''[[Definition:Share buyback|Share buyback]] program'''
 
* [[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 tounder 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=1718|p=4}}
''''Unlock the Future' Planplan Outlooktargets'''
 
* [[Definition:AXA|AXA]] is confident in achieving its main financial targets for the 2024-2026 '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 benefitbenefits from earnthroughearn-through 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{{fn load: [[Definition:AXAref|Group]]18|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load guidance remains at ca.approximately 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]]: strategyStrategy to rejuvenate sales in long-term business, andcoupled with improved persistency, should generate positive net flows, drivingand drive CSM growth over time.
 
{{chunk|doc=chq99br5nr|c=1819|p=4}}
'''Holdings results and Financialfinancial Targetstargets'''
 
* HoldingsResults results:in expected to remain similarHoldings in [[Definition:Year 2026|2026]] are expected to remain at a similar level as in 2025.
* Management believes [[Definition:AXA|AXA]] is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and following strong 2025 operating performance in 2025.
* [[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]]{{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.}}.
* 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.
* The [[Definition:AXA|Group]] is committed to its [[Definition:Capital management|capital management]] policy{{fn ref|19|2=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}}, targeting a total [[Definition:Payout ratio|payout ratio]] of 75%{{fn ref|20|2=Payout ratio is calculated based on underlying earnings per share.}}.
* [[Definition:Capital management|Capital management]] policy: [[Definition:AXA|Group]] targets a total [[Definition:Payout ratio|payout ratio]] of 75%.
* The total [[Definition:DividendPayout ratio|payout ratio]] comprises a 60% [[Definition:Dividend|dividend]] [[Definition:Payout ratio|payout ratio]]: 60and an additional 15% from annual [[Definition:Share buyback|share buybacks]].
* The proposed [[Definition:Dividend|dividend]] per share in a given year is expected to be at least equal to the [[Definition:Dividend|dividend]] per share paid in the prior year.
* 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=1920|p=5}}
 
<div style="overflow-x:auto">
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|}
</div>
 
<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ Earnings (in Euro million, unless otherwise noted)
|-
! 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]]
Line 338 ⟶ 344:
|}
</div>
[[Definition:Gross written premiums & other revenues|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:
* [[Definition:AXA XL|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;
* [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] (+13%) mainly driven by Türkiye from higher average premiums, along with favorable volume and price effects in Mexico; and
* [[Definition:AXA France|France]] (+6%) from favorable price effects in all [[Definition:Business mix|lines of business]] and higher volumes.
* Personal lines grew by 7% to Euro 19.7 billion, driven by:
* [[Definition:AXA Europe|Europe]] (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened following strong repricing in 2024;
* [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] (+14%) driven by Türkiye from higher average premiums and volumes; and
* [[Definition:AXA France|France]] (+9%) with strong volume growth in all [[Definition:Business mix|lines of business]], both from direct business and proprietary agent networks, combined with favorable price effects in Motor.
* [[Definition:AXA XL|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 [[Definition:AXA XL|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%).
 
{{chunk|doc=chq99br5nr|c=2021|p=65}}
'''[[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]]'''
 
* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]] were up 5% to EUR 58.0bn.
* Commercial lines: grew by 4% to EUR 35.8bn, driven by:
** [[Definition:AXA XL|AXA XL]] Insurance: +3% from growth in lines with attractive margins (Property, Casualty from favorable price effects and 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 from higher average premiums, and favorable volume and price effects in Mexico.
** [[Definition:AXA France|France]]: +6% from favorable price effects in all [[Definition:Business mix|lines of business]] and higher volumes.
* Personal lines: grew by 7% to EUR 19.7bn, driven by:
** [[Definition:AXA Europe|Europe]]: +5% from favorable price effects across geographies, except in UK & Ireland Motor where pricing softened following strong repricing in 2024.
** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]: +14% driven by Türkiye from higher average premiums and volumes.
** [[Definition:AXA France|France]]: +9% with strong volume growth in all [[Definition:Business mix|lines of business]] (direct business and proprietary agent networks), combined with favorable price effects in Motor.
* [[Definition:AXA XL|AXA XL]] Reinsurance: grew by 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=22|p=5}}
'''Combined ratio'''
 
* The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:
** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from further margin expansion in Commercial lines (-0.5pts), driven by SME & mid-market business (-0.9pts) in a favorable pricing environment, while margins at [[Definition:AXA XL|AXA XL]] Insurance were stable at attractive levels (+0.1pts), as well as 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=23|p=6}}
'''[[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]]'''
 
* [[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]]: +were up 9% to EUR 5.9bn driven by:
** Increase in technical result (+EUR 0.5bn) reflecting strong growth in volumes, combined with an improvement in technical margin.
* Driven by:
** Higher financial result (+EUR 0.2bn) 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.
** Increase in technical result: +EUR 0.5bn, reflecting strong volume growth and improved technical margin
** Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax [[Definition:Underlying earnings|underlying earnings]].
** Higher financial result: +EUR 0.2bn, due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of 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=2124|p=6}}
 
<div style="overflow-x:auto">
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=== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ===
 
{{chunk|doc=chq99br5nr|c=2225|p=6}}
'''[[Definition:Life & health|Life & Health]] [[Definition:Gross written premiums|gross written premiums]]'''
 
* Life [[Definition:Gross written premiums|GWP]] grew +9% to EUR 37.5bn, mainly from: Unit-Linked (+13%), G/A{{fn ref|13|2=General account.}} (+4%), and Protection (+11%).
** Unit-Linked: +13%growth driven by successful sales initiatives across all geographies.
** G/A: +4%,growth notably in [[Definition:AXA France|France]] (+4%), and from elevated sales of a capital-light product in Italy.
** G/A wasgrowth partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong.
** Protection: +11%,growth 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 +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.
* Health [[Definition:Gross written premiums|GWP]] was partly offset by lower volumes
 
{{chunk|doc=chq99br5nr|c=2326|p=6}}
'''Present value of expected premiums (PVEP)'''
 
* Present value of expected premiums (PVEP){{fn ref|1,21}} decreased -2% to EUR 49.4bn, driven by:.
{{chunk|doc=chq99br5nr|c=2326|p=7|cont=1}}
** Life: PVEP +1%, from higher volumes in Hong Kong, [[Definition:AXA France|France]], and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums.
** LifeHealth wasPVEP partly-12%, offsetmainly by thefrom impact of higher interest rates on discounting of future premiums, and lower volumes in [[Definition:AXA France|France]] following underwriting and pruning actions.
** Health: -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=2427|p=7}}
'''NB CSM and NBV'''
 
* NB CSM{{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.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased +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.
* NB CSM increased +3% to EUR 2.2bn, driven by strong sales in Savings and Protection
* NBV (post-tax){{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.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} 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]].
* NB CSM was partly offset by the impact of higher interest rates on discounting of future profits
* NBV margin (post tax){{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.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased +0.1pt to 4.5%.
* NBV (post-tax) was stable at EUR 2.2bn
* NBV growth was offset by the decrease in the contribution of short-term multinational business in [[Definition:AXA France|France]]
* NBV margin (post tax) increased +0.1pt to 4.5%
 
{{chunk|doc=chq99br5nr|c=2528|p=7}}
'''Net flows'''
 
* Net flows{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} were +EUR 5.4bn compared to +EUR 1.5bn in 2024.
* Net flows were EUR +5.4bn (prior: EUR +1.5bn in 2024), driven by:
** Net flows in 2025 driven by Protection: (+EUR +4.9bn), mainly in Hong Kong, Japan, and [[Definition:AXA France|France]].
** Net flows in 2025 driven by Health: (+EUR +2.7bn), mainly in Germany, Japan, and [[Definition:AXA France|France]].
** Net flows in 2025 driven by Unit-Linked: (+EUR +1.5bn), primarily in [[Definition:AXA France|France]].
** PartlyNet flows 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=2629|p=7}}
'''[[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]]'''
 
* [[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]] increased +7% to EUR 3.5bn, driven by:.
** [[Definition:Underlying earnings|Underlying earnings]] driven by Long-term technical result: (+EUR +0.2bn,) drivendue byto an increase inincreased CSM release, following both growth in reserves and better margins in the long-term business.
** [[Definition:Underlying earnings|Underlying earnings]] driven by Short-term technical result: (+EUR +0.1bn,) drivendue by theto 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[[Definition:Underlying earnings|Underlying earnings]] driven by lower income taxes: (+EUR +0.1bn,) reflecting favorable tax effects mainly in Germany, [[Definition:AXA France|France]] and Mexico.
** Lower[[Definition:Underlying earnings|Underlying earnings]] driven by 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=2730|p=7}}
'''Holdings [[Definition:Underlying earnings|underlying earnings]]'''
 
* Holdings [[Definition:Underlying earnings|underlying earnings]]{{fn ref|14|2=Including banking activities.}} remained broadly stable at EUR -1.2bn.
 
== Ratings and glossary ==
Line 505 ⟶ 513:
=== Ratings ===
 
{{chunk|doc=chq99br5nr|c=2831|p=8}}
 
<div style="overflow-x:auto">
Line 514 ⟶ 522:
! 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|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}}
|-
! style="text-align:left" | Agency
Line 543 ⟶ 551:
| style="text-align:right" | October 9, 2025
| style="text-align:left" | A+ Superior
| style="text-align:left" | —
| style="text-align:left" | Stable
| style="text-align:right" | aa Superior
| style="text-align:left" | —
|}
</div>
Line 554 ⟶ 562:
=== Glossary ===
 
{{chunk|doc=chq99br5nr|c=2932|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 thean 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 thea 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.:
** (i) the NB CSM
** (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals
** (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9
** net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.
* New business 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=2932|p=9|cont=1}}
* Operating variance: the variation of the year-end CSM vsversus 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) the 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 577 ⟶ 589:
=== Scope ===
 
{{chunk|doc=chq99br5nr|c=3033|p=10}}
'''Scopescope of operations by geography and entitysegment'''
 
* [[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 LuxembourgLuxemburg (insurance activities and holding);, United Kingdom and Ireland (insurance activities and holding);, Spain (insurance activities and holding);, Italy (insurance activities);, Prima (insurance activities);{{fn ref|23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}, 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 (equity method): 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 (equity method): 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]]{{fn ref|24|2=Disposal to BNP Paribas completed on July 1, 2025.}}: 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=3134|p=10}}
 
<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ Scope
|+ Exchange rates
|-
! style="text-align:left" | For 1 Euro
Line 645 ⟶ 655:
== Notes ==
 
{{chunk|doc=chq99br5nr|c=3235|p=11}}
'''Notes'''
 
Line 673 ⟶ 683:
{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}
 
{{chunk|doc=chq99br5nr|c=3336|p=11}}
'''Reporting Basisbasis and Assumptionsfinancial statements'''
 
* 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.
* [[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]], and are subject to audit completion by [[Definition:AXA|AXA]]'s statutory auditors.
 
{{chunk|doc=chq99br5nr|c=3437|p=1112}}
'''Company information and legal disclosures'''
'''Financial Statement Approval'''
 
* The [[Definition:AXA|AXA Group]] is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
* [[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]].
* In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 [[Definition:Underlying earnings|underlying earnings]] to EUR 8.4bn.
* The financial statements are subject to completion of an audit procedure by [[Definition:AXA|AXA]]'s statutory auditors.
* Investor Relations can be reached at +33.1.40.75.48.42 or investor.relations@axa.com.
 
== About the AXA group ==
 
{{chunk|doc=chq99br5nr|c=35|p=12}}
'''[[Definition:AXA|AXA Group]] overview'''
 
* [[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).
* [[Definition:AXA|AXA]]’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
* Individual Shareholder Relations can be reached at +33.1.40.75.48.43.
* [[Definition:AXA|AXA Group]] is included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* Media Relations can be reached at +33.1.40.75.46.74 or via email at ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
* The [[Definition:AXA|AXA Group]] is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* Information on Corporate Responsibility strategy is available at axa.com/en/about-us/strategy-commitments.
* [[Definition:AXA|AXA]] is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
* PressSRI release and regulatedratings information areis available on the [[Definition:AXA|AXA Group]] websiteat (axa.com)/en/investor/sri-ratings-ethical-indexes.
* This press release and regulated information are available on the [[Definition:AXA|AXA Group]] website (axa.com).
 
* Certain statements in the press release are forward-looking, including those regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“[[Definition:Underlying earnings per share|UEPS]]”) growth for [[Definition:Year 2026|2026]], which provide one-off guidance for the last year of the current strategic plan.
{{chunk|doc=chq99br5nr|c=36|p=12}}
* Forward-looking statements are based on Management’s current views and intentions and are subject to change, risks, and uncertainties, many outside [[Definition:AXA|AXA]]’s control.
'''Contact information'''
 
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.
* Individual Shareholder Relations contact: +33.1.40.75.48.43.
* Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
* Corporate Responsibility strategy information available at axa.com/en/about-us/strategy-commitments.
* SRI ratings information available at axa.com/en/investor/sri-ratings-ethical-indexes.
 
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ==
 
{{chunk|doc=chq99br5nr|c=37|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]] (“[[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 [[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 [[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 [[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”), which are used by Management tofor analyzeanalyzing operating trends, financial performance, and position.
* These non-GAAP financial measuresAPMs generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies.
* Non-GAAP financial measuresAPMs should not be considered in isolation from, or as a substitute for, the [[Definition:AXA|Group]]’s consolidated financial statements prepared in accordance with IFRS.
* “[[Definition:Underlying earnings|Underlying earnings]]”, [[Definition:Underlying earnings per share|UEPS]] (“[[Definition:Underlying earnings per share|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.
* [[Definition:AXA|AXA]] provides a reconciliationReconciliations of APMs to theIFRS mostfinancial closelystatements relatedand linetheir item,calculation subtotal,methodology orare totalprovided in the financial statements in its[[Definition:AXA|AXA]]’s Activity Report as of December 31, 2025 (“[[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 ofin [[Definition:AXA|AXA]]’s 2025 Activity Report.
 
== Appendix 1: Gross written premiums et other revenues by geography and business line ==
Line 734 ⟶ 721:
<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ [[Definition:Gross written premiums|Gross Writtenwritten Premiumspremiums]] and [[Definition:Other revenue|Otherother Revenuesrevenues]] by geography and [[Definition:Business mix|business line]]
|-
! style="text-align:left" |
Line 742 ⟶ 729:
! colspan="2" style="text-align:center" | o/w [[Definition:AXA Investment Managers|Asset Management]]
|-
! style="text-align:left" | inIn EuroEUR 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]]
Line 754 ⟶ 741:
! class="col-s" style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | [[Definition:AXA France|France]]{{fn ref|i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}
| style="text-align:right" | 28,996
| style="text-align:right" | 30,598
Line 763 ⟶ 750:
| style="text-align:right" | 20,852
| style="text-align:right" | +5%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
Line 775 ⟶ 762:
| style="text-align:right" | 21,748
| style="text-align:right" | +8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
Line 787 ⟶ 774:
| style="text-align:right" | 118
| style="text-align:right" | -8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
Line 799 ⟶ 786:
| style="text-align:right" | 13,668
| style="text-align:right" | +13%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Transversal
Line 811 ⟶ 798:
| style="text-align:right" | 126
| style="text-align:right" | -8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|AXA Investment Managers]]
Line 819 ⟶ 806:
| style="text-align:right" | -49%
| style="text-align:right" | +4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 875
| style="text-align:right" | +4%
|-
| style="text-align:left" | Total{{fn ref|i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
Line 856 ⟶ 843:
! colspan="2" style="text-align:center" | o/w [[Definition:AXA Investment Managers|Asset Management]]
|-
! style="text-align:left" | inIn EuroEUR 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]]
Line 875 ⟶ 862:
| style="text-align:right" | 1,039
| style="text-align:right" | +8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
Line 886 ⟶ 873:
| style="text-align:right" | 1,264
| style="text-align:right" | +14%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
Line 897 ⟶ 884:
| style="text-align:right" | 12
| style="text-align:right" | -49%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
Line 908 ⟶ 895:
| style="text-align:right" | 1,165
| style="text-align:right" | 0%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Transversal
Line 919 ⟶ 906:
| style="text-align:right" | 22
| style="text-align:right" | +16%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|AXA Investment Managers]]
Line 926 ⟶ 913:
| style="text-align:right" | 175
| style="text-align:right" | -57%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 175
| style="text-align:right" | -57%
|-
| style="text-align:left" | Total{{fn ref|i|2=Including underlying earnings of Holdings and Banking.}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
Line 954 ⟶ 941:
<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ Total [[Definition:Property & casualty|P&amp;C]] by Commercial lines, Personal lines,geography and [[Definition:AXABusiness XLmix|AXAbusiness XLline]] Reinsurance
|-
! style="text-align:left" |
Line 962 ⟶ 949:
! colspan="2" style="text-align:center" | Total [[Definition:Property & casualty|P&amp;C]]
|-
! style="text-align:left" | inIn EuroEUR million
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
Line 1,069 ⟶ 1,056:
! 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|2=Average of monthly opening discount rates of 2025}}
|-
| style="text-align:left" | EUR
Line 1,164 ⟶ 1,151:
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]{{fn ref|ii|2=ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.}}
| style="text-align:right" | +0.2%
| style="text-align:right" |
Line 1,202 ⟶ 1,189:
! colspan="2" style="text-align:center" | o/w Health
|-
! style="text-align:left" | inIn EuroEUR million
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
|-
| style="text-align:left" | [[Definition:AXA France|France]]
Line 1,286 ⟶ 1,273:
| style="text-align:right" | +5%
|-
| style="text-align:left" | o/w short-term{{fn ref|ii|2=Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period}}
| style="text-align:left" | o/w short-term{{fn ref|ii}}
| style="text-align:right" | 17,651
| style="text-align:right" | +6%
Line 1,312 ⟶ 1,299:
|-
! 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|2=Includes Health business written predominantly in Life entities}} New Business Metrics [[Definition:Full year 2025|FY25]]
! colspan="6" style="text-align:center" | Total{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}} New Business Metrics [[Definition:Full year 2025|FY25]]
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
|-
| style="text-align:left" | [[Definition:AXA France|France]]
Line 1,424 ⟶ 1,411:
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}}
! class="col-s" style="text-align:right" | Total{{fn ref|i|2=Includes Health business written predominantly in Life entities}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,464 ⟶ 1,451:
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}}
| style="text-align:right" | +2.7
| style="text-align:right" | +2.7
Line 1,476 ⟶ 1,463:
| style="text-align:right" | -3.7
|-
| style="text-align:left" | o/w capital light{{fn ref|ii|2=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%}}
| style="text-align:right" | +2.2
| style="text-align:right" | +1.2
Line 1,492 ⟶ 1,479:
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Total [[Definition:Life & health|Life &amp; Health]]{{fn ref|i|2=Includes Health business written predominantly in Life entities}} net flows
| style="text-align:right" | +1.5
| style="text-align:right" | +5.4
Line 1,505 ⟶ 1,492:
 
{{chunk|doc=chq99br5nr|c=45|p=20}}
'''Main transactions in 2025'''
 
* [[Definition:AXA|AXA]] announcedAnnounced the execution of a [[Definition:Share buyback|share repurchase]] agreement for its[[Definition:AXA|AXA]]'s [[Definition:Share buyback|share buyback]] program of up to EUR 1.2bn (February 28, 2025).
* [[Definition:AXA|AXA]] announcedAnnounced the completion of the acquisition of Nobis [[Definition:AXA|Group]] in Italy (April 1, 2025).
* [[Definition:AXA|AXA]] announcedAnnounced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025).
* [[Definition:AXA|AXA]] announcedAnnounced the execution of a [[Definition:Share buyback|share repurchase]] agreement for its[[Definition:AXA|AXA]]'s Shareplan and certain stock-based compensation (June 2, 2025).
* [[Definition:AXA|AXA]] announcedAnnounced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas (July 1, 2025).
* [[Definition:AXA|AXA]] announcedAnnounced 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).
* [[Definition:AXA|AXA]] announcedAnnounced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025).
* [[Definition:AXA|AXA]] announcedAnnounced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025).
* [[Definition:AXA|AXA]] announcedAnnounced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025).
* [[Definition:AXA|AXA]] announcedAnnounced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025).
 
=== Next main investor events ===
 
{{chunk|doc=chq99br5nr|c=46|p=20}}
'''Investor eventsevent calendar'''
 
* [[Definition:Year 2026|2026]] Shareholder's Annual General Meeting: April 30, [[Definition:Year 2026|2026]]
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_release"