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| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
| wide = yes
| original_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_release-original.md>
| docling_file = File:AXA<!-2025-FY ARCHIVE_DOCLING_LINK_HERE -Earnings_release-docling.txt>
| article = AXA/2025/FY/Earnings release
| doc_id = chq99br5nr
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---
title: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
source_file: tmpok83r591tmpm8nisj2l.pdf
source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
doc_type: report
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parsed_at: '2026-07-25T1626T03:3715:24Z21Z'
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AXA reports record results with underlying EPS growth at the top end of the target range
 
=== Key FY25 highlights ===
 
* 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
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* 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.}}
 
=== Capital Management ===
 
* 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.}}
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* 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
 
=== Outlook ===
 
* 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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| style="text-align:right" | 224%
| style="text-align:right" | +9 pts
| style="text-align:right" | —
|}
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</div>
 
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{| id="t5" class="wikitable fintable"
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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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| style="text-align:right" | +1.5
| style="text-align:right" | +5.4
| style="text-align:right" | —
|}
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{{pdf page|8|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
== RATINGS AND GLOSSARYRatings ==
 
=== Ratings ===
 
<div style="overflow-x:auto">
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{{fn note|1=22|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}}
=== Glossary ===▼
 
▲=== Glossary ===
 
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%.
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{{pdf page|10|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
== SCOPE AND EXCHANGE RATES ==
 
=== Scope ===
 
France: includes insurance activities, banking activities and holding.
 
Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (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 AXA Life Europe (insurance activities). AXA XL: includes insurance and reinsurance activities and holding.
 
Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings.
 
Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity ) and other Central Holdings.
 
AXA Investment Managers{{fn ref|24|2=Disposal to BNP Paribas completed on July 1, 2025.}}: includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
 
=== Exchange rates ===
 
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{{pdf page|12|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
== ABOUT THE AXA GROUP ==
'''FOR MORE INFORMATION:'''▼
 
The AXA Group is a worldwide leader in insurance, with 156,000 employees serving more than 92 million clients in 52 countries. In 2025, IFRS17 revenues amounted to Euro 115.5 billion and IFRS17 underlying earnings to Euro 8.4 billion.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.▼
The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.▼
It 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.▼
This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation are available on the AXA Group website (axa.com).▼
THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com▼
 
▲'''FOR MORE INFORMATION:'''
'''Investor Relations:'''
&#32;Investor Relations: +33.1.40.75.48.42
investor.relations@axa.com
▲The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.
Individual Shareholder Relations: +33.1.40.75.48.43
'''Media Relations:'''
&#32;Media Relations: +33.1.40.75.46.74
ziad.gebran@axa.com
ahlem.girard@axa.com
sylwia.tulak@axa.com
▲The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
'''Corporate Responsibility strategy:'''
axa.com/en/about-us/strategy-commitments
▲It 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.
'''SRI ratings:'''
axa.com/en/investor/sri-ratings-ethical-indexes
 
▲This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation are available on the AXA Group website (axa.com).
▲THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com
== IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES ==
Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as ‘expects’, ‘anticipates’, ‘may’, ‘plan’ or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in this press release regarding expected underlying earnings per share (“UEPS”) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan. These statements and the others contained in the “Outlook” section of this press release are based on Management’s current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this press release. Please refer to Part 5 -– “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
In addition, this press release refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. “Underlying earnings”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”. For further information on the above-mentioned and other non-GAAP financial measures used in this press release, see the Glossary in AXA’s 2025 Activity Report.
 
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<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ 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 %)
! class="col-s" style="text-align:right" | Commercial lines
! class="col-s" style="text-align:right" | Personal lines
! class="col-s" style="text-align:right" | AXA XL Reinsurance
! style="text-align:left" | 2026 Market pricing trends
|-
| style="text-align:left" | <strong>France</strong>
| style="text-align:right" | <strong>+4.0%</strong>
| style="text-align:right" | <strong>+3.3%</strong>
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>Europe</strong>
| style="text-align:right" | <strong>+3.1%</strong>
| style="text-align:right" | <strong>+5.4%</strong>
| style="text-align:right" | —
| style="text-align:left" | —
|-
| style="text-align:left" | <iem>Switzerland</iem>
| style="text-align:right" | +3.0%
| style="text-align:right" | +5.0%
| style="text-align:right" | —
| style="text-align:left" | Continued price increases both in Personal and Commercial lines
|-
| style="text-align:left" | <iem>Germany</iem>
| style="text-align:right" | +3.1%
| style="text-align:right" | +10.3%
| style="text-align:right" | —
| 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:left" | <iem>Belgium &amp; Luxembourg</iem>
| style="text-align:right" | +2.5%
| style="text-align:right" | +4.4%
| style="text-align:right" | —
| style="text-align:left" | Price increase broadly in line with 2025
|-
| style="text-align:left" | <iem>UK &amp; Ireland</iem>
| style="text-align:right" | +1.4%
| style="text-align:right" | -2.6%
| style="text-align:right" | —
| style="text-align:left" | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
|-
| style="text-align:left" | <iem>Spain</iem>
| style="text-align:right" | +8.8%
| style="text-align:right" | +8.6%
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <iem>Italy</iem>
| style="text-align:right" | +5.2%
| style="text-align:right" | +5.3%
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>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.}}</strong>
| style="text-align:right" | <strong>+0.2%</strong>
| style="text-align:right" | —
| style="text-align:right" | <strong>+0.3%</strong>
| style="text-align:left" | Softening prices with conditions varying by lines
|-
| style="text-align:left" | <strong>Asia, Africa &amp; EME-LATAM</strong>
| style="text-align:right" | <strong>+3.8%</strong>
| style="text-align:right" | <strong>+7.1%</strong>
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>Total</strong>
| style="text-align:right" | <strong>+1.9%</strong>
| style="text-align:right" | <strong>+5.2%</strong>
| style="text-align:right" | <strong>+0.3%</strong>
| style="text-align:left" | —
|}
</div>
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| style="text-align:right" | 4,337
| style="text-align:right" | +6%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 13,314
| style="text-align:right" | +6%
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