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

| pages = 20

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

| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).

| wide = yes

 

{{chunk|doc=chq99br5nr|c=2|p=1}}

 

 

== Key FY25 highlights ==

 

{{chunk|doc=chq99br5nr|c=3|p=1}}

 

 

{{chunk|doc=chq99br5nr|c=4|p=1}}

 

* Solvency II ratio: 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.}}

 

 

{{chunk|doc=chq99br5nr|c=5|p=1}}

 

* [[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.}}

 

== Outlook ==

 

* [[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.}}

 

{{chunk|doc=chq99br5nr|c=7|p=1}}

 

* [[Definition:AXA XL|AXA XL]] Insurance increased earnings with stable underlying margins

* [[Definition:Life & health|Life & Health]] earnings rose by 7%

* Investments in automation and Artificial Intelligence are driving efficiency gains

 

== FY25 key highlights ==

|}

</div>

=== Activity indicators ===

 

 

* 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%.

 

{{chunk|doc=chq99br5nr|c=10|p=2}}

 

* [[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.

* 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.

** 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 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]].

 

'''Net income'''

 

* This increase mainly reflects the increase in [[Definition:Underlying earnings|underlying earnings]] and significantly positive exceptional items, notably the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].

 

 

* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.

* 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.

 

{{chunk|doc=chq99br5nr|c=13|p=3}}

 

* 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.

 

{{chunk|doc=chq99br5nr|c=14|p=3}}

 

* 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, notably from 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.

* The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.

* Cash at Holding{{fn ref|16|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.

 

== Capital management and outlook ==

=== Capital management ===

 

'''Shareholder returns'''

 

* The [[Definition:Dividend|dividend]] is expected to be paid on May 13, [[Definition:Year 2026|2026]], with an ex-dividend date on May 11, [[Definition:Year 2026|2026]].

* [[Definition:AXA|AXA]]'s Board of Directors approved on February 25, [[Definition:Year 2026|2026]], an annual [[Definition:Share buyback|share buyback]] program for up to EUR 1.25bn.

* [[Definition:AXA|AXA]] intends to cancel all shares repurchased under this program.

 

=== Outlook ===

 

 

* [[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.

* The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time.

 

 

* The 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.}}.

* The total [[Definition:Payout ratio|payout ratio]] comprises a 60% [[Definition:Dividend|dividend]] [[Definition:Payout ratio|payout ratio]] and an additional 15% from annual [[Definition:Share buyback|share buybacks]].

== Property & Casualty ==

 

 

<div style="overflow-x:auto">

</div>

 

'''[[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]'''

 

 

'''Combined ratio'''

 

 

'''[[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]]'''

 

 

== Life & Health ==

 

 

<div style="overflow-x:auto">

=== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ===

 

'''[[Definition:Life & health|Life & Health]] [[Definition:Gross written premiums|gross written premiums]]'''

 

 

 

 

'''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 by 3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.

* NBV (post-tax){{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 France.

 

'''Net flows'''

 

 

'''[[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]]'''

 

* [[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]] increased by 7% to EUR 3.5bn, driven by:

 

== Holdings ==

 

'''Holdings [[Definition:Underlying earnings|underlying earnings]]'''

 

=== Ratings ===

 

 

<div style="overflow-x:auto">

{| id="t8" class="wikitable"

|+ Insurer financial strength ratings and [[Definition:AXA|AXA]]'s credit ratings by Agency

|-

! style="text-align:left" | Agency

! style="text-align:right" | Date of last review

|-

| style="text-align:left" | S&amp;P Global Ratings

| style="text-align:left" | AA-

| style="text-align:left" | Positive

| style="text-align:left" | A-1+

|-

| style="text-align:left" | Aa2

| style="text-align:left" | Stable

| style="text-align:left" | P-1

|-

| style="text-align:left" | —

| style="text-align:left" | Stable

| style="text-align:left" | —

|}

=== Glossary ===

 

'''Glossary of financial terms'''

 

 

== Scope and exchange rates ==

=== Scope ===

 

 

* France: includes insurance activities, banking activities, and holding.

* [[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 the bancassurance entity), China [[Definition:Property & casualty|P&C]], South Korea, and Asia Holdings are fully consolidated.

** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.

** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.

** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.

* [[Definition:AXA Transversal & Other|Transversal & Other]]: includes [[Definition:AXA|AXA]] Assistance, [[Definition:AXA|AXA]] Liabilities Managers, [[Definition:AXA|AXA]] SA (including 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 ===

 

 

<div style="overflow-x:auto">

|-

! style="text-align:left" | For 1 Euro

|-

| style="text-align:left" | USD

== Notes ==

 

'''Notes'''

 

{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}

 

 

* 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]].

* The financial statements are subject to completion of an audit procedure by [[Definition:AXA|AXA]]'s statutory auditors.

 

'''Company overview and legal information'''

 

* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.

* 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 contact: +33.1.40.75.48.43.

* The [[Definition:AXA|AXA Group]] is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

* [[Definition:AXA|AXA]] is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.

 

== Appendix 1: Gross written premiums et other revenues by geography and business line ==

 

 

<div style="overflow-x:auto">

{| id="t10" class="wikitable fintable"

|+ [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]] by geography and [[Definition:Business mix|business line]]

|-

! style="text-align:left" | In EUR million

|-

| style="text-align:left" | France{{fn ref|i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}

== Appendix 2: Underlying earnings by geography and by business line ==

 

 

<div style="overflow-x:auto">

{| id="t11" class="wikitable fintable"

|+ [[Definition:Underlying earnings|Underlying earnings]] by geography and by [[Definition:Business mix|business line]]

|-

! style="text-align:left" | In EUR million

|-

| style="text-align:left" | [[Definition:AXA France|France]]

== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==

 

 

<div style="overflow-x:auto">

{| id="t12" class="wikitable fintable"

|+ Total [[Definition:Property & casualty|P&amp;C]] by geography and [[Definition:Business mix|business line]]

|-

! style="text-align:left" | In EUR million

|-

| style="text-align:left" | [[Definition:AXA France|France]]

=== P&C: Price effects i by country and business line ===

 

 

<div style="overflow-x:auto">

== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==

 

 

<div style="overflow-x:auto">

|+ [[Definition:Gross written premiums & other revenues|Gross written premiums &amp; other revenues]] by geography and [[Definition:Business mix|business line]]

|-

|-

| style="text-align:left" | [[Definition:AXA France|France]]

== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==

 

 

<div style="overflow-x:auto">

|+ PVEP, NBV, and NBV margin by geography

|-

|-

| style="text-align:left" | [[Definition:AXA France|France]]

{| id="t17" class="wikitable fintable"

|-

|-

! 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}}

== Appendix 7: Life & Health – net flows ==

 

 

<div style="overflow-x:auto">

|+ Net flows by [[Definition:Business mix|business line]]

|-

! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]

! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]

== Appendix 8: Main transactions and next main investor events ==

 

'''Main transactions in 2025'''

 

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

* Announced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas (July 1, 2025)

* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)

* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)

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

 

=== Next main investor events ===

 

 

* First quarter [[Definition:Year 2026|2026]] Activity Indicators: May 5, [[Definition:Year 2026|2026]]

* HY26 [[Definition:Earnings release|Earnings Release]]: July 31, [[Definition:Year 2026|2026]]