Data:AXA/2025/FY/Earnings release.json: Difference between revisions

"heading": "underlying EPS growth",

"content": "* AXA reported record results with underlying EPS (Underlying earnings per share) growth at the top end of the target range.\n\n== Key FY25 highlights =="

"heading": "Gross written premiums and underlying earnings",

"content": "* Gross written premiums \u0026 other revenues(1)(footnote: Change in gross written premiums \u0026 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, up +6% vs. FY24 (Full year 2024)\n* Underlying earnings(2)(footnote: '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, up +6% vs. FY24\n* Underlying earnings excluding AXA IM (AXA Investment Managers)(3)(footnote: 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.): up +9% vs. FY24\n* Underlying earnings per share(2)(footnote: '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, up +8% vs. FY24\n* Underlying earnings per share was impacted by a -2% headwind from foreign exchange movements (Foreign exchange)\n* Underlying earnings per share was impacted by a -1% temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback(4)(footnote: 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.)"

"heading": "Solvency II ratio",

"content": "* Solvency II ratio(5)(footnote: 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, up +9 points vs. FY24 (Full year 2024)\n* Solvency II ratio: 215% on January 1, 2026 (Year 2026), reflecting the end of the grandfathering period(6)(footnote: 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.)\n\n== Capital Management =="

"heading": "Shareholder Returns and Buyback Programs",

"content": "* Dividend of EUR 2.32 per share, up +8% vs. FY24 (Full year 2024)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.)\n* Launch of an annual share buyback program(8)(footnote: 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.) of up to EUR 1.25bn\n* Completion of EUR 3.8bn additional share buyback related to AXA IM (AXA Investment Managers) disposal(4)(footnote: 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 (Year 2026)\n\n== Outlook =="

"content": "* Underlying earnings per share growth for 2026 (Year 2026) is expected to be at the upper end of the 6-8% plan target range(9)(footnote: 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.)\n* Expected impact of Solvency II revision is +17 points(10)(footnote: 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.)\n* AXA will present its new strategic plan for 2027-2029 on September 21, 2026"

"heading": "2025 performance commentary",

"content": "* In 2025, AXA delivered +9% earnings growth in core businesses excluding AXA IM (AXA Investment Managers)\n* Reserve prudence was enhanced following excellent results\n* P\u0026C (Property \u0026 casualty) franchise posted stellar results with a healthy balance between price and volume, best-in-class margins, a lower expense ratio, and higher investment income\n* AXA XL Insurance increased earnings with stable underlying margins\n* Life \u0026 Health earnings rose by 7%\n* Life earnings reflected early benefits of the strategy to rejuvenate the business\n* Health grew by 17% even after absorbing the adverse change on VAT treatment in Mexico\n* Investments in automation and Artificial Intelligence are driving efficiency gains\n* Solvency II ratio is at a very strong level\n* Thomas Buberl, CEO of AXA, stated that the results demonstrate the earnings power of the diversified franchise and reinforce confidence in AXA's ability to generate sustainable, long-term value\n\n== FY25 key highlights =="

"content": "**Key figures – FY25 (Full year 2025) key highlights**\n\n| in Euro million | FY24 (Full year 2024) | FY25 | Change on a reported basis | Change at comparable basis |\n| --- | --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) (1) | 110,316 | 115,524 | +5% | +6% |\n| o/w Property \u0026 Casualty (Property \u0026 casualty) | 56,514 | 58,038 | +3% | +5% |\n| o/w Life \u0026 Health (Life \u0026 health) | 51,983 | 56,512 | +9% | +8% |\n| o/w Asset Management (AXA Investment Managers) | 1,701 | 875 | n.m. | n.m. |\n\n| in Euro million | FY24 | FY25 | Change on a reported basis | Change at constant Forex |\n| --- | --- | --- | --- | --- |\n| Underlying earnings (2) | 8,078 | 8,368 | +4% | +6% |\n| Net income | 7,886 | 9,797 | +24% | +26% |\n\n| in Euro million | FY24 | FY25 | Change on a reported basis | |\n| --- | --- | --- | --- | --- |\n| Solvency II ratio (%) (5) | 216% | 224% | +9 pts | — |\n=== Activity indicators ==="

"content": "* Total gross written premiums and other revenues(1)(footnote: Change in gross written premiums \u0026 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%.\n* Property \u0026 Casualty: +5%.\n** Commercial lines(11)(footnote: 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.): +4% from higher volumes (notably at AXA XL Insurance) and favorable price effects(12)(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) across all geographies.\n** Personal lines: +7% driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, Asia \u0026 EME-LATAM.\n** AXA XL Reinsurance: +8% with growth supported by alternative capital.\n* Life \u0026 Health: +8%.\n** Life premiums: +9%.\n*** Protection: +11% from strong sales in Hong Kong, Switzerland, and Japan.\n*** Unit-Linked: +13% from higher volumes across all geographies.\n*** G/A(13)(footnote: General account.): +4% from continued momentum in Italy and France.\n** Health premiums: +5% driven by price effects in all geographies."

"heading": "Underlying earnings and EPS",

"content": "* Underlying earnings(2)(footnote: '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.\n* Underlying earnings increased by +9% excluding AXA IM (AXA Investment Managers)(3)(footnote: 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.).\n* Property \u0026 Casualty: +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income.\n* Life \u0026 Health: +7% from improved short-term technical results in Health \u0026 Protection, and higher earnings in long-term business, including early benefits from strategy to rejuvenate the business.\n* Holdings(14)(footnote: Including banking activities.) underlying earnings remained broadly stable at EUR -1.2bn.\n* Asset Management underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025.\n* Underlying earnings per share(2)(footnote: '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.\n* This increase was mainly driven by:\n** Increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** Impact of share buybacks (+3%), including the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM.\n* This was partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).\n* The sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to the timing of the associated share buyback."

"content": "* Net income increased by 26% to EUR 9.8bn.\n* This increase mainly reflects the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM (AXA Investment Managers).\n\n=== Balance sheet ==="

"content": "* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.\n* The decrease in shareholders' equity was due to: FY24 (Full year 2024) dividend paid to shareholders (EUR -4.6bn), impact of share buybacks in 2025 (EUR -4.7bn) including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM (AXA Investment Managers), and an unfavorable foreign exchange impact (EUR -3.5bn) notably from USD depreciation.\n* These negative impacts on shareholders' equity were partly offset by positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).\n* CSM(1)(footnote: Change in gross written premiums \u0026 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.)(15)(footnote: Including P\u0026C. 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.\n* CSM saw +2% normalized growth, driven by new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn), which more than offset CSM release (EUR -3.0bn).\n* Market conditions had a favorable impact on CSM (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance.\n* These positive impacts on CSM were more than offset by unfavorable 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 the duration of Group Life business in Switzerland despite better margins and net flows."

"content": "* Solvency II ratio(5)(footnote: 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.\n* The increase in Solvency II ratio was due to: strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points).\n* These positive impacts were partly offset by the net impact of the acquisitions of Nobis and Prima, and the disposal of AXA IM (AXA Investment Managers) including the associated EUR 3.8bn share buyback (-5 points).\n* As of January 1, 2026 (Year 2026), capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.\n* The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points(10)(footnote: 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.)."

"heading": "Financial ratios and cash at holding",

"content": "* Underlying return on equity(2)(footnote: '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 underlying earnings and lower shareholders' equity.\n* Debt gearing(2)(footnote: '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.\n* The increase in debt gearing was driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).\n* The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.\n* Cash at Holding(16)(footnote: 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.\n* This increase in cash at Holding reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.\n\n== Capital management and outlook ==\n\n=== Capital management ==="

"content": "* A dividend of EUR 2.32 per share (+8% vs FY24 (Full year 2024)) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 (Year 2026)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.).\n* The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.\n* AXA's Board of Directors approved on February 25, 2026, an annual share buyback program for up to EUR 1.25bn.\n* The share buyback program will be executed in accordance with the applicable Shareholders' Annual General Meeting authorization.\n* AXA intends to cancel all shares repurchased under this program.\n* The share buyback program is expected to commence as soon as practicable, subject to market conditions, and be completed by year-end.\n\n=== Outlook ==="

"id": "chq99br5nr-c16",

"chunk": 16,

"AXA",

"content": "**'Unlock the Future' plan targets and strategy**\n\n* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.\n* Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.\n* In P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market, pricing remains favorable, and the Group expects to benefit from earnthrough of higher pricing and underwriting actions.\n* At AXA XL, pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* The Group guidance for normalized natural catastrophe(18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at approximately 4.5 points of combined ratio for 2026 (Year 2026).\n* In Life \u0026 Health, earnings growth is expected from the short-term business due to disciplined pricing and claims management.\n* The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time."

"id": "chq99br5nr-c17",

"chunk": 17,

"heading": "Holdings results and financial targets",

"content": "* Results in Holdings in 2026 (Year 2026) are expected to be similar to 2025 levels.\n* Assuming current operating conditions persist and given strong 2025 operating performance, AXA is on track to deliver the main financial targets of its 'Unlock the Future' plan.\n* Main financial targets include: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both 2023-2026E and 2026(9)(footnote: 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.).\n* Main financial targets include: (ii) underlying return on equity between 14% and 16% between 2024 and 2026E.\n* Main financial targets include: (iii) cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E.\n* The Group is committed to its capital management policy(19)(footnote: 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 payout ratio of 75%(20)(footnote: Payout ratio is calculated based on underlying earnings per share.).\n* The total payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks.\n* The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.\n\n== Property \u0026 Casualty =="

"id": "chq99br5nr-c18",

"chunk": 18,

"id": "chq99br5nr-c19",

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"AXA Asia, Africa \u0026 EME-LATAM"

"content": "* Gross written premiums \u0026 other revenues +5% to EUR 58.0bn.\n* Commercial lines: +4% to EUR 35.8bn.\n** AXA XL Insurance: +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes); partly offset by lower pricing and volumes in Financial lines.\n** Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM): +13% mainly from Türkiye (higher average premiums) and Mexico (favorable volume and price effects).\n** France: +6% from favorable price effects across all lines and higher volumes.\n* Personal lines: +7% to EUR 19.7bn.\n** Europe: +5% from favorable price effects across geographies, except UK \u0026 Ireland Motor where pricing softened after strong repricing in 2024.\n** Asia, Africa \u0026 EME-LATAM: +14% from Türkiye (higher average premiums and volumes).\n** France: +9% from strong volume growth in all lines (direct business, proprietary agent networks) and favorable price effects in Motor.\n* AXA XL Reinsurance: +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by softening in other lines."

"id": "chq99br5nr-c20",

"chunk": 20,

"content": "* All-year combined ratio improved by 0.3pt to 90.6%.\n* Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pt) from margin expansion in Commercial lines (-0.5pt, driven by SME \u0026 mid-market business at -0.9pt) and Personal lines (-0.4pt).\n* AXA XL Insurance margins stable at attractive levels (+0.1pt).\n* Lower expense ratio (-0.3pt) primarily from lower non-commission expense ratio reflecting efficiency gains.\n* Lower natural catastrophe charges (-0.4pt to 3.4%) more than offset by lower prior years' reserve development (+0.7pt at -1.1%)."

"id": "chq99br5nr-c21",

"chunk": 21,

"content": "* P\u0026C (Property \u0026 casualty) underlying earnings +9% to EUR 5.9bn.\n* Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin.\n* Driven by 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.\n* Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings.\n\n== Life \u0026 Health =="

"id": "chq99br5nr-c22",

"chunk": 22,

"id": "chq99br5nr-c23",

"chunk": 23,

"links": [],

"effective_tags": [],

"content": "* Life grew +9% to EUR 37.5bn, mainly from:\n** Unit-Linked: +13% driven by successful sales initiatives across all geographies\n** G/A(13)(footnote: General account.): +4% notably in France (+4%) and from elevated sales of a capital-light product in Italy\n** G/A was partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong\n** Protection: +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland\n* Health grew +5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes."

"id": "chq99br5nr-c24",

"chunk": 24,

"heading": "Present value of expected premiums (PVEP)",

"content": "* Present value of expected premiums (PVEP)(1,21) decreased by 2% to EUR 49.4bn.\n* Life PVEP: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums.\n* Health PVEP: -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions."

"id": "chq99br5nr-c25",

"chunk": 25,

"content": "* NB CSM(1)(footnote: Change in gross written premiums \u0026 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.)(21)(footnote: Life \u0026 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.\n* NBV (post-tax)(1)(footnote: Change in gross written premiums \u0026 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.)(21)(footnote: Life \u0026 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.\n* NBV margin (post tax)(1)(footnote: Change in gross written premiums \u0026 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.)(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) increased by 0.1pt to 4.5%."

"id": "chq99br5nr-c26",

"chunk": 26,

"content": "* Net flows(21)(footnote: Life \u0026 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.\n* Net flows in 2025 were driven by:\n** Protection: EUR +4.9bn, mainly in Hong Kong, Japan, and France\n** Health: EUR +2.7bn, mainly in Germany, Japan, and France\n** Unit-Linked: EUR +1.5bn, primarily in France\n* Net flows were partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn)."

"id": "chq99br5nr-c27",

"chunk": 27,

"content": "* Life \u0026 Health underlying earnings increased by 7% to EUR 3.5bn, driven by:\n** Long-term technical result: EUR +0.2bn driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business\n** Short-term technical result: EUR +0.1bn driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies\n** 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)\n** Lower income taxes: EUR +0.1bn reflecting favorable tax effects mainly in Germany, France and Mexico\n** Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders\n\n== Holdings =="

"id": "chq99br5nr-c28",

"chunk": 28,

"id": "chq99br5nr-c29",

"chunk": 29,

"id": "chq99br5nr-c30",

"chunk": 30,

"content": "* 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%.\n* Contractual service margin (\"CSM\"): a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.\n* CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.\n* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.\n* 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.\n* Gross written premiums and 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).\n** Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).\n* 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.\n* New business value (\"NBV\"): the value of newly issued contracts during the current year.\n** It consists 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 (carried by Life entities, 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.\n* 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.\n* Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes.\n** Operating variance is net of reinsurance.\n* 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.\n** PVEP is discounted at the reference interest rate and PVEP is Group share.\n* Technical experience: consists of the impacts on the 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) the other long-term elements which are mainly composed of non-attributable expenses.\n* Underlying return on in-force: the release of the time value of options \u0026 guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.\n\n== Scope and exchange rates ==\n\n=== Scope ==="

"id": "chq99br5nr-c31",

"chunk": 31,

"heading": "Scope of operations by geography",

"content": "* France: includes insurance activities, banking activities, and holding.\n* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities)(23)(footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.), and AXA Life Europe (insurance activities).\n* AXA XL: includes insurance and reinsurance activities and holding.\n* Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM):\n** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C (Property \u0026 casualty), Indonesia L\u0026S (excluding the bancassurance entity), China P\u0026C, South Korea, and Asia Holdings are fully consolidated.\n** Asia: China L\u0026S, Thailand L\u0026S, the Philippines L\u0026S and P\u0026C, Indonesia L\u0026S, and India (Life activities disposed on March 11, 2024 and holding) are consolidated under the equity method and contribute to NBV, PVEP, underlying earnings, and net income.\n** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.\n** AXA Mediterranean Holdings is included.\n* Transversal \u0026 Other (AXA Transversal \u0026 Other): includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.\n* AXA Investment Managers(24)(footnote: Disposal to BNP Paribas completed on July 1, 2025.): includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.\n\n=== Exchange rates ==="

"id": "chq99br5nr-c32",

"chunk": 32,

"id": "chq99br5nr-c33",

"chunk": 33,

"id": "chq99br5nr-c34",

"chunk": 34,

"heading": "Basis of reporting and financial statement approval",

"content": "* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).\n* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.\n* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026 (Year 2026).\n* The financial statements are subject to completion of an audit procedure by AXA's statutory auditors."

"id": "chq99br5nr-c35",

"chunk": 35,

"content": "* The AXA Group (AXA) is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.\n* In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 underlying earnings to EUR 8.4bn.\n* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.\n* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).\n* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.\n* Individual Shareholder Relations contact: +33.1.40.75.48.43.\n* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.\n* The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.\n* 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.\n* This press release contains forward-looking statements, including those regarding expected underlying earnings per share (“UEPS (Underlying earnings per share)”) growth for 2026 (Year 2026), which are based on Management’s current views and intentions and are subject to risks and uncertainties.\n* AXA disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations.\n* The press release refers to non-GAAP financial measures (Alternative Performance Measures or APMs) used by Management, which may not be comparable to similarly labeled measures from other companies.\n* 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.\n* \"Underlying earnings\", UEPS, \"underlying return on equity\", \"combined ratio\", and \"debt gearing\" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement.\n* Reconciliations of APMs to IFRS financial statements and their calculation methodologies are provided in AXA’s Activity Report as of December 31, 2025.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="

"id": "chq99br5nr-c36",

"chunk": 36,

"Full year 2024",

"Full year 2025",

"content": "**Gross written premiums and other revenues by geography and business line (Business mix)**\n\n| In EUR million | Gross Written Premiums and Other Revenues FY24 (Full year 2024) | Gross Written Premiums and Other Revenues FY25 (Full year 2025) | Gross Written Premiums and Other Revenues Change on a reported basis | Gross Written Premiums and Other Revenues Change on a comparable basis | o/w Property \u0026 Casualty (Property \u0026 casualty) FY25 | o/w Property \u0026 Casualty (Property \u0026 casualty) Change on a comparable basis | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health (Life \u0026 health) Change on a comparable basis | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management (AXA Investment Managers) Change on a comparable basis |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France(i) | 28,996 | 30,598 | +6% | +6% | 9,648 | +7% | 20,852 | +5% | — | — |\n| Europe (AXA Europe) | 39,298 | 43,005 | +9% | +6% | 21,257 | +4% | 21,748 | +8% | — | — |\n| AXA XL | 19,383 | 19,277 | -1% | +4% | 19,159 | +4% | 118 | -8% | — | — |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 19,083 | 19,925 | +4% | +13% | 6,257 | +13% | 13,668 | +13% | — | — |\n| Transversal | 1,856 | 1,844 | -1% | -1% | 1,718 | -1% | 126 | -8% | — | — |\n| AXA Investment Managers | 1,701 | 875 | -49% | +4% | — | — | — | — | 875 | +4% |\n| Total(i) | 110,316 | 115,524 | +5% | +6% | 58,038 | +5% | 56,512 | +8% | 875 | +4% |\n\n(i) Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.\n\n== Appendix 2: Underlying earnings by geography and by business line =="

"id": "chq99br5nr-c37",

"chunk": 37,

"Full year 2024",

"Full year 2025",

"content": "**Underlying earnings by geography and by business line (Business mix)**\n\n| In EUR million | Underlying earnings FY24 (Full year 2024) | Underlying earnings FY25 (Full year 2025) | Underlying earnings Change at constant Forex | o/w Property \u0026 Casualty (Property \u0026 casualty) FY25 | o/w Property \u0026 Casualty (Property \u0026 casualty) Change at constant Forex | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health (Life \u0026 health) Change at constant Forex | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management (AXA Investment Managers) Change at constant Forex |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 2,071 | 2,224 | +7% | 1,237 | +7% | 1,039 | +8% | — | — |\n| Europe (AXA Europe) | 3,187 | 3,486 | +9% | 2,216 | +9% | 1,264 | +14% | — | — |\n| AXA XL | 1,820 | 1,893 | +9% | 1,913 | +9% | 12 | -49% | — | — |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 1,504 | 1,493 | +6% | 355 | +24% | 1,165 | 0% | — | — |\n| Transversal | -907 | -903 | 0% | 151 | -4% | 22 | +16% | — | — |\n| AXA Investment Managers | 402 | 175 | -57% | — | — | — | — | 175 | -57% |\n| Total(i) | 8,078 | 8,368 | +6% | 5,872 | +9% | 3,501 | +7% | 175 | -57% |\n\n(i) Including underlying earnings of Holdings and Banking.\n\n== Appendix 3: Property \u0026 Casualty – gross written premiums \u0026 other revenues by business line and discount rates =="

"id": "chq99br5nr-c38",

"chunk": 38,

"id": "chq99br5nr-c39",

"chunk": 39,

"id": "chq99br5nr-c40",

"chunk": 40,

"id": "chq99br5nr-c41",

"chunk": 41,

"content": "**PVEP, NBV, and NBV margin by geography**\n\n| Life New Business Metrics FY25 (Full year 2025) in Euro million | Life New Business Metrics FY25 (Full year 2025) PVEP | Life New Business Metrics FY25 (Full year 2025) Change(ii) | Life New Business Metrics FY25 (Full year 2025) NBV | Life New Business Metrics FY25 (Full year 2025) Change(ii) | Life New Business Metrics FY25 (Full year 2025) NBV margin | Life New Business Metrics FY25 (Full year 2025) Change(ii) | Health(i) New Business Metrics FY25 PVEP | Health(i) New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 NBV | Health(i) New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 NBV margin | Health(i) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 PVEP | Total(ii) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 NBV | Total(ii) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 NBV margin | Total(ii) New Business Metrics FY25 Change(ii) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 14,971 | -4% | 519 | 0% | 3.5% | +0.1 pt | 7,887 | -20% | 177 | +13% | 2.2% | +0.7pt | 22,858 | -10% | 695 | +3% | 3.0% | +0.4pts |\n| Europe (AXA Europe) | 10,102 | +3% | 474 | -11% | 4.7% | -0.7pt | 2,549 | +16% | 104 | +36% | 4.1% | +0.6pt | 12,651 | +5% | 578 | -5% | 4.6% | -0.5pts |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 12,029 | +7% | 754 | +5% | 6.3% | -0.1pt | 1,817 | -6% | 205 | -12% | 11.3% | -0.8pt | 13,847 | +5% | 959 | +1% | 6.9% | -0.3pts |\n| Total | 37,103 | +1% | 1,747 | -1% | 4.7% | -0.1pt | 12,254 | -12% | 486 | +4% | 4.0% | +0.6pt | 49,357 | -2% | 2,233 | 0% | 4.5% | +0.1pt |\n\n**NB CSM to NBV**\n\n| in Euro million | Life | Health(i) | Total(i) |\n| --- | --- | --- | --- |\n| NB CSM (pre-tax) | 1,822 | 377 | 2,199 |\n| Other NBV (pre-tax) | 491 | 266 | 757 |\n| Tax \u0026 Other | -567 | -157 | -724 |\n| NBV | 1,747 | 486 | 2,233 |\n\n(i) Includes Health business written predominantly in Life entities\n(ii) Changes are at comparable basis (constant forex, scope and methodology)\n\n== Appendix 7: Life \u0026 Health – net flows =="

"id": "chq99br5nr-c42",

"chunk": 42,

"content": "**Net flows by business line (Business mix)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) |\n| --- | --- | --- |\n| Health(i) | +2.7 | +2.7 |\n| Protection | +3.2 | +4.9 |\n| G/A Savings | -3.6 | -3.7 |\n| o/w capital light(ii) | +2.2 | +1.2 |\n| o/w traditional G/A | -5.8 | -5.0 |\n| Unit-Linked(iii) | -0.8 | +1.5 |\n| Mutual Funds \u0026 Other | 0.0 | 0.0 |\n| Total Life \u0026 Health (Life \u0026 health)(i) net flows | +1.5 | +5.4 |\n\n(i) Includes Health business written predominantly in Life entities\n(ii) Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%\n(iii) Including Investment contracts with no discretionary participation features (\u0026quot;DPF\u0026quot;)\n\n== Appendix 8: Main transactions and next main investor events =="

"id": "chq99br5nr-c43",

"chunk": 43,

"content": "* Announced the execution of a share repurchase (Share buyback) agreement related to AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)\n* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)\n* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)\n* Announced the execution of a share repurchase agreement related to AXA's Shareplan and certain stock-based compensation (June 2, 2025)\n* Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025)\n* Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (AXA Investment Managers) (July 1, 2025)\n* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)\n* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)\n* Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)\n* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)\n\n=== Next main investor events ==="

"id": "chq99br5nr-c44",

"chunk": 44,

"heading": "Upcoming investor events",

"content": "* 2026 (Year 2026) Shareholder's Annual General Meeting: April 30, 2026\n* First quarter 2026 Activity Indicators: May 5, 2026\n* HY26 Earnings Release: July 31, 2026\n* AXA Investor Day: September 21, 2026"