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

"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* This growth was driven by Property \u0026 Casualty (premiums increased +5%), with growth in:.\n** Commercial lines(11)(footnote: 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.) (grew +4%) fromdue to 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 (grew +7%), drivendue byto favorable price effects and strong growth in net new contracts, notably in France, Europe, Asia \u0026 EME-LATAM, and at AXA XL Reinsurance.\n** AXA XL Reinsurance (grew +8%), with growth supported by alternative capital.\n* Growth was also driven by Life \u0026 Health (premiums increased +8%), with:.\n** Life premiums were up 9%, driven by.\n*** Protection (grew +11%) from strong sales in Hong Kong, Switzerland, and Japan.\n*** Unit-Linked (grew +13%) from higher volumes across all geographies.\n*** G/A(13)(footnote: General account.) (grew +4%), from continued momentum in Italy and France.\n** Health premiums were up 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 8.4 billion,.\n* orUnderlying earnings increased +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* This was driven by:\n** Property \u0026 Casualty (underlying earnings increased +9%), fromdue to higher volumes, underwriting margin expansion, and an increase inincreased financial resultresults due tofrom higher investment income.\n** Life \u0026 Health (underlying earnings increased +7%), fromdue anto improvement inimproved short-term technical results in Health \u0026 Protection, and higher earnings in long-term business, including early benefits from the strategybusiness torejuvenation rejuvenate the businessstrategy.\n** Holdings(14)(footnote: Including banking activities.) underlying earnings remained broadly stable at EUR -1.2 billion.\n** Asset Management underlying earnings decreased by EUR 0.2 billion 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** Thethe +6% increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** TheShare impactbuybacks ofcontributed share buybacks (+3%), including both 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, which caused a (-2%) reduction.\n* The sale of AXA IM resulted in a temporary dilution of underlying earnings per share by -1% due to the timing of the associated share buyback (-1%)."

"content": "* Net income increased by 26% to EUR 9.8 billion.\n* This mainlyincrease reflectedprimarily reflects the increaserise in underlying earnings and significantly positive exceptional items, notablyincluding 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 vs. December 31, 2024.\n* The decrease in shareholders' equity was due to: net income (EUR +9.8bn) and net OCI (EUR +1.3bn) being offset by FY24 (Full year 2024) dividend paid (EUR -4.6bn), share buybacks (EUR -4.7bn) including a EUR 3.5bn anti-dilutive buyback (Share buyback) for AXA IM (AXA Investment Managers) sale, and unfavorable foreign exchange impact (EUR -3.5bn) mainly from USD depreciation.\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 vs. December 31, 2024.\n* CSM normalized growth was +2%, with newNew business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) offsettingmore than offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM.\n* Market conditions had a favorable impact of EUR +0.6bn, mainly from tightening government spreads and positive equity market performance.\n* This was offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from JPY and HKD depreciation, and a negative operating variance (EUR -0.3bn) due to better margins and net flows being offset by reduceda durationreduction ofin Group Life business duration in Switzerland."

"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 vs. December 31, 2024.\n* DriversThe ofincrease thewas Solvencydriven II ratio increase includeby: 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 marketsmarket impacts (+4 points).\n* These positive impacts were partly offset by the net impact of acquisitions (Nobis and Prima) and 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), the Solvency II ratio decreased by -10 points to 215% due to capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualifyingqualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.\n* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio(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.) by +17 points."

"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 point vs. December 31, 2024, due to 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 vs. December 31, 2024.\n* DebtThe increase in debt gearing was driven by lower shareholders' equity and CSM, and 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 vs. December 31, 2024.\n* This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. 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, the launch of an annual share buyback program for up to EUR 1.25bn.\n* The share buyback program will be executed in accordance with the terms of 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 reasonably practicable, subject to market conditions, and to be completed by year-end.\n\n=== Outlook ==="

"content": "**'Unlock the Future' plan and financial targets**\n\n* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan,.\n* supportedConfidence by:is (i)underpinned by profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management."

"heading": "Business segmentline outlook",

"content": "* P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market: favorable pricing; Groupremains expectsfavorable, towith expected benefitbenefits from earnthrough of higher pricing and underwriting actions.\n* AXA XL: pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* NormalizedAXA XL: normalized natural catastrophe load(18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) guidance remains at ca. 4.5 points of combined ratio for 2026 (Year 2026) (18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.).\n* Life \u0026 Health: earnings growth is expected from short-term business due to disciplined pricing and claims management.\n* Long-termLife business\u0026 Health: strategy to rejuvenate sales in long-term business and improved persistency should generate positive net flows, driving CSM growth over time."

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

"content": "* Holdings: results: expected to remain similar in 2026 (Year 2026) asare inexpected to remain similar to 2025 levels.\n* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan financial targets, assuming current operating conditions persist and considering strong 2025overall operating performance in 2025.\n* Underlying earnings per share growth: expected at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 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* Underlying return on equity: expected between 14% and 16% between 2024 and 2026E.\n* Cumulative organic cash upstream: expected in excess of EUR 21bn21 billion for 2024-2026E.\n* CapitalThe managementGroup policy: Groupis committed to targetingits acapital total payout ratio of 75%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** DividendThe total payout ratio: comprises a 60%.\n** Annualdividend sharepayout buybacks:ratio and an additional 15% from annual share buybacks.\n* ProposedThe proposed dividend per share in a given year is expected to be at least equal to the prior year's dividend per share paid in the prior year.\n\n== Property \u0026 Casualty =="

"heading": "4 \u003Cnowiki\u003E|\u003C/nowiki\u003E Property \u0026amp; Casualty: gross written premiums and other revenues by business line, FY24 vs FY25.",

"content": "**Property \u0026 Casualty (Property \u0026 casualty): gross written premiums and other revenues by business line (Business mix), FY24 (Full year 2024) vs FY25 (Full year 2025).**\n\n| In EUR billion | FY24 | FY25 | Change on a comparable basis | FY25 Price effect(12) (in %) |\n| --- | --- | --- | --- | --- |\n| Gross written premiums and other revenues | 56.5 | 58.0 | +5% | +2.9% |\n| o/w Commercial lines(11) | 34.9 | 35.8 | +4% | +1.9% |\n| o/w Personal lines | 19.1 | 19.7 | +7% | +5.2% |\n| o/w AXA XL Reinsurance | 2.5 | 2.6 | +8% | +0.3% |\n\n**Property \u0026 Casualty: Combinedcombined ratio and underlying earnings, FY24 vs FY25.**\n\n| | FY24 | FY25 | Change at constant Forex |\n| --- | --- | --- | --- |\n| All-Year Combined ratio | 91.0% | 90.6% | -0.3 pt |\n| Underlying earnings | 5,510 | 5,872 | +9% |"

"content": "* The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:\n** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from further margin expansion in (i):\n*** Commercial lines (-0.5pts), driven by the SME \u0026 mid-market business (-0.9pts) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1pts), as well as in (ii).\n*** Personal lines (-0.4pts) in a conducive pricing environment.\n** Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.\n** Lower natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%)."

"content": "* P\u0026C (Property \u0026 casualty) underlying earnings were up 9% to EUR 5.9bn driven by:\n** Increase in technical result (EUR +0.5bn) reflecting strong growth in volumes, combined with an improvement in technical margin.\n** Higher financial result (EUR +0.2bn) thanksdue to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the 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 =="

"heading": "Scope of Franceoperations segmentby geography",

"AXA XL",

"AXA Transversal \u0026 Other",

"content": "* France: includes insurance activities, banking activities, and holding.\n* 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)(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) segment includes:\n** Asia:\n*** Fully consolidated: 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*** Consolidated under equity method (contributing to NBV, PVEP, underlying earnings, and net income): 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) businesses are consolidated under the equity method, contributing to NBV, PVEP, underlying earnings, and net income.\n** Africa:\n*** Fully consolidated: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.\n** EME-LATAM:\n*** Fully consolidated: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.\n*** ConsolidatedRussia (Reso) (insurance activities) is consolidated under the equity method, (contributing to net income.\n** onlyIncludes AXA Mediterranean Holdings.\n* Transversal \u0026 Other (AXA Transversal \u0026 Other): Russiaincludes AXA Assistance, AXA Liabilities Managers, AXA SA (Resoincluding Group's internal reinsurance activity), and other Central Holdings.\n* AXA Investment Managers(insurance24)(footnote: activitiesDisposal to BNP Paribas completed on July 1, 2025.): includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated.\n** AXAAsian Mediterraneanjoint Holdingsventures are consolidated under the equity method.\n\n=== Exchange rates ==="

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"heading": "Basis of reportingpreparation and financial statementsstatement approval",

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"heading": "Company overviewinformation and legalcautionary informationstatements",

"content": "* The AXA Group (AXA) is a worldwide leader in insurance withhas 156,000 employees serving over 92 million clients in 52 countries.\n* In 2025, IFRS17 revenues amountedwere to EUREuro 115.5bn5 andbillion.\n* In 2025, IFRS17 underlying earnings towere EUREuro 8.4bn4 billion.\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, includinglike Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.\n* Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments.\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* SRI ratings information is available at axa.com/en/investor/sriForward-ratings-ethical-indexes.\n* This press release and regulated information are available on the AXA Group website (axa.com).\n* Certainlooking statements in the press release are forward-looking, identified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs like “would” and “could”.\n*including Statementsthose regarding expected underlying earnings per share (“UEPSUEPS (Underlying earnings per share)”) growth for 2026 (Year 2026) are forward-looking and provide one-off guidance for the last year of the Group’s current strategic plan.\n* Forward-looking statements, are based on Management’s current views and intentions and are subject to change, risks, and uncertainties outside AXA’s control.\n* Undue reliance should not be placed on forward-looking statements, which speak only at the date of the press release.\n* Referdue to Part 5 - “Risk Factorsknown 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 factors,unknown risks, and uncertainties that may affectoutside AXA’s business and/or results of operationscontrol.\n* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.\n* The press release refers to non-GAAP financial measures, or alternative performance measures (“APMs”APMs), used by Management for analyzing operating trends, financial performance, and position.\n* These non-GAAP financial measures generally have no standardized meaning andwhich may not be comparable to similarly labeled measures used by 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 and related notes prepared in accordance with IFRS.\n* “Underlying\"Underlying earnings”earnings\", UEPS (“underlying earnings per share”), “underlying\"underlying return on equity”equity\", “combined\"combined ratio”ratio\", and “debt\"debt gearing”gearing\" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.\n* AXA provides a reconciliationReconciliations of APMs to the most closely related line item, subtotal, or total in theIFRS financial statements inand itstheir Activitycalculation Reportmethodology as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.\n* Further information on non-GAAP financial measures is available in theare Glossaryprovided in AXA’s 2025 Activity Report.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="

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"heading": "18 \u003Cnowiki\u003E|\u003C/nowiki\u003E Life \u0026amp; Health: net flows by business line, FY24 vs FY25.",

"content": "**Life \u0026 Health (Life \u0026 health): net flows by business line (Business mix), FY24 (Full year 2024) vs FY25 (Full year 2025).**\n\n| In EUR billion | FY24 | FY25 |\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(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-c48c44",

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"content": "* Announced the execution of a share repurchase (Share buyback) agreement forrelated to AXA's share buyback program of up to EUR 1.2bn2 billion (February 28, 2025)\n* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)\n* Announced the placement of EUR 1bn1 billion Restricted Tier 1 Notes and EUR 1bn1 billion Tier 2 Notes (May 28, 2025)\n* Announced the execution of a share repurchase agreement forrelated 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 3.8bn8 billion following the sale of AXA IM (AXA Investment Managers) (July 1, 2025)\n* Announced the acquisition of Prima, athe leading 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 750m750 million Restricted Tier 1 Notes and EUR 750m750 million 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 ==="

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