Document:AXA/2025/FY/Earnings presentation (press): Difference between revisions
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| stored_file = File:AXA-2025-FY-Earnings presentation press.pdf
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| original_md =
| docling_file = <!-- ARCHIVE_DOCLING_LINK_HERE -->
| article = AXA/2025/FY/Earnings presentation (press)
| doc_id = p1abw4
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=== Agenda ===
* {{t|1|p1abw4-x71s}} Introduction
* Thomas Buberl, Group CEO
* {{t|2|p1abw4-9tbw}} Business Performance
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk and Technology
* 3 Financial Performance
* Alban de Mailly Nesle, Group CFO
* {{t|4|p1abw4-vacu}} France
* Mathieu Godart, {{t|AXA France|p1abw4-kebo}} CEO
* {{t|5|p1abw4-ysod}} Conclusion
* Thomas Buberl, Group CEO
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* {{t|€8.4|p1abw4-oasi}}bn
* +6% vs FY24
* +9% Excl. {{t|AXA IM|p1abw4-9cne}}
* {{t|UEPS|p1abw4-5ldr}}
* {{t|€3.86|p1abw4-l996}}
* +8% vs FY24
* {{t|DIVIDEND|p1abw4-d0x9}}{{fn ref|1|2=See glossary for terminologies and footnotes on page 36 & 37 of this document.}}
* {{t|€2.32|p1abw4-1cs9}}
* +8% vs FY24
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* Enhances distribution capacity of {{t|AXA|p1abw4-pxa4}} in Europe thanks to a modern tech platform
* Answers the growing demand for online offers to complete our strong distribution network with direct insurance and enlarge our customer portfolio
* {{t|1,100+|p1abw4-jjpn}} employees including {{t|400|p1abw4-muyy}} developers, engineers and data scientists
'''ARTIFICIAL INTELLIGENCE'''
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'''Customers'''
* More than {{t|€49|p1abw4-sp63}}bn in claims paid
*
'''Economy'''
* More than {{t|€40|p1abw4-astb}}bn invested in the economy
* {{t|€12.
* Launch of {{t|AXA|p1abw4-x72v}} Foundation for Human Progress with {{t|€60m/year|p1abw4-6jwz}} endowed by {{t|AXA|p1abw4-dirj}} Mutuelles d’Assurances and {{t|AXA Group|p1abw4-klo5}}
'''Employees'''
*
* {{t|15,115|p1abw4-7vdu}} recruitments worldwide (*excl. short-term contracts and trainees*) including {{t|2,138|p1abw4-f1b9}} in France
* More than {{t|36%|p1abw4-wgww}} of employees are {{t|AXA|p1abw4-pt7c}} shareholders and hold {{t|4.82%|p1abw4-gq00}} of the capital and {{t|6.61%|p1abw4-q60s}} of its voting rights
'''Climate transition'''
* {{t|€4.
* {{t|€6.
<div class="ed-fn-notes" style="display:none">
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=== P&C – Strong margins, confidence in sustaining growth ===
*
* Retail
* SME & Mid-market
* {{t|AXA XL|p1abw4-6wor}}{{fn ref|2|2=AXA XL includes AXA XL Insurance and AXA XL Reinsurance}} (Large & Specialty)
* {{t|UNDERLYING EARNINGS|p1abw4-un4a}} {{t|+9%|p1abw4-exy4}}{{fn ref|1|2=Underlying earnings growth}} to {{t|€5.
<div style="overflow-x:auto">
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=== Life & Health – Good momentum, well positioned to capture growth opportunities ===
*
* {{t|GWP|p1abw4-971o}} mix: Health, Protection, G/A Savings — shares not printed
* UNDERLYING EARNINGS {{t|+7%|p1abw4-ld81}}{{fn ref|1|2=See glossary for terminologies and footnotes on page 36 & 37 of this document.}} to {{t|€3.
'''Health'''
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* EXAMPLE: Augmented Sales force, Empower Underwriters Decisions, Document Processing and Extraction, Claims Handler Support, Prevention and Advisory…
* An attractive brand retaining talents and upskilling teams
* EXAMPLE: {{t|AXA|p1abw4-463s}} mobilizes over {{t|2,000|p1abw4-u038}} experts (product, engineering, UX, research…) and hired more than {{t|900|p1abw4-gm3q}} data scientists and data engineers
<div class="ed-fn-notes" style="display:none">
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|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-bvnq}}
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-0en6}}
! class="col-s" style="text-align:right" | Change
|-
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'''Commercial lines'''
* Mid-market and SME: continued pricing momentum and volume growth
* AXA XL Insurance: growing in {{t|lines of business|p1abw4-9y4n}} with attractive margins while remaining focused on retention
'''AXA XL Reinsurance'''
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|-
! style="text-align:left" | In Euro million
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-6r8k}}
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-1o4g}}
|-
| style="text-align:left" | Underlying earnings
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|-
! style="text-align:left" | In Euro million unless otherwise mentioned
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-hua4}}
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-i2j0}}
! class="col-s" style="text-align:right" | Change
|-
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* Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn)
* Higher long-term results from increase in CSM release {{t|(+8%)|p1abw4-uenh}}
<div class="ed-fn-notes" style="display:none">
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'''NET INCOME'''
* Higher net income mainly reflecting higher {{t|underlying earnings|p1abw4-ezd4}} and the gain from the sale of {{t|AXA IM|p1abw4-pln4}}
* Lower financial flows reflecting unfavorable forex impact
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|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-vpwn}}
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-nlyl}}
|-
| style="text-align:left" | Underlying earnings per share
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| style="text-align:right" | {{t|+6%|p1abw4-zzfe}}
|-
| style="text-align:left" | from {{t|capital management|p1abw4-injl}}
| style="text-align:right" | —
| style="text-align:right" | {{t|+3%|p1abw4-k7ds}}
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! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-3yau}}
! class="col-s" style="text-align:right" | HY25
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-m4hl}}
|-
| style="text-align:left" | SHE (excl. OCI)
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|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-ptmz}} to {{t|FY25|p1abw4-nlcq}}
! class="col-s" style="text-align:right" | HY25 to {{t|FY25|p1abw4-7ktd}}
|-
| style="text-align:left" | <b>Opening Shareholders’ equity</b>
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|-
! style="text-align:left" | Ratio
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-9rgg}}
! style="text-align:left" | Regulatory & model changes
! style="text-align:left" | Normalized capital generation
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Economic variance & {{t|FX|p1abw4-5zic}}
! style="text-align:left" | {{t|Dividend|p1abw4-9wyw}} & annual {{t|share buyback|p1abw4-h3nt}}
! class="col-s" style="text-align:right" | Other
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-z72f}}
|-
| style="text-align:left" | Value
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'''KEY FIGURES{{fn ref|2}}'''
* >8m Retail clients{{fn ref|3|2=target of €5bn annually}}
* {{t|1|p1abw4-x9vp}} out of {{t|5|p1abw4-r2tj}} households insured by {{t|AXA|p1abw4-o92o}} in France
* {{t|2.5|p1abw4-dbhe}} contracts per client on average
* 1 out of {{t|3|p1abw4-qwel}} SMEs insured by {{t|AXA|p1abw4-alpi}} in France
* >6m Employee Benefits beneficiaries
* 1 / minute commercial claims covered
* {{t|33,000|p1abw4-d1yd}} people working for {{t|AXA|p1abw4-xjjx}} in France
* >€10bn invested in the economy
* {{t|€37|p1abw4-xvfc}}m claims paid per day on average
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|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-6elb}}
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-ewvy}}
! class="col-s" style="text-align:right" | Change
|-
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! style="text-align:left" | UNDERLYING EARNINGS PER SHARE
! style="text-align:right" | <b>6% - 8%</b><br/>CAGR 2023-2026E
! style="text-align:right" | <b>+8%</b><br/>vs {{t|FY24|p1abw4-vsyu}}
|-
| style="text-align:left" | UNDERLYING RETURN ON EQUITY
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* France: includes insurance activities, banking activities and holding.
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities){{fn ref|23}} and {{t|AXA|p1abw4-hqk7}} Life Europe (insurance activities). {{t|AXA XL|p1abw4-3n5j}}: includes insurance and reinsurance activities and holding.
* {{t|Asia, Africa & EME-LATAM|p1abw4-zd39}}: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand {{t|P&C|p1abw4-o3v8}}, Indonesia L&S (excl. the bancassurance entity), China {{t|P&C|p1abw4-dmuz}}, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and {{t|P&C|p1abw4-np7c}}, Indonesia L&S and India (Life activities disposed on {{t|March 11, 2024|p1abw4-mywn}} and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the {{t|underlying earnings|p1abw4-254s}} and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) {{t|AXA|p1abw4-14h2}} Mediterranean Holdings.
* {{t|Transversal & Other|p1abw4-7eky}}: includes {{t|AXA|p1abw4-wwtf}} Assistance, {{t|AXA|p1abw4-axq6}} Liabilities Managers, {{t|AXA|p1abw4-gaew}} SA (incl. Group’s internal reinsurance activity) and other Central Holdings.
* {{t|AXA Investment Managers|p1abw4-lhk3}}: includes {{t|AXA Investment Managers|p1abw4-2r7r}}, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
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