AXA — Full year 2025 earnings summary
Paris, February 26, 2026
Key highlights
- Gross written premiums & other revenues at €116bn, up +6% on a comparable basis
- Underlying earnings at €8.4bn, up +6% (+9% excluding AXA IM disposal)
- Underlying EPS at €3.86, up +8%, including -2% FX headwind and -1% temporary dilution from AXA IM sale timing
- Solvency II ratio at 224% (Dec 31, 2025), up +9pts; 215% on Jan 1, 2026 after grandfathering period ends
- Dividend of €2.32/share proposed (+8%), subject to AGM approval on April 30, 2026
- Annual share buyback of up to €1.25bn launched; €3.8bn AXA IM-related buyback completed (Jul 2, 2025 – Jan 20, 2026)
- 2026 outlook: underlying EPS growth expected at upper end of 6–8% plan target range
- AXA to present new 2027–2029 strategic plan on September 21, 2026
CEO Thomas Buberl: AXA delivered +9% earnings growth in core businesses excl. AXA IM; P&C posted stellar results with best-in-class margins; L&H earnings up +7% with Health +17%; investments in automation and AI driving efficiency gains.
Activity indicators and earnings
📈 AXA — Group key performance indicators, FY24–FY25
| Metric
|
Unit
|
FY24
|
FY25
|
Change (comparable)
|
Comments
|
| GWP & other revenues
|
€bn
|
110.3
|
115.5
|
+6%
|
- +5% on reported basis
- ↑ P&C (+5%): Commercial +4% (volume + price), Personal +7% (price + net new contracts), XL Re +8% (alt. capital growth)
- ↑ L&H (+8%): Life +9% (Protection +11%, Unit-Linked +13%, G/A +4%), Health +5% (price effects across geographies)
|
| o/w Property & Casualty
|
€bn
|
56.5
|
58.0
|
+5%
|
- +3% on reported basis
- Overall price effect +2.9%
|
| o/w Life & Health
|
€bn
|
52.0
|
56.5
|
+8%
|
- +9% on reported basis
- Protection strong in HK, CH, JP; Unit-Linked volumes up across all geographies
|
| o/w Asset Management
|
€bn
|
1.7
|
0.9
|
n.m.
|
- AXA IM disposed to BNP Paribas on Jul 1, 2025; only H1 contribution included
|
| Underlying earnings
|
€bn
|
8.1
|
8.4
|
+6%
|
- +4% on reported basis; +9% excl. AXA IM
- ↑ P&C (+9%): volume growth, underwriting margin expansion, higher investment income
- ↑ L&H (+7%): better short-term technical results in Health & Protection, higher long-term earnings from business rejuvenation strategy
- Holdings stable at €-1.2bn
- Asset Mgmt down €0.2bn due to AXA IM disposal
|
| Underlying EPS
|
€/share
|
3.57
|
3.86
|
+8%
|
- ↑ Underlying earnings growth (+6%) + lower interest expense on subordinated debt
- ↑ Share buyback accretion (+3%): annual program + AXA IM anti-dilutive buyback
- ↓ FX headwinds (-2%), notably USD depreciation vs EUR
- ↓ Temporary AXA IM disposal dilution (-1%) due to buyback timing
|
| Net income
|
€bn
|
7.9
|
9.8
|
+26%
|
- +24% on reported basis
- ↑ Higher underlying earnings + significantly positive exceptional items, notably gain from AXA IM sale
|
| Solvency II ratio
|
%
|
216%
|
224%
|
+9 pts (reported)
|
- ↑ Strong operating return (+28 pts) net of dividend + annual buyback provision (-24 pts)
- ↑ Net subordinated debt issuance (+6 pts)
- ↑ Favorable financial markets (+4 pts)
- ↓ Net impact of Nobis/Prima acquisitions and AXA IM disposal incl. €3.8bn buyback (-5 pts)
- Post-grandfathering: 215% on Jan 1, 2026 (-10 pts from non-qualifying grandfathered debt)
- Solvency II revision (expected Q1 2027) estimated at +17 pts
|
| Shareholders' equity
|
€bn
|
50.0
|
47.2
|
-€2.8bn (reported)
|
- ↑ Net income (+€9.8bn) + net OCI (+€1.3bn)
- ↓ FY24 dividend paid (-€4.6bn)
- ↓ Share buybacks in 2025 (-€4.7bn), incl. €3.5bn AXA IM-related buyback
- ↓ Unfavorable FX (-€3.5bn), notably USD depreciation
|
| CSM (incl. P&C)
|
€bn
|
33.9
|
33.3
|
-€0.6bn (reported)
|
- +2% normalized growth: NB contribution (+€2.2bn) + underlying return on in-force (+€1.3bn) offset CSM release (-€3.0bn)
- ↑ Favorable markets (+€0.6bn): tightening govt spreads + positive equity performance
- ↓ FX (-€1.5bn): JPY and HKD depreciation
- ↓ Negative operating variance (-€0.3bn): better margins/net flows offset by shorter Group Life duration in CH
|
| Underlying ROE
|
%
|
15.2%
|
16.0%
|
+0.8 pt (reported)
|
- ↑ Higher underlying earnings + lower shareholders' equity base
|
| Debt gearing
|
%
|
20.6%
|
22.3%
|
+1.7 pts (reported)
|
- ↑ Lower shareholders' equity and CSM
- ↑ RT1 + Tier 2 issuance (€3.5bn), partly offset by redemption of grandfathered T1 debt (-€1.9bn)
- Within 19–23% plan guidance for 2024–2026
|
| Cash at holding
|
€bn
|
4.0
|
5.6
|
+€1.6bn (reported)
|
- Organic cash remittance from subsidiaries: €7.5bn, up €0.4bn vs FY24
|
Shareholder returns
- Dividend of €2.32/share proposed; ex-dividend date May 11, 2026; payment date May 13, 2026
- Annual share buyback of up to €1.25bn approved by Board on Feb 25, 2026; expected to commence as soon as reasonably practicable and complete by year-end; all repurchased shares to be cancelled
- AXA IM-related buyback of €3.8bn completed Jan 20, 2026; resulted in temporary -1% EPS dilution as of Dec 31, 2025
- Capital management policy: 75% total payout ratio (60% dividend + 15% annual buyback); dividend per share in a given year expected to be at least equal to prior year
Forward-looking items
- 2026 underlying EPS growth expected at upper end of 6–8% CAGR target range (both for 2023–2026E plan period and for 2026 standalone)
- Underlying ROE target: 14–16% for 2024–2026E
- Cumulative organic cash upstream target: in excess of €21bn for 2024–2026E
- Normalized nat cat load guidance: ca. 4.5 pts of combined ratio for 2026
- Solvency II revision expected Q1 2027, estimated +17 pts impact on current ratio
- New 2027–2029 strategic plan to be presented at Investor Day on September 21, 2026
- P&C outlook: favorable retail/SME pricing with earn-through benefits; AXA XL pricing varies by line with disciplined cycle management
- L&H outlook: short-term earnings from disciplined pricing/claims management; long-term driven by rejuvenated sales and improved persistency, expected to drive CSM growth over time
- Holdings 2026 expected at similar level to 2025
Property & Casualty
📈 AXA — Property & Casualty key metrics, FY24–FY25
| Metric
|
Unit
|
FY24
|
FY25
|
Change (comparable)
|
Comments
|
| GWP & other revenues
|
€bn
|
56.5
|
58.0
|
+5%
|
- Overall price effect: +2.9%
|
| o/w Commercial lines
|
€bn
|
34.9
|
35.8
|
+4%
|
- Price effect: +1.9%
- ↑ AXA XL Insurance (+3%): growth in Property and Casualty (price + volume), partly offset by lower Financial lines
- ↑ Asia, Africa & EME-LATAM (+13%): Türkiye higher avg premiums, Mexico volume + price
- ↑ France (+6%): price effects all lines + higher volumes
|
| o/w Personal lines
|
€bn
|
19.1
|
19.7
|
+7%
|
- Price effect: +5.2%
- ↑ Europe (+5%): favorable prices across geographies except UK&I Motor (softened after strong 2024 repricing)
- ↑ Asia, Africa & EME-LATAM (+14%): Türkiye higher avg premiums + volumes
- ↑ France (+9%): strong volume growth all lines (direct + agent networks) + Motor price effects
|
| o/w AXA XL Reinsurance
|
€bn
|
2.5
|
2.6
|
+8%
|
- Price effect: +0.3%
- ↑ Growth supported by alternative capital + favorable Casualty pricing
- ↓ Partly offset by softening in other lines
|
| All-year combined ratio
|
%
|
91.0%
|
90.6%
|
-0.3 pt
|
- ↓ Current-year loss ratio excl. nat cat (-0.3 pt): Commercial -0.5 pt (SME/mid-market -0.9 pt; XL Insurance stable at +0.1 pt), Personal -0.4 pt
- ↓ Expense ratio (-0.3 pt): lower non-commission expenses from efficiency gains
- ↓ Nat cat charges (-0.4 pt to 3.4%)
- ↑ Lower prior-year reserve development (+0.7 pt to -1.1%), partly offsetting improvements
|
| Underlying earnings
|
€m
|
5,510
|
5,872
|
+9%
|
- ↑ Technical result (+€0.5bn): strong volume growth + improved technical margin
- ↑ Financial result (+€0.2bn): higher volumes and reinvestment yields on fixed income, more than offsetting higher discount unwind on claims reserves
- ↓ Higher income taxes (-€0.2bn) from higher pre-tax earnings
|
Life & Health
📈 AXA — Life & Health key metrics, FY24–FY25
| Metric
|
Unit
|
FY24
|
FY25
|
Change (comparable)
|
Comments
|
| GWP & other revenues
|
€bn
|
52.0
|
56.5
|
+8%
|
|
| o/w Life
|
€bn
|
34.5
|
37.5
|
+9%
|
- ↑ Unit-Linked (+13%): successful sales initiatives across all geographies
- ↑ Protection (+11%): HK commercial campaign (Protection with G/A), continued strong JP and CH sales (Protection with UL)
- ↑ G/A (+4%): continued momentum in FR (+4%) and capital-light product in IT; partly offset by non-repeat of JP single premium whole-life and lower HK sales
|
| o/w Health
|
€bn
|
17.5
|
19.0
|
+5%
|
- ↑ Favorable price effects in both Group and Individual businesses across most geographies
- ↓ Partly offset by lower volumes
|
| PVEP
|
€bn
|
50.9
|
49.4
|
-2%
|
- Life (+1%): higher volumes in HK, FR, CH; partly offset by higher interest rates on discounting
- Health (-12%): higher interest rate discounting impact + lower volumes in FR from underwriting/pruning actions
|
| NB CSM
|
€bn
|
2.1
|
2.2
|
+3%
|
- ↑ Strong Savings and Protection sales
- ↓ Partly offset by higher interest rate discounting of future profits
|
| NBV (post-tax)
|
€bn
|
2.3
|
2.2
|
0%
|
- NB CSM growth offset by lower contribution from short-term multinational business in FR
|
| NBV margin (post-tax)
|
%
|
4.4%
|
4.5%
|
+0.1 pt
|
|
| Net flows
|
€bn
|
+1.5
|
+5.4
|
n.a.
|
- ↑ Protection (+€4.9bn): mainly HK, JP, FR
- ↑ Health (+€2.7bn): mainly DE, JP, FR
- ↑ Unit-Linked (+€1.5bn): primarily FR
- ↓ G/A Savings (-€3.7bn): capital-light inflows (+€1.2bn) more than offset by traditional G/A outflows (-€5.0bn)
|
| Underlying earnings
|
€m
|
3,323
|
3,501
|
+7%
|
- ↑ Long-term technical result (+€0.2bn): higher CSM release from reserve growth + better margins
- ↑ Short-term technical result (+€0.1bn): pricing, underwriting and claims management actions; more than offset adverse VAT change in Mexico (-€0.1bn)
- ↑ Lower income taxes (+€0.1bn): favorable tax effects in DE, FR, MX
- ↓ Lower affiliate contribution (notably ICBC-AXA) + higher minority interest from improved AXA MPS results
|
| o/w Life
|
€m
|
2,636
|
2,715
|
+4%
|
- Early benefits from business rejuvenation strategy
|
| o/w Health
|
€m
|
687
|
787
|
+17%
|
- Strong growth even after absorbing adverse Mexico VAT change
|
Holdings
- Holdings underlying earnings broadly stable at €-1.2bn (including banking activities)
Ratings
📈 AXA — Credit ratings, as of October 2025
| Agency
|
Date of last review
|
AXA SA
|
Principal insurance subsidiaries
|
Outlook
|
Senior debt
|
Short-term debt
|
| S&P Global Ratings
|
October 3, 2025
|
A+
|
AA-
|
Positive
|
A+
|
A-1+
|
| Moody's Investor Service
|
October 8, 2025
|
Aa2
|
Aa2
|
Stable
|
Aa3
|
P-1
|
| AM Best
|
October 9, 2025
|
A+ Superior
|
—
|
Stable
|
aa Superior
|
—
|
Exchange rates
📈 AXA — Exchange rates for 1 euro, FY24–FY25
| Currency
|
End of period FY24
|
End of period FY25
|
Average FY24
|
Average FY25
|
| USD
|
1.04
|
1.17
|
1.08
|
1.13
|
| CHF
|
0.94
|
0.93
|
0.95
|
0.94
|
| GBP
|
0.83
|
0.87
|
0.85
|
0.86
|
| JPY
|
163
|
184
|
164
|
169
|
| HKD
|
8.04
|
9.14
|
8.44
|
8.82
|
Appendices
GWP and other revenues by segment
📈 AXA — GWP and other revenues by segment and business line (€m), FY24–FY25
| Segment
|
FY24
|
FY25
|
Change (reported)
|
Change (comparable)
|
P&C FY25
|
P&C change (comparable)
|
L&H FY25
|
L&H change (comparable)
|
Asset Mgmt FY25
|
Asset Mgmt change (comparable)
|
| France
|
28,996
|
30,598
|
+6%
|
+6%
|
9,648
|
+7%
|
20,852
|
+5%
|
—
|
—
|
| Europe
|
39,298
|
43,005
|
+9%
|
+6%
|
21,257
|
+4%
|
21,748
|
+8%
|
—
|
—
|
| AXA XL
|
19,383
|
19,277
|
-1%
|
+4%
|
19,159
|
+4%
|
118
|
-8%
|
—
|
—
|
| Asia, Africa & EME-LATAM
|
19,083
|
19,925
|
+4%
|
+13%
|
6,257
|
+13%
|
13,668
|
+13%
|
—
|
—
|
| Transversal
|
1,856
|
1,844
|
-1%
|
-1%
|
1,718
|
-1%
|
126
|
-8%
|
—
|
—
|
| AXA Investment Managers
|
1,701
|
875
|
-49%
|
+4%
|
—
|
—
|
—
|
—
|
875
|
+4%
|
| Total
|
110,316
|
115,524
|
+5%
|
+6%
|
58,038
|
+5%
|
56,512
|
+8%
|
875
|
+4%
|
Includes banking revenues of €99m in FY25 and €118m in FY24.
Underlying earnings by geography
📈 AXA — Underlying earnings by geography and business line (€m), FY24–FY25
| Geography
|
FY24
|
FY25
|
Change at CER
|
P&C FY25
|
P&C change at CER
|
L&H FY25
|
L&H change at CER
|
Asset Mgmt FY25
|
Asset Mgmt change at CER
|
| France
|
2,071
|
2,224
|
+7%
|
1,237
|
+7%
|
1,039
|
+8%
|
—
|
—
|
| Europe
|
3,187
|
3,486
|
+9%
|
2,216
|
+9%
|
1,264
|
+14%
|
—
|
—
|
| AXA XL
|
1,820
|
1,893
|
+9%
|
1,913
|
+9%
|
12
|
-49%
|
—
|
—
|
| Asia, Africa & EME-LATAM
|
1,504
|
1,493
|
+6%
|
355
|
+24%
|
1,165
|
0%
|
—
|
—
|
| Transversal
|
(907)
|
(903)
|
0%
|
151
|
-4%
|
22
|
+16%
|
—
|
—
|
| AXA Investment Managers
|
402
|
175
|
-57%
|
—
|
—
|
—
|
—
|
175
|
-57%
|
| Total
|
8,078
|
8,368
|
+6%
|
5,872
|
+9%
|
3,501
|
+7%
|
175
|
-57%
|
Includes underlying earnings of Holdings and Banking. Changes at constant exchange rates.
P&C premiums by segment and geography
📈 AXA — P&C premiums by segment and geography (€m), FY25, changes on comparable basis
| Geography
|
Commercial total
|
Change
|
Personal Motor
|
Change
|
Personal Non-Motor
|
Change
|
Personal total
|
Change
|
Reinsurance
|
Change
|
Total P&C
|
Change
|
| France
|
5,077
|
+6%
|
2,693
|
+9%
|
1,877
|
+10%
|
4,570
|
+9%
|
—
|
—
|
9,648
|
+7%
|
| Europe
|
9,179
|
+1%
|
7,434
|
+6%
|
4,644
|
+5%
|
12,078
|
+5%
|
—
|
—
|
21,257
|
+4%
|
| AXA XL
|
16,604
|
+3%
|
—
|
—
|
—
|
—
|
—
|
—
|
2,555
|
+8%
|
19,159
|
+4%
|
| Asia, Africa & EME-LATAM
|
3,193
|
+13%
|
2,315
|
+14%
|
749
|
+12%
|
3,064
|
+14%
|
—
|
—
|
6,257
|
+13%
|
| Transversal
|
1,718
|
-1%
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1,718
|
-1%
|
| Total
|
35,771
|
+4%
|
12,443
|
+8%
|
7,269
|
+7%
|
19,712
|
+7%
|
2,555
|
+8%
|
58,038
|
+5%
|
P&C claims reserves discount rates
📈 AXA — 5-year interest rates for P&C claims reserves discounting by currency, FY24–FY25
| Currency
|
FY24
|
FY25
|
| EUR
|
2.8%
|
2.6%
|
| USD
|
4.4%
|
4.2%
|
| JPY
|
0.4%
|
1.0%
|
| GBP
|
4.3%
|
4.3%
|
| CHF
|
0.8%
|
0.2%
|
| HKD
|
3.7%
|
3.2%
|
FY24: monthly average Jan–Dec 2024. FY25: average of monthly opening discount rates of 2025.
P&C price effects by country and business line
📈 AXA — P&C price effects by country and business line, FY25, and 2026 market pricing trends
| Country/Region
|
Commercial lines FY25
|
Personal lines FY25
|
AXA XL Re FY25
|
2026 market pricing trends
|
| France
|
+4.0%
|
+3.3%
|
—
|
Moderation of price increase
|
| Europe
|
+3.1%
|
+5.4%
|
—
|
—
|
| Switzerland
|
+3.0%
|
+5.0%
|
—
|
Continued price increases in both Personal and Commercial lines
|
| Germany
|
+3.1%
|
+10.3%
|
—
|
Moderation, notably in Personal lines following two years of high repricing
|
| Belgium & Luxembourg
|
+2.5%
|
+4.4%
|
—
|
Broadly in line with 2025
|
| UK & Ireland
|
+1.4%
|
-2.6%
|
—
|
UK Personal: current trend continues; Commercial: continued moderation
|
| Spain
|
+8.8%
|
+8.6%
|
—
|
Moderation of price increase
|
| Italy
|
+5.2%
|
+5.3%
|
—
|
Moderation of price increase
|
| AXA XL
|
+0.2%
|
—
|
+0.3%
|
Softening prices with conditions varying by line
|
| Asia, Africa & EME-LATAM
|
+3.8%
|
+7.1%
|
—
|
Moderation of price increase
|
| Total
|
+1.9%
|
+5.2%
|
+0.3%
|
—
|
Price effect calculated as % of total GWP in prior year. AXA XL: price increase on renewals at +0.3% Insurance and +0.2% Reinsurance (as % of renewed premiums).
Life & Health GWP by product line
📈 AXA — Life & Health GWP by segment and product line (€m), FY25, changes on comparable basis
| Segment
|
Total FY25
|
Change
|
Protection
|
Change
|
G/A Savings
|
Change
|
Unit-Linked
|
Change
|
Health
|
Change
|
| France
|
20,852
|
+5%
|
4,650
|
+6%
|
5,483
|
+4%
|
5,109
|
+10%
|
5,611
|
+2%
|
| Europe
|
21,748
|
+8%
|
5,090
|
+4%
|
4,444
|
+18%
|
3,419
|
+10%
|
8,795
|
+4%
|
| AXA XL
|
118
|
-8%
|
59
|
-6%
|
59
|
-10%
|
—
|
—
|
—
|
—
|
| Asia, Africa & EME-LATAM
|
13,668
|
+13%
|
7,454
|
+19%
|
971
|
-31%
|
761
|
+63%
|
4,483
|
+11%
|
| Transversal
|
126
|
-8%
|
—
|
—
|
—
|
—
|
—
|
—
|
126
|
-8%
|
| Total
|
56,512
|
+8%
|
17,253
|
+11%
|
10,957
|
+4%
|
9,289
|
+13%
|
19,014
|
+5%
|
| o/w short-term
|
17,651
|
+6%
|
4,337
|
+6%
|
—
|
—
|
—
|
—
|
13,314
|
+6%
|
Includes Health business written predominantly in Life entities.
NB CSM to NBV bridge
📈 AXA — NB CSM to NBV bridge by business line (€m), FY25
| Metric
|
Life
|
Health
|
Total
|
| NB CSM (pre-tax)
|
1,822
|
377
|
2,199
|
| Other NBV (pre-tax)
|
491
|
266
|
757
|
| Tax & other
|
(567)
|
(157)
|
(724)
|
| NBV
|
1,747
|
486
|
2,233
|
New business metrics by region
📈 AXA — Life new business metrics by region (€m), FY25, changes on comparable basis
| Region
|
PVEP
|
Change
|
NBV
|
Change
|
NBV margin
|
Change
|
| France
|
14,971
|
-4%
|
519
|
0%
|
3.5%
|
+0.1 pt
|
| Europe
|
10,102
|
+3%
|
474
|
-11%
|
4.7%
|
-0.7 pt
|
| Asia, Africa & EME-LATAM
|
12,029
|
+7%
|
754
|
+5%
|
6.3%
|
-0.1 pt
|
| Total
|
37,103
|
+1%
|
1,747
|
-1%
|
4.7%
|
-0.1 pt
|
📈 AXA — Health new business metrics by region (€m), FY25, changes on comparable basis
| Region
|
PVEP
|
Change
|
NBV
|
Change
|
NBV margin
|
Change
|
| France
|
7,887
|
-20%
|
177
|
+13%
|
2.2%
|
+0.7 pt
|
| Europe
|
2,549
|
+16%
|
104
|
+36%
|
4.1%
|
+0.6 pt
|
| Asia, Africa & EME-LATAM
|
1,817
|
-6%
|
205
|
-12%
|
11.3%
|
-0.8 pt
|
| Total
|
12,254
|
-12%
|
486
|
+4%
|
4.0%
|
+0.6 pt
|
📈 AXA — Total new business metrics by region (€m), FY25, changes on comparable basis
| Region
|
PVEP
|
Change
|
NBV
|
Change
|
NBV margin
|
Change
|
| France
|
22,858
|
-10%
|
695
|
+3%
|
3.0%
|
+0.4 pts
|
| Europe
|
12,651
|
+5%
|
578
|
-5%
|
4.6%
|
-0.5 pts
|
| Asia, Africa & EME-LATAM
|
13,847
|
+5%
|
959
|
+1%
|
6.9%
|
-0.3 pts
|
| Total
|
49,357
|
-2%
|
2,233
|
0%
|
4.5%
|
+0.1 pt
|
Net flows by business line
📈 AXA — Life & Health net flows by business line (€bn), FY24–FY25
| Business line
|
FY24
|
FY25
|
| Health
|
+2.7
|
+2.7
|
| Protection
|
+3.2
|
+4.9
|
| G/A Savings
|
-3.6
|
-3.7
|
| o/w capital light
|
+2.2
|
+1.2
|
| o/w traditional G/A
|
-5.8
|
-5.0
|
| Unit-Linked
|
-0.8
|
+1.5
|
| Mutual funds & other
|
0.0
|
0.0
|
| Total L&H net flows
|
+1.5
|
+5.4
|
Capital-light G/A: products with no guarantees, guarantees at maturity only, or guarantees ≤0%. Including investment contracts with no DPF.
Main transactions in 2025
- Feb 28: Share repurchase agreement for annual buyback of up to €1.2bn
- Apr 1: Completion of Nobis Group acquisition in Italy
- May 28: Placement of €1bn RT1 Notes and €1bn Tier 2 Notes
- Jun 2: Share repurchase agreement for Shareplan and stock-based compensation
- Jul 1: Completion of AXA IM sale to BNP Paribas
- Jul 1: Execution of up to €3.8bn share repurchase agreement following AXA IM sale
- Aug 1: Announced acquisition of Prima (leading direct insurer in Italy)
- Sep 10 / Dec 3: Launch and completion of Shareplan 2025 employee share offering
- Oct 14: Placement of €750m RT1 Notes and €750m Tier 2 Notes
- Nov 28: Completion of majority stake acquisition in Prima (Italy)
Next main investor events
- April 30, 2026: Annual General Meeting
- May 5, 2026: Q1 2026 Activity Indicators
- July 31, 2026: H1 2026 Earnings Release
- September 21, 2026: AXA Investor Day (new 2027–2029 strategic plan)
