AXA/2025/FY/Earnings presentation

Document info
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document type	Analyst presentation
Publication date	2026-02-26
Language	English
Pages	49
Source	Original URL
Archive file	.md file

This article summarizes AXA's full-year 2025 earnings presentation, published on 26 February 2026.

Front matter

Full Year 2025 earnings presentation

• Full Year 2025 Earnings Presentation ^{p. 1}
• February 26, 2026 ^{p. 1}

Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures

• Certain statements are forward-looking, including predictions of future events, trends, plans, expectations, or objectives ^{p. 2}.
• Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan,' 'target', 'would', and 'could' ^{p. 2}.
• Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking, providing one-off guidance for the last year of the Group's current strategic plan ^{p. 2}.
• These statements are based on Management's current views and intentions and are subject to change ^{p. 2}.
• Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside AXA's control ^{p. 2}.
• Factors could cause AXA's actual results to differ materially from those expressed or implied ^{p. 2}.
• Each forward-looking statement speaks only at the date of this presentation ^{p. 2}.
• Refer to Part 5 'Risk Factors 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 important factors, risks, and uncertainties ^{p. 2}.
• AXA disclaims any obligation to publicly update or revise any forward-looking statements, except as required by applicable laws and regulations ^{p. 2}.
• This presentation refers to certain non-GAAP financial measures, or alternative performance measures ('APMs'), used by Management for analyzing operating trends, financial performance, and position ^{p. 2}.
• These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies ^{p. 2}.
• 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 ^{p. 2}.
• Underlying earnings, UEPS ('underlying earnings per share'), underlying return on equity, combined ratio, and debt gearing are APMs as defined in ESMA's guidelines and AMF's related position statement issued in 2015 ^{p. 2}.
• 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) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), under the heading 'Use of non-GAAP and alternative performance measures' ^{p. 2}.
• For further information on non-GAAP financial measures, see the Glossary in AXA's 2025 Activity Report ^{p. 2}.
• AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com) ^{p. 2}.
• AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA's statutory auditors ^{p. 2}.

Table of contents

• 1. FY25 Highlights: presented by Thomas Buberl, Group CEO, starting on p.04 ^{p. 3}.
• 2. FY25 Business Performance: presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, starting on p.09 ^{p. 3}.
• 3. FY25 Financial Performance: presented by Alban de Mailly Nesle, Group CFO, starting on p.13 ^{p. 3}.

FY25 Highlights

• Presented by Thomas Buberl, Group CEO ^{p. 4}.

Full Year 2025 | Excellent performance

• Revenues +6% vs. FY24 ^{p. 5}
• ROE 16% in FY25 ^{p. 5}
• Underlying EPS +8% vs. FY24 ^{p. 5}
• Solvency II ratio 224% in FY25 ^{p. 5}
• Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual share buyback ^{p. 5}
  • Dividend proposed by AXA's Board of Directors on February 25, 2026, subject to approval by Shareholders' Annual General Meeting on April 30, 2026 ^{p. 5}.
  • Share buyback approved by AXA's Board of Directors on February 25, 2026, expected to commence as soon as reasonably practicable, subject to market conditions ^{p. 5}.
• Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 ^{p. 5}

Executing the plan on growth, margin and efficiency

Underlying earnings, FY24 vs FY25 ^{p. 6}

EUR billion	FY24	FY25
Underlying earnings	8.1	8.4

• Underlying earnings +6% ^{p. 6}
• High organic growth: +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%) ^{p. 6}
• Record profitability: Further margin expansion in P&C and L&H; improvement in efficiency ^{p. 6}
• Scaling the business: Continued investments in growth and technology ^{p. 6}
• Consistent earnings growth while enhancing reserve prudence ^{p. 6}
• Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX ^{p. 6}

Diversified franchise, well positioned in an attractive industry

FY25 gross written premium split (excluding AXA IM and holdings) ^{p. 7}

Segment	Share
Life	33%
Health	17%
Large & Specialty	17%
SME & Mid-market	16%
Retail	17%

• Secular trends fueling demand across businesses ^{p. 7}
• Protection gaps and emerging corporate risks (relevant for SME & Mid-market and Large & Specialty segments) ^{p. 7}
• Demographics driving demand for private retirement and healthcare (relevant for Life and Health segments) ^{p. 7}
• Our right to win ^{p. 7}
• Leading brand & high customer NPS ^{p. 7}
• Strong and diversified distribution ^{p. 7}
• Technical expertise to price & underwrite risks ^{p. 7}
• Scale offering cost advantage ^{p. 7}

Laying the foundation for the next plan

• (icon) Clear tech and AI roadmap ^{p. 8}
• (icon) Driving efficiency ^{p. 8}
• (icon) Enhancing capital allocation discipline ^{p. 8}
• (icon) Building resilience ^{p. 8}
• Confidence in sustaining earnings growth ^{p. 8}

FY25 Business Performance

• Guillaume Borie ^{p. 9}
• Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}

Strong delivery across our businesses

Gross written premiums and underlying earnings by region, FY25 ^{p. 10}

EUR billion unless otherwise mentioned	GWP	GWP change	Underlying earnings	Underlying earnings change	% of total GWP
France	31	+6%	2.2	+7%	27%
Europe	43	+6%	3.5	+9%	38%
AXA XL	19	+4%	1.9	+9%	17%
Asia, Africa & EME-LATAM	20	+13%	1.5	+6%	18%

• Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX
• ¹ FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers

P&C | Strong margins, confidence in sustaining growth

GWP split, EUR 58bn total ^{p. 11}

Segment	Share
Retail	34%
SME & Mid-market	33%
AXA XL (Large & Specialty)	33%

• Underlying earnings +9% (FY25 vs. FY24 at constant FX) to EUR 5.9bn
• Includes AXA XL Re premiums of EUR 2.6bn
• 2025 Strategic Focus
  • Retail and SME & Mid-market: Growing volumes while expanding margins
  • AXA XL (Large & Specialty): Profitable growth with stable margins
• Beyond 2025 Strategic Focus
  • Retail and SME & Mid-market: Investing to improve customer retention & expanding distribution footprint
  • AXA XL (Large & Specialty): Capitalizing on attractive growth opportunities and continued cycle management
• Additional Strategic Initiatives
  • Continued progress on efficiency
  • Higher investment income
  • Data & AI to further enhance customer experience & technical excellence

L&H | Good momentum, well positioned to capture growth opportunities

GWP split, EUR 57bn total ^{p. 12}

Segment	Share
Short-term	28%
Long-term	72%

• Underlying earnings +7% (FY25 vs. FY24 at constant FX) to EUR 3.5bn
• 2025 Strategic Focus
  • Long-term business: Accelerating net flows in Savings at attractive margins
  • Short-term business: Growing technical results while absorbing Mexico VAT impact
• Beyond 2025 Strategic Focus
  • Long-term business: Capturing savings & retirement opportunity, sourcing best asset management products for our customers
  • Short-term business: Capitalizing on demand for health & protection while further improving our margins
• Additional Strategic Initiatives
  • Focus on cost reduction
  • Increasing penetration of Protection riders in Savings offerings
  • Leveraging AI to reduce claims leakage & improve customer outcomes in Health

FY25 Financial Performance

• FY25 Financial Performance ^{p. 13}
• Alban de Mailly Nesle, Group CFO ^{p. 13}

P&C | Continued disciplined growth

GWP & other revenues by line, FY24 vs FY25 ^{p. 14}

EUR billion unless otherwise mentioned	FY24	FY25
Commercial lines	35.8	35.8
AXA XL Reinsurance	2.6	2.6
Retail lines	18.1	19.7
Total	56.5	58.0

Change at constant scope and FX ^{p. 14}

Segment	Change	Pricing	Volume
Commercial lines	+4%	+2%	+2%
AXA XL Reinsurance	+8%	+0.3%	+7%
Retail lines	+7%	+5%	+2%

• Continued pricing momentum and volume growth in Mid-market and SME
• Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance
• Growth supported by alternative capital
• Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)
• (table) Change at constant scope and FX ^{p. 14}

P&C | Delivering further margin expansion while enhancing reserve prudence

Combined ratio, FY24 vs FY25 ^{p. 15}

—	FY24	FY25
Undiscounted CY loss ratio (ex Nat Cat)	67.4%	67.0%
Expense ratio	25.0%	24.8%
Nat Cat	3.8%	3.4%
Prior year reserve development	-1.6%	-1.1%
Discount	-3.6%	-3.5%
Total Combined Ratio	91.0%	90.6%

• Better undiscounted current year loss ratio excluding Nat Cat from:
  • Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
  • Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
• Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
• Nat Cat charges below normalized load
• Lower reliance on prior year reserve development
• Taking advantage of a good year to enhance reserve prudence

P&C | Earnings growth from higher underwriting and financial result

Underlying earnings walk, FY24 to FY25 ^{p. 16}

EUR million	Underlying Earnings
FY24	5,510
Volume growth	+292
Margin improvement	+189
Investment income	+435
Insurance finance expenses	-235
Tax	-169
Affiliates, FX & other	-150
FY25	5,872

• Underlying Earnings +9% (constant FX)
• Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
• Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
• Higher unwind of discount of claims reserves, in line with guidance
• Unfavorable forex impact notably due to USD depreciation vs. EUR

Life & Health | Strong growth in premiums, positive net flows

GWP & other revenues by line, FY24 vs FY25 ^{p. 17}

EUR billion unless otherwise mentioned	FY24	FY25	Change
Life GWP & Other Revenues	34.5	37.5	+9%
Protection	17.3	19.0	+11%
Unit-linked	9.3	10.5	+13%
Capital light G/A	6.0	6.1	+7%
Traditional G/A	1.9	1.9	-7%
Health GWP & Other Revenues	17.5	19.0	+5%
Individual	10.5	11.1	+6%
Group	7.0	7.9	+4%

Net flows by segment ^{p. 17}

EUR billion	Net flows
Protection	+4.9
Health	+2.7
Unit-Linked	+1.5
Capital light G/A	+1.2
Traditional G/A	-5.0

• Net flows: EUR +5.4bn vs. EUR +1.5bn in FY24
• Employee Benefits (short-term and long-term) FY25: EUR 12.9bn (+4% vs. FY24)

Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

PVEP by segment, FY24 vs FY25 ^{p. 18}

EUR billion unless otherwise mentioned	FY24	FY25	Change
PVEP	50.9	49.4	-2%
Protection & Health	39.4	31.4	-4%
Unit-Linked	8.5	8.5	+18%
Capital-light G/A	2.0	7.8	-10%
Traditional G/A	1.0	1.7	-10%

NB CSM and NBV, FY24 vs FY25 ^{p. 18}

EUR billion unless otherwise mentioned	FY24	FY25
NB CSM (pre-tax)	2.2	2.2
NBV (post-tax)	2.3	2.2
NBV margin	4.4%	4.5%

• PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
• NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
• NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
• (bar) NB CSM (pre-tax) +3% (constant scope and FX) ^{p. 18}

Life & Health | Growth in new business driving Normalized CSM growth

Contractual Service Margin rollforward ^{p. 19}

EUR billion	Contractual Service Margin
FY24	33.6
New business CSM	+2.2
Underlying return on in-force	+1.3
CSM release	-3.0
Economic variance	+0.6
Operating variance	-0.3
Affiliates, FX & other	-1.4
FY25	33.0

CSM by segment, FY24 vs FY25 ^{p. 19}

EUR billion	FY24	FY25
Life	25.8	25.4
Health	7.7	7.6

• Normalized CSM up by +2% (constant scope and FX), with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
• Economic variance reflecting government spreads tightening and positive equity market returns
• Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
• FX impact mainly from JPY and HKD depreciation

Life & Health | Strong momentum in both short-term and long-term business

Underlying earnings walk, FY24 to FY25 ^{p. 20}

EUR million	Underlying earnings
FY24	3,323
Short-term technical margin	+60
Long-term result incl. CSM release	+156
Financial result	-11
Tax, FX and others	-27
FY25	3,501

• Underlying Earnings +7% (constant FX) ^{p. 20}
• 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 (EUR -0.1bn) ^{p. 20}
• Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins ^{p. 20}
• Underlying Earnings by segment:
  • Life: FY24 EUR 2.6bn, FY25 EUR 2.7bn (+4% vs. FY24) ^{p. 20}
  • Health: FY24 EUR 0.7bn, FY25 EUR 0.8bn (+17% vs. FY24) ^{p. 20}
• Short-term technical margin: EUR 479m ^{p. 20}
• Long-term result incl. CSM release: EUR 2,804m ^{p. 20}
• Financial result: EUR 946m ^{p. 20}
• Tax & others: -EUR 728m ^{p. 20}

Growth in net income reflecting higher earnings & the gain from the sale of AXA IM

Underlying earnings and net income by segment, FY24 vs FY25 ^{p. 21}

EUR billion unless otherwise mentioned	FY24	FY25	Change
Underlying earnings	—	—	+6%
Property & Casualty	5.5	5.9	+9%
Life & Health	3.3	3.5	+7%
Asset Management	0.4	0.2	-57%
Holdings & other	-1.2	-1.2	-
Underlying earnings total	8.1	8.4	+6%
Net income	—	—	+26%
Non-financial flows	-0.5	2.1	—
o/w capital gains from AXA IM disposal	-	2.2	—
Financial flows (incl. RCG)	0.3	-0.7	—
Net income total	7.9	9.8	+26%

Underlying earnings per share walk, FY24 to FY25 ^{p. 21}

EUR	Underlying earnings per share
FY24	3.59
Earnings growth	+6%
Capital management	+3%
Forex	-2%
FY25	3.86

• Underlying earnings: Strong performance from insurance businesses ^{p. 21}
• Underlying earnings: Stable holding cost, expected to remain at current level in 2026 ^{p. 21}
• Net income: Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM ^{p. 21}
• Net income: Lower financial flows reflecting unfavorable forex impact ^{p. 21}
• Change at constant FX for underlying earnings and net income ^{p. 21}
• Change on reported basis for underlying earnings per share ^{p. 21}
• (bar) Underlying earnings per share: EUR 3.59 (FY24) → EUR 3.86 (FY25) (+8%) ^{p. 21}
• including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback ^{p. 21}

Shareholders' Equity

Shareholders' equity and related metrics ^{p. 22}

EUR billion unless otherwise mentioned	FY24	HY25	FY25
SHE (excl. OCI)	58.0	52.7	54.0
Net OCI	-8.1	-7.2	-6.8
SHE (excl. OCI & undated subordinated debt)	53.2	47.0	49.4
Debt gearing	20.6%	23.4%	22.3%
Underlying ROE	15.2%	17.5%	16.0%

Shareholders' equity reconciliation, FY24 to FY25 and HY25 to FY25 ^{p. 22}

EUR billion	FY24 to FY25	HY25 to FY25
Opening Shareholders' equity	49.9	45.5
Change in Net OCI	1.3	0.4
Net income for the period	9.8	5.9
Dividend	-4.6	-
Annual share buyback	-1.2	-
Anti-dilutive share buyback following the sale of AXA IM	-3.5	-3.5
Undated subordinated debt (including interest charges)	-0.3	-1.2
Forex	-3.5	-0.1
Other	-0.6	0.3
Closing Shareholders' equity	47.2	47.2

• 1. Shareholders' equity Group share ^{p. 22}
• Shareholders' equity reconciliation (in Euro billion) ^{p. 22}

Higher organic cash remittance and robust cash position at Holding

Net Cash Remittance and Cash Position, FY24 vs FY25 ^{p. 23}

EUR billion unless otherwise mentioned	FY24	FY25
Net Cash Remittance	7.7	7.5
Remittance ratio	82%	82%
Cash position	4.0	5.6

• FY24 Net Cash Remittance includes EUR 7.1bn (base) and EUR 0.6bn Proceeds related to in-force treaties².
• Net cash remittance from subsidiaries: +EUR 7.5bn
• Dividend: -EUR 4.6bn
• Annual share buyback: -EUR 1.2bn
• Anti-dilutive share buyback following the sale of AXA IM: -EUR 3.5bn
• Holding costs and interest expenses: -EUR 1.3bn
• Change in net debt: +EUR 1.6bn
• M&A and other: +EUR 3.1bn
• 1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25
• 2. EUR 0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe

Solvency II at 224%

Solvency II walk, FY24 to FY25 ^{p. 24}

EUR billion unless otherwise mentioned	Eligible Own Funds (EOF)	Solvency Capital Requirement (SCR)	Solvency II ratio (pts)
FY24	55.9	25.9	216
Regulatory & model changes	+0.2	0.0	+0
Normalized capital generation	+8.8	+0.6	+28
Operating variance	-0.4	0.0	-1
Economic & FX	-2.1	-1.2	+4
Dividend & annual share buyback	-6.0	0.0	-24
Management actions, debt & other	-0.1	-0.2	+2
FY25	56.4	25.2	224

Key sensitivities on Solvency II ratio as of December 31, 2025 (224%) ^{p. 24}

Sensitivity	Impact (pts)
Interest rate +50bps	+2
Interest rate -50bps	-1
Corporate spreads +50bps	-1
Euro Sovereign spreads +50bps	-7
Credit migration	-4
Listed Equity (excl. PE & Infra) +25%	-1
Listed Equity (excl. PE & Infra) -25%	+2
PE & Infra +25%	+14
PE & Infra -25%	-19
Inflation swap curve +50bps	-5

• Dividend & annual share buyback: Foreseeable dividends: EUR 4.8bn; Provision for annual Share buyback for 2026: EUR -1.25bn
• 1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures)
• 2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches)

Solvency II -impact of the end of grandfathering period and Solvency II revision

Solvency II ratio outlook ^{p. 25}

Item	Value
Ratio as of 31/12/2025	224%
Impact of the end of grandfathering period on January 1, 2026	-10pts to 215%
Impact of Solvency II revision to come into effect in 1Q27	+17pts

• Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
• No change expected in organic capital generation
• Additional capital flexibility
• 1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date

Thomas Buberl, Group CEO conclusion

• Conclusion ^{p. 26}
• Thomas Buberl, Group CEO ^{p. 26}

Conclusion

• Record results, at the top end of the target range while enhancing reserve prudence ^{p. 27}
• All businesses in excellent shape, delivering strong growth and profitability ^{p. 27}
• Diversified franchise, well-positioned to capture future growth opportunities ^{p. 27}
• Laying foundations for the next plan and confident in delivering sustainable earnings growth ^{p. 27}

February 26, 2026 Q&A Full Year 2025 earnings

• Q&A ^{p. 28}
• Full Year 2025 Earnings ^{p. 28}
• February 26, 2026 ^{p. 28}

AXA Investor Relations | Keep in touch

• Contact us: ^{p. 29}
  • Investor Relations +33 1 40 75 48 42 ^{p. 29}
  • investor.relations@axa.com ^{p. 29}
• Follow us: www.axa.com ^{p. 29}
• Upcoming events: ^{p. 29}
  • March: Roadshows in Europe and US ^{p. 29}
  • May 5: 1Q25 Activity Indicators in Paris ^{p. 29}
  • June 2: BNP Paribas Exane CEO Conference in Paris ^{p. 29}
  • June 2-4: Goldman Sachs European Financials Conference in Zurich ^{p. 29}
  • July 31: HY26 Earnings Release in Paris ^{p. 29}
  • September 21: AXA Investor Day in London ^{p. 29}

Appendices

• Appendices ^{p. 30}

• Debt and Invested Assets ^{p. 31}
• Additional P&C disclosures ^{p. 36}
• Additional IFRS17 disclosures ^{p. 41}
• Sustainability ^{p. 44}

Gross financial debt and maturity breakdown as of December 31st, 2025

Gross financial debt by type ^{p. 32}

EUR billion	Tier 1	Tier 2	Senior debt	Total
FY24	3.5	10.8	4.8	19.2
FY25	3.5	12.2	4.6	22.3
Jan 1st 2026	5.8	11.3	3.2	20.3

Contractual maturity breakdown ^{p. 32}

EUR billion	Senior debt	Tier 2	Tier 1
2025	0.5	0.5	0.5
2026	0.9	0.9	0.5
2027	0.5	0.5	0.5
2028	0.9	0.9	0.5
2029	0.9	0.9	0.5
2030	0.9	0.9	0.5
2031-2039	0.9	0.9	0.5
≥2040	10.8	0.2	1.4
Undated	4.6	0.7	0.5

Grandfathered debt contractual maturity ^{p. 32}

EUR billion	Tier 1	Tier 2
2031-2039	0.7	0.2
≥2040	0.2	—
Undated	0.5	—

Economic maturity breakdown ^{p. 32}

EUR billion	Senior debt	Tier 2	Tier 1
2025	0.1	0.1	0.1
2026	0.1	0.1	0.1
2027	2.4	0.1	0.1
2028	2.0	0.1	0.1
2029	0.9	0.1	0.1
2030	0.7	0.1	0.1
2031-2039	6.4	0.2	1.5
≥2040	0.5	0.1	0.7
Undated	4.0	0.1	0.7

Grandfathered debt economic maturity ^{p. 32}

EUR billion	Tier 1	Tier 2
2031-2039	0.7	0.2
≥2040	0.2	—
Undated	0.8	—

• Debt gearing: FY24 20.6%; FY25 22.3% ^{p. 32}
• In January 2026, AXA called the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 ^{p. 32}
• In January 2026, AXA called the T1 GF €250m perpetual callable 2010 floating issued January 2005 ^{p. 32}
• Economic maturity takes into account the first date of step up calls on institutionally placed subordinated debt ^{p. 32}
• For Solvency 2 RT1 debt, the undated nature of the instrument is retained for this diagram, as it has no step-up ^{p. 32}
• Jan 1st 2026 (End of the grandfathering period): Total 20.3; Tier 1 5.8 (o/w EUR 0.4bn redeemed in Jan 2026); Tier 2 11.3; Senior debt 3.2 ^{p. 32}

General Account invested assets

FY25 Total General Account invested assets ^{p. 33}

EUR billion unless otherwise mentioned	Share
Fixed income	345	77%
Real estate	41	9%
Infrastructure equity	10	2%
Listed equities	10	2%
Private equity and hedge funds	23	5%
Cash	19	4%
Policy loans	2	0%
Total Insurance Invested Assets	450	100%

• Duration gap: -0.4 year ^{p. 33}
• o/w Government bonds: 167 (37%) ^{p. 33}
• o/w Corporate bonds and loans: 121 (27%) ^{p. 33}
• o/w Other fixed income: 56 (13%) ^{p. 33}
  • Other fixed income includes Asset Backed Securities (EUR 25bn), Residential Loans (EUR 16bn), Commercial & Agricultural Loans (EUR 7bn) and Agency Pools (EUR 8bn) ^{p. 33}
• Listed equities includes hedges; listed equities excluding hedges at EUR 14bn ^{p. 33}
• Private equity and hedge funds includes Private Equity (EUR 17bn), Hedge Funds (EUR 5bn) and Non-listed Equities (EUR 1bn) ^{p. 33}
• Refer to the financial supplement for more details ^{p. 33}

Structured and Private Credit assets

Invested assets by structured and private credit type, FY25 ^{p. 34}

EUR billion unless otherwise mentioned	% of total G/A portfolio
Residential Mortgages	16	4%
CLO & ABS	25	6%
Infrastructure debt	8	2%
CRE debt	8	2%
Mid-Market lending	10	2%
Other	2	0%
Total Structured and Private Credit Assets	69	15%

• EUR 6bn Dutch mortgages, NHG guaranteed ^{p. 34}
• EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) ^{p. 34}
• 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 93% rated AAA-AA) ^{p. 34}
• Skewed towards resilient industries (Telecom, Utilities, Transport) ^{p. 34}
• Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV ^{p. 34}
• Strong diversification with EUR 8m average ticket ^{p. 34}
• Investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales and sector allocation ^{p. 34}
• o/w 54% participating ^{p. 34}
• G/A: General Account ^{p. 34}

Investment portfolio | Fixed Income reinvestment

FY25 Fixed Income Reinvestment ^{p. 35}

Segment	Share	Average rating	Yield
Government bonds & related	32%	AA	3.5%
Investment grade credit	40%	A	—
ABS/CLO/IG fund financing	21%	—	—
Below investment grade credit	7%	—	—
Public fixed income	—	—	3.5%
Private & Structured fixed income	—	—	4.7%
Total fixed income	—	—	3.9%

• EUR 57 billion fixed income invested at 3.9% ^{p. 35}
  • Average duration of 9 years ^{p. 35}
  • Includes EUR 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY) ^{p. 35}
  • Gradual shift from alternative total return assets to Private & Structured credit ^{p. 35}
• Government and Corporate bonds and related ^{p. 35}
• Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid) ^{p. 35}

• Table of contents:
  • 1. Debt and Invested Assets, p.31 ^{p. 36}
  • 2. Additional P&C disclosures, p.36 ^{p. 36}
  • 3. Additional IFRS17 disclosures, p.41 ^{p. 36}
  • 4. Sustainability, p.44 ^{p. 36}

AXA XL Insurance | Large Commercial & Specialty business

FY25 GWP by line of business and geography, USD 19bn total ^{p. 37}

Segment	Line of business share	Geography share
Casualty	35%	—
Property	29%	—
Specialty	19%	—
Professional lines	17%	—
Americas	—	46%
Europe & APAC	—	35%
UK & Lloyds	—	19%

• Well diversified across lines of business and geographies ^{p. 37}
• Leading market positions across lines ^{p. 37}
  • Top 3 globally ^{p. 37}
  • Multinational Programs ^{p. 37}
  • Marine ^{p. 37}
  • Fine Art & Specie ^{p. 37}
• Managing the cycle to deliver consistent profitability ^{p. 37}
  • (scatter plot) Profitability vs. Ex-price growth (%):
    • Property (high profitability, high ex-price growth) ^{p. 37}
    • Specialty (medium profitability, medium ex-price growth) ^{p. 37}
    • Casualty (medium profitability, low ex-price growth) ^{p. 37}
    • Professional lines (low profitability, low ex-price growth) ^{p. 37}

P&C | Focus on Reserves

Claims and technical reserves ratios, FY18-FY25 ^{p. 38}

%	Claims reserves ratio (IFRS4)	Claims reserves ratio (IFRS17)	Technical reserves ratio (IFRS4)	Technical reserves ratio (IFRS17)
FY18	179%	—	213%	—
FY19	185%	—	227%	—
FY20	193%	—	233%	—
FY21	188%	—	226%	—
FY22	189%	198%	227%	234%
FY23	—	195%	—	232%
FY24	—	180%	—	216%
FY25	—	175%	—	210%

• Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) ^{p. 38}
• Technical reserves ratio (Net undiscounted technical reserves /Net earned premiums) ^{p. 38}

P&C | 2026 Simplified Group Nat Cat Reinsurance Program 1

Insurance segment occurrence protection, 2026 ^{p. 39}

EUR billion	Capacity	Retention
EU Windstorm	4.0	600m
Europe Flood	2.1	450m
Europe Earthquake	2.1	400m
NA Hurricane	1.2	600m
NA Earthquake	1.2	600m
Per other perils	1.0	400m

• Stable retention levels maintained in 2026 as in 2025
• (diagram) Reinsurance segment (illustrative): Alternative Capital & Cat Bonds
• Footnote 1: Excludes local reinsurance covers
• Footnote 2: Varying retention between MX and NA (EUR 400m MX, EUR 600m NA)
• Footnote 3: Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.

P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026

Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ^{p. 40}

Percentile	Deviation
1/20y (95th percentile)	-EUR 1.2bn
1/10y (90th percentile)	-EUR 0.8bn
1/5y (80th percentile)	-EUR 0.4bn
Median (50th percentile)	EUR 0.1bn
1/5y (20th percentile)	EUR 0.5bn
1/10y (10th percentile)	EUR 0.7bn
1/20y (5th percentile)	EUR 0.8bn

Average Expected Nat Cat charges net of reinsurance, pre-tax ^{p. 40}

EUR billion	2025	2026
Average Expected Nat Cat charges	2.6	2.7
Estimated impact on GEP	4.5%	4.5%

• Footnote 1: Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).
• (bar) More severe years (Negative deviation in ca. 40% of cases):
• (bar) Less severe years (Positive deviation in ca. 60% of cases):

• Table of contents ^{p. 41}
  • 1. Debt and Invested Assets ^{p. 31}
  • 2. Additional P&C disclosures ^{p. 36}
  • 3. Additional IFRS17 disclosures ^{p. 41}
  • 4. Sustainability ^{p. 44}

P&C | Margin analysis

P&C Underlying Earnings walk, FY24 to FY25 ^{p. 42}

EUR million unless otherwise mentioned	FY25	Change
Technical Result	—	—
Current Accident Year Undiscounted Technical Margin	2,778	+707
Gross Earned Premiums	57,656	+6%
Current Accident Year Undiscounted Combined Ratio	95.2%	-1.0pt
o/w Nat Cats	3.4%	-0.4pt
Current Accident Year Discounting	2,009	+115
Discounting Ratio (in Combined Ratio points)	-3.5%	+0.0pt
Current Accident Year Net Claims reserves	19.0bn	—
Duration	4.0 years	—
Current Accident Year Discount Rate	2.8%	—
Prior Years' Reserve Development (PYD)	622	-341
PYD ratio	-1.1%	+0.7pt
Financial Result	—	—
Investment Income	3,988	+435
FY25 Average Assets	115bn	—
Asset book yield	3.5%	—
FY25 Reinvestment yield	4.3%	—
Insurance Finance Expenses	-1,358	-235
FY24 Reserves at locked-in rate	71bn	—
Liability book yield	1.9%	—
2025 Insurance Finance Expenses (pre-tax)	~-1.4bn	—
Underlying Earnings before tax	8,040	+681
Tax	-2,060	-169
Affiliates, Minority interests & Other	-108	-10
Underlying Earnings	5,872	+501
Growth vs. FY24 (at constant FX)	+9%	—

Sensitivity to Current Accident Year discount rate changes ^{p. 42}

EUR billion	Impact
+25bps	+0.2
-25bps	-0.2

Sensitivity of 2025e Insurance Finance Expenses to changes in 2025 current AY Discount ^{p. 42}

EUR million	Impact
+25bps	~-50
-25bps	~+50

• Changes versus FY24 at constant FX ^{p. 42}
• Reinvestment yield on fixed income assets ^{p. 42}
• Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve ^{p. 42}
• (flow) Technical Result (In Euro million, pre-tax) ^{p. 42}
• (flow) Financial Result (In Euro million, pre-tax) ^{p. 42}
• (flow) Underlying Earnings before tax ^{p. 42}

L&H | Margin analysis

L&H Underlying Earnings walk, FY24 to FY25 ^{p. 43}

EUR million unless otherwise mentioned	FY25	Change
Technical Result	—	—
Short-term Technical Margin	479	+60
Gross Earned Premiums	17,416	+10%
All Year Combined Ratio	97.2%	-0.1pts
Long-term Technical Margin	2,804	+156
CSM release	2,954	+215
Technical experience	-150	-58
Financial Result	—	—
Investment Income (non-VFA only)	2,484	-1
FY25 Average Assets	98bn	—
Asset book yield	2.5%	—
FY25 Reinvestment yield	3.8%	—
Insurance Finance Expenses (non-VFA only)	-1,538	-9
FY24 Reserves at locked-in rate	62bn	—
Liability book yield	2.5%	—
Underlying Earnings before tax	4,229	+205
Tax	-800	+65
Affiliates, Minority interests & Other	72	-51
Underlying Earnings	3,501	+219
Growth vs. FY24 (at constant FX)	+7%	—

Life & Health FY25 CSM Key Sensitivities ^{p. 43}

EUR billion	Value
Baseline	33.3
Interest rates +50bps	-0.8
Interest rates -50bps	0.6
Sovereign spreads +50bps	-1.9
Sovereign spreads -50bps	1.9
Corporate spread +50bps	-0.8
Corporate spread -50bps	0.8
Equities +25%	1.8
Equities -25%	-2.2

Invested assets ^{p. 43}

EUR billion	Value	% of total G/A portfolio
Residential Mortgages	16	4%
CLO & ABS	25	6%
Infrastructure debt	8	2%
CRE debt	8	2%
Mid-Market lending	10	2%
Other	2	0%
Total Structured and Private Credit Assets	69	15%

• Includes scope impact ^{p. 43}
• Changes versus FY24 at constant FX ^{p. 43}
• Reinvestment yield on fixed income assets ^{p. 43}
• Incl. recapture of Laya ^{p. 43}
• EUR 6bn Dutch mortgages, NHG guaranteed ^{p. 43}
• EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) ^{p. 43}
• 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA) ^{p. 43}
• Skewed towards resilient industries (Telecom, Utilities, Transport) ^{p. 43}
• Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV ^{p. 43}
• Strong diversification with EUR 8m average ticket ^{p. 43}
• Investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales and sector allocation ^{p. 43}
• o/w 54% participating ^{p. 43}
• (flow) Technical Result (In Euro million, pre-tax) ^{p. 43}
• (flow) Financial Result (In Euro million, pre-tax) ^{p. 43}
• (flow) Underlying Earnings before tax ^{p. 43}

• Table of contents ^{p. 44}
  • 1. Debt and Invested Assets ^{p. 31}
  • 2. Additional P&C disclosures ^{p. 36}
  • 3. Additional IFRS17 disclosures ^{p. 41}
  • 4. Sustainability ^{p. 44}

Expanding AXA's role in society: AXA for Progress Index 1

AXA's Sustainability Targets and 2025 Results ^{p. 45}

—	Target	2025 Result
As a Global INVESTOR	—	—
Climate transition financing	EUR 5bn per year	EUR 6.4bn
Community resilience financing	EUR 500m per year	EUR 1.4bn
As a Global INSURER	—	—
P&C GWP to support transition underwriting (cumulative 2024-2026)	EUR 6bn	EUR 4.6bn
Climate adaptation solutions & services (cumulative 2024-2026)	>20,000	19,698 Cumulative 2024-2025
Inclusive insurance customers by 2026	>20m	20.6m
As a COMPANY	—	—
AXA Group employees trained on climate adaptation by 2026	>80,000	46,420
Contribute to Net-Zero in absolute carbon emissions by 2030	-50% by 2030	-64% Reduction against 2019
Percentage of AXA Group employees engaged in volunteering activities by 2026	50%	56%

• AXA's Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group's auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026 ^{p. 45}
• Scope: Corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2026 ^{p. 45}
• Scope: AXA France, AXA Germany, AXA Switzerland, AXA XL, AXA Hong Kong, AXA Japan, AXA Mexico, and AXA XL. Gross Written Premiums (GWP). Timeframe: cumulative 2024-2026 ^{p. 45}
• Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL. Climate solutions & services include: (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaptation solutions & services in 2024 and 2025, AXA is proposing a significant increase in the target for the 2024-2026 period, from >9,000 to >20,000 ^{p. 45}
• Inclusive insurance includes underserved populations and markets and modest income segments in mature markets ^{p. 45}
• Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026 ^{p. 45}
• Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030 ^{p. 45}
• Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage) ^{p. 45}
• Target revised in 2025 ^{p. 45}

Sustainability Performance & Ratings

ESG Ratings and Scores, 2025 ^{p. 46}

Rating Agency	Metric	2025 Result
S&P Global	Percentile in Dow Jones Best-in-Class Europe & World indices	97th
S&P Global	Score	AAA
MSCI	Score	AAA
CDP	Score	B
Morningstar Sustainalytics	ESG Risk Rating	17.0 - Low risk
FTSE Russell	Score in FTSE4Good Index Series	4.3/5

• The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares) ^{p. 46}.
• Results as of February 6th, 2026 ^{p. 46}.

Scope

• France: includes insurance activities, banking activities and holding ^{p. 47}.
• 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 holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities) ^{p. 47}.
• AXA XL: includes insurance and reinsurance activities and holding ^{p. 47}.
• Asia, Africa & EME-LATAM: ^{p. 47}
  • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated ^{p. 47}.
  • China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income ^{p. 47}.
  • Africa: Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated ^{p. 47}.
  • 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 consolidated under the equity method and contributes only to the net income ^{p. 47}.
  • AXA Mediterranean Holdings ^{p. 47}.
• Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings ^{p. 47}.
• AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method ^{p. 47}.
• Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023 ^{p. 47}.
• Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9 ^{p. 47}.

Glossary

• 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% ^{p. 48}.
• Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders ^{p. 48}.
• CSM release: a 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 ^{p. 48}.
• Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ^{p. 48}.
• Financial result: consists of investment income on assets backing BBA and 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 ^{p. 48}.
• Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the 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) ^{p. 48}.
• Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}.
• New Business Value (NBV): the value of newly issued contracts during the current year ^{p. 48}. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (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 ^{p. 48}.
• 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 ^{p. 48}.
• New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ^{p. 48}.
• Operating variance: the variation of the year-end CSM versus 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 ^{p. 48}. Operating variance is net of reinsurance ^{p. 48}.
• 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 ^{p. 48}. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}.
• Technical experience: consists the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of 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 ^{p. 48}.
• Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance ^{p. 48}.

February 26, 2026 Thank you Full Year 2025 earnings

• Thank you ^{p. 49}.
• Full Year 2025 Earnings ^{p. 49}.
• February 26, 2026 ^{p. 49}.

Abbreviations

• AA: Senior bond rating
• AAA: Senior bond rating
• ABS: Asset-Backed Securities
• AEP: Aggregate Exceedance Probability
• AI: Artificial Intelligence
• AMF: Autorité des marchés financiers
• APAC: Asia-Pacific
• AXA IM: AXA Investment Managers
• AXA UK: AXA United Kingdom
• AXA XL: AXA XL (AXA's corporate and specialty risk division)
• AY: Accident Year
• BBA: Benefit-Bearing Assets
• BNP: Banque Nationale de Paris
• CDP: Carbon Disclosure Project
• CLO: Collateralized Loan Obligation
• CRE: Commercial Real Estate
• CSA: Corporate Sustainability Assessment
• CSM: Contractual Service Margin
• CY: Calendar Year
• DPS: Dividend Per Share
• EME: Emerging Markets
• EOF: Eligible Own Funds
• EPS: Earnings Per Share
• ESG: Environmental, Social, and Governance
• ESMA: European Securities and Markets Authority
• EU: European Union
• EUR: Euro
• FTSE: Financial Times Stock Exchange
• FX: Foreign Exchange
• GAAP: Generally Accepted Accounting Principles
• GEP: Gross Earned Premiums
• GF: Grandfathered
• GWP: Gross Written Premiums
• HKD: Hong Kong Dollar
• HY: High Yield
• IFE: Insurance Finance Expenses
• IFRS: International Financial Reporting Standards
• IG: Investment Grade
• JPY: Japanese Yen
• LATAM: Latin America
• LTV: Loan-to-Value
• MSCI: Morgan Stanley Capital International
• MX: Mexico
• NA: North America
• NB CSM: New Business Contractual Service Margin
• NBV: New Business Value
• NHG: Nationale Hypotheek Garantie
• NPS: Net Promoter Score
• OCI: Other Comprehensive Income
• PAA: Premium Allocation Approach
• PE: Private Equity
• PVEP: Present Value of Expected Profits
• PYD: Prior Years' Reserve Development
• RCG: Reinsurance Commission and Fees
• ROE: Return on Equity
• SCR: Solvency Capital Requirement
• SHE: Shareholders' Equity
• SME: Small and Medium-sized Enterprises
• TVOG: Time Value of Options and Guarantees
• UEPS: Underlying Earnings Per Share
• UK: United Kingdom
• US: United States
• USD: United States Dollar
• VAT: Value Added Tax
• VFA: Variable Fee Approach