AXA/2025/FY/Earnings presentation

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

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

Front matter

Full Year 2025 Earnings Presentation

• Presentation date February 26, 2026 ^{p. 1}

IMPORTANTLEGALINFORMATIONANDCAUTIONARYSTATEMENTSCONCERNINGFORWARD-LOOKINGSTATEMENTSANDTHEUSEOF NON-GAAPFINANCIALMEASURES

• Forward-looking statements include predictions, trends, plans, expectations, or objectives, specifically expected underlying earnings per share (UEPS) growth for 2026 provided as one-off guidance for the final year of the Group's strategic plan ^{p. 2}.
• Risk factors and uncertainties that may affect AXA's business are described in Part 5 of AXA's Universal Registration Document for the year ended December 31, 2024 ^{p. 2}.
• Non-GAAP measures and alternative performance measures (APMs) used include "Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing" ^{p. 2}.
• APM reconciliations are provided in AXA's Activity Report as of December 31, 2025, available on www.axa.com ^{p. 2}.
• Financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to audit completion ^{p. 2}.

Table of contents

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

FY25 Highlights

• Section title: 1 FY25 Highlights presented by Thomas Buberl, Group CEO ^{p. 4}

Full Year 2025 | Excellent performance

Key financial highlights, FY25 ^{p. 5}

Metric	Value	Change vs. FY24
Revenues	—	+6%
Underlying EPS	—	+8%
Return on equity	16%	—
Solvency II ratio	224%	—

• Shareholder value delivered via +8% DPS growth and EUR 1.25bn annual share buyback
  • Dividend proposal based on Board of Directors' recommendation on February 25, 2026, subject to approval at the Shareholders' Annual General Meeting on April 30, 2026
  • Share buyback approved by the Board of Directors on February 25, 2026, expected to commence as soon as reasonably practicable, subject to market conditions
• Underlying EPS growth target for 2026 expected at the upper end of the 6%-8% range

Executing the plan on growth, margin and efficiency

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

EUR billion unless otherwise mentioned	FY24	FY25	Change at constant FX	Change excluding AXA IM
Underlying earnings	8.1	8.4	+6%	+9%

• High organic growth of +6% top line growth, well balanced across lines: P&C +5%, Life +9%, Health +5%
• Record profitability driven by further margin expansion in P&C and L&H, alongside improvement in efficiency
• Scaling the business through continued investments in growth and technology
• Consistent earnings growth while enhancing reserve prudence

Diversified franchise, well positioned in an attractive industry

Business mix based on FY25 gross written premium split ^{p. 7}

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

• Secular trends are fueling demand across businesses, driven by protection gaps, emerging corporate risks, and demographics driving demand for private retirement and healthcare.
• Our right to win is supported by four key pillars:
  • Leading brand & high customer NPS
  • Strong and diversified distribution
  • Technical expertise to price & underwrite risks
  • Scale offering cost advantage

Laying the foundation for the next plan

• Strategic pillars established to lay the foundation for the next plan ^{p. 8}:
  • Clear tech and AI roadmap ^{p. 8}
  • Driving efficiency ^{p. 8}
  • Enhancing capital allocation discipline ^{p. 8}
  • Building resilience ^{p. 8}
• Earnings growth outlook supported by these pillars, providing confidence in sustaining earnings growth ^{p. 8}

FY25 Business Performance

• Section divider for Part 2: "FY25 Business Performance" presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}.

FY25 Business Performance

Strong delivery across our businesses

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

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

• Gross written premiums change is at constant scope and FX
• Underlying earnings change is at constant FX
• Total GWP basis excludes AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers for FY25 gross written premiums

P&C | Strong margins, confidence in sustaining growth

GWP mix ^{p. 11}

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

• Underlying earnings +9% LFL to EUR 5.9bn
• AXA XL includes AXA XL Re premiums of EUR 2.6bn
• Retail and SME & Mid-market strategic outlook:
  • 2025: Growing volumes while expanding margins
  • Beyond 2025: Investing to improve customer retention and expanding distribution footprint
• AXA XL (Large & Specialty) strategic outlook:
  • 2025: Profitable growth with stable margins
  • Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
• Growth enablers:
  • Continued progress on efficiency
  • Higher investment income
  • Data & AI to further enhance customer experience and technical excellence
• (pie) GWP mix: EUR 58bn total GWP, split across Retail, AXA XL (Large & Specialty), and SME & Mid-market ^{p. 11}

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

GWP mix ^{p. 12}

Segment	Share
Long-term	Majority
Short-term	Minority

• Underlying earnings +7% LFL to EUR 3.5bn ^{p. 12}
• Long-term business strategic outlook:
  • 2025: Accelerating net flows in Savings at attractive margins ^{p. 12}
  • Beyond 2025: Capturing savings & retirement opportunity, sourcing best asset management products for our customers ^{p. 12}
• Short-term business strategic outlook:
  • 2025: Growing technical results while absorbing Mexico VAT impact ^{p. 12}
  • Beyond 2025: Capitalizing on demand for health & protection while further improving our margins ^{p. 12}
• Strategic enablers:
  • Focus on cost reduction ^{p. 12}
  • Increasing penetration of Protection riders in Savings offerings ^{p. 12}
  • Leveraging AI to reduce claims leakage & improve customer outcomes in Health ^{p. 12}
• (pie) GWP mix: EUR 57bn total, split between Long-term (majority) and Short-term ^{p. 12}

FY25 Financial Performance

• Section 3: FY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO ^{p. 13}

P&C| Continued disciplined growth

GWP & other revenues by segment ^{p. 14}

EUR billion unless otherwise mentioned	FY24	FY25	Change LFL	o/w pricing	o/w volume
Commercial lines	—	35.8	+4%	+2%	+2%
AXA XL Reinsurance	—	2.6	+8%	+0.3%	+7%
Retail lines	—	19.7	+7%	+5%	+2%
Total	56.5	58.0	+5%	—	—

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

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

Combined ratio components ^{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

• Combined ratio improved to 90.6% (prior: 91.0%) ^{p. 15}
• Undiscounted CY loss ratio excluding Nat Cat improved from:
  • Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment ^{p. 15}
  • Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management ^{p. 15}
• Expense ratio improved reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology ^{p. 15}
• Nat Cat charges below normalized load ^{p. 15}
• Prior year reserve development reliance was lower, taking advantage of a good year to enhance reserve prudence ^{p. 15}

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

Underlying earnings bridge, 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 grew +9% at constant FX to EUR 5,872m.
• Underwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence.
• Investment income increased reflecting higher volumes and better reinvestment yields on fixed income assets.
• Insurance finance expenses impacted by higher unwind of discount of claims reserves, in line with guidance.
• Forex impact was unfavorable, notably due to USD depreciation vs. EUR.

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

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

EUR billion unless otherwise mentioned	FY24	FY25	LFL change
Protection	—	17.3	+11%
Unit-linked	—	9.3	+13%
Capital light G/A	—	9.0	+7%
Traditional G/A	—	1.9	-7%
Total	34.5	37.5	+9%

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

EUR billion	FY24	FY25	LFL change
Individual	—	10.5	+6%
Group	—	8.5	+4%
Total	17.5	19.0	+5%

Net flows by segment, FY25 ^{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

• Employee Benefits GWP and other revenues (including both short-term and long-term) was EUR 12.9bn in FY25, up +4%.
• Net flows reached EUR +5.4bn (compared to EUR +1.5bn in FY24).

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

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

EUR billion unless otherwise mentioned	FY24	FY25	LFL change
PVEP	50.9	49.4	-2%
Protection & Health	—	31.4	-4%
Unit-Linked	—	8.5	+18%
Capital-light G/A	—	7.8	-10%
Traditional G/A	—	1.7	-10%
NB CSM (pre-tax)	2.2	2.2	+3%
NBV (post-tax)	2.3	2.2	stable
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 stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.

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

Contractual Service Margin rollforward, FY24 to FY25 ^{p. 19}

EUR billion	Contractual Service Margin
FY24 starting value	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 ending value	33.0

• Normalized CSM up by +2% LFL, 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.
• FY24 starting value: o/w Life EUR 25.8bn, o/w Health EUR 7.7bn
• CSM release: Normalized CSM growth +2%
• FY25 ending value: o/w Life EUR 25.4bn, o/w Health EUR 7.6bn

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

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

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

• Underlying earnings +7% LFL to EUR 3,501m (reported: EUR 3,323m in FY24)
• Short-term technical margin: EUR 415m in FY24 to EUR 479m in FY25
• Long-term result incl. CSM release: EUR 2,680m in FY24 to EUR 2,804m in FY25
• Financial result: EUR 975m in FY24 to EUR 946m in FY25
• Tax & others: EUR -748m in FY24 to EUR -728m in FY25
• Life segment contribution: EUR 2.6bn in FY24 to EUR 2.7bn in FY25 (+4% vs. FY24)
• Health segment contribution: EUR 0.7bn in FY24 to EUR 0.8bn in FY25 (+17% vs. FY24)
• Short-term technical margin strong on underwriting and claims initiatives; more than offset legislative change on Mexico VAT recoverability of EUR -0.1bn
• Long-term results higher from CSM release increase of +8% on reserve base growth, favorable equity markets, and better margins

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

Earnings and income metrics ^{p. 21}

EUR billion unless otherwise mentioned	Prior year	Current year	Change at constant FX
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	flat
Underlying earnings	8.1	8.4	+6%
Non-financial flows	-0.5	+2.1	—
Financial flows (including RCG)	+0.3	-0.7	—
Net income	7.9	9.8	+26%

Underlying earnings per share (reported basis) ^{p. 21}

EUR	Value
Prior year	3.59
Current year	3.86
Change	+8%
Earnings growth contribution	+6%
Capital management contribution	+3%
Forex impact	-2%
Dilution impact	-1%

• Underlying earnings driven by strong performance from insurance businesses
• Holdings & other cost stable, expected to remain at current level in 2026
• Net income increase mainly reflects higher underlying earnings and the gain from the sale of AXA IM
• Non-financial flows: Capital gains from AXA IM disposal: EUR +2.2bn (prior: nil)
• Financial flows lower, reflecting unfavorable forex impact
• Dilution impact: includes -1% from temporary earnings dilution from AXA IM sale due to the timing of the anti-dilutive share buyback

FY25 Financial Performance

Shareholders' Equity

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

EUR billion unless otherwise mentioned	FY24	HY25	FY25
Shareholders' equity total	49.9	45.5	47.2
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 bridge, FY24 to FY25 vs. 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	nil
Annual share buyback	-1.2	nil
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

• Shareholders' equity (Group share) reported in EUR billion ^{p. 22}.

Higher organic cash remittance and robust cash position at Holding

Net cash remittance and Holding cash position bridge ^{p. 23}

EUR billion unless otherwise mentioned	FY24	FY25
Net cash remittance total	7.7	7.5
Ordinary remittance	7.1	7.5
Proceeds related to in-force treaties	0.6	—
Remittance ratio	82%	82%

Holding cash position bridge ^{p. 23}

EUR billion	Value
FY24 Cash position	4.0
Net cash remittance from subsidiaries	+7.5
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive share buyback following the sale of AXA IM	-3.5
Holding costs and interest expenses	-1.3
Change in net debt	+1.6
M&A and other	+3.1
FY25 Cash position	5.6

• Proceeds related to in-force treaties of EUR 0.6bn in FY24 related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe ^{p. 23}

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 variance & 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 of Solvency II ratio as of December 31, 2025 (Base: 224%) ^{p. 24}

Sensitivity	Change (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 includes foreseeable dividends of -EUR 4.8bn and provision for annual share buyback for 2026 of -EUR 1.25bn ^{p. 24}.

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

Solvency II ratio and impacts ^{p. 25}

Solvency II ratio (pts)	Value
As of December 31, 2025	224
Grandfathering end impact on January 1, 2026	-10
Ratio after grandfathering impact	215
Solvency II revision impact (estimated)	+17

• EUR 2.4bn of grandfathered debt is no longer eligible as capital from January 1, 2026.
• No change is expected in organic capital generation.
• Provides additional capital flexibility.
• Revision impact is 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.
• Solvency II revision impact, expected to come into effect in 1Q27, is estimated at +17pts ^{p. 25}.

Thomas Buberl, Group CEO Conclusion

• Section divider for the conclusion presentation by Thomas Buberl, Group CEO ^{p. 26}.

Conclusion

• Record results achieved 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}.
• Future outlook focused on 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 session for Full Year 2025 Earnings held on February 26, 2026 ^{p. 28}

AXA Investor Relations | Keep in touch

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

Appendices

• Section divider slide marking the beginning of the Appendices section ^{p. 30}.

Table of contents

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

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

• (stacked bar) Gross financial debt (nominal basis):
  • FY24: EUR 19.2bn total (Tier 1: EUR 4.8bn; Tier 2: EUR 10.8bn; Senior debt: EUR 3.5bn) ^{p. 32}
  • FY25: EUR 20.3bn total (Tier 1: EUR 4.6bn; Tier 2: EUR 12.2bn; Senior debt: EUR 3.5bn) ^{p. 32}
  • Jan 1st 2026 (End of the grandfathering period): EUR 20.3bn total (Tier 1: EUR 3.2bn; Tier 2: EUR 11.3bn; Senior debt: EUR 5.8bn, of which EUR 0.4bn redeemed in Jan 2026) ^{p. 32}
• Debt gearing: 20.6% in FY24 to 22.3% in FY25 ^{p. 32}
• (stacked bar) Contractual maturity breakdown:
  • 2028: EUR 0.5bn (Senior debt) ^{p. 32}
  • 2030: EUR 0.9bn total (Tier 2: EUR 0.7bn; Senior debt: EUR 0.2bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 2: EUR 0.7bn ^{p. 32}
  • 2031-2039: EUR 1.5bn (Senior debt) ^{p. 32}
  • ≥2040: EUR 11.3bn total (Tier 2: EUR 10.8bn; Senior debt: EUR 0.5bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 2: EUR 0.2bn ^{p. 32}
  • Undated: EUR 5.3bn total (Tier 1: EUR 4.6bn; Tier 2: EUR 0.7bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 1: EUR 1.4bn ^{p. 32}
• (stacked bar) Economic maturity breakdown:
  • 2026: EUR 0.1bn (Tier 1) ^{p. 32}
    • o/w Grandfathered debt: Tier 1: EUR 0.1bn ^{p. 32}
  • 2027: EUR 2.4bn (Tier 2) ^{p. 32}
  • 2028: EUR 0.6bn total (Tier 1: EUR 0.1bn; Senior debt: EUR 0.5bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 1: EUR 0.1bn ^{p. 32}
  • 2029: EUR 2.0bn (Tier 2) ^{p. 32}
  • 2030: EUR 0.9bn total (Tier 2: EUR 0.7bn; Senior debt: EUR 0.2bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 2: EUR 0.7bn ^{p. 32}
  • 2031-2039: EUR 8.3bn total (Tier 1: EUR 0.4bn; Tier 2: EUR 6.4bn; Senior debt: EUR 1.5bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 1: EUR 0.4bn ^{p. 32}
  • ≥2040: EUR 0.5bn (Senior debt) ^{p. 32}
    • o/w Grandfathered debt: Tier 2: EUR 0.2bn ^{p. 32}
  • Undated: EUR 4.7bn total (Tier 1: EUR 4.0bn; Tier 2: EUR 0.7bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 1: EUR 0.8bn ^{p. 32}
• Subsequent events: In January 2026, AXA called the remaining Tier 2 grandfathered GBP 139m due 2054 callable 2034 (5.625% issued January 2014) and the Tier 1 grandfathered EUR 250m perpetual callable 2010 floating issued January 2005 ^{p. 32}.
• Economic maturity methodology: Economic maturity takes into account the first date of step-up calls on institutionally placed subordinated debt; for Solvency II RT1 debt with no step-up, the undated nature of the instrument is retained ^{p. 32}.

General Account Invested Assets

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

EUR billion unless otherwise mentioned	Value	% of total
Fixed income	345	77%
Government bonds	167	37%
Corporate bonds and loans	121	27%
Other fixed income	56	13%
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%

• Total General Account invested assets EUR 450bn for FY25
• Duration gap at -0.4 year
• Invested assets portfolio breakdown (reported in EUR billion):
• Other fixed income includes Asset Backed Securities (EUR 25bn), Residential Loans (EUR 16bn), Commercial & Agricultural Loans (EUR 7bn), and Agency Pools (EUR 8bn)
• Listed equities includes hedges, with listed equities excluding hedges at EUR 14bn
• Private equity and hedge funds includes Private Equity (EUR 17bn), Hedge Funds (EUR 5bn), and Non-listed Equities (EUR 1bn)

Structured and Private Credit assets

Structured and private credit assets ^{p. 34}

EUR billion unless otherwise mentioned	Value	% of total G/A portfolio
Total structured and private credit assets	69	15%
Residential mortgages	16	4%
CLO & ABS	25	6%
Infrastructure debt	8	2%
CRE debt	8	2%
Mid-market lending	10	2%
Other structured assets	2	0%

• Total structured and private credit assets with 54% participating
• Residential mortgages:
• Includes EUR 6bn Dutch mortgages, NHG guaranteed.
• Includes EUR 10bn self-originated mortgages in Switzerland (56% LTV) and Germany (45% LTV).
• CLO & ABS: 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA).
• Infrastructure debt: skewed towards resilient industries including telecom, utilities, and transport.
• CRE debt: showing strong sector diversification (mainly logistics, residential, and retail), mostly in Europe, and circa 60% LTV.
• Mid-market lending: featuring strong diversification with EUR 8m average ticket size; investments made through SMAs with strict underwriting guidelines (senior secured, covenants, restrictions on asset sales and sector allocation).

Investment portfolio | Fixed Income reinvestment

• Fixed income reinvestment totaled EUR 57bn in FY25 ^{p. 35}.
• (donut) FY25 Fixed Income Reinvestment asset allocation:
  • Government bonds & related: 32% (average rating: AA) ^{p. 35}
  • Investment grade credit: 40% (average rating: A) ^{p. 35}
  • ABS/CLO/IG fund financing: 21% ^{p. 35}
  • Below investment grade credit: 7% ^{p. 35}
• (bar) FY25 Fixed Income Reinvestment Yield:
  • Public fixed income (government and corporate bonds and related): 3.5% ^{p. 35}
  • Private & Structured fixed income (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid): 4.7% ^{p. 35}
  • Total fixed income: 3.9% ^{p. 35}
• Reinvestment yield achieved at 3.9% on EUR 57bn invested ^{p. 35}:
  • Average duration of 9 years ^{p. 35}
  • Includes EUR 19.7bn 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}

Table of contents

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

AXA XL Insurance | Large Commercial & Specialty business

AXA XL Insurance FY25 GWP ^{p. 37}

USD billion unless otherwise mentioned	GWP by line of business	GWP by geography
Total	19	19
Line of business	—	—
Casualty	35%	—
Property	29%	—
Specialty	19%	—
Professional lines (including Cyber)	17%	—
Geography	—	—
Americas	—	46%
Europe & APAC	—	35%
UK & Lloyds	—	19%

• AXA XL Insurance is well diversified across lines of business and geographies, holding leading market positions across lines.
• Leading market positions globally, ranking Top 3 in:
  • Multinational Programs
  • Marine
  • Fine Art & Specie
• (bubble chart) Managing the cycle to deliver consistent profitability (Profitability vs Ex-price growth):
  • Property: High profitability, high ex-price growth
  • Specialty: Medium profitability, medium-high ex-price growth
  • Casualty: Medium-low profitability, medium ex-price growth
  • Professional lines: Low profitability, low ex-price growth

P&C | Focus on Reserves

• (bar chart) Claims reserves ratio (Net undiscounted claims reserves / Net earned premiums) ^{p. 38}:
  • IFRS4: FY18 179%, FY19 185%, FY20 193%, FY21 188%, FY22 189% ^{p. 38}
  • IFRS17: FY22 198%, FY23 195%, FY24 180%, FY25 175% ^{p. 38}
• (bar chart) Technical reserves ratio (Net undiscounted technical reserves / Net earned premiums) ^{p. 38}:
  • IFRS4: FY18 213%, FY19 227%, FY20 233%, FY21 226%, FY22 227% ^{p. 38}
  • IFRS17: FY22 234%, FY23 232%, FY24 216%, FY25 210% ^{p. 38}
• Technical reserves include net undiscounted claims reserves and unearned premium reserves ^{p. 38}.

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

Insurance segment (occurrence protection) capacity and retention by peril ^{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	—	400m

• Retention levels remained stable in 2026 compared to 2025 ^{p. 39}.
• NA Hurricane: varying retention between EUR 400m MX and EUR 600m NA ^{p. 39}
• NA Earthquake: varying retention between EUR 400m MX and EUR 600m NA ^{p. 39}
• Per other perils: capacity varies by peril type; other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake, and other secondary perils ^{p. 39}
• (diagram) Reinsurance segment (illustrative) utilizes Alternative Capital & Cat Bonds ^{p. 39}.

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

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	ca. 4.5%	ca. 4.5%

• Earnings deviation basis: Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax, in EUR billion ^{p. 40}.
• More severe years (negative deviation in ca. 40% of cases) ^{p. 40}:
• Less severe years (positive deviation in ca. 60% of cases) ^{p. 40}:
• Nat Cat definition: Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance ^{p. 40}.
• Deviation baseline: Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year, representing ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance ^{p. 40}.

Table of contents

• Table of contents section divider ^{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

• (flow) P&C Margin Analysis (in EUR million pre-tax, changes versus FY24 at constant FX) ^{p. 42}:
  • Technical Result components:
    • Current Accident Year Undiscounted Technical Margin: EUR 2,778m (change: +EUR 707m) ^{p. 42}
      • Gross Earned Premiums: EUR 57,656m (+6%) ^{p. 42}
      • Current Accident Year Undiscounted Combined Ratio: 95.2% (-1.0pt) ^{p. 42}
      • o/w Nat Cats: 3.4% (-0.4pt) ^{p. 42}
    • Current Accident Year Discounting: EUR 2,009m (change: +EUR 115m) ^{p. 42}
      • Discounting Ratio (in Combined Ratio points): -3.5% (+0.0pt) ^{p. 42}
      • Current Accident Year Net Claims reserves: EUR 19.0bn ^{p. 42}
      • Duration: 4.0 years ^{p. 42}
      • Current Accident Year Discount rate: 2.8% ^{p. 42}
    • Prior Years' Reserve Development (PYD): EUR 622m (change: -EUR 341m) ^{p. 42}
      • PYD ratio: -1.1% (+0.7pt) ^{p. 42}
  • Financial Result components:
    • Investment Income: EUR 3,988m (change: +EUR 435m) ^{p. 42}
      • FY25 Average Assets: EUR 115bn ^{p. 42}
      • Asset book yield: 3.5% ^{p. 42}
      • FY25 Reinvestment yield (on fixed income assets): 4.3% ^{p. 42}
    • Insurance Finance Expenses: -EUR 1,358m (change: -EUR 235m) ^{p. 42}
      • FY24 Reserves at locked-in rate: EUR 71bn ^{p. 42}
      • Liability book yield: 1.9% ^{p. 42}
  • Underlying Earnings before tax: EUR 8,040m (change: +EUR 681m) ^{p. 42}
    • Tax: -EUR 2,060m (change: -EUR 169m) ^{p. 42}
    • Affiliates, Minority interests & Other: -EUR 108m (change: -EUR 10m) ^{p. 42}
    • Underlying Earnings: EUR 5,872m (change: +EUR 501m, +9% growth vs. FY24 at constant FX) ^{p. 42}
• FY25 sensitivity to Current Accident Year discount rate changes (parallel shift of the full-year average yield curve used for discounting FY25 current accident year net reserve) ^{p. 42}:
  • +25bps: +EUR 0.2bn ^{p. 42}
  • -25bps: -EUR 0.2bn ^{p. 42}
• 2026e Insurance Finance Expenses (pre-tax): ~ -EUR 1.4bn ^{p. 42}
  • Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount ^{p. 42}:
    • +25bps: ~ -EUR 50m ^{p. 42}
    • -25bps: ~ +EUR 50m ^{p. 42}

L&H | Margin Analysis

• L&H Margin Analysis includes scope impact; changes are versus FY24 at constant FX ^{p. 43}.

Technical Result (in EUR million, pre-tax)

Technical Margin, FY25 vs FY24 ^{p. 43}

EUR million unless otherwise mentioned	FY25	Change
Short-term Technical Margin	479	+60
Gross Earned Premiums	17,416	+10%
Combined Ratio (all year)	97.2%	-0.1pts
Long-term Technical Margin	2,804	+156
CSM release	2,954	+215
Technical experience	-150	-58

• Short-term Technical Margin includes the recapture of Laya.

Financial Result (in EUR million, pre-tax)

Investment Income and Insurance Finance Expenses, non-VFA ^{p. 43}

EUR million	Value	Change
Investment Income	2,484	-1
Insurance Finance Expenses	-1,538	-9

• Average Assets (FY25) were EUR 98bn.
• Asset book yield was 2.5%.
• Reinvestment yield (FY25 on fixed income assets) was 3.8%.
• Reserves at locked-in rate (FY24) were EUR 62bn.
• Liability book yield was 2.5%.

Earnings Bridge

Underlying Earnings walk ^{p. 43}

EUR million	Value	Change
Underlying Earnings before tax	4,229	+205
Tax	-800	+65
Affiliates and minorities (including other)	72	-51
Underlying Earnings	3,501	+219

• Underlying Earnings represents +7% growth versus FY24 at constant FX.

Life & Health FY25 CSM Key Sensitivities (in EUR billion)

CSM Sensitivity ^{p. 43}

EUR billion unless otherwise mentioned	+50bps / +25%	-50bps / -25%
CSM Baseline	33.3	—
Interest rate sensitivity	-0.8	+0.6
Sovereign spread sensitivity	-1.9	+1.9
Corporate spread sensitivity	-0.8	+0.7
Equity sensitivity	+1.8	-2.2

Table of contents

• Table of contents section navigation:
  • 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 for Progress Index performance dashboard ^{p. 45}

Pillar	Metric	Target	2025 Result
Global Investor	Climate transition financing	EUR 5.0bn per year	EUR 6.4bn
Global Investor	Community resilience financing	>EUR 500m per year	EUR 1.4bn
Global Insurer	Transition underwriting	EUR 6.0bn in P&C GWP (cumulative 2024-2026)	EUR 4.6bn
Global Insurer	Climate adaptation solutions	>20,000 (cumulative 2024-2026)	19,698
Global Insurer	Inclusive insurance customers	>20m by 2026	20.6m
Company	Employee climate training	>80,000 by 2026	46,420
Company	Net-Zero contribution	-50% absolute carbon emissions by 2030	-64% reduction against 2019
Company	Employee volunteering	50% of employees by 2026	56%

• AXA for Progress Index performance dashboard across three pillars: Global Investor, Global Insurer, and Company ^{p. 45}.
• Climate adaptation solutions: Target of >20,000 climate adaptation solutions & services (cumulative 2024-2026; target revised in 2025 from >9,000) vs. 19,698 cumulative 2024-2025 result ^{p. 45}.
• Net-Zero contribution: Target of -50% absolute carbon emissions by 2030 (scope: energy Scopes 1 and 2, car fleet, and business travel; baseline 2019) and offset of residual emissions via nature-based or technical carbon capture projects vs. -64% reduction against 2019 in 2025 ^{p. 45}.

Sustainability Performance & Ratings

ESG ratings ^{p. 46}

Rating Agency	2025 Score
S&P Global	97th percentile
MSCI	AAA
CDP	B
Morningstar Sustainalytics	17.0 - Low risk
FTSE Russell	4.3/5

• CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (specifically AXA Restricted Shares), with results as of February 6th, 2026
• FTSE Russell 2025 score: 4.3/5 in FTSE4Good Index Series ^{p. 46}

Scope

• France scope includes insurance activities, banking activities, and holding ^{p. 47}.
• Europe scope includes Switzerland (insurance), Germany (insurance and holding), Belgium and Luxembourg (insurance and holding), United Kingdom and Ireland (insurance and holding), Spain (insurance and holdings), Italy (insurance), Prima (insurance), and AXA Life Europe (insurance) ^{p. 47}.
• AXA XL scope includes insurance and reinsurance activities and holding ^{p. 47}.
• Asia, Africa & EME-LATAM scope includes:
  • Asia: Japan (insurance and holding), Hong Kong (insurance), Thailand P&C, China P&C, South Korea, and Asia Holdings (all fully consolidated); China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed March 11, 2024 and holding) businesses (consolidated under equity method, contributing only to NBV, PVEP, underlying earnings, and net income) ^{p. 47}.
  • Africa: Morocco (insurance and holding), Nigeria (insurance and holding), and Egypt (insurance and holding) (all fully consolidated) ^{p. 47}.
  • EME-LATAM: Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) (all fully consolidated); Russia (Reso) (insurance) (consolidated under equity method, contributing only to net income) ^{p. 47}.
  • AXA Mediterranean Holdings ^{p. 47}.
• Transversal & Other scope includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings ^{p. 47}.
• AXA Investment Managers (until July 1, 2025) scope includes AXA Investment Managers, Select (previously referred to as Architas), and Capza (all fully consolidated), and Asian joint ventures (consolidated under equity method) ^{p. 47}.
• Accounting standards note: unless otherwise specified, all comparative figures going back to 2023 are under IFRS17/9 standards effective January 1, 2023; periods prior to 2023 have not been restated and are presented under IFRS4 ^{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). 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. 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. 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. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}
• Technical experience: consists of the impacts on the underlying earnings of (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

• Concluding slide of the presentation ^{p. 49}.
• Presentation title: Full Year 2025 Earnings ^{p. 49}.
• Presentation date: February 26, 2026 ^{p. 49}.

Abbreviations

• AA: S&P rating from 'AA-' to 'AA+'
• AAA: S&P rating from 'AAA-' to 'AAA+'
• ABS: Asset-Backed Securities
• AEP: Aggregate Exceedance Probability
• AI: Artificial Intelligence
• APAC: Asia-Pacific
• APM: Alternative Performance Measures
• AXA IM: AXA Investment Managers
• AXA XL: AXA XL, AXA's large property and casualty and specialty risk division
• AY: Accident Year
• BBA: Business Backing Annuities
• CDP: Carbon Disclosure Project
• CLO: Collateralized Loan Obligation
• CRE: Commercial Real Estate
• CSA: Corporate Sustainability Assessment
• CSM: Contractual Service Margin
• CY: Calendar Year
• DPS: Dividends Per Share
• EME: Emerging Markets
• EOF: Eligible Own Funds
• EPS: Earnings Per Share
• ESG: Environmental, Social, and Governance
• EU: European Union
• EUR: Euro
• FTSE: Financial Times Stock Exchange
• FX: Foreign Exchange
• GAAP: Generally Accepted Accounting Principles
• GEP: Gross Earned Premium
• 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
• LFL: Like-for-Like
• 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: Policyholder Annuity Assets
• PE: Private Equity
• PVEP: Present Value of Expected Profits
• PYD: Prior Years' Reserve Development
• RCG: Reclassification of Gains
• ROE: Return on Equity
• SCR: Solvency Capital Requirement
• SHE: Shareholders' Equity
• SME: Small and Medium-sized Enterprises
• TVOG: Time Value of Options & Guarantees
• UEPS: Underlying Earnings Per Share
• UK: United Kingdom
• US: United States
• USD: United States Dollar
• VAT: Value Added Tax
• VFA: Volatility Adjustment