AXA/2025/FY/Earnings release

Document info
Document info
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document category	Earnings release
Document name	AXA Full Year 2025 Earnings Press Release
Publication date	2026-02-26
Language	English
Pages	20
Source	Original URL

This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).

Press release

Paris, February 26th, 2026 (6:45am CET) ^{p. 1}

Full Year 2025 Earnings

AXA reports record results with underlying EPS growth at the top end of the target range

Key FY25 highlights

Gross written premiums & other revenues at EUR 116bn, up +6% vs. FY24 (footnote: • Change in gross written premiums & other revenues, new business value ("NBV"), and present value of expected premiums ("PVEP") is on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated. • Terms, including contractual service margin ("CSM") and new business contractual service margin ("NB CSM"), are defined in the glossary.) ^{p. 1}
Underlying earnings (footnote: • "Underlying earnings", "underlying earnings per share", "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA's guidelines and the AMF's 2015 position statement. • AXA provides reconciliation of such APMs to financial statements in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report"), under "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES". • For more information on non-GAAP financial measures, see the Glossary in AXA's 2025 Activity Report, available on www.axa.com.) at EUR 8.4bn, up 6% vs. FY24, or +9% excluding AXA IM (footnote: AXA completed disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are at constant foreign exchange rates.) ^{p. 1}
Underlying earnings per share at EUR 3.86, up +8% vs. FY24, including a -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of anti-dilutive share buyback related to the sale of AXA IM (footnote: On July 1, 2025, AXA executed a share repurchase agreement for a maximum of Euro 3.8 billion to offset earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in temporary earnings dilution as of December 31, 2025.) ^{p. 1}
Solvency II ratio (footnote: • Solvency II ratio is estimated primarily using AXA's internal model calibrated on an adverse 1/200 year shock. • For AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on www.axa.com. • Solvency II ratio as of December 31, 2025, is adjusted for the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend.) at 224% as of December 31, 2025, up +9 points vs. FY24. ^{p. 1}
- The Solvency II ratio was 215% on January 1, 2026, reflecting the end of the grandfathering period (footnote: Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, when they ceased to qualify as capital under Solvency II, as disclosed in AXA's 9M25 Activity Indicators press release on www.axa.com.). ^{p. 1}

Capital Management

Dividend of EUR 2.32 per share, up +8% vs. FY24 (footnote: Subject to approval by the Shareholders' Annual General Meeting on April 30, 2026.). ^{p. 1}
Launch of an annual share buyback program (footnote: Approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.) of up to EUR 1.25bn. ^{p. 1}
Completion of EUR 3.8bn additional share buyback related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026. ^{p. 1}

Outlook

Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range (footnote: Expected underlying earnings per share ("UEPS") growth for 2026 is a forward-looking statement providing one-off guidance for the last year of the Group's current strategic plan, qualified by cautionary statements in this press release regarding forward-looking statements.). ^{p. 1}
Expected impact of Solvency II revision at +17 points (footnote: Estimated based on Solvency Capital Requirement (SCR) and capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.). ^{p. 1}
AXA to present its new strategic plan for 2027–2029 on September 21, 2026. ^{p. 1}

“In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence.” ^{p. 1}

“Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins. In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level.” ^{p. 1}

"These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA’s ability to generate sustainable, long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," (Thomas Buberl, Chief Executive Officer of AXA ^{p. 1})

FY25 key highlights

FY25 key highlights: gross written premiums and other revenues ^{p. 2}

Key figures (in Euro million, unless otherwise noted)	FY24	FY25	Change on a reported basis	Change at comparable basis
Gross written premiums & other revenues (1)	110,316	115,524	+5%	+6%
o/w Property & Casualty	56,514	58,038	+3%	+5%
o/w Life & Health	51,983	56,512	+9%	+8%
o/w Asset Management	1,701	875	n.m.	n.m.

FY25 key highlights: underlying earnings and net income ^{p. 2}

—	FY24	FY25	Change on a reported basis	Change at constant Forex
Underlying earnings (2)	8,078	8,368	+4%	+6%
Net income	7,886	9,797	+24%	+26%

FY25 key highlights: solvency II ratio ^{p. 2}

—	FY24	FY25	Change on a reported basis
Solvency II ratio (%) (5)	216%	224%	+9 pts

Activity indicators

Total gross written premiums and other revenues were up 6%. ^{p. 2}
- Property & Casualty +5%, driven by: ^{p. 2}
  - Commercial lines (footnote: "Commercial lines" refers to P&C Commercial lines excluding AXA XL Reinsurance.) +4% from higher volumes (notably at AXA XL Insurance) and favorable price effects (footnote: Price effects are calculated as a percentage of prior year's total gross written premiums.) across all geographies. ^{p. 2}
  - Personal lines +7%, driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, and Asia & EME-LATAM. ^{p. 2}
  - AXA XL Reinsurance +8%, with growth supported by alternative capital. ^{p. 2}
- Life & Health +8%, driven by: ^{p. 2}
  - Life premiums up 9%, from: ^{p. 2}
    - Protection +11% from strong sales in Hong Kong, Switzerland, and Japan. ^{p. 2}
    - Unit-Linked +13% from higher volumes across all geographies. ^{p. 2}
    - G/A (footnote: General account.) +4% from continued momentum in Italy and France. ^{p. 2}
  - Health premiums up 5%, driven by price effects in all geographies. ^{p. 2}

Earnings

Underlying earnings increased by 6% to EUR 8.4bn, or +9% excluding AXA IM. ^{p. 2}
- Property & Casualty +9%, from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income. ^{p. 2}
- Life & Health +7%, from improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from business rejuvenation strategy. ^{p. 2}
- Holdings (footnote: Including banking activities.) underlying earnings remained broadly stable at EUR -1.2bn. ^{p. 2}
- Asset Management underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025. ^{p. 2}
Underlying earnings per share increased by 8% to EUR 3.86. ^{p. 2}
- Mainly driven by the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt. ^{p. 2}
- Impact of share buybacks (+3%), including both the annual share buyback program and the anti-dilutive share buyback related to the sale of AXA IM. ^{p. 2}
- Partially offset by unfavorable foreign exchange rate movements (-2%), notably the depreciation of the U.S. dollar against the Euro. ^{p. 2}
The sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to the timing of the associated share buyback. ^{p. 2}
Net income increased by 26% to EUR 9.8bn, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM. ^{p. 2}

Balance sheet

Shareholders' equity was EUR 47.2bn as of December 31, 2025, down by EUR 2.8bn versus December 31, 2024. ^{p. 3}
- Positive contribution from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) was more than offset by: ^{p. 3}
  - FY24 dividend paid to shareholders (EUR -4.6bn). ^{p. 3}
  - Impact of share buybacks executed in 2025 (EUR -4.7bn), including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM. ^{p. 3}
  - Unfavorable foreign exchange impact (EUR -3.5bn), notably due to the depreciation of the U.S. dollar. ^{p. 3}
CSM was EUR 33.3bn at December 31, 2025, down by EUR 0.6bn versus December 31, 2024. ^{p. 3}
- New business contribution (EUR +2.2bn) combined with underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM. ^{p. 3}
- Market conditions had a favorable impact (EUR +0.6bn), mainly driven by tightening government spreads and positive equity market performance. ^{p. 3}
- This was more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of Japanese yen and Hong Kong dollar, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland. ^{p. 3}
Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024. ^{p. 3}
- Strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points). ^{p. 3}
- Positive impact from net subordinated debt issuance (+6 points). ^{p. 3}
- Favorable impacts from financial markets (+4 points). ^{p. 3}
- Partly offset by the net impact of acquisitions of Nobis and Prima, and disposal of AXA IM including the associated EUR 3.8bn share buyback (-5 points). ^{p. 3}
As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ("grandfathered debt") no longer qualified as eligible own funds, resulting in a -10 point decrease in Solvency II ratio to 215%. ^{p. 3}
The Group estimates that the Solvency II revision, to come into effect in Q1 2027, would result in an increase of +17 points to the current Solvency II ratio. ^{p. 3}
Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024, notably from higher underlying earnings and lower shareholders' equity. ^{p. 3}
Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024. ^{p. 3}
- Driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn). ^{p. 3}
- Partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn). ^{p. 3}
- The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026. ^{p. 3}
Cash at Holding (footnote: Including cash and liquid invested assets at AXA SA Holding and other central holdings.) amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024. ^{p. 3}
- Reflecting organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024. ^{p. 3}

Capital management and outlook

Capital management

A dividend of EUR 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026. ^{p. 4}
- The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026. ^{p. 4}
AXA's Board of Directors approved, on February 25, 2026, the launch of an annual share buyback program for up to EUR 1.25bn. ^{p. 4}
- To be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization (footnote: To be executed in accordance with the Shareholders' Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted on April 30, 2026, as applicable.). ^{p. 4}
- AXA intends to cancel all shares repurchased. ^{p. 4}
The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end. ^{p. 4}

Outlook

AXA is confident in achieving its main financial targets for its 2024-2026 "Unlock the Future" plan, underpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management. ^{p. 4}
In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects to continue benefiting from higher pricing and underwriting actions. ^{p. 4}
At AXA XL, pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital. ^{p. 4}
The Group guidance for normalized natural catastrophe (footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at approximately 4.5 points of combined ratio for 2026. ^{p. 4}
In Life & Health, earnings growth is expected to be driven by short-term business reflecting disciplined pricing and claims management initiatives. ^{p. 4}
The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should generate positive net flows and drive CSM growth over time. ^{p. 4}
Results in Holdings in 2026 are expected to remain at a similar level as in 2025. ^{p. 4}
Management believes AXA is on track to deliver the main financial targets of the "Unlock the Future" plan, assuming current operating conditions persist: ^{p. 4}
- Underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both the plan period 2023-2026E and for 2026. ^{p. 4}
- Underlying return on equity between 14% and 16% between 2024 and 2026E. ^{p. 4}
- Cumulative organic cash upstream in excess of EUR 21bn for 2024-2026E. ^{p. 4}
The Group is committed to its capital management policy (footnote: Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in Group's underlying earnings) and (2) for dividends, a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes AXA's earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions, and the general economic environment.), targeting a total payout ratio of 75% (footnote: Payout ratio is calculated based on underlying earnings per share.). ^{p. 4}
- Comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks. ^{p. 4}
- The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year. ^{p. 4}

Property & Casualty

Property & Casualty: gross written premiums and other revenues ^{p. 5}

Key figures (in Euro billion, unless otherwise noted)
—	FY24	FY25	Change on a comparable basis	FY25 Price effect (12) (in %)
Gross written premiums and other revenues	56.5	58.0	+5%	+2.9%
o/w Commercial lines (11)	34.9	35.8	+4%	+1.9%
o/w Personal lines	19.1	19.7	+7%	+5.2%
o/w AXA XL Reinsurance	2.5	2.6	+8%	+0.3%

Property & Casualty: earnings ^{p. 5}

Earnings (in Euro million, unless otherwise noted)
—	FY24	FY25	Change at constant Forex	—
All-Year Combined ratio	91.0%	90.6%	-0.3 pt	—
Underlying earnings	5,510	5,872	+9%	—

Gross written premiums & other revenues were up 5% to EUR 58.0bn. ^{p. 5}
- Commercial lines grew by 4% to EUR 35.8bn, driven by: ^{p. 5}
  - AXA XL Insurance +3% from growth in attractive margin lines (including Property) and Casualty (from favorable price effects and higher volumes), partly offset by lower pricing and volumes in Financial lines. ^{p. 5}
  - Asia, Africa & EME-LATAM +13%, mainly driven by Türkiye (higher average premiums) and Mexico (favorable volume and price effects). ^{p. 5}
  - France +6% from favorable price effects in all lines and higher volumes. ^{p. 5}
- Personal lines grew by 7% to EUR 19.7bn, driven by: ^{p. 5}
  - Europe +5% from favorable price effects across geographies, except in UK & Ireland Motor where pricing softened after strong repricing in 2024. ^{p. 5}
  - Asia, Africa & EME-LATAM +14%, driven by Türkiye (higher average premiums and volumes). ^{p. 5}
  - France +9% with strong volume growth in all lines (direct business and proprietary agent networks) and favorable price effects in Motor. ^{p. 5}
- AXA XL Reinsurance grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by softening in other lines. ^{p. 5}
The all-year combined ratio improved by 0.3 point to 90.6%, mainly driven by: ^{p. 5}
- Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) from further margin expansion in Commercial lines (-0.5 point, driven by SME & mid-market business -0.9 point) and Personal lines (-0.4 point). ^{p. 5}
- Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio reflecting efficiency gains. ^{p. 5}
- Lower natural catastrophe charges (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%). ^{p. 5}

P&C underlying earnings were up 9% to Euro 5.9 billion driven by:

Technical result increased by EUR +0.5bn, reflecting strong volume growth and improved technical margin. ^{p. 6}
Financial result increased by EUR +0.2bn due to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves. ^{p. 6}
Partly offset by higher income taxes (EUR -0.2bn) mainly due to higher pre-tax underlying earnings. ^{p. 6}

Life & Health

Life & Health: key figures ^{p. 6}

Key figures (in Euro billion, unless otherwise noted)	—	—	—
—	FY24	FY25	Change on a comparable basis
Gross written premiums & other revenues	52.0	56.5	+8%
o/w Life	34.5	37.5	+9%
o/w Health	17.5	19.0	+5%
PVEP (1,21)	50.9	49.4	-2%
NB CSM (1,21)	2.2	2.2	+3%
NBV (post-tax) (1,21)	2.3	2.2	0%
NBV margin (1,21)	4.4%	4.5%	+0.1 pt
Net flows (21)	+1.5	+5.4	—

Life & Health: earnings ^{p. 6}

Earnings (in Euro million)	—	—	—
—	FY24	FY25	Change at constant forex
Underlying earnings	3,323	3,501	+7%
o/w Life	2,636	2,715	+4%
o/w Health	687	787	+17%

Gross written premiums & other revenues were up 8% to Euro 56.5 billion.

Life grew by 9% to EUR 37.5bn, mainly from: ^{p. 6}
- Unit-Linked +13% driven by successful sales initiatives across all geographies. ^{p. 6}
- G/A +4%, notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong. ^{p. 6}
- Protection +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland. ^{p. 6}
Health grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes. ^{p. 6}
Present value of expected premiums (PVEP) decreased by 2% to EUR 49.4bn. ^{p. 6}
- Life +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums. ^{p. 7}
- Health -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions. ^{p. 7}
NB CSM increased by 3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits. ^{p. 7}
NBV (post-tax) was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France. ^{p. 7}
NBV margin (post tax) increased by 0.1 point to 4.5%. ^{p. 7}
Net flows (footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) were EUR +5.4bn compared to EUR +1.5bn in 2024. ^{p. 7}
- Driven by: ^{p. 7}
  - Protection (EUR +4.9bn), mainly in Hong Kong, Japan, and France. ^{p. 7}
  - Health (EUR +2.7bn), mainly in Germany, Japan, and France. ^{p. 7}
  - Unit-Linked (EUR +1.5bn), primarily in France. ^{p. 7}
- Partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn). ^{p. 7}
Life & Health underlying earnings increased by 7% to EUR 3.5bn, driven by: ^{p. 7}
- Long-term technical result (EUR +0.2bn) driven by an increase in CSM release, following growth in reserves and better margins. ^{p. 7}
- Short-term technical result (EUR +0.1bn) driven by expansion of technical margin reflecting pricing, underwriting, and claims management actions, which more than offset the impact of a legislative change on VAT recoverability in Mexico (EUR -0.1bn). ^{p. 7}
- Lower income taxes (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, France, and Mexico. ^{p. 7}
- Lower contribution from affiliates (notably ICBC-AXA) and improved results at AXA MPS, leading to an increase in earnings of minority shareholders. ^{p. 7}

Holdings

Holdings underlying earnings remained broadly stable at EUR -1.2bn. ^{p. 7}

Ratings

Insurer financial strength ratings ^{p. 8}

Insurer financial strength ratings			AXA's credit ratings (22)

AXA's credit ratings ^{p. 8}

Agency	Date of last review	AXA SA	AXA's principal insurance subsidiaries	Outlook	Senior debt of the Company	Short-term debt of the Company
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	—

AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings. ^{p. 8}

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. 8}
Contractual service margin ('CSM') is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders. ^{p. 8}
CSM release is the 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. 8}
Economic variance is the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force. ^{p. 8}
Financial result is investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (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. 8}
Gross written premiums and other revenues are 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. 8}
New business contractual service margin ('NB CSM') is 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. 8}
New business value ('NBV') is the value of newly issued contracts during the current year, consisting of the sum of (i) the NB CSM, (ii) the present value of future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (iii) the present value of 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. 8}
New business value margin ('NBV Margin') is the ratio of (i) NBV (value of newly issued contracts during the current year) to (ii) PVEP. ^{p. 8}

RATINGS AND GLOSSARY

Operating variance is the variation of the year-end CSM versus the expected at opening due to (i) differences between realized and expected operational assumptions, (ii) changes in assumptions (mortality, longevity, lapses, expenses), and (iii) impact of model changes, net of reinsurance. ^{p. 9}
Present value of expected premiums ("PVEP") is 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, discounted at the reference interest rate and representing Group share. ^{p. 9}
Technical experience consists of the impacts on underlying earnings of (i) the difference between expected and incurred cash-flows in the defined period, (ii) the risk adjustment release, (iii) changes in onerous contracts, and (iv) other long-term elements (mainly non-attributable expenses). ^{p. 9}
Underlying return on in-force is the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance. ^{p. 9}

Scope

France includes insurance activities, banking activities, and holding. ^{p. 10}
Europe includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities) (footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.), and AXA Life Europe (insurance activities). ^{p. 10}
AXA XL includes insurance and reinsurance activities and holding. ^{p. 10}
Asia, Africa & EME-LATAM includes: ^{p. 10}
- Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excluding bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated). China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income. ^{p. 10}
- Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated. ^{p. 10}
- EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated. Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income. ^{p. 10}
- AXA Mediterranean Holdings. ^{p. 10}
Transversal & Other includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings. ^{p. 10}
AXA Investment Managers (footnote: Disposal to BNP Paribas completed on July 1, 2025.) includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method). ^{p. 10}

Exchange rates

Exchange rates for 1 euro ^{p. 10}

For 1 Euro	End of Period Exchange rate		Average Exchange rate
—	FY24	FY25	FY24	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

Notes

Sensitivities impacting CSM are available in the Appendices of the FY25 earnings presentation at www.axa.com. (footnote: Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full-year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.) ^{p. 11}
Restricted Tier 1 ratings: "BBB+" by Standard & Poor's and "Baa1(hyb)" by Moody's. (footnote: Restricted Tier 1: "BBB+" by Standard & Poor's and "Baa1(hyb)" by Moody's. Tier 2: "A-/Stable" by Standard & Poor's and "A2(hyb)/Stable" by Moody's.) ^{p. 11}
Tier 2 ratings: "A-/Stable" by Standard & Poor's and "A2(hyb)/Stable" by Moody's. ^{p. 11}
All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology). ^{p. 11}
Actuarial and financial assumptions for NBV and PVEP calculation are updated semi-annually at half year and full year. ^{p. 11}
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. 11}

About the AXA group

The AXA Group is a worldwide leader in insurance, with 156,000 employees serving more than 92 million clients in 52 countries. ^{p. 12}
In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 underlying earnings to EUR 8.4bn. ^{p. 12}
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). ^{p. 12}
AXA’s American Depository Share is quoted on the OTC QX platform under the ticker symbol AXAHY. ^{p. 12}
The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. ^{p. 12}
It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. ^{p. 12}
This press release and regulated information are available on the AXA Group website (axa.com). ^{p. 12}

FOR MORE INFORMATION:

Investor Relations:

Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com. ^{p. 12}
Individual Shareholder Relations: +33.1.40.75.48.43. ^{p. 12}

Media Relations:

Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com. ^{p. 12}

Corporate Responsibility strategy:

Additional information on strategy and commitments is available at axa.com/en/about-us/strategy-commitments. ^{p. 12}

SRI ratings:

Information on SRI ratings and ethical indexes is available at axa.com/en/investor/sri-ratings-ethical-indexes. ^{p. 12}
This press release is available on the AXA Group website axa.com. ^{p. 12}

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

This document contains forward-looking statements, including predictions of future events, trends, plans, expectations, or objectives, and other non-historical information. ^{p. 12}
Forward-looking statements are identified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs such as “would” and “could”. ^{p. 12}
Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are one-off guidance for the last year of the current strategic plan. ^{p. 12}
These statements are based on Management’s current views and intentions and are subject to change. ^{p. 12}
Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside AXA’s control, which could cause actual results to differ materially. ^{p. 12}
Each forward-looking statement speaks only as of the date of this press release. ^{p. 12}
Refer to Part 5 - “Risk Factors and Risk Management” of AXA’s 2024 Universal Registration Document for a description of factors, risks, and uncertainties that may affect AXA’s business and/or results. ^{p. 12}
AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations. ^{p. 12}
This press release refers to certain non-GAAP financial measures, or alternative performance measures (APMs), used by Management for analyzing operating trends, financial performance, and position. ^{p. 12}
These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies. ^{p. 12}
None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. ^{p. 12}
"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 the AMF’s related position statement issued in 2015. ^{p. 12}
AXA provides a reconciliation of such APMs in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on pages indicated under “USE Of non-GAAP and alternative performance MEASURES”. ^{p. 12}
Further information on non-GAAP financial measures is available in the Glossary in AXA’s 2025 Activity Report. ^{p. 12}

APPENDIX 1: Gross written premiums et other revenues by geography and business line

Gross written premiums and other revenues by geography and business line ^{p. 13}

	Gross Written Premiums and Other Revenues				o/w Property & Casualty		o/w Life & Health		o/w Asset Management
in Euro million	FY24	FY25	Change on a reported basis	Change on a comparable basis	FY25	Change on a comparable basis	FY25	Change on a comparable basis	FY25	Change on a comparable basis
France (i)	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 (i)	110,316	115,524	+5%	+6%	58,038	+5%	56,512	+8%	875	+4%

Banking revenues amounted to EUR 99m in FY25 and EUR 118m in FY24. (footnote: Including Banking revenues of Euro 99 million in FY25 and Euro 118 million in FY24.) ^{p. 13}

Underlying earnings by geography and business line ^{p. 14}

	Underlying earnings			o/w Property & Casualty		o/w Life & Health		o/w Asset Management
in Euro million	FY24	FY25	Change at constant Forex	FY25	Change at constant Forex	FY25	Change at constant Forex	FY25	Change at constant Forex
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 (i)	8,078	8,368	+6%	5,872	+9%	3,501	+7%	175	-57%

Underlying earnings by geography and business line include underlying earnings of Holdings and Banking. (footnote: Including underlying earnings of Holdings and Banking.) ^{p. 14}

APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & Other revenues by business line and discount rates

Property & Casualty gross written premiums and other revenues by business line and discount rates ^{p. 15}

	Commercial lines		Personal lines				AXA XL Reinsurance				Total P&C
in Euro million	Total Commercial	Change (i)	Personal Motor	Change (i)	Personal Non-Motor	Change (i)	Total Personal	Change (i)	Total Reinsurance	Change (i)	FY25	Change (i)
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%

Changes are on a comparable basis (constant forex, scope, and methodology). (footnote: Changes are on a comparable basis (constant forex, scope, and methodology).) ^{p. 15}

Interest Rates (5Y) For the Discounting of P&C Claims Reserves

—	FY24 (i)	FY25 (ii)
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%

Monthly average discount rates are calculated from January 2024 to December 2024. (footnote: Calculated as monthly average from January 2024 to December 2024.) ^{p. 15}
Average of monthly opening discount rates of 2025. (footnote: Average of monthly opening discount rates of 2025.) ^{p. 15}

P&C: Price effects i by country and business line

P&C: Price effects (i) by country and business line

FY25 (in %)	Commercial lines	Personal lines	AXA XL Reinsurance	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 both in Personal and Commercial lines
Germany	+3.1%	+10.3%	—	Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation
Belgium & Luxembourg	+2.5%	+4.4%	—	Price increase broadly in line with 2025
UK & Ireland	+1.4%	-2.6%	—	In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
Spain	+8.8%	+8.6%	—	Moderation of price increase
Italy	+5.2%	+5.3%	—	Moderation of price increase
AXA XL (ii)	+0.2%	—	+0.3%	Softening prices with conditions varying by lines
Asia, Africa & EME-LATAM	+3.8%	+7.1%	—	Moderation of price increase
Total	+1.9%	+5.2%	+0.3%	—

Price effect is calculated as a percentage of total gross written premiums in the prior year. (footnote: Price effect calculated as a percentage of prior year's total gross written premiums.) ^{p. 16}
Price increase on renewals was +0.3% in Insurance and +0.2% in Reinsurance, calculated as a percentage of renewed premiums. (footnote: Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.) ^{p. 16}

APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & Other revenues and growth by business line

Gross written premiums & other revenues	Total		o/w Protection		o/w G/A Savings		o/w Unit-Linked		o/w Health
in Euro million	FY25	Change (i)	FY25	Change (i)	FY25	Change (i)	FY25	Change (i)	FY25	Change (i)
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 (ii)	17,651	+6%	4,337	+6%	—	—	—	—	13,314	+6%

Changes are on a comparable basis (constant forex, scope, and methodology). ^{p. 17}
Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'), with its margin analyzed using the Combined Ratio. (footnote: Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period.) ^{p. 17}
Short-term business refers to Life Pure Protection and Health when measured using the PAA period. ^{p. 17}

APPENDIX 6: New business volume (PVEP), new business value (NBV), and NBV margin

Net flows by business line ^{p. 18}

Life New Business Metrics FY25							Health (i) New Business Metrics FY25						Total (ii) New Business Metrics FY25
in Euro million	PVEP	Change (ii)	NBV	Change (ii)	NBV margin	Change (ii)	PVEP	Change (ii)	NBV	Change (ii)	NBV margin	Change (ii)	PVEP	Change (ii)	NBV	Change (ii)	NBV margin	Change (ii)
France	14,971	-4%	519	0%	3.5%	+0.1 pt	7,887	-20%	177	+13%	2.2%	+0.7pt	22,858	-10%	695	+3%	3.0%	+0.4pts
Europe	10,102	+3%	474	-11%	4.7%	-0.7pt	2,549	+16%	104	+36%	4.1%	+0.6pt	12,651	+5%	578	-5%	4.6%	-0.5pts
Asia, Africa & EME-LATAM	12,029	+7%	754	+5%	6.3%	-0.1pt	1,817	-6%	205	-12%	11.3%	-0.8pt	13,847	+5%	959	+1%	6.9%	-0.3pts
Total	37,103	+1%	1,747	-1%	4.7%	-0.1pt	12,254	-12%	486	+4%	4.0%	+0.6pt	49,357	-2%	2,233	0%	4.5%	+0.1pt

NB CSM to NBV
in Euro million	Life	Health (i)	Total (i)
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

Includes Health business written predominantly in Life entities. (footnote: Includes Health business written predominantly in Life entities.) ^{p. 18}
Changes are on a comparable basis (constant forex, scope, and methodology). ^{p. 18}

Net flows by business line	—	—
in Euro billion	FY24	FY25
Health (i)	+2.7	+2.7
Protection	+3.2	+4.9
G/A Savings	-3.6	-3.7
o/w capital light (ii)	+2.2	+1.2
o/w traditional G/A	-5.8	-5.0
Unit-Linked (iii)	-0.8	+1.5
Mutual Funds & Other	0.0	0.0
Total Life & Health (i) net flows	+1.5	+5.4

Includes Health business written predominantly in Life entities. ^{p. 19}
Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%. (footnote: Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.) ^{p. 19}
Includes Investment contracts with no discretionary participation features ("DPF"). (footnote: Including Investment contracts with no discretionary participation features ("DPF").) ^{p. 19}

Main transactions in 2025:

Announced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025). ^{p. 20}
Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025). ^{p. 20}
Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025). ^{p. 20}
Announced the execution of a share repurchase agreement for AXA's Shareplan and certain stock-based compensation (June 2, 2025). ^{p. 20}
Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025). ^{p. 20}
Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (July 1, 2025). ^{p. 20}
Announced the acquisition of Prima, the leading direct insurance player in Italy (August 1, 2025). ^{p. 20}
Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025). ^{p. 20}
Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025). ^{p. 20}
Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025). ^{p. 20}

Next main investor events

2026 Shareholder's Annual General Meeting (April 30, 2026). ^{p. 20}
First quarter 2026 Activity Indicators (May 5, 2026). ^{p. 20}
HY26 Earnings Release (July 31, 2026). ^{p. 20}
AXA Investor Day (September 21, 2026). ^{p. 20}