Web:AXA/FY25/Earnings press release/summary
FY25 key highlights
Overview
| Metric | FY24 | FY25 | Change (reported) | Change (comparable) |
|---|---|---|---|---|
| GWP & other revenues | 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. |
| Underlying earnings | 8,078 | 8,368 | +4% | +6% |
| Net income | 7,886 | 9,797 | +24% | +26% |
| Solvency II ratio (%) | 216% | 224% | +9 pts | — |
Activity — GWP & other revenues
- Property & Casualty (+5% comparable)
- Commercial lines (+4%) — higher volumes (notably AXA XL Insurance) and favorable price effects across all geographies
- Personal lines (+7%) — favorable price effects and strong net new contracts in France, Europe, and Asia & EME-LATAM
- AXA XL Reinsurance (+8%) — growth supported by alternative capital
- Life & Health (+8% comparable)
- Life (+9%) — Protection +11% (Hong Kong, Switzerland, Japan), Unit-Linked +13% (all geographies), G/A +4% (Italy, France)
- Health (+5%) — price effects across all geographies
Earnings
- Underlying earnings
- €8,368mm (+6% comparable, or +9% ex-AXA IM)
- P&C +9% — higher volumes, underwriting margin expansion, higher investment income
- Life & Health +7% — improved short-term Health & Protection technicals, higher long-term earnings
- Holdings ~stable at €−1.2bn
- Asset Management −€0.2bn (AXA IM disposal effective 1 Jul 2025)
- Underlying EPS
- €3.86 (+8%)
- Underlying earnings growth +6%, lower interest expense on sub-debt
- Share buybacks +3% (annual program + AXA IM anti-dilutive buyback)
- FX headwind −2% (USD depreciation vs. EUR)
- AXA IM disposal timing −1%
- Net income
- €9,797mm (+26% comparable)
- Underlying earnings growth + significantly positive exceptionals (notably AXA IM disposal gain)
Balance sheet (31 Dec 2025)
- Shareholders' equity
- €47.2bn (−€2.8bn vs. FY24)
- Inflows: net income +€9.8bn, net OCI +€1.3bn
- Outflows: FY24 dividend −€4.6bn, share buybacks −€4.7bn (incl. €3.5bn AXA IM anti-dilutive), FX −€3.5bn (USD depreciation)
- CSM
- €33.3bn (−€0.6bn vs. FY24; +2% normalized growth)
- New business contribution +€2.2bn
- Underlying return on in-force +€1.3bn
- CSM release −€3.0bn
- Market conditions +€0.6bn (spread tightening, equity performance)
- FX −€1.5bn (JPY, HKD depreciation)
- Operating variance −€0.3bn (Swiss Group Life duration reduction partly offset better margins/flows)
- Solvency II ratio
- 224% (+9 pts vs. FY24, see table)
- Operating return +28 pts, net of dividend & annual buyback −24 pts
- Net subordinated debt issuance +6 pts
- Financial markets +4 pts
- M&A (Nobis, Prima) & AXA IM buyback −5 pts
- Pro-forma 1 Jan 2026: 215% after grandfathered debt phase-out (−10 pts)
- Est. SII revision impact (Q1 2027): +17 pts
- Underlying ROE
- 16.0% (+0.8 pt) — higher earnings, lower equity base
- Debt gearing
- 22.3% (+1.7 pts) — within 19–23% plan guidance
- RT1 & T2 sub-debt issuance €3.5bn, partly offset by grandfathered T1 redemption −€1.9bn
- Cash at Holding
- €5.6bn (+€1.6bn vs. FY24)
- Organic cash remittance from subsidiaries: €7.5bn (+€0.4bn vs. FY24)