Web:AXA/FY25/Earnings press release/summary

📈 AXA FY25 key financial metrics (€m unless noted)

Metric	Unit	FY24	FY25	Change (comparable)	Comments
GWP & other revenues	€m	110,316	115,524	+6%	+5% on reported basis ↑ P&C Commercial lines (+4%): higher volumes (notably AXA XL Insurance) + favorable pricing across all geographies ↑ P&C Personal lines (+7%): favorable pricing + strong net new contracts in France, Europe, Asia & EME-LATAM ↑ AXA XL Reinsurance (+8%): growth supported by alternative capital ↑ Life (+9%): Protection +11% (HK, CH, JP), Unit-Linked +13% (all geographies), G/A +4% (Italy, France) ↑ Health (+5%): price effects across all geographies
o/w Property & Casualty	€m	56,514	58,038	+5%	+3% on reported basis
o/w Life & Health	€m	51,983	56,512	+8%	+9% on reported basis
o/w Asset Management	€m	1,701	875	n.m.	↓ Disposal of AXA IM completed July 1, 2025; only H1 contribution included
Underlying earnings	€m	8,078	8,368	+6%	+4% on reported basis; +9% excluding AXA IM ↑ P&C (+9%): higher volumes, underwriting margin expansion, higher investment income ↑ Life & Health (+7%): improved short-term technical results in Health & Protection; higher long-term earnings from strategy to rejuvenate the business; Health +17% after absorbing adverse Mexico VAT change ↔ Holdings broadly stable at €-1.2bn ↓ Asset Management: €0.2bn decrease from AXA IM disposal
Underlying EPS	€/share	3.57	3.86	+8%	Change shown on reported basis (no separate comparable basis disclosed) ↑ Underlying earnings growth (+6%) + lower interest expense on subordinated debt ↑ Share buyback accretion (+3 pts): annual program + AXA IM anti-dilutive buyback ↓ FX headwind (-2 pts): mainly USD depreciation vs EUR ↓ Temporary dilution (-1 pt) from timing of AXA IM-related buyback
Net income	€m	7,886	9,797	+26%	+24% on reported basis ↑ Higher underlying earnings + significantly positive exceptional items, includes one-off gain from AXA IM disposal
Solvency II ratio	%	216	224	+9 pts	Change shown on reported basis (no comparable basis applicable) ↑ Operating return (+28 pts) net of dividend & annual buyback provision (-24 pts) ↑ Net subordinated debt issuance (+6 pts) ↑ Favorable financial markets (+4 pts) ↓ Net impact of Nobis/Prima acquisitions + AXA IM disposal incl. €3.8bn buyback (-5 pts) Post-period: ratio falls to 215% on Jan 1, 2026, after grandfathered debt de-recognition (-10 pts)
Shareholders' equity	€bn	50.0	47.2	-€2.8bn	Change shown as absolute movement (no comparable basis disclosed) ↑ Net income (+€9.8bn) + net OCI (+€1.3bn) ↓ FY24 dividend paid (-€4.6bn) ↓ Share buybacks in 2025 (-€4.7bn), incl. €3.5bn AXA IM anti-dilutive buyback ↓ Unfavorable FX (-€3.5bn), mainly USD depreciation
CSM	€bn	33.9	33.3	-€0.6bn	Change shown as absolute movement; normalized growth +2% ↑ New business contribution (+€2.2bn) + underlying return on in-force (+€1.3bn) ↓ CSM release (-€3.0bn) ↑ Market conditions (+€0.6bn): tighter government spreads, positive equity markets ↓ FX (-€1.5bn): JPY and HKD depreciation ↓ Operating variance (-€0.3bn): better margins/net flows offset by shorter Group Life duration in Switzerland
Underlying RoE	%	15.2	16.0	+0.8 pts	↑ Higher underlying earnings + lower shareholders' equity base
Debt gearing	%	20.6	22.3	+1.7 pts	↑ Lower shareholders' equity and CSM ↑ RT1 and Tier 2 subordinated debt issuance (€3.5bn), partly offset by redemption of grandfathered Tier 1 debt (-€1.9bn) Within plan guidance of 19-23%
Cash at Holding	€bn	4.0	5.6	+€1.6bn	↑ Organic cash remittance from subsidiaries of €7.5bn (up €0.4bn vs FY24)
Dividend per share	€/share	2.15	2.32	+8%	Subject to approval at AGM on April 30, 2026
Annual share buyback	€bn	—	1.25	—	Approved Feb 25, 2026; expected completion by year-end All repurchased shares to be cancelled

Shareholder returns

• Dividend ex-date May 11, 2026; payment date May 13, 2026.
• AXA IM-related anti-dilutive buyback of €3.8bn completed between July 2, 2025, and January 20, 2026.
• Capital management policy targets 75% total payout (60% dividend + 15% annual buyback); dividend per share in any year expected to be at least equal to the prior year.

Forward-looking items

• FY26 underlying EPS growth expected at the upper end of the 6-8% plan target range.
• Solvency II revision (effective Q1 2027) estimated to add +17 pts to the current ratio.
• 2024-2026 plan targets: (i) underlying EPS CAGR at upper end of 6-8%, (ii) underlying RoE between 14% and 16%, (iii) cumulative organic cash upstream in excess of €21bn.
• Normalized natural catastrophe load guidance remains at ca. 4.5 pts of combined ratio for 2026.
• P&C pricing remains favorable; AXA XL to maintain disciplined cycle management. Life & Health earnings growth driven by disciplined pricing, claims management, and rejuvenation of long-term business driving CSM growth over time. Holdings expected at a similar level to 2025.
• New strategic plan for 2027-2029 to be presented on September 21, 2026.
• Investments in automation and AI cited as driving efficiency gains.

Notable events

• AXA IM disposal completed July 1, 2025, generating a significant one-off gain booked in net income. The sale triggered a €3.8bn anti-dilutive share buyback and a temporary -1 pt dilution to underlying EPS due to buyback timing.
• Acquisitions of Nobis and Prima completed during FY25 (-5 pts Solvency II impact combined with AXA IM disposal effects).
• Adverse VAT treatment change in Mexico absorbed within Health earnings growth of +17%.