Press release
FY25 earnings
📈 AXA — FY25 key highlights
| Metric
|
Unit
|
FY24
|
FY25
|
Change (comparable)
|
Comments
|
| GWP & other revenues
|
€bn
|
110.3
|
115.5
|
+6%
|
- ↑ P&C +5%: Commercial lines +4% (volumes at AXA XL Insurance, price effects across geographies), Personal lines +7% (price effects + strong net new contracts in France, Europe, Asia & EME-LATAM), AXA XL Reinsurance +8% (alternative capital, Casualty pricing)
- ↑ Life & Health +8%: Life +9% (Protection +11% from HK, CH, JP; Unit-Linked +13% all geographies; G/A +4% Italy & France), Health +5% (price effects all geographies)
- Asset Management n.m. due to AXA IM disposal on 1 Jul 2025
|
| Underlying earnings
|
€bn
|
8.1
|
8.4
|
+6%
|
- +9% excluding AXA IM
- ↑ P&C +9%: volume growth, underwriting margin expansion, higher investment income
- ↑ Life & Health +7%: improved short-term technical results (Health & Protection), higher long-term earnings incl. early benefits of rejuvenation strategy
- Holdings broadly stable at €−1.2bn
- ↓ Asset Management −€0.2bn from AXA IM disposal
|
| Underlying EPS
|
€/share
|
3.57
|
3.86
|
+8%
|
- ↑ Underlying earnings growth (+6%) + lower interest expense on subordinated debt
- ↑ Share buyback accretion (+3%): annual program + AXA IM anti-dilutive buyback
- ↓ FX headwind (−2%), notably USD depreciation vs. EUR
- ↓ Temporary AXA IM dilution (−1%) due to timing of anti-dilutive buyback
|
| Net income
|
€bn
|
7.9
|
9.8
|
+26%
|
- ↑ Higher underlying earnings + significantly positive exceptional items, notably gain from AXA IM disposal
|
| Solvency II ratio
|
%
|
216%
|
224%
|
+9 pts
|
- ↑ 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 and AXA IM disposal incl. €3.8bn buyback (−5 pts)
- 215% on 1 Jan 2026 after −10 pts from end of grandfathering period
|
| Solvency II ratio (1 Jan 2026, post-grandfathering)
|
%
|
—
|
215%
|
—
|
- Grandfathered debt ceased to qualify as eligible own funds on 1 Jan 2026 (−10 pts vs. 31 Dec 2025)
|
| Dividend per share
|
€/share
|
2.15
|
2.32
|
+8%
|
- Subject to AGM approval on 30 Apr 2026
- Ex-dividend date: 11 May 2026; payment date: 13 May 2026
|
| Annual share buyback
|
€bn
|
—
|
up to 1.25
|
—
|
- Approved by Board on 25 Feb 2026; to commence as soon as practicable, expected completion by year-end
- All shares to be cancelled
|
| AXA IM anti-dilutive buyback
|
€bn
|
—
|
3.8
|
—
|
- Executed 2 Jul 2025 to 20 Jan 2026; now completed
|
Forward-looking items
- Underlying EPS growth for 2026 expected at the upper end of the 6-8% plan target range
- Expected impact of Solvency II revision (effective Q1 2027): +17 pts to current Solvency II ratio
- New strategic plan for 2027-2029 to be presented at Investor Day on 21 Sep 2026
Balance sheet
📈 AXA — Balance sheet and capital metrics, FY24-FY25
| Metric
|
Unit
|
FY24
|
FY25
|
Change (reported)
|
Comments
|
| Shareholders' equity
|
€bn
|
50.0
|
47.2
|
−€2.8bn
|
- ↑ Net income +€9.8bn, net OCI +€1.3bn
- ↓ FY24 dividend paid −€4.6bn
- ↓ Share buybacks executed in 2025 −€4.7bn (incl. €3.5bn AXA IM anti-dilutive buyback)
- ↓ Unfavorable FX −€3.5bn (notably USD depreciation)
|
| CSM
|
€bn
|
33.9
|
33.3
|
−€0.6bn
|
- ↑ New business contribution +€2.2bn, underlying return on in-force +€1.3bn
- ↓ CSM release −€3.0bn; normalized CSM growth +2%
- ↑ Favorable market conditions +€0.6bn (tighter govt spreads, positive equity markets)
- ↓ Unfavorable FX −€1.5bn (JPY, HKD depreciation)
- ↓ Negative operating variance −€0.3bn (better margins & net flows offset by shorter duration of Group Life in Switzerland)
|
| Solvency II ratio
|
%
|
216%
|
224%
|
+9 pts
|
- See key highlights table above for bridge details
|
| Solvency II ratio (1 Jan 2026)
|
%
|
—
|
215%
|
—
|
- −10 pts from end of grandfathering period
- Expected +17 pts from Solvency II revision (effective Q1 2027)
|
| Underlying return on equity
|
%
|
15.2%
|
16.0%
|
+0.8 pt
|
- ↑ Higher underlying earnings and lower shareholders' equity
|
| Debt gearing
|
%
|
20.6%
|
22.3%
|
+1.7 pts
|
- ↑ Lower shareholders' equity and CSM
- ↑ Issuance of RT1 and Tier 2 subordinated debt (€3.5bn), partly offset by redemption of grandfathered Tier 1 debt (−€1.9bn)
- In line with 19-23% plan guidance for 2024-2026
|
| Cash at Holding
|
€bn
|
4.0
|
5.6
|
+€1.6bn
|
- ↑ Organic cash remittance from subsidiaries €7.5bn (+€0.4bn vs. FY24)
|
Capital management and outlook
Capital management
- Dividend of €2.32 per share (+8% vs. FY24), subject to AGM approval on 30 Apr 2026; ex-dividend date 11 May 2026, payment date 13 May 2026
- Annual share buyback of up to €1.25 billion approved by Board on 25 Feb 2026; to commence as soon as practicable, expected completion by year-end; all shares to be cancelled
- AXA IM anti-dilutive buyback of €3.8 billion completed (2 Jul 2025 to 20 Jan 2026)
Outlook
- Entering final year of 2024-2026 "Unlock the Future" plan; confident in achieving main financial targets
- P&C Retail and SME & Mid-market: pricing remains favorable; continued earn-through of higher pricing and underwriting actions expected; AXA XL: pricing conditions vary by line, disciplined cycle management and capital allocation; normalized nat cat load guidance ca. 4.5 pts of combined ratio for 2026
- Life & Health: earnings growth driven by short-term business (disciplined pricing, claims management); rejuvenation of long-term sales + improved persistency expected to drive CSM growth over time
- Holdings 2026 expected at similar level to 2025
- Plan targets: (i) underlying EPS CAGR at upper end of 6-8% for both 2023-2026E and 2026, (ii) underlying RoE 14-16% for 2024-2026E, (iii) cumulative organic cash upstream >€21bn for 2024-2026E
- Capital management policy: total payout ratio target 75% (60% dividend payout + 15% annual buybacks); DPS in a given year expected to be at least equal to prior year
Property & Casualty
Activity
📈 AXA — P&C gross written premiums and other revenues by line, FY24-FY25
| Metric
|
Unit
|
FY24
|
FY25
|
Change (comparable)
|
FY25 price effect
|
Comments
|
| GWP & other revenues
|
€bn
|
56.5
|
58.0
|
+5%
|
+2.9%
|
—
|
| Commercial lines
|
€bn
|
34.9
|
35.8
|
+4%
|
+1.9%
|
- ↑ AXA XL Insurance +3%: growth in Property and Casualty (price + volume), partly offset by lower pricing/volumes in Financial lines
- ↑ Asia, Africa & EME-LATAM +13%: Türkiye (higher avg premiums), Mexico (volume + price)
- ↑ France +6%: favorable price effects in all lines + higher volumes
|
| Personal lines
|
€bn
|
19.1
|
19.7
|
+7%
|
+5.2%
|
- ↑ Europe +5%: favorable price effects across geographies, except UK & Ireland Motor (pricing softened post-2024 repricing)
- ↑ Asia, Africa & EME-LATAM +14%: Türkiye (higher avg premiums + volumes)
- ↑ France +9%: strong volume growth in all lines (direct + proprietary agents) + favorable Motor pricing
|
| AXA XL Reinsurance
|
€bn
|
2.5
|
2.6
|
+8%
|
+0.3%
|
- ↑ Growth supported by alternative capital + favorable Casualty pricing
- ↓ Partly offset by softening in other lines
|
Earnings
📈 AXA — P&C combined ratio and underlying earnings, FY24-FY25
| Metric
|
Unit
|
FY24
|
FY25
|
Change (CER)
|
Comments
|
| All-year combined ratio
|
%
|
91.0%
|
90.6%
|
−0.3 pt
|
- ↓ Current-year loss ratio excl. nat cat −0.3 pt: Commercial lines −0.5 pt (SME & mid-market −0.9 pt; AXA XL Insurance stable at attractive levels +0.1 pt), Personal lines −0.4 pt (conducive pricing)
- ↓ Expense ratio −0.3 pt: lower non-commission expenses reflecting efficiency gains
- ↓ Nat cat charges −0.4 pt to 3.4%
- ↑ Lower prior-year reserve development +0.7 pt to −1.1% (enhanced reserve prudence)
|
| Underlying earnings
|
€m
|
5,510
|
5,872
|
+9%
|
- ↑ Technical result +€0.5bn: strong volume growth + improved technical margin
- ↑ Financial result +€0.2bn: higher volumes and reinvestment yields on fixed income, partly offset by higher unwind of discount on claims reserves
- ↓ Higher income taxes −€0.2bn from higher pre-tax earnings
|
Life & Health
Activity
📈 AXA — Life & Health key figures, FY24-FY25
| Metric
|
Unit
|
FY24
|
FY25
|
Change (comparable)
|
Comments
|
| GWP & other revenues
|
€bn
|
52.0
|
56.5
|
+8%
|
—
|
| o/w Life
|
€bn
|
34.5
|
37.5
|
+9%
|
- ↑ Unit-Linked +13%: successful sales initiatives across all geographies
- ↑ Protection +11%: commercial campaign on Protection with G/A product in HK; continued good sales of Protection with UL in JP and CH
- ↑ G/A +4%: France +4%, elevated capital-light product sales in Italy; partly offset by non-repeat of single-premium whole-life in JP and lower HK sales
|
| o/w Health
|
€bn
|
17.5
|
19.0
|
+5%
|
- ↑ Favorable price effects in Group and Individual businesses across most geographies
- ↓ Partly offset by lower volumes
|
| PVEP
|
€bn
|
50.9
|
49.4
|
−2%
|
- Life +1%: higher volumes in HK, France, CH; partly offset by higher interest rates on discounting
- Health −12%: higher interest rates on discounting + lower volumes in France (underwriting/pruning actions)
|
| NB CSM
|
€bn
|
2.1
|
2.2
|
+3%
|
- ↑ Strong sales in Savings and Protection
- ↓ Partly offset by higher interest rates on discounting of future profits
|
| NBV (post-tax)
|
€bn
|
2.3
|
2.2
|
0%
|
- Growth in NB CSM offset by decrease in contribution of short-term multinational business in France
|
| NBV margin (post-tax)
|
%
|
4.4%
|
4.5%
|
+0.1 pt
|
—
|
| Net flows
|
€bn
|
+1.5
|
+5.4
|
n.a.
|
- ↑ Protection +€4.9bn (HK, JP, France)
- ↑ Health +€2.7bn (Germany, JP, France)
- ↑ Unit-Linked +€1.5bn (primarily France)
- ↓ G/A Savings −€3.7bn: capital-light inflows +€1.2bn more than offset by traditional G/A outflows −€5.0bn
|
Earnings
📈 AXA — Life & Health underlying earnings, FY24-FY25
| Metric
|
Unit
|
FY24
|
FY25
|
Change (CER)
|
Comments
|
| Underlying earnings
|
€m
|
3,323
|
3,501
|
+7%
|
—
|
| o/w Life
|
€m
|
2,636
|
2,715
|
+4%
|
- ↑ Long-term technical result +€0.2bn: higher CSM release from reserve growth + better margins in long-term business
|
| o/w Health
|
€m
|
687
|
787
|
+17%
|
- ↑ Short-term technical result +€0.1bn: pricing, underwriting and claims management actions strengthening technical excellence
- ↓ Adverse legislative change on VAT recoverability in Mexico (−€0.1bn)
- ↑ Lower income taxes +€0.1bn: favorable tax effects in Germany, France, Mexico
- ↓ Lower contribution from affiliates (notably ICBC-AXA); improved AXA MPS results increased minority shareholders' earnings
|
Holdings
- Holdings underlying earnings remained broadly stable at €−1.2 billion (including banking activities)
Ratings
📈 AXA — Insurer financial strength ratings and credit ratings by agency, October 2025
| Agency
|
Date of last review
|
IFS — AXA SA
|
IFS — Principal insurance subsidiaries
|
IFS — Outlook
|
Senior debt
|
Short-term debt
|
| 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
|
—
|
- Restricted Tier 1: "BBB+" by S&P and "Baa1(hyb)" by Moody's. Tier 2: "A-/Stable" by S&P and "A2(hyb)/Stable" by Moody's.
Exchange rates
📈 AXA — Foreign exchange rates per euro, end of period and average, FY24-FY25
| Currency
|
EoP FY24
|
EoP FY25
|
Avg FY24
|
Avg 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
|
Appendices
📈 AXA — Gross written premiums and other revenues by segment, FY24-FY25 (EUR mm)
| Segment
|
Unit
|
FY24
|
FY25
|
Change (reported)
|
Change (comparable)
|
| France
|
€m
|
28,996
|
30,598
|
+6%
|
+6%
|
| Europe
|
€m
|
39,298
|
43,005
|
+9%
|
+6%
|
| AXA XL
|
€m
|
19,383
|
19,277
|
−1%
|
+4%
|
| Asia, Africa & EME-LATAM
|
€m
|
19,083
|
19,925
|
+4%
|
+13%
|
| Transversal
|
€m
|
1,856
|
1,844
|
−1%
|
−1%
|
| AXA Investment Managers
|
€m
|
1,701
|
875
|
−49%
|
+4%
|
| Total
|
€m
|
110,316
|
115,524
|
+5%
|
+6%
|
Including banking revenues amounting to €99 million in FY25 and €118 million in FY24.
📈 AXA — GWP and other revenues, o/w Property & Casualty by segment, FY25 (EUR mm)
| Segment
|
Unit
|
FY25
|
Change (comparable)
|
| France
|
€m
|
9,648
|
+7%
|
| Europe
|
€m
|
21,257
|
+4%
|
| AXA XL
|
€m
|
19,159
|
+4%
|
| Asia, Africa & EME-LATAM
|
€m
|
6,257
|
+13%
|
| Transversal
|
€m
|
1,718
|
−1%
|
| AXA Investment Managers
|
€m
|
—
|
—
|
| Total
|
€m
|
58,038
|
+5%
|
📈 AXA — GWP and other revenues, o/w Life & Health by segment, FY25 (EUR mm)
| Segment
|
Unit
|
FY25
|
Change (comparable)
|
| France
|
€m
|
20,852
|
+5%
|
| Europe
|
€m
|
21,748
|
+8%
|
| AXA XL
|
€m
|
118
|
−8%
|
| Asia, Africa & EME-LATAM
|
€m
|
13,668
|
+13%
|
| Transversal
|
€m
|
126
|
−8%
|
| AXA Investment Managers
|
€m
|
—
|
—
|
| Total
|
€m
|
56,512
|
+8%
|
📈 AXA — GWP and other revenues, o/w Asset Management by segment, FY25 (EUR mm)
| Segment
|
Unit
|
FY25
|
Change (comparable)
|
| France
|
€m
|
—
|
—
|
| Europe
|
€m
|
—
|
—
|
| AXA XL
|
€m
|
—
|
—
|
| Asia, Africa & EME-LATAM
|
€m
|
—
|
—
|
| Transversal
|
€m
|
—
|
—
|
| AXA Investment Managers
|
€m
|
875
|
+4%
|
| Total
|
€m
|
875
|
+4%
|
📈 AXA — Underlying earnings by segment, FY24-FY25 (EUR mm)
| Segment
|
Unit
|
FY24
|
FY25
|
Change (CER)
|
| France
|
€m
|
2,071
|
2,224
|
+7%
|
| Europe
|
€m
|
3,187
|
3,486
|
+9%
|
| AXA XL
|
€m
|
1,820
|
1,893
|
+9%
|
| Asia, Africa & EME-LATAM
|
€m
|
1,504
|
1,493
|
+6%
|
| Transversal
|
€m
|
(907)
|
(903)
|
0%
|
| AXA Investment Managers
|
€m
|
402
|
175
|
−57%
|
| Total
|
€m
|
8,078
|
8,368
|
+6%
|
Including underlying earnings of Holdings and Banking.
📈 AXA — Underlying earnings, Property & Casualty segment, FY25 (EUR mm)
| Segment
|
Unit
|
FY25
|
Change (CER)
|
| France
|
€m
|
1,237
|
+7%
|
| Europe
|
€m
|
2,216
|
+9%
|
| AXA XL
|
€m
|
1,913
|
+9%
|
| Asia, Africa & EME-LATAM
|
€m
|
355
|
+24%
|
| Transversal
|
€m
|
151
|
−4%
|
| AXA Investment Managers
|
€m
|
—
|
—
|
| Total
|
€m
|
5,872
|
+9%
|
📈 AXA — Underlying earnings, Life & Health segment, FY25 (EUR mm)
| Segment
|
Unit
|
FY25
|
Change (CER)
|
| France
|
€m
|
1,039
|
+8%
|
| Europe
|
€m
|
1,264
|
+14%
|
| AXA XL
|
€m
|
12
|
−49%
|
| Asia, Africa & EME-LATAM
|
€m
|
1,165
|
0%
|
| Transversal
|
€m
|
22
|
+16%
|
| AXA Investment Managers
|
€m
|
—
|
—
|
| Total
|
€m
|
3,501
|
+7%
|
📈 AXA — Underlying earnings, Asset Management segment, FY25 (EUR mm)
| Segment
|
Unit
|
FY25
|
Change (CER)
|
| AXA Investment Managers
|
€m
|
175
|
−57%
|
| Total
|
€m
|
175
|
-57%
|
📈 AXA — P&C gross written premiums by segment and line of business, FY25 (EUR mm, comparable basis)
| Segment
|
Total Commercial
|
Change
|
Personal Motor
|
Change
|
Personal Non-Motor
|
Change
|
Total Personal
|
Change
|
Total Reinsurance
|
Change
|
Total P&C FY25
|
Change
|
| 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%
|
📈 AXA — 5-year interest rates for discounting of P&C claims reserves by currency, FY24-FY25
| Currency
|
Unit
|
FY24
|
FY25
|
| 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%
|
FY24 calculated as monthly average from January 2024 to December 2024. FY25 is average of monthly opening discount rates of 2025.
P&C: Price effects by country and business line
📈 AXA — P&C price effects by country and business line with 2026 market pricing trends (%), FY25
| Region / Segment
|
Unit
|
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%
|
—
|
n.a.
|
| Switzerland
|
%
|
+3.0%
|
+5.0%
|
—
|
Continued price increases in both Personal and Commercial lines
|
| Germany
|
%
|
+3.1%
|
+10.3%
|
—
|
Moderation of price increase, notably in Personal lines following two years of high repricing to counter claims inflation
|
| Belgium & Luxembourg
|
%
|
+2.5%
|
+4.4%
|
—
|
Price increase broadly in line with 2025
|
| UK & Ireland
|
%
|
+1.4%
|
−2.6%
|
—
|
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
|
%
|
+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 calculated as a percentage of total gross written premiums in the prior year. AXA XL Reinsurance: price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance, calculated as a percentage of renewed premiums.
📈 AXA — Life & Health gross written premiums & other revenues by segment and product line, FY25 (EUR mm, comparable basis)
| Segment
|
Total FY25
|
Change
|
Protection FY25
|
Change
|
G/A Savings FY25
|
Change
|
Unit-Linked FY25
|
Change
|
Health FY25
|
Change
|
| 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
|
17,651
|
+6%
|
4,337
|
+6%
|
—
|
—
|
—
|
—
|
13,314
|
+6%
|
Short-term business refers to insurance activities measured using the Premium Allocation Approach (PAA). Short-term business margin is analyzed using the combined ratio.
📈 AXA — New business CSM to NBV bridge by segment (EUR mm)
| Metric
|
Unit
|
Life
|
Health
|
Total
|
| NB CSM (pre-tax)
|
€m
|
1,822
|
377
|
2,199
|
| Other NBV (pre-tax)
|
€m
|
491
|
266
|
757
|
| Tax & Other
|
€m
|
(567)
|
(157)
|
(724)
|
| NBV
|
€m
|
1,747
|
486
|
2,233
|
Includes Health business written predominantly in Life entities.
📈 AXA — Life new business metrics (PVEP, NBV, NBV margin) by region (EUR mm), FY25 (comparable basis)
| Region
|
PVEP
|
Change
|
NBV
|
Change
|
NBV margin
|
Change
|
| France
|
14,971
|
−4%
|
519
|
0%
|
3.5%
|
+0.1 pt
|
| Europe
|
10,102
|
+3%
|
474
|
−11%
|
4.7%
|
−0.7 pt
|
| Asia, Africa & EME-LATAM
|
12,029
|
+7%
|
754
|
+5%
|
6.3%
|
−0.1 pt
|
| Total
|
37,103
|
+1%
|
1,747
|
-1%
|
4.7%
|
-0.1 pt
|
📈 AXA — Health new business metrics (PVEP, NBV, NBV margin) by region (EUR mm), FY25 (comparable basis)
| Region
|
PVEP
|
Change
|
NBV
|
Change
|
NBV margin
|
Change
|
| France
|
7,887
|
−20%
|
177
|
+13%
|
2.2%
|
+0.7 pt
|
| Europe
|
2,549
|
+16%
|
104
|
+36%
|
4.1%
|
+0.6 pt
|
| Asia, Africa & EME-LATAM
|
1,817
|
−6%
|
205
|
−12%
|
11.3%
|
−0.8 pt
|
| Total
|
12,254
|
-12%
|
486
|
+4%
|
4.0%
|
+0.6 pt
|
📈 AXA — Total new business metrics (PVEP, NBV, NBV margin) by region (EUR mm), FY25 (comparable basis)
| Region
|
PVEP
|
Change
|
NBV
|
Change
|
NBV margin
|
Change
|
| France
|
22,858
|
−10%
|
695
|
+3%
|
3.0%
|
+0.4 pts
|
| Europe
|
12,651
|
+5%
|
578
|
−5%
|
4.6%
|
−0.5 pts
|
| Asia, Africa & EME-LATAM
|
13,847
|
+5%
|
959
|
+1%
|
6.9%
|
−0.3 pts
|
| Total
|
49,357
|
-2%
|
2,233
|
0%
|
4.5%
|
+0.1 pt
|
📈 AXA — Life & Health net flows by business line (EUR bn), FY24-FY25
| Business line
|
Unit
|
FY24
|
FY25
|
| Health
|
€bn
|
+2.7
|
+2.7
|
| Protection
|
€bn
|
+3.2
|
+4.9
|
| G/A Savings
|
€bn
|
−3.6
|
−3.7
|
| o/w capital light
|
€bn
|
+2.2
|
+1.2
|
| o/w traditional G/A
|
€bn
|
−5.8
|
−5.0
|
| Unit-Linked
|
€bn
|
−0.8
|
+1.5
|
| Mutual Funds & Other
|
€bn
|
0.0
|
0.0
|
| Total Life & Health net flows
|
€bn
|
+1.5
|
+5.4
|
Capital-light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%. Including investment contracts with no discretionary participation features (DPF).
Main transactions in 2025
- Execution of share repurchase agreement for up to €1.2 billion annual buyback (28 Feb 2025)
- Completion of acquisition of Nobis Group in Italy (1 Apr 2025)
- Placement of €1 billion Restricted Tier 1 Notes and €1 billion Tier 2 Notes (28 May 2025)
- Execution of share repurchase agreement for Shareplan and stock-based compensation (2 Jun 2025)
- Completion of sale of AXA Investment Managers to BNP Paribas (1 Jul 2025)
- Execution of share repurchase agreement of up to €3.8 billion following AXA IM sale (1 Jul 2025)
- Announcement of acquisition of Prima, leading direct insurance player in Italy (1 Aug 2025)
- Launch (10 Sep 2025) and completion (3 Dec 2025) of Shareplan 2025 employee share offering
- Placement of €750 million Restricted Tier 1 Notes and €750 million Tier 2 Notes (14 Oct 2025)
- Completion of acquisition of majority stake in Prima in Italy (28 Nov 2025)
Next main investor events
- 2026 Shareholders' Annual General Meeting: 30 Apr 2026
- 1Q26 Activity Indicators: 5 May 2026
- 1H26 Earnings Release: 31 Jul 2026
- AXA Investor Day (new strategic plan 2027-2029): 21 Sep 2026
