| Document info |
|---|
| Organization | AXA |
|---|
| Year | 2025 |
|---|
| Period | FY |
|---|
| Period label | FY25 |
|---|
| Document type | Analyst presentation |
|---|
| Publication date | 2026-02-26 |
|---|
| Language | English |
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| Pages | 49 |
|---|
| Source | Original URL |
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| Archive file | .md file |
|---|
This article summarizes AXA's full-year 2025 earnings presentation, published on 26 February 2026.
Front matter
Full Year 2025 earnings presentation
- Presentation date: February 26, 2026 p. 1
Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures
- Certain statements are forward-looking, including predictions of future events, trends, plans, expectations, or objectives p. 2.
- Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan,' 'target', 'would', and 'could' p. 2.
- Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking statements providing one-off guidance for the last year of the Group's current strategic plan p. 2.
- These statements are based on Management's current views and intentions and are subject to change p. 2.
- Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside AXA's control p. 2.
- Refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2024 (the '2024 Universal Registration Document') for important factors, risks, and uncertainties p. 2.
- AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations p. 2.
- This presentation refers to non-GAAP financial measures, or alternative performance measures ('APMs'), used by Management for analyzing operating trends, financial performance, and position p. 2.
- Non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies p. 2.
- Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS p. 2.
- 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 AMF's related position statement p. 2.
- AXA provides a reconciliation of APMs to financial statements in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), under the heading 'Use of non-GAAP and alternative performance measures' p. 2.
- AXA's 2025 Activity Report is available on the AXA Group website (www.axa.com) p. 2.
- 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. 2.
Table of contents
- FY25 Highlights presented by Thomas Buberl, Group CEO, starting on page 04 p. 3.
- FY25 Business Performance presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, starting on page 09 p. 3.
- FY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO, starting on page 13 p. 3.
FY25 Highlights
1 FY25 Highlights
- Presented by Thomas Buberl, Group CEO p. 4.
Full Year 2025 | Excellent performance
- Revenues +6% vs. FY24 p. 5.
- Underlying EPS +8% vs. FY24 p. 5.
- ROE (FY25) 16% p. 5.
- Solvency II ratio (FY25) 224% p. 5.
- Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual share buyback p. 5.
- DPS growth is based on the dividend proposed by AXA's Board of Directors on February 25, 2026, and is subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 p. 5.
- The annual share buyback is following AXA's Board of Directors' approval on February 25, 2026, and is expected to commence as soon as reasonably practicable, subject to market conditions p. 5.
- Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 p. 5.
Executing the plan on growth, margin and efficiency
- High organic growth: +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%) p. 6
- Record profitability: Further margin expansion in P&C and L&H; improvement in efficiency p. 6
- Scaling the business: Continued investments in growth and technology p. 6
- Consistent earnings growth while enhancing reserve prudence p. 6
- (bar) Underlying earnings (in Euro billion): FY24 EUR 8.1bn; FY25 EUR 8.4bn (+6% overall, +9% excluding AXA IM) p. 6
- Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX p. 6
Diversified franchise, well positioned in an attractive industry
- Secular trends fueling demand across businesses: p. 7
- Protection gaps and emerging corporate risks p. 7
- Demographics driving demand for private retirement and healthcare p. 7
- (donut) FY25 gross written premium split (excluding AXA IM and holdings): p. 7
- Life: 33% p. 7
- Health: 17% p. 7
- Large & Specialty: 17% p. 7
- SME & Mid-market: 16% p. 7
- Retail: 17% p. 7
- Our right to win: p. 7
- Leading brand & high customer NPS p. 7
- Strong and diversified distribution p. 7
- Technical expertise to price & underwrite risks p. 7
- Scale offering cost advantage p. 7
Laying the foundation for the next plan
- (diagram) Clear tech and AI roadmap p. 8
- (diagram) Driving efficiency p. 8
- (diagram) Enhancing capital allocation discipline p. 8
- (diagram) Building resilience p. 8
- Confidence in sustaining earnings growth p. 8
- 2 p. 9
- FY25 Business Performance p. 9
- Guillaume Borie p. 9
- Global Head of Finance, Strategy, Underwriting, Risk, and Technology p. 9
Strong delivery across our businesses
Strong delivery across our businesses
- Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX p. 10
- FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers p. 10
| —
|
Gross written premiums
|
Underlying earnings
|
| France (27% of total GWP¹)
|
+6% to EUR 31bn
|
+7% to EUR 2.2bn
|
| Europe (38% of total GWP¹)
|
+6% to EUR 43bn
|
+9% to EUR 3.5bn
|
| AXA XL (17% of total GWP¹)
|
+4% to EUR 19bn
|
+9% to EUR 1.9bn
|
| Asia, Africa & EME-LATAM (18% of total GWP¹)
|
+13% to EUR 20bn
|
+6% to EUR 1.5bn
|
P&C | Strong margins, confidence in sustaining growth
- Underlying earnings +9% to EUR 5.9bn (change FY25 vs. FY24 at constant FX) p. 11
- (donut) GWP EUR 58bn p. 11
- Retail: 34% p. 11
- SME & Mid-market: 33% p. 11
- AXA XL (Large & Specialty): 33% (includes AXA XL Re premiums of EUR 2.6bn) p. 11
- (diagram) Strategic initiatives p. 11
- 2025 p. 11
- Retail and SME & Mid-market: Growing volumes while expanding margins p. 11
- AXA XL (Large & Specialty): Profitable growth with stable margins p. 11
- Beyond 2025 p. 11
- Retail and SME & Mid-market: Investing to improve customer retention & expanding distribution footprint p. 11
- AXA XL (Large & Specialty): Capitalizing on attractive growth opportunities and continued cycle management p. 11
- Additional initiatives p. 11
- Continued progress on efficiency p. 11
- Higher investment income p. 11
- Data & AI to further enhance customer experience & technical excellence p. 11
L&H | Good momentum, well positioned to capture growth opportunities
- Underlying earnings +7% to EUR 3.5bn (change FY25 vs. FY24 at constant FX) p. 12
- (donut) GWP EUR 57bn p. 12
- Short-term: 28% p. 12
- Long-term: 72% p. 12
- (diagram) Strategic initiatives p. 12
- 2025 p. 12
- Long-term business: Accelerating net flows in Savings at attractive margins p. 12
- Short-term business: Growing technical results while absorbing Mexico VAT impact p. 12
- Beyond 2025 p. 12
- Long-term business: Capturing savings & retirement opportunity, sourcing best asset management products for our customers p. 12
- Short-term business: Capitalizing on demand for health & protection while further improving our margins p. 12
- Additional initiatives p. 12
- 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
- FY25 Financial Performance p. 13
- Alban de Mailly Nesle, Group CFO p. 13
P&C | Continued disciplined growth
- (stacked bar) GWP & Other Revenues p. 14
- FY24: EUR 56.5bn
- Commercial lines: EUR 35.8bn p. 14
- AXA XL Reinsurance: EUR 2.6bn p. 14
- Retail lines: EUR 18.1bn p. 14
- FY25: EUR 58.0bn
- Commercial lines: EUR 35.8bn p. 14
- AXA XL Reinsurance: EUR 2.6bn p. 14
- Retail lines: EUR 19.7bn p. 14
- (table) Change in GWP & Other Revenues (at constant scope and FX) p. 14
| Line
|
Change
|
o/w pricing
|
o/w volume
|
| Commercial lines
|
+4%
|
+2%
|
+2%
|
| AXA XL Reinsurance
|
+8%
|
+0.3%
|
+7%
|
| Retail lines
|
+7%
|
+5%
|
+2%
|
- 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 (+1.7m in FY25) p. 14
P&C | Delivering further margin expansion while enhancing reserve prudence
- (stacked bar) Combined ratio p. 15
- FY24 Total Combined Ratio: 91.0% p. 15
- Undiscounted CY loss ratio (ex Nat Cat): 67.4% p. 15
- Expense ratio: 25.0% p. 15
- Nat Cat: 3.8% p. 15
- Prior year reserve development: -1.6% p. 15
- Discount: -3.6% p. 15
- FY25 Total Combined Ratio: 90.6% p. 15
- Undiscounted CY loss ratio (ex Nat Cat): 67.0% p. 15
- Expense ratio: 24.8% p. 15
- Nat Cat: 3.4% p. 15
- Prior year reserve development: -1.1% p. 15
- Discount: -3.5% p. 15
- Better undiscounted current year loss ratio excluding Nat Cat from: p. 15
- 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
- Improvement in expense ratio 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
- Lower reliance on prior year reserve development p. 15
- Taking advantage of a good year to enhance reserve prudence p. 15
P&C | Earnings growth from higher underwriting and financial result
- (waterfall) Underlying Earnings +9% to EUR 5,872m (FY25) from EUR 5,510m (FY24) p. 16
- Volume growth: +EUR 292m p. 16
- Margin improvement: +EUR 189m p. 16
- Investment income: +EUR 435m p. 16
- Insurance finance expenses: -EUR 235m p. 16
- Tax: -EUR 169m p. 16
- Affiliates, FX & other: -EUR 150m p. 16
- Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence p. 16
- Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets p. 16
- Higher unwind of discount of claims reserves, in line with guidance p. 16
- Unfavorable forex impact notably due to USD depreciation vs. EUR p. 16
Life & Health | Strong growth in premiums, positive net flows
- (stacked bar) Life GWP & Other Revenues +9% to EUR 37.5bn (FY25) from EUR 34.5bn (FY24) p. 17
- Protection: EUR 19.0bn (+11%) (FY25) vs. EUR 17.3bn (FY24) p. 17
- Unit-linked: EUR 10.5bn (+13%) (FY25) vs. EUR 9.3bn (FY24) p. 17
- Capital light G/A: EUR 6.1bn (+7%) (FY25) vs. EUR 6.0bn (FY24) p. 17
- Traditional G/A: EUR 1.9bn (-7%) (FY25) vs. EUR 1.9bn (FY24) p. 17
- (stacked bar) Health GWP & Other Revenues +5% to EUR 19.0bn (FY25) from EUR 17.5bn (FY24) p. 17
- Individual: EUR 11.1bn (+6%) (FY25) vs. EUR 10.5bn (FY24) p. 17
- Group: EUR 7.9bn (+4%) (FY25) vs. EUR 7.0bn (FY24) p. 17
- (bar) Net flows: EUR +5.4bn (FY25) vs. EUR +1.5bn (FY24) p. 17
- Protection: +EUR 4.9bn p. 17
- Health: +EUR 2.7bn p. 17
- Unit-Linked: +EUR 1.5bn p. 17
- Capital light G/A: +EUR 1.2bn p. 17
- Traditional G/A: -EUR 5.0bn p. 17
- Employee Benefits (o/w FY25): EUR 12.9bn (+4% vs. FY24) p. 17
Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting
- (stacked bar) PVEP -2% to EUR 49.4bn (FY25) from EUR 50.9bn (FY24) p. 18
- Protection & Health: EUR 31.4bn (-4%) (FY25) vs. EUR 39.4bn (FY24) p. 18
- Unit-Linked: EUR 8.5bn (+18%) (FY25) vs. EUR 8.5bn (FY24) p. 18
- Capital-light G/A: EUR 7.8bn (-10%) (FY25) vs. EUR 2.0bn (FY24) p. 18
- Traditional G/A: EUR 1.7bn (-10%) (FY25) vs. EUR 1.0bn (FY24) p. 18
- PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes p. 18
- (bar) NB CSM (pre-tax) +3% to EUR 2.2bn (FY25) from EUR 2.2bn (FY24) p. 18
- NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits p. 18
- (bar) NBV (post-tax) stable at EUR 2.2bn (FY25) from EUR 2.3bn (FY24) p. 18
- NBV margin: 4.5% (FY25) vs. 4.4% (FY24) p. 18
- NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France p. 18
Life & Health | Growth in new business driving Normalized CSM growth
- (waterfall) Contractual Service Margin rollforward: EUR 33.0bn (FY25) from EUR 33.6bn (FY24) p. 19
- New business CSM: +EUR 2.2bn p. 19
- Underlying return on in-force: +EUR 1.3bn p. 19
- CSM release: -EUR 3.0bn p. 19
- Economic variance: +EUR 0.6bn p. 19
- Operating variance: -EUR 0.3bn p. 19
- Affiliates, FX & other: -EUR 1.4bn p. 19
- Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates p. 19
- Economic variance reflecting government spreads tightening and positive equity market returns p. 19
- 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 p. 19
- FX impact mainly from JPY and HKD depreciation p. 19
- CSM by segment:
- Life: EUR 25.4bn (FY25) vs. EUR 25.8bn (FY24) p. 19
- Health: EUR 7.6bn (FY25) vs. EUR 7.7bn (FY24) p. 19
Life & Health | Strong momentum in both short-term and long-term business
- (waterfall) Underlying Earnings +7% to EUR 3,501m (FY25) from EUR 3,323m (FY24) p. 20
- Short-term technical margin: +EUR 60m p. 20
- Long-term result incl. CSM release: +EUR 156m p. 20
- Financial result: -EUR 11m p. 20
- Tax, FX and others: -EUR 27m p. 20
- FY25 Underlying Earnings breakdown:
- Short-term technical margin: EUR 479m p. 20
- Long-term result incl. CSM release: EUR 2,804m p. 20
- Financial result: EUR 946m p. 20
- Tax & others: -EUR 728m p. 20
- Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn) p. 20
- Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins p. 20
- Underlying Earnings by segment:
- Life: EUR 2.7bn (FY25) (+4% vs. FY24) vs. EUR 2.6bn (FY24) p. 20
- Health: EUR 0.8bn (FY25) (+17% vs. FY24) vs. EUR 0.7bn (FY24) p. 20
Growth in net income reflecting higher earnings & the gain from the sale of AXA IM
Growth in net income reflecting higher earnings & the gain from the sale of AXA IM
- Underlying earnings +6% p. 21
- Property & Casualty: EUR 5.9bn (FY24: EUR 5.5bn, +9%) p. 21
- Life & Health: EUR 3.5bn (FY24: EUR 3.3bn, +7%) p. 21
- Asset Management: EUR 0.2bn (FY24: EUR 0.4bn, -57%) p. 21
- Holdings & other: -EUR 1.2bn (FY24: -EUR 1.2bn) p. 21
- Net income +26% to EUR 9.8bn (FY24: EUR 7.9bn) p. 21
- Includes capital gains from AXA IM disposal of +EUR 2.2bn p. 21
- (bar) Underlying earnings per share: EUR 3.86 in FY25 (+8%) vs EUR 3.59 in FY24 p. 21
- +6% from earnings growth p. 21
- +3% from capital management p. 21
- -2% from forex p. 21
- Including -1% from temporary earnings dilution from AXA IM sale due to timing of anti-dilutive share buyback p. 21
- Underlying earnings: Strong performance from insurance businesses p. 21
- Holding cost: Stable, expected to remain at current level in 2026 p. 21
- Net income: Mainly reflecting higher underlying earnings and the gain from the sale of AXA IM p. 21
- Financial flows: Lower, reflecting unfavorable forex impact p. 21
| —
|
FY24
|
FY25
|
Change
|
| 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
|
-
|
| Underlying earnings
|
8.1
|
8.4
|
+6%
|
| Non-financial flows
|
-0.5
|
+2.1
|
—
|
| o/w capital gains from AXA IM disposal
|
-
|
+2.2
|
—
|
| Financial flows (incl. RCG)
|
+0.3
|
-0.7
|
—
|
| Net income
|
7.9
|
9.8
|
+26%
|
- (bar) Shareholders' equity¹ (in Euro billion) p. 22
- SHE (excl. OCI): FY24 EUR 58.0bn; HY25 EUR 52.7bn; FY25 EUR 54.0bn p. 22
- Net OCI: FY24 -EUR 8.1bn; HY25 -EUR 7.2bn; FY25 -EUR 6.8bn p. 22
- SHE (excl. OCI & undated subordinated debt): FY24 EUR 53.2bn; HY25 EUR 47.0bn; FY25 EUR 49.4bn p. 22
- Debt gearing: FY24 20.6%; HY25 23.4%; FY25 22.3% p. 22
- Underlying ROE: FY24 15.2%; HY25 17.5%; FY25 16.0% p. 22
| —
|
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
|
-
|
| Annual share buyback
|
-1.2
|
-
|
| 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
|
Higher organic cash remittance and robust cash position at Holding
Higher organic cash remittance and robust cash position at Holding
- (bar) Net Cash Remittance (in Euro billion) p. 23
- FY24: EUR 7.7bn total, including EUR 7.1bn ordinary cash remittance and EUR 0.6bn proceeds related to in-force treaties² p. 23
- FY25: EUR 7.5bn p. 23
- (circular diagram) Remittance ratio¹: 82% for FY24 and 82% for FY25 p. 23
- ¹ Based on ordinary cash remittance of EUR 7.1bn in FY24 and EUR 7.5bn in FY25 p. 23
- ² EUR 0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe p. 23
| —
|
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
|
Solvency II at 224%
Solvency II at 224%
- (waterfall) Solvency II ratio p. 24
- FY24: 216% p. 24
- Regulatory & model changes: +0pts p. 24
- Normalized capital generation: +28pts p. 24
- Operating variance: -1pt p. 24
- Economic & FX: +4pts p. 24
- Dividend & annual share buyback: -24pts (Foreseeable dividends: EUR 4.8bn; Provision for annual Share buyback for 2026: -EUR 1.25bn) p. 24
- Management actions, debt & other: +2pts p. 24
- FY25: 224% p. 24
- (waterfall) Eligible Own Funds (EOF) (in Euro billion) p. 24
- FY24: EUR 55.9bn p. 24
- FY25: EUR 56.4bn p. 24
- (waterfall) Solvency Capital Requirement (SCR) (in Euro billion) p. 24
- FY24: EUR 25.9bn p. 24
- FY25: EUR 25.2bn p. 24
- (bar) Key sensitivities on Ratio as of December 31, 2025 (224%) p. 24
- Interest rate +50bps: +2 pts p. 24
- Interest rate -50bps: -1 pt p. 24
- Corporate spreads +50bps: -1 pt p. 24
- Euro Sovereign spreads +50bps¹: -7 pts p. 24
- Credit migration²: -4 pts p. 24
- Listed Equity (excl. PE & Infra) +25%: -1 pt p. 24
- Listed Equity (excl. PE & Infra) -25%: +2 pts p. 24
- PE & Infra +25%: +14 pts p. 24
- PE & Infra -25%: -19 pts p. 24
- Inflation swap curve +50bps: -5 pts p. 24
- ¹ Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures) p. 24
- ² Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches) p. 24
Solvency II -impact of the end of grandfathering period and Solvency II revision
- Ratio as of 31/12/2025: 224% p. 25
- Impact of the end of grandfathering period on January 1, 2026: -10pts to 215% p. 25
- EUR 2.4bn grandfathered debt no longer eligible as capital from January 1, 2026 p. 25
- Impact of Solvency II revision to come into effect in 1Q27: +17pts¹ p. 25
- No change expected in organic capital generation p. 25
- Additional capital flexibility p. 25
- ¹ 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 p. 25
Thomas Buberl, Group CEO conclusion
Thomas Buberl, Group CEO conclusion
- Conclusion by Thomas Buberl, Group CEO p. 26
Conclusion
Conclusion
- Record results, 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
- Laying foundations for the next plan and confident in delivering sustainable earnings growth p. 27
Q&A Full Year 2025 earnings
February 26, 2026 Q&A Full Year 2025 earnings
- Q&A for Full Year 2025 Earnings on February 26, 2026 p. 28
AXA Investor Relations | Keep in touch
- Investor Relations contact: +33 1 40 75 48 42 p. 29
- Email: investor.relations@axa.com p. 29
- Follow us on www.axa.com p. 29
- (table) Upcoming Investor Relations Events:
p. 29
| Date
|
Event
|
Location
|
| March
|
Roadshows
|
Europe and US
|
| May 5
|
1Q25 Activity Indicators
|
Paris
|
| June 2
|
BNP Paribas Exane CEO Conference
|
Paris
|
| June 2-4
|
Goldman Sachs European Financials Conference
|
Zurich
|
| July 31
|
HY26 Earnings Release
|
Paris
|
| September 21
|
AXA Investor Day
|
London
|
Appendices
Appendices
- (table of contents) Current section: Debt and Invested Assets p. 31
- (table of contents) Upcoming sections: Additional P&C disclosures p. 36, Additional IFRS17 disclosures p. 41, Sustainability p. 44
Gross financial debt and maturity breakdown as of December 31st, 2025
- (stacked bar) Gross financial debt (EUR bn):
- FY24: Total EUR 19.2bn; Tier 1 EUR 3.5bn, Tier 2 EUR 10.8bn, Senior debt EUR 4.8bn p. 32
- FY25: Total EUR 22.3bn; Tier 1 EUR 3.5bn, Tier 2 EUR 12.2bn, Senior debt EUR 4.6bn p. 32
- Jan 1st 2026 (End of the grandfathering period): Total EUR 20.3bn; Tier 1 EUR 5.8bn (o/w EUR 0.4bn redeemed in Jan 2026), Tier 2 EUR 11.3bn, Senior debt EUR 3.2bn p. 32
- Debt gearing: 20.6% for FY24, 22.3% for FY25 p. 32
- (stacked bar) Contractual maturity breakdown (EUR bn):
p. 32
| Year
|
Senior debt
|
Tier 2
|
Tier 1
|
| 2025
|
0.5
|
0.5
|
0.5
|
| 2026
|
0.9
|
0.9
|
0.5
|
| 2027
|
0.5
|
0.5
|
0.5
|
| 2028
|
0.9
|
0.9
|
0.5
|
| 2029
|
0.9
|
0.9
|
0.5
|
| 2030
|
0.9
|
0.9
|
0.5
|
| 2031-2039
|
0.9
|
0.9
|
0.5
|
| ≥2040
|
10.8
|
0.2
|
1.4
|
| Undated
|
4.6
|
0.7
|
0.5
|
- (table) o/w Grandfathered debt (Contractual maturity, EUR bn):
p. 32
| Year
|
Tier 1
|
Tier 2
|
| 2025
|
-
|
-
|
| 2026
|
-
|
-
|
| 2027
|
-
|
-
|
| 2028
|
-
|
-
|
| 2029
|
-
|
-
|
| 2030
|
-
|
-
|
| 2031-2039
|
0.7
|
0.2
|
| ≥2040
|
0.2
|
-
|
| Undated
|
0.5
|
-
|
- (stacked bar) Economic maturity breakdown (EUR bn):
p. 32
| Year
|
Senior debt
|
Tier 2
|
Tier 1
|
| 2025
|
0.1
|
0.1
|
0.1
|
| 2026
|
0.1
|
0.1
|
0.1
|
| 2027
|
2.4
|
0.1
|
0.1
|
| 2028
|
2.0
|
0.1
|
0.1
|
| 2029
|
0.9
|
0.1
|
0.1
|
| 2030
|
0.7
|
0.1
|
0.1
|
| 2031-2039
|
6.4
|
0.2
|
1.5
|
| ≥2040
|
0.5
|
0.1
|
0.7
|
| Undated
|
4.0
|
0.1
|
0.7
|
- (table) o/w Grandfathered debt (Economic maturity, EUR bn):
p. 32
| Year
|
Tier 1
|
Tier 2
|
| 2025
|
-
|
-
|
| 2026
|
-
|
-
|
| 2027
|
-
|
-
|
| 2028
|
-
|
-
|
| 2029
|
-
|
-
|
| 2030
|
-
|
-
|
| 2031-2039
|
0.7
|
0.2
|
| ≥2040
|
0.2
|
-
|
| Undated
|
0.8
|
-
|
- Nominal debt p. 32
- In January 2026, AXA called the remaining T2 GF GBP 139m due 2054 callable 2034 5.625% (issued January 2014) and the T1 GF EUR 250m perpetual callable 2010 floating (issued January 2005) p. 32
- Economic maturity takes into account the first date of step-up calls on institutionally placed subordinated debt p. 32
- For Solvency 2 RT1 debt, which has no step-up, the undated nature of the instrument is retained for this diagram p. 32
- This should not be construed as an indication that the instrument will not be called for redemption when callable; decision depends on capital, liquidity, and refinancing economics p. 32
General Account invested assets
- (donut) FY25 Total General Account invested assets: EUR 450bn p. 33
- Fixed income: 77% p. 33
- Real estate: 9% p. 33
- Infrastructure equity: 2% p. 33
- Listed equities: 2% p. 33
- Private equity and hedge funds: 5% p. 33
- Cash: 4% p. 33
- Policy loans: 0% p. 33
- Duration gap: -0.4 year p. 33
p. 33
| Invested assets (100%) In Euro billion
|
FY25
|
%
|
| Fixed income
|
345
|
77%
|
| o/w Government bonds
|
167
|
37%
|
| o/w Corporate bonds and loans
|
121
|
27%
|
| o/w 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%
|
- ¹ Other fixed income includes Asset Backed Securities (EUR 25bn), Residential Loans (EUR 16bn), Commercial & Agricultural Loans (EUR 7bn) and Agency Pools (EUR 8bn) p. 33
- ² Listed equities includes hedges; listed equities excluding hedges at EUR 14bn p. 33
- ³ Private equity and hedge funds includes Private Equity (EUR 17bn), Hedge Funds (EUR 5bn) and Non-listed Equities (EUR 1bn) p. 33
- ⁴ Refer to the financial supplement for more details p. 33
Structured and Private Credit assets
p. 34
| Invested assets (100%) In Euro billion
|
FY25
|
% of total G/A¹ portfolio
|
Comments
|
| Residential Mortgages
|
16
|
4%
|
- EUR 6bn Dutch mortgages, NHG guaranteed - EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
|
| CLO & ABS
|
25
|
6%
|
- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 93% rated AAA-AA)
|
| Infrastructure debt
|
8
|
2%
|
- Skewed towards resilient industries (Telecom, Utilities, Transport)
|
| CRE debt
|
8
|
2%
|
- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
|
| Mid-Market lending
|
10
|
2%
|
- Strong diversification with EUR 8m average ticket - Investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales and sector allocation
|
| Other
|
2
|
0%
|
—
|
| Total Structured and Private Credit Assets
|
69
|
15%
|
o/w 54% participating
|
- ¹ G/A: General Account p. 34
Investment portfolio | Fixed Income reinvestment
- (donut) FY25 Fixed Income Reinvestment: EUR 57bn p. 35
- Government bonds & related ¹: 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 ¹: 3.5% p. 35
- Private & Structured fixed income ²: 4.7% p. 35
- Total fixed income: 3.9% p. 35
- EUR 57bn fixed income invested at 3.9% 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
- ¹ Government and Corporate bonds and related p. 35
- ² Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid) p. 35
- (table of contents) Current section: Additional P&C disclosures p. 36
- Other sections: Debt and Invested Assets p. 31, Additional IFRS17 disclosures p. 41, Sustainability p. 44
AXA XL Insurance | Large Commercial & Specialty business
- Well diversified across lines of business and geographies p. 37
- (pie) FY25 GWP by line of business: Total USD 19bn p. 37
- Casualty: 35% p. 37
- Property: 29% p. 37
- Specialty: 19% p. 37
- Professional lines: 17% p. 37
- (pie) FY25 GWP by geography: Total USD 19bn p. 37
- Americas: 46% p. 37
- Europe & APAC: 35% p. 37
- UK & Lloyds: 19% p. 37
- Leading market positions across lines p. 37
- Top 3 globally in Multinational Programs p. 37
- Top 3 globally in Marine p. 37
- Top 3 globally in Fine Art & Specie p. 37
- Managing the cycle to deliver consistent profitability p. 37
- (scatter plot) Profitability vs. Ex-price growth: Property (high profitability, high ex-price growth), Specialty (mid-high profitability, mid-high ex-price growth), Casualty (mid-low profitability, mid-low ex-price growth), Professional lines (low profitability, low ex-price growth) p. 37
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
- Stable retention levels maintained in 2026 as in 2025 p. 39
- (bar chart) Insurance segment (occurrence protection) in Euro p. 39
- EU Windstorm: Capacity EUR 4.0bn, Retention EUR 600m p. 39
- Europe Flood: Capacity EUR 2.1bn, Retention EUR 450m p. 39
- Europe Earthquake: Capacity EUR 2.1bn, Retention EUR 400m p. 39
- NA Hurricane: Capacity EUR 1.2bn, Retention EUR 600m p. 39
- NA Earthquake: Capacity EUR 1.2bn, Retention EUR 600m p. 39
- Per other perils: Capacity [unclear, visually around EUR 0.8bn], Retention EUR 400m p. 39
- Reinsurance segment (illustrative) includes Alternative Capital & Cat Bonds p. 39
- Program excludes local reinsurance covers p. 39
- Varying retention between MX and NA (EUR 400m MX, EUR 600m NA) p. 39
- Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake, as well as a series of other secondary perils, with capacity varying by peril type p. 39
P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026
- (bar chart) Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax (in Euro billion) p. 40
- Negative deviation in ca. 40% of cases (More severe years):
- 1/20y (95th percentile): -EUR 1.2bn p. 40
- 1/10y (90th percentile): -EUR 0.8bn p. 40
- 1/5y (80th percentile): -EUR 0.4bn p. 40
- Median (50th percentile): EUR 0.1bn p. 40
- Positive deviation in ca. 60% of cases (Less severe years):
- 1/5y (20th percentile): EUR 0.5bn p. 40
- 1/10y (10th percentile): EUR 0.7bn p. 40
- 1/20y (5th percentile): EUR 0.8bn p. 40
- (bar chart) Average Expected Nat Cat charges net of reinsurance, pre-tax (in Euro billion) p. 40
- 2025: EUR 2.6bn, Estimated impact on GEP ca. 4.5% p. 40
- 2026: EUR 2.7bn, Estimated impact on GEP ca. 4.5% p. 40
- Natural catastrophe cost is defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance p. 40
- Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance) p. 40
- (table of contents) Additional IFRS17 disclosures on p.41 p. 41
- (table of contents) Debt and Invested Assets on p.31 p. 41
- (table of contents) Additional P&C disclosures on p.36 p. 41
- (table of contents) Sustainability on p.44 p. 41
P&C | Margin analysis
- Underlying Earnings FY25: EUR 5,872m; Change: +EUR 501m; Growth vs. FY24 (at constant FX): +9% p. 42
- Underlying Earnings before tax FY25: 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
- Technical Result (In Euro million, pre-tax) p. 42
- Current Accident Year Undiscounted Technical Margin FY25: 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 FY25: 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) FY25: EUR 622m; Change: -EUR 341m p. 42
- PYD ratio: -1.1%, +0.7pt p. 42
- Sensitivity to Current Accident Year discount rate changes p. 42
- +25bps: +EUR 0.2bn p. 42
- -25bps: -EUR 0.2bn p. 42
- Financial Result (In Euro million, pre-tax) p. 42
- Investment Income FY25: EUR 3,988m; Change: +EUR 435m p. 42
- FY25 Average Assets: EUR 115bn p. 42
- Asset book yield: 3.5% p. 42
- FY25 Reinvestment yield¹: 4.3% p. 42
- Insurance Finance Expenses FY25: 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
- 2025 Insurance Finance Expenses (pre-tax): ~EUR -1.4bn p. 42
- Sensitivity of 2025e Insurance Finance Expenses to changes in 2025 current AY Discount p. 42
- +25bps: ~EUR -50m p. 42
- -25bps: ~EUR +50m p. 42
- (flow) Technical Result components (Current Accident Year Undiscounted Technical Margin, Current Accident Year Discounting, Prior Years' Reserve Development) and Financial Result components (Investment Income, Insurance Finance Expenses) sum up to Underlying Earnings before tax p. 42
- Changes versus FY24 at constant FX p. 42
- Reinvestment yield¹ on fixed income assets p. 42
- Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve p. 42
L&H | Margin analysis
- Includes scope impact p. 43
- Underlying Earnings FY25: EUR 3,501m; Change: +EUR 219m; Growth vs. FY24 (at constant FX): +7% p. 43
- Underlying Earnings before tax FY25: EUR 4,229m; Change: +EUR 205m p. 43
- Tax: EUR -800m; Change: +EUR 65m p. 43
- Affiliates, Minority interests & Other: EUR 72m; Change: -EUR 51m p. 43
- Technical Result (In Euro million, pre-tax) p. 43
- Short-term Technical Margin FY25: EUR 479m; Change: +EUR 60m p. 43
- Gross Earned Premiums: EUR 17,416m, +10% p. 43
- All Year Combined Ratio: 97.2%, -0.1pts p. 43
- Incl. recapture of Laya p. 43
- Long-term Technical Margin FY25: EUR 2,804m; Change: +EUR 156m p. 43
- CSM release: EUR 2,954m, +EUR 215m p. 43
- Technical experience: EUR -150m, -EUR 58m p. 43
- Life & Health FY25 CSM Key Sensitivities (in Euro billion) p. 43
- Baseline: 33.3 p. 43
- Interest rates +50bps: -0.8 p. 43
- Interest rates -50bps: 0.6 p. 43
- Sovereign spreads +50bps: -1.9 p. 43
- Sovereign spreads -50bps: 1.9 p. 43
- Corporate spread +50bps: -0.8 p. 43
- Corporate spread -50bps: 0.8 p. 43
- Equities +25%: 1.8 p. 43
- Equities -25%: -2.2 p. 43
- Financial Result (In Euro million, pre-tax) p. 43
- Investment Income (non-VFA only) FY25: EUR 2,484m; Change: -EUR 1m p. 43
- FY25 Average Assets: EUR 98bn p. 43
- Asset book yield: 2.5% p. 43
- FY25 Reinvestment yield¹: 3.8% p. 43
- Insurance Finance Expenses (non-VFA only) FY25: EUR -1,538m; Change: -EUR 9m p. 43
- FY24 Reserves at locked-in rate: EUR 62bn p. 43
- Liability book yield: 2.5% p. 43
- (flow) Short-term Technical Margin, Long-term Technical Margin, Investment Income (non-VFA only), and Insurance Finance Expenses (non-VFA only) sum up to Underlying Earnings before tax p. 43
- Changes versus FY24 at constant FX p. 43
- Reinvestment yield¹ on fixed income assets p. 43
| Invested assets (100%) In Euro billion
|
FY25
|
%oftotal G/A portfolio
|
Comments
|
| Residential Mortgages
|
16
|
4%
|
- €6bn Dutch mortgages, NHG guaranteed - €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
|
| CLO&ABS
|
25
|
6%
|
- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
|
| Infrastructure debt
|
8
|
2%
|
- Skewed towards resilient industries (Telecom, Utilities, Transport)
|
| CRE debt
|
8
|
2%
|
- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
|
| Mid-Market lending
|
10
|
2%
|
- Strong diversification with €8m average ticket - Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
|
| Other
|
2
|
0%
|
—
|
| Total Structured and Private Credit Assets
|
69
|
15%
|
o/w 54% participating
|
- (table of contents) Sustainability on p.44 p. 44
- (table of contents) Debt and Invested Assets on p.31 p. 44
- (table of contents) Additional P&C disclosures on p.36 p. 44
- (table of contents) Additional IFRS17 disclosures on p.41 p. 44
Expanding AXA's role in society: AXA for Progress Index 1
- As a Global INVESTOR p. 45
- Target: EUR 5bn² in climate transition financing per year p. 45
- 2025 Result: EUR 6.4bn p. 45
- Target: EUR 500m² in community resilience financing per year p. 45
- 2025 Result: EUR 1.4bn p. 45
- As a Global INSURER p. 45
- Target: EUR 6bn³ in P&C GWP to support transition underwriting (cumulative 2024-2026) p. 45
- 2025 Result: EUR 4.6bn p. 45
- Target: >20,000⁴ climate adaptation solutions & services (cumulative 2024-2026); Target revised in 2025 p. 45
- 2025 Result: 19,698 Cumulative 2024-2025 p. 45
- Target: >20m⁵ inclusive insurance customers by 2026 p. 45
- 2025 Result: 20.6m p. 45
- As a COMPANY p. 45
- Target: >80,000⁶ AXA Group employees trained on climate adaptation by 2026 p. 45
- 2025 Result: 46,420 p. 45
- Target: Contribute to Net-Zero -50%⁷ by 2030 in absolute carbon emissions and offset of residual emissions⁸ p. 45
- 2025 Result: -64% Reduction against 2019 p. 45
- Target: 50% Percentage of AXA Group employees engaged in volunteering activities by 2026 p. 45
- 2025 Result: 56% p. 45
- AXA's Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group's auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026 p. 45
- Scope²: Corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2026 p. 45
- Scope³: AXA XL, AXA Climate, AXA France, AXA Spain, AXA Germany, AXA Switzerland, AXA Hong Kong, AXA Mexico, and AXA XL. Gross Written Premiums (GWP). Timeframe: cumulative 2024-2026 p. 45
- Scope⁴: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL. Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaptation solutions & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000 p. 45
- Scope⁵: Refers to affordable and adapted insurance for emerging markets and modest income segments in mature markets p. 45
- Number of employees who have been trained on climate change adaptation, comprising a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026 p. 45
- Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030 p. 45
- Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage) p. 45
Sustainability Performance & Ratings
- S&P Global:
- 2025 percentile: 97th in Dow Jones Best-in-Class Europe & World indices p. 46
- 2025 ESG Risk Rating: 17.0 - Low risk p. 46
- MSCI:
- CDP:
- Morningstar Sustainalytics:
- 2025 ESG Risk Rating: 17.0 - Low risk p. 46
- FTSE Russell:
- 2025 score: 4.3/5 in FTSE4Good Index Series p. 46
- The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares) p. 46.
- Results as of February 6th, 2026 p. 46.
Scope
- France: includes insurance activities, banking activities and holding p. 47.
- 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 holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities) p. 47.
- AXA XL: includes insurance and reinsurance activities and holding p. 47.
- Asia, Africa & EME-LATAM: p. 47
- Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings are fully consolidated p. 47.
- China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income p. 47.
- Africa: Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) are fully consolidated p. 47.
- EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) are fully consolidated p. 47.
- Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to the net income p. 47.
- AXA Mediterranean Holdings p. 47.
- Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings p. 47.
- AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method p. 47.
- Unless otherwise specified, all comparative figures going back to 2023 are under the IFRS17/9 accounting standards, effective January 1, 2023 p. 47.
- Figures for financial periods prior to 2023 have not been restated under IFRS17/9 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) p. 48.
- 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 p. 48. It consists of the sum of: p. 48
- (i) the new business contractual service margin p. 48.
- (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals p. 48.
- (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of p. 48.
- (iv) the cost of reinsurance p. 48.
- (v) taxes p. 48.
- (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 p. 48. 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 p. 48. PVEP is discounted at the reference interest rate and PVEP is Group share p. 48.
- Technical experience: consists the impacts on the underlying earnings if (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
- Thank you p. 49.
- Full Year 2025 Earnings p. 49.
- February 26, 2026 p. 49.
Abbreviations
- AA: Average rating
- AAA: Average rating
- ABS: Asset-Backed Securities
- AEP: Aggregate Exceedance Probability
- AI: Artificial Intelligence
- AMF: Autorité des marchés financiers
- APAC: Asia-Pacific
- AY: Accident Year
- BBA: Beneficial Business Acquisition
- CLO: Collateralized Loan Obligation
- CRE: Commercial Real Estate
- CSA: Corporate Sustainability Assessment
- CSM: Contractual Service Margin
- CY: Calendar Year
- DPS: Dividend Per Share
- EME: Europe, Middle East
- EOF: Eligible Own Funds
- EPS: Earnings Per Share
- ESG: Environmental, Social, and Governance
- ESMA: European Securities and Markets Authority
- EU: European Union
- FX: Foreign Exchange
- GAAP: Generally Accepted Accounting Principles
- GEP: Gross Earned Premiums
- GF EUR: Grandfathered Euro
- GF GBP: Grandfathered Great British Pound
- GWP: Gross Written Premiums
- HKD: Hong Kong Dollar
- HY: High Yield
- IFE: Insurance Finance Expenses
- IFRS: International Financial Reporting Standards
- IG: Investment Grade
- II: Solvency II
- 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: Premium Allocation Approach
- PE: Private Equity
- PVEP: Present Value of Expected Profits
- PYD: Prior Years' Reserve Development
- RCG: Reinsurance Commission and General Expenses
- 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: Variable Fee Approach
