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OrganizationAXA
Year2025
PeriodFY
Period labelFY25
Document categoryEarnings release
Document nameAXA Full Year 2025 Earnings Press Release
Publication date2026-02-26
LanguageEnglish
Pages20
SourceOriginal URL

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

  • [Chart/image description:] AXA logo with a stylized red and white geometric mark above the text "AXA" p. 1.

Press release

  • Date: 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: EUR 116bn, +6% vs. FY24 p. 1.
  • Underlying earnings: EUR 8.4bn, +6% vs. FY24, or +9% excluding AXA IM p. 1.
  • Underlying earnings per share: EUR 3.86, +8% vs. FY24 p. 1.
    • Includes a -2% headwind from foreign exchange movements p. 1.
    • Includes a -1% impact from temporary earnings dilution due to the timing of anti-dilutive share buyback following the sale of AXA IM p. 1.
  • Solvency II ratio: 224% at December 31, 2025, +9 points vs. FY24 p. 1.
    • Solvency II ratio: 215% on January 1, 2026, reflecting the end of the grandfathering period p. 1.

Capital Management

  • Dividend: EUR 2.32 per share, +8% vs. FY24 p. 1.
  • Annual share buyback program: launch of a program up to EUR 1.25bn p. 1.
  • Additional share buyback: EUR 3.8bn completed, 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 p. 1.
  • Expected impact of Solvency II revision: +17 points p. 1.
  • New strategic plan: 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," said Thomas Buberl, Chief Executive Officer of AXA. p. 1

  • [Chart/image description:] AXA logo in the top-left corner; "KEY HIGHLIGHTS Press release" header in the top-right corner p. 1.

FY25 key highlights

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

Activity indicators

  • Total gross written premiums and other revenues: +6% p. 2.
    • Property & Casualty: +5% p. 2.
      • Commercial lines: +4%, driven by higher volumes (notably at AXA XL Insurance) and favorable price effects 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% p. 2.
      • Life premiums: +9% 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: +4% from continued momentum in Italy and France p. 2.
      • Health premiums: +5%, driven by price effects in all geographies p. 2.

7 ──

  • Underlying earnings: +6% to EUR 8.4bn, or +9% excluding AXA IM p. 2.
    • Property & Casualty: +9%, driven by higher volumes, underwriting margin expansion, and increased financial result from 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 of business rejuvenation strategy p. 2.
    • Holdings underlying earnings: 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: +8% to EUR 3.86 p. 2.
    • Main drivers: increased underlying earnings (+6%) and decreased interest expense on undated and deeply-subordinated debt p. 2.
    • Impact of share buybacks: +3%, including annual share buyback program and anti-dilutive share buyback from AXA IM sale p. 2.
    • Partially offset by unfavorable foreign exchange rate movements: -2%, notably due to U.S. dollar depreciation against the Euro p. 2.
  • Sale of AXA IM: resulted in temporary dilution of underlying earnings per share (-1%) due to timing of associated share buyback p. 2.
  • Net income: +26% to EUR 9.8bn, mainly reflecting increased underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM p. 2.
  • [Chart/image description:] AXA logo in the top-left corner p. 2.

Earnings

Balance sheet

  • Shareholders' equity: EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs. December 31, 2024 p. 3.
    • Positive contributions: net income (+EUR 9.8bn) and net OCI (+EUR 1.3bn) p. 3.
    • More than offset by: FY24 dividend paid to shareholders (-EUR 4.6bn), share buybacks in 2025 (-EUR 4.7bn, including EUR 3.5bn anti-dilutive buyback for AXA IM sale), and unfavorable foreign exchange impact (-EUR 3.5bn, notably due to U.S. dollar depreciation) p. 3.
  • CSM: EUR 33.3bn at December 31, 2025, down EUR 0.6bn vs. December 31, 2024 p. 3.
    • New business contribution (+EUR 2.2bn) and 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.
    • Favorable market conditions: +EUR 0.6bn, mainly from tightening government spreads and positive equity market performance p. 3.
    • More than offset by: unfavorable foreign exchange impacts (-EUR 1.5bn, mainly from Japanese yen and Hong Kong dollar depreciation) and negative operating variance (-EUR 0.3bn) due to better margins and net flows being offset by reduced duration of Group Life business in Switzerland p. 3.
  • Solvency II ratio: 224% as of December 31, 2025, +9 points vs. December 31, 2024 p. 3.
    • Strong operating return: +28 points (net of 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.
    • Partially offset by: net impact of acquisitions of Nobis and Prima, and disposal of AXA IM including associated EUR 3.8bn share buyback (-5 points) p. 3.
  • Solvency II ratio: decreased by -10 points to 215% on January 1, 2026, due to capital instruments and subordinated debt subject to transitional measures no longer qualifying as eligible own funds p. 3.
  • Solvency II revision: Group estimates an increase of +17 points to the current Solvency II ratio, expected to come into effect in Q1 2027 p. 3.
  • Underlying return on equity: 16.0% as of December 31, 2025, +0.8 point vs. December 31, 2024, notably from higher underlying earnings and lower shareholders' equity p. 3.
  • Debt gearing: 22.3% as of December 31, 2025, +1.7 points vs. December 31, 2024 p. 3.
    • Driven by: lower shareholders' equity and CSM, and issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn) p. 3.
    • Partially offset by: redemption of outstanding grandfathered Tier 1 debt (-EUR 1.9bn) p. 3.
    • Debt gearing was in line with the 19-23% plan guidance for 2024-2026 p. 3.
  • Cash at Holding: EUR 5.6bn as of December 31, 2025, +EUR 1.6bn vs. December 31, 2024 p. 3.
    • Reflects organic cash remittance from subsidiaries of EUR 7.5bn, +EUR 0.4bn vs. December 31, 2024 p. 3.
  • [Chart/image description:] AXA logo in the top-left corner p. 3.

Capital management and outlook

Capital management

  • Dividend: EUR 2.32 per share (+8% vs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 p. 4.
    • Expected payment date: May 13, 2026, with an ex-dividend date on May 11, 2026 p. 4.
  • Annual share buyback program: AXA's Board of Directors approved on February 25, 2026, the launch of a program for up to EUR 1.25bn p. 4.
    • To be executed in accordance with Shareholders' Annual General Meeting authorization p. 4.
    • AXA intends to cancel all repurchased shares p. 4.
    • Expected to commence as soon as reasonably practicable, subject to market conditions, and completed by year-end p. 4.

Outlook

  • 'Unlock the Future' plan (2024-2026): AXA is confident in achieving its main financial targets in its final year p. 4.
    • Underpinned by: profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management p. 4.
  • P&C Retail and SME & Mid-market: pricing remains favorable, and the Group expects to benefit from earn-through of higher pricing and underwriting actions p. 4.
  • AXA XL: pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed cost of capital p. 4.
  • Normalized natural catastrophe load: Group guidance remains at approx. 4.5 points of combined ratio for 2026 p. 4.
  • Life & Health: earnings growth expected from short-term business reflecting disciplined pricing and claims management initiatives p. 4.
    • Strategy to rejuvenate sales in long-term business, coupled with improved persistency, should generate positive net flows and drive CSM growth over time p. 4.
  • Holdings results in 2026: expected to remain similar to 2025 p. 4.
  • Management believes AXA is on track to deliver 'Unlock the Future' plan targets, assuming current operating conditions persist, due to strong overall operating performance in 2025 p. 4.
    • Underlying earnings per share growth: at the upper end of the 6-8% CAGR target range for both 2023-2026E and 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.
  • Capital management policy: Group committed to a total payout ratio of 75%, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks p. 4.
    • 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.
  • [Chart/image description:] AXA logo in top-left corner p. 4.

Property & Casualty

Property & Casualty key figures p. 5
(in Euro billion, unless otherwise noted) FY24 FY25 Change on a comparable basis FY25 Price effect (in %)
Gross written premiums and other revenues 56.5 58.0 +5% +2.9%
o/w Commercial lines 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%
Earnings (in Euro million, unless otherwise noted) Earnings (in Euro million, unless otherwise noted) Earnings (in Euro million, unless otherwise noted) Earnings (in Euro million, unless otherwise noted) 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: +5% to EUR 58.0bn p. 5.
    • Commercial lines: +4% to EUR 35.8bn p. 5.
      • AXA XL Insurance: +3% from growth in attractive margin lines (Property, Casualty), 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: +7% to EUR 19.7bn p. 5.
      • Europe: +5% from favorable price effects across geographies, except 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: +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.
  • All-year combined ratio: improved by 0.3 point to 90.6% p. 5.
    • Lower undiscounted current year loss ratio excluding natural catastrophe: -0.3 point p. 5.
      • Commercial lines: -0.5 point, driven by SME & mid-market business (-0.9 point) in a favorable pricing environment p. 5.
      • AXA XL Insurance margins: stable at attractive levels (+0.1 point) p. 5.
      • Personal lines: -0.4 point in a conducive pricing environment 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% p. 5.
    • More than offset by lower prior years' reserve development: +0.7 point at -1.1% p. 5.
  • [Chart/image description:] AXA logo top left; "LINES OF BUSINESS Press release" top right header p. 5.
  • P&C underlying earnings: +9% to EUR 5.9bn p. 6.
    • Driven by: increased technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin p. 6.
    • Driven by: higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves p. 6.
    • Partially 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 50.9 49.4 -2%
NB CSM 2.2 2.2 +3%
NBV (post-tax) 2.3 2.2 0%
NBV margin 4.4% 4.5% +0.1 pt
Net flows +1.5 +5.4 —
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: +8% to EUR 56.5bn p. 6.
    • Life: +9% to EUR 37.5bn p. 6.
      • Unit-Linked: +13% driven by successful sales initiatives across all geographies p. 6.
      • G/A: +4%, notably in France (+4%) and elevated sales of a capital-light product in Italy p. 6.
      • Partially 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: +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, 7.
    • Life: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums p. 7.
    • Health: -12%, mainly from impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions p. 7.
  • NB CSM: +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): stable at EUR 2.2bn, as growth in NB CSM was offset by decreased contribution of short-term multinational business in France p. 7.
  • NBV margin (post tax): +0.1 point to 4.5% p. 7.
  • Net flows: EUR +5.4bn compared to EUR +1.5bn in 2024 p. 7.
    • Driven by: Protection (EUR +4.9bn, mainly in Hong Kong, Japan, and France) p. 7.
    • Driven by: Health (EUR +2.7bn, mainly in Germany, Japan, and France) p. 7.
    • Driven by: Unit-Linked (EUR +1.5bn, primarily in France) p. 7.
    • Partially 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: +7% to EUR 3.5bn p. 7.
    • Long-term technical result: +EUR 0.2bn, driven by increased CSM release, following growth in reserves and better margins in long-term business p. 7.
    • Short-term technical result: +EUR 0.1bn, driven by expansion of technical margin reflecting pricing, underwriting, and claims management actions p. 7.
    • 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 increased earnings of minority shareholders p. 7.

Holdings

  • Holdings underlying earnings: remained broadly stable at EUR -1.2bn p. 7.
  • [Chart/image description:] AXA logo in the top-left corner; "RATINGS AND GLOSSARY" and "Press release" on the top-right p. 7.

Ratings

Insurer financial strength and AXA's credit ratings p. 8
Insurer financial strength ratings AXA's credit ratings
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 —

Glossary

  • Capital-light G/A products: encompass products with no guarantees, guarantees at maturity only, or guarantees equal to or lower than 0% p. 8.
  • Contractual service margin ('CSM'): component of the carrying amount for a group of insurance contracts representing unearned profit to be recognized as services are provided p. 8.
  • CSM release: portion of CSM stock net of reinsurance flowing through profit and loss, representing estimated profit earned for providing insurance services during the reporting period p. 8.
  • Economic variance: variance of year-end CSM from changes in market conditions, net of underlying return on in-force p. 8.
  • Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, and assets backing shareholder's equity, net of insurance finance expenses (IFE) p. 8.
    • IFE is defined as the unwind of the present value of future cash flow p. 8.
  • Gross written premiums and other revenues: insurance premiums collected (including risk premiums, pure investment contracts with no discretionary participating features, fees and revenues, net of commissions on assumed reinsurance business) p. 8.
    • Other Revenues represent premiums and fees collected on non-insurance activities (banking, services, asset management) p. 8.
  • New business contractual service margin ('NB CSM'): component of carrying amount for newly issued insurance contracts, representing unearned profit to be recognized as services are provided p. 8.
  • New business value ('NBV'): value of newly issued contracts during the current year p. 8.
    • Consists of: NB CSM, present value of future profits of Short-Term Business newly issued contracts (carried by Life entities, considering expected renewals), and present value of future profits of pure investment contracts accounted for under IFRS 9 p. 8.
    • Net of: cost of reinsurance, taxes, and minority interests p. 8.
  • New business value margin ('NBV Margin'): ratio of NBV to PVEP p. 8.
  • Operating variance: variation of year-end CSM vs. expected at opening due to differences between realized and expected operational assumptions, changes in assumptions (mortality, longevity, lapses, expenses), and impact of model changes p. 9.
    • Operating variance is net of reinsurance p. 9.
  • Present value of expected premiums (“PVEP”): new business volume, equal to the present value at issue of total premiums expected over policy term p. 9.
    • PVEP is discounted at the reference interest rate and is Group share p. 9.
  • Technical experience: impacts on underlying earnings from differences between expected and incurred cash-flows, risk adjustment release, changes in onerous contracts, and other long-term elements (mainly non-attributable expenses) p. 9.
  • Underlying return on in-force: release of time value of options & guarantees plus unwind of CSM at the reference rate plus 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), and AXA Life Europe (insurance activities) p. 10.
  • AXA XL: includes insurance and reinsurance activities and holding p. 10.
  • Asia, Africa & EME-LATAM: p. 10.
    • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. bancassurance entity), China P&C, South Korea, and Asia Holdings are fully consolidated p. 10.
    • 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) businesses 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 p. 10.
    • Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income p. 10.
    • Includes 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: includes AXA Investment Managers, Select (previously Architas), and Capza which are fully consolidated, and Asian joint ventures which are consolidated under the equity method p. 10.

Exchange rates

End of period and average 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

  • Comparable basis: 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 p. 11.
  • APMs: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio', and 'debt gearing' are Alternative Performance Measures (APMs) as defined in ESMA's guidelines and the AMF's related position statement issued in 2015 p. 11.
  • APM reconciliation: AXA provides a reconciliation of APMs to financial statements in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report') p. 11.
  • AXA IM disposal: AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025 p. 11.
  • Figures excluding AXA IM: All figures excluding AXA IM are given at constant foreign exchange rates p. 11.
  • Share repurchase agreement: On July 1, 2025, AXA executed a share repurchase agreement for a maximum of EUR 3.8bn to offset earnings dilution from the sale of AXA Investment Managers to BNP Paribas p. 11.
  • Buyback period: The share buyback commenced on July 2, 2025, and ended on January 20, 2026, causing temporary earnings dilution as of December 31, 2025 p. 11.
  • Solvency II ratio estimation: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock p. 11.
  • Solvency II ratio adjustment: The Solvency II ratio as of December 31, 2025, is adjusted for the full up to EUR 1.25bn annual share buyback program and the proposed EUR 2.32 per share dividend p. 11.
  • Capital instruments grandfathering: 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 p. 11.
  • Dividend approval: The proposed dividend is subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 p. 11.
  • Share buyback approval: The share buyback program was approved by AXA's Board of Directors on February 25, 2026, and is expected to commence as soon as practicable, subject to market conditions p. 11.
  • UEPS growth guidance: Expected underlying earnings per share (UEPS) growth for 2026 is a one-off forward-looking statement for the last year of the Group's current strategic plan p. 11.
  • Solvency II revision estimate: The Solvency II ratio as of January 1, 2026, is estimated as if the Solvency II revision had come into force on that date p. 11.
  • Commercial lines definition: 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance p. 11.
  • Price effects calculation: Price effects are calculated as a percentage of total gross written premiums of the prior year p. 11.
  • General account: Refers to footnote 13 p. 11.
  • Banking activities: Refers to footnote 14 p. 11.
  • CSM sensitivities: Appendices of the FY25 earnings presentation provide indicative sensitivities impacting CSM, based on management's current assessment p. 11.
  • Cash and liquid assets: Includes cash and liquid invested assets at AXA SA Holding and other central holdings p. 11.
  • Share buyback authorization: Share buybacks are executed in accordance with authorizations granted by Shareholders' Annual General Meetings p. 11.
  • Natural catastrophe charges: Include natural catastrophe losses regardless of event size p. 11.
  • Payout policy conditions: Share buybacks and dividends are subject to annual Board and Shareholders' Annual General Meeting approvals, and absence of significant earnings or capital events p. 11.
  • Board discretion: Board discretion considers AXA's earnings, financial condition, capital requirements, market conditions, and economic environment p. 11.
  • Payout ratio calculation: Payout ratio is calculated based on underlying earnings per share p. 11.
  • L&H metrics inclusion: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities p. 11.
  • Restricted Tier 1 ratings: 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's p. 11.
  • Tier 2 ratings: 'A-/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's p. 11.
  • Prima acquisition: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025 p. 11.
  • AXA IM disposal completion: Disposal to BNP Paribas completed on July 1, 2025 p. 11.
  • Activity indicators basis: All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) p. 11.
  • NBV and PVEP assumptions: Actuarial and financial assumptions for NBV and PVEP are updated semi-annually at half-year and full-year p. 11.
  • Financial statements examination: 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 audit p. 11.
  • AXA Group employees: 156,000 employees p. 12.
  • AXA Group clients: More than 92 million clients p. 12.
  • AXA Group countries: Operates in 52 countries p. 12.
  • 2025 IFRS17 revenues: EUR 115.5bn p. 12.
  • 2025 IFRS17 underlying earnings: EUR 8.4bn p. 12.
  • AXA share listing: Listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA) p. 12.
  • AXA American Depository Share: Quoted on the OTC QX platform under ticker symbol AXAHY p. 12.
  • SRI indexes: Included in Dow Jones Sustainability Index (DJSI) and FTSE4GOOD p. 12.
  • UNEP FI membership: Founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance p. 12.
  • UN PRI signatory: Signatory of the UN Principles for Responsible Investment p. 12.
  • Regulated information availability: Press release and regulated information are available on axa.com p. 12.
  • Investor Relations contact: investor.relations@axa.com, +33.1.40.75.48.42 p. 12.
  • Individual Shareholder Relations contact: +33.1.40.75.48.43 p. 12.
  • Media Relations contact: ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com, +33.1.40.75.46.74 p. 12.
  • Corporate Responsibility strategy information: axa.com/en/about-us/strategy-commitments p. 12.
  • SRI ratings information: axa.com/en/investor/sri-ratings-ethical-indexes p. 12.

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

  • Forward-looking statements: The document contains forward-looking statements, including predictions of future events, trends, plans, expectations, or objectives p. 12.
  • UEPS growth for 2026: 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. 12.
  • Management views: These statements are based on Management’s current views and intentions and are subject to change p. 12.
  • Risks and uncertainties: Forward-looking statements are subject to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially p. 12.
  • Date of statements: Each forward-looking statement speaks only at the date of the press release p. 12.
  • Risk factors reference: For important factors, risks, and uncertainties, refer to Part 5 ‘Risk Factors and Risk Management’ of AXA’s Universal Registration Document for the year ended December 31, 2024 p. 12.
  • No obligation to update: AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by law p. 12.
  • Non-GAAP financial measures: The press release refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management for analyzing operating trends, financial performance, and position p. 12.
  • Non-comparability of APMs: 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.
  • APMs not substitutes: None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS p. 12.
  • Defined APMs: '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.
  • APM reconciliation location: AXA provides a reconciliation of such APMs 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. 12.
  • Glossary for non-GAAP measures: Further information on non-GAAP financial measures is available in the Glossary of 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
in Euro million 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 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 110,316 115,524 +5% +6% 58,038 +5% 56,512 +8% 875 +4%
Underlying earnings by geography and by 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 8,078 8,368 +6% 5,872 +9% 3,501 +7% 175 -57%
Property & Casualty gross written premiums and other revenues by business line and discount rates p. 15
in Euro million Commercial lines Personal lines AXA XL Reinsurance Total P&C
in Euro million Total Commercial Change Personal Motor Change Personal Non-Motor Change Total Personal Change Total Reinsurance Change 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%
Interest Rates (5Y) For the Discounting of P&C Claims Reserves
— 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%
  • No facts in this section.
P&C: Price effects 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 +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% —
Life & Health gross written premiums and other revenues and growth by business line p. 17
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 FY25 Change FY25 Change FY25 Change 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%

APPENDIX 6: NEW Business volume (PVEP), new business value (NBV), and NBV MARGIN

Life and Health new business metrics FY25 p. 18
Life New Business Metrics FY25 Health New Business Metrics FY25 Total New Business Metrics FY25
in Euro million PVEP Change NBV Change NBV margin Change PVEP Change NBV Change NBV margin Change PVEP Change NBV Change NBV margin Change
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 p. 18
NB CSM to NBV
in Euro million Life Health Total
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
Life & Health net flows by business line p. 19
Net flows by business line
in Euro billion FY24 FY25
Health +2.7 +2.7
Protection +3.2 +4.9
G/A Savings -3.6 -3.7
o/w capital light +2.2 +1.2
o/w traditional G/A -5.8 -5.0
Unit-Linked -0.8 +1.5
Mutual Funds & Other 0.0 0.0
Total Life & Health net flows +1.5 +5.4
  • Main transactions in 2025:
    • Announced execution of a share repurchase agreement for up to EUR 1.2bn (February 28, 2025) p. 20.
    • Announced completion of the acquisition of Nobis Group in Italy (April 1, 2025) p. 20.
    • Announced placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025) p. 20.
    • Announced execution of a share repurchase agreement for Shareplan and stock-based compensation (June 2, 2025) p. 20.
    • Announced completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025) p. 20.
    • Announced execution of a share repurchase agreement for up to EUR 3.8bn following the sale of AXA IM (July 1, 2025) p. 20.
    • Announced acquisition of Prima, a direct insurance player in Italy (August 1, 2025) p. 20.
    • Announced launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025) p. 20.
    • Announced placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025) p. 20.
    • Announced 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.

Abbreviations

  • AA: A.M. Best Rating
  • AM: A.M. Best
  • AMF: Autorité des Marchés Financiers
  • APM: Alternative Performance Measure
  • AXA IM: AXA Investment Managers
  • AXA MPS: AXA Monte Paschi
  • AXA SA: AXA Société Anonyme
  • AXAHY: AXA American Depository Share
  • BBA: Building Block Approach
  • BBB: Standard & Poor's Rating
  • BNP: BNP Paribas
  • CAGR: Compound Annual Growth Rate
  • CS: AXA SA Stock Ticker
  • CSM: Contractual Service Margin
  • DJSI: Dow Jones Sustainability Index
  • EME: Europe, Middle East
  • EPS: Earnings Per Share
  • ESMA: European Securities and Markets Authority
  • EUR: Euro
  • GAAP: Generally Accepted Accounting Principles
  • GBP: Great British Pound
  • HKD: Hong Kong Dollar
  • ICBC: Industrial and Commercial Bank of China
  • IFE: Insurance Finance Expenses
  • IFRS: International Financial Reporting Standards
  • ISN FR: International Securities Identification Number France
  • JPY: Japanese Yen
  • LATAM: Latin America
  • NB CSM: New Business Contractual Service Margin
  • NBV: New Business Value
  • OCI: Other Comprehensive Income
  • OTC QX: Over The Counter QX
  • PAA: Premium Allocation Approach
  • PVEP: Present Value of Expected Premiums
  • SME: Small and Medium-sized Enterprises
  • SRI: Socially Responsible Investing
  • UEPS: Underlying Earnings Per Share
  • UK: United Kingdom
  • UN PRI: United Nations Principles for Responsible Investment
  • UN: United Nations
  • UNEP FI: United Nations Environment Programme Finance Initiative
  • USD: United States Dollar
  • VAT: Value Added Tax
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