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AXA/2025/FY/Earnings release

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Document info
OrganizationAXA
Year2025
PeriodFY
Period labelFY25
Document categoryEarnings release
Document nameAXA Full Year 2025 Earnings Press Release
Publication date2026-02-26
LanguageEnglish
Pages20
Sourceoriginal URL
Transcriptwiki page
Datadata page

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

  • Paris, 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 p. 1

Key FY25 highlights

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

Capital Management

  • Dividend of EUR 2.32 per share, +8% vs. FY24 p. 1
  • Launch of an annual share buyback program of up to EUR 1.25bn p. 1
  • Completion of EUR 3.8bn additional share buyback 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 at +17 points p. 1
  • 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

FY25 key highlights

Key figures (in Euro million, unless otherwise noted)
— FY24 FY25 Change on a reported basis Change at comparable basis
Gross written premiums & other revenues (1) 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.
— FY24 FY25 Change on a reported basis Change at constant Forex
Underlying earnings (2) 8,078 8,368 +4% +6%
Net income 7,886 9,797 +24% +26%
— FY24 FY25 Change on a reported basis
Solvency II ratio (%) (5) 216% 224% +9 pts

Activity indicators

  • Total gross written premiums and other revenues were up 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

Earnings

  • Underlying earnings increased by 6% to EUR 8.4bn, or +9% excluding AXA IM p. 2
    • Driven by Property & Casualty (+9%) from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income p. 2
    • Driven by 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 remained 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 increased by 8% to EUR 3.86 p. 2
    • Mainly driven by the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt p. 2
    • Impact of share buybacks (+3%), including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM p. 2
    • Partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%) p. 2
  • The sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to the timing of the associated share buyback p. 2
  • Net income increased by 26% to EUR 9.8bn, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM p. 2

Balance sheet

  • Shareholders' equity was EUR 47.2bn as of December 31, 2025, down by EUR 2.8bn vs. December 31, 2024 p. 3
    • Positive contribution from 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) p. 3
    • More than offset by impact of share buybacks executed in 2025 (EUR -4.7bn), including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM p. 3
    • More than offset by an unfavorable foreign exchange impact (EUR -3.5bn), notably due to the depreciation of the U.S. dollar p. 3
  • CSM was EUR 33.3bn at December 31, 2025, down by EUR 0.6bn vs. December 31, 2024 p. 3
    • New business contribution (EUR +2.2bn) combined with 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
    • Market conditions had a favorable impact (EUR +0.6bn), mainly driven by tightening of government spreads and positive equity market performance p. 3
    • This was more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of Japanese yen and Hong Kong dollar p. 3
    • This was more than offset by a negative operating variance (EUR -0.3bn) as better margins and net flows were more than offset by a reduction in the duration of Group Life business in Switzerland p. 3
  • Solvency II ratio was 224% as of December 31, 2025, up +9 points vs. December 31, 2024 p. 3
    • Strong operating return (+28 points) net of the 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
    • Partly offset by the net impact of acquisitions of Nobis and Prima, and disposal of AXA IM including the associated EUR 3.8bn share buyback (-5 points) p. 3
  • As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds p. 3
    • This change results in a -10 point decrease in the Solvency II ratio to 215% on January 1, 2026 p. 3
  • The Group estimates the Solvency II revision, to come into effect in Q1 2027, would result in an increase of +17 points to the current Solvency II ratio p. 3
  • Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points vs. December 31, 2024, notably from higher underlying earnings and lower shareholders' equity p. 3
  • Debt gearing was 22.3% as of December 31, 2025, up 1.7 points vs. December 31, 2024 p. 3
    • Driven by both lower shareholders' equity and CSM p. 3
    • Driven by 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
    • The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026 p. 3
  • Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024 p. 3
    • Reflecting organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024 p. 3

Capital management and outlook

Capital management

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

Outlook

  • AXA is in the final year of its 2024-2026 'Unlock the Future' plan and is confident in achieving its main financial targets p. 4.
  • The financial targets are underpinned by: profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management p. 4.
  • In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions p. 4.
  • At AXA XL, pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital p. 4.
  • The Group's guidance for normalized natural catastrophe load remains at approximately 4.5 points of combined ratio for 2026 p. 4.
  • In Life & Health, earnings growth is expected from the short-term business due to disciplined pricing and claims management initiatives p. 4.
  • The strategy to rejuvenate sales in the long-term business, combined with improved persistency, should generate positive net flows and drive CSM growth over time p. 4.
  • Holdings results in 2026 are expected to remain similar to 2025 levels p. 4.
  • Based on strong 2025 operating performance and assuming current operating conditions, Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan p. 4.
  • Underlying earnings per share growth is targeted at the upper end of the 6-8% CAGR range for both the 2023-2026E plan period and for 2026 p. 4.
  • Underlying return on equity is targeted between 14% and 16% between 2024 and 2026E p. 4.
  • Cumulative organic cash upstream is targeted in excess of EUR 21bn for 2024-2026E p. 4.
  • The Group is committed to its capital management policy, targeting a total payout ratio of 75% p. 4.
  • The total payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks p. 4.
  • The 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.

Property & Casualty

Key figures (in Euro billion, unless otherwise noted)
— FY24 FY25 Change on a comparable basis FY25 Price effect (12) (in %)
Gross written premiums and other revenues 56.5 58.0 +5% +2.9%
o/w Commercial lines (11) 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)
— 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 were up 5% to EUR 58.0bn p. 5.
  • Commercial lines grew by 4% to EUR 35.8bn, driven by: p. 5.
    • AXA XL Insurance (+3%) from growth in attractive margin lines (Property, Casualty), with Casualty benefiting from favorable price effects and higher volumes, 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 across all lines and higher volumes p. 5.
  • Personal lines grew by 7% to EUR 19.7bn, driven by: p. 5.
    • Europe (+5%) from favorable price effects across geographies, except in 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 from direct business and proprietary agent networks, combined with favorable price effects in Motor p. 5.
  • AXA XL Reinsurance grew by 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.
  • The all-year combined ratio improved by 0.3 point to 90.6%, mainly driven by: p. 5.
    • Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) from margin expansion in Commercial lines (-0.5 point), driven by SME & mid-market business (-0.9 point) in a favorable pricing environment, with AXA XL Insurance margins stable (+0.1 point) p. 5.
    • Personal lines also contributed to the lower loss ratio (-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%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%) p. 5.
  • P&C underlying earnings were up 9% to EUR 5.9bn, driven by: p. 6.
    • An increase in technical result (EUR +0.5bn) reflecting strong volume growth and improved technical margin p. 6.
    • A higher financial result (EUR +0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in the unwind of the 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

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 (1,21) 50.9 49.4 -2%
NB CSM (1,21) 2.2 2.2 +3%
NBV (post-tax) (1,21) 2.3 2.2 0%
NBV margin (1,21) 4.4% 4.5% +0.1 pt
Net flows (21) +1.5 +5.4 —
Earnings (in Euro million)
— FY24 FY25 Change at constant forex
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 were up 8% to Euro 56.5 billion.

  • Life grew by 9% to EUR 37.5bn, mainly from: p. 6.
    • Unit-Linked (+13%) driven by successful sales initiatives across all geographies p. 6.
    • G/A (+4%) notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by the 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 grew by 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, driven by: p. 7.
    • Life (+1%), from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums p. 7.
    • Health (-12%), mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions p. 7.
  • NB CSM increased by 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) was stable at EUR 2.2bn, as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France p. 7.
  • NBV margin (post tax) increased by 0.1 point to 4.5% p. 7.
  • Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024 p. 7.
  • Net flows in 2025 were driven by: p. 7.
    • Protection (EUR +4.9bn), mainly in Hong Kong, Japan, and France p. 7.
    • Health (EUR +2.7bn), mainly in Germany, Japan, and France p. 7.
    • 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 increased by 7% to EUR 3.5bn, driven by: p. 7.
    • Long-term technical result (EUR +0.2bn) driven by an increase in CSM release, following growth in reserves and better margins in the long-term business p. 7.
    • Short-term technical result (EUR +0.1bn) driven by the expansion of technical margin reflecting pricing, underwriting, and claims management actions, which 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, which resulted in an increase in earnings of minority shareholders p. 7.

Holdings

  • Holdings underlying earnings remained broadly stable at EUR -1.2bn p. 7.

Ratings and glossary

Ratings

Insurer financial strength ratings AXA's credit ratings (22)
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 all products with no guarantees, guarantees at maturity only, or guarantees equal to or lower than 0% p. 8.
  • Contractual service margin ("CSM") is a 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 is the 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 is the variance of year-end CSM from changes in market conditions, net of the underlying return on in-force p. 8.
  • Financial result is investment income on assets backing BBA and PAA contracts and shareholder's equity, net of insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow p. 8.
  • Gross written premiums and other revenues include insurance premiums collected (risk premiums, pure investment contracts with no DPF, fees, revenues, net of commissions on assumed reinsurance) and premiums/fees from non-insurance activities (banking, services, asset management) p. 8.
  • New business contractual service margin ("NB CSM") is a component of the carrying amount for newly issued insurance contracts, representing unearned profit to be recognized as services are provided p. 8.
  • New business value ("NBV") is the value of newly issued contracts during the current year, comprising NB CSM, present value of future profits of Short-Term Business, present value of future profits of pure investment contracts under IFRS 9, net of reinsurance cost, taxes, and minority interests p. 8.
  • New business value margin ("NBV Margin") is the ratio of NBV to PVEP p. 8.
  • Operating variance is the 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 model changes, net of reinsurance p. 9.
  • Present value of expected premiums ('PVEP') is the new business volume, equal to the present value at issue of total premiums expected over the policy term, discounted at the reference interest rate and representing Group share p. 9.
  • Technical experience consists of 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 is the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance p. 9.

Scope and exchange rates

Scope

  • France includes insurance activities, banking activities, and holding p. 10.
  • Europe includes Switzerland (insurance), Germany (insurance and holding), Belgium and Luxemburg (insurance and holding), UK and Ireland (insurance and holding), Spain (insurance and holding), Italy (insurance), Prima (insurance), and AXA Life Europe (insurance) p. 10.
  • AXA XL includes insurance and reinsurance activities and holding p. 10.
  • Asia, Africa & EME-LATAM includes: p. 10.
    • Asia: Japan (insurance and holding), Hong Kong (insurance), Thailand P&C, Indonesia L&S (excl. bancassurance), China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed March 11, 2024 and holding) (equity method, contributing to NBV, PVEP, underlying earnings, net income) p. 10.
    • Africa: Egypt (insurance and holding), Morocco (insurance and holding), and Nigeria (insurance and holding) (fully consolidated) p. 10.
    • EME-LATAM: Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) (fully consolidated); Russia (Reso) (insurance) (equity method, contributing to net income) p. 10.
    • 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 (formerly Architas), and Capza (fully consolidated), and Asian joint ventures (equity method) p. 10.

Exchange rates

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

  • Changes in gross written premiums & other revenues, NBV, and PVEP are on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated p. 11.
  • Underlying earnings, underlying earnings per share, underlying return on equity, combined ratio, and debt gearing are APMs as defined by ESMA and AMF guidelines p. 11.
  • AXA provides reconciliation of APMs in its Activity Report as of December 31, 2025 p. 11.
  • AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025 p. 11.
  • All figures excluding AXA IM are given at constant foreign exchange rates p. 11.
  • On July 1, 2025, AXA executed a share repurchase agreement for up to EUR 3.8bn to offset earnings dilution from the sale of AXA Investment Managers p. 11.
  • The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in temporary earnings dilution as of December 31, 2025 p. 11.
  • The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock p. 11.
  • The Solvency II ratio as of December 31, 2025, is adjusted to reflect the full up to EUR 1.25bn annual share buyback program and the proposed EUR 2.32 per share dividend p. 11.
  • Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, when they ceased to qualify as capital p. 11.
  • The dividend proposal is subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 p. 11.
  • The share buyback program was approved by AXA's Board of Directors on February 25, 2026, and is expected to commence as soon as reasonably practicable p. 11.
  • Expected underlying earnings per share (UEPS) growth for 2026 is a forward-looking statement providing one-off guidance for the last year of the current strategic plan p. 11.
  • The Solvency II ratio as of January 1, 2026, is estimated based on the Solvency Capital Requirement (SCR) and capital amount, assuming the Solvency II revision came into force on that date p. 11.
  • Commercial lines refers to P&C Commercial lines excluding AXA XL Reinsurance p. 11.
  • Price effects are calculated as a percentage of total gross written premiums of the prior year p. 11.
  • G/A refers to General account p. 11.
  • Holdings underlying earnings include banking activities p. 11.
  • Sensitivities impacting CSM are based on management's current assessment for FY25 results and are not audited p. 11.
  • Cash and liquid invested assets include those at AXA SA Holding and other central holdings p. 11.
  • The share buyback program will be executed under authorization granted on April 24, 2025, or expected on April 30, 2026 p. 11.
  • Natural catastrophe charges include losses regardless of event size p. 11.
  • The capital management policy is subject to annual Board and Shareholders' AGM approvals p. 11.
  • Payout ratio is calculated based on underlying earnings per share p. 11.
  • 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 is rated 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's p. 11.
  • Tier 2 is rated 'A-/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's p. 11.
  • AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025 p. 11.
  • Disposal to BNP Paribas was completed on July 1, 2025 p. 11.
  • All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) p. 11.
  • Actuarial and financial assumptions for NBV and PVEP are updated semi-annually p. 11.
  • AXA's consolidated financial statements for FY25 were examined by the Board on February 25, 2026, and are subject to audit p. 11.

About the AXA group

  • The AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries p. 12.
  • In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 underlying earnings to EUR 8.4bn p. 12.
  • The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA) p. 12.
  • AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY p. 12.
  • The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD p. 12.
  • AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment p. 12.
  • This press release and regulated information are available on the AXA Group website (axa.com) p. 12.
  • Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com p. 12.
  • Individual Shareholder Relations contact: +33.1.40.75.48.43 p. 12.
  • Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com 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

  • This document contains forward-looking statements, including predictions of future events, trends, plans, expectations, or objectives p. 12.
  • Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs p. 12.
  • 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 current strategic plan p. 12.
  • These statements are based on Management’s current views and intentions and are subject to change p. 12.
  • Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside AXA’s control p. 12.
  • Each forward-looking statement speaks only as of the date of this press release p. 12.
  • Refer to Part 5 – “Risk Factors and Risk Management” of AXA’s 2024 Universal Registration Document for a description of factors affecting AXA’s business p. 12.
  • AXA disclaims any obligation to publicly update or revise these forward-looking statements, except as required by law p. 12.
  • This press release refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position p. 12.
  • 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.
  • Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements p. 12.
  • Underlying earnings, UEPS, underlying return on equity, combined ratio, and debt gearing are APMs as defined by ESMA’s guidelines and AMF’s position statement p. 12.
  • AXA provides reconciliation of APMs in its Activity Report as of December 31, 2025 p. 12.

Appendix 1: gross written premiums ET other revenues by geography and business line

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 (i) 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 (i) 110,316 115,524 +5% +6% 58,038 +5% 56,512 +8% 875 +4%
  • Banking revenues amounted to EUR 99m in FY25 and EUR 118m in FY24 p. 13.

13 ──

  • Underlying earnings include those of Holdings and Banking p. 14.

Appendix 2: underlying earnings by geography and by business line

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 (i) 8,078 8,368 +6% 5,872 +9% 3,501 +7% 175 -57%

Appendix 3: property & casualty – gross written premiums & other revenues by business line and discount rates

Commercial lines Personal lines AXA XL Reinsurance Total P&C
in Euro million Total Commercial Change (i) Personal Motor Change (i) Personal Non-Motor Change (i) Total Personal Change (i) Total Reinsurance Change (i) FY25 Change (i)
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%
  • Changes are on a comparable basis (constant forex, scope, and methodology) p. 15.
Interest Rates (5Y) For the Discounting of P&C Claims Reserves
— FY24 (i) FY25 (ii)
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%
  • Monthly average is calculated from January 2024 to December 2024 p. 15.
  • Average of monthly opening discount rates refers to 2025 p. 15.

Appendix 4: property & casualty – price effect & 2026 market pricing trends

P&C: Price effects (i) 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 (ii) +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 is calculated as a percentage of total gross written premiums in the prior year p. 16.
  • Price increase on renewals was +0.3% in Insurance and +0.2% in Reinsurance p. 16.
  • Price increase on renewals is calculated as a percentage of renewed premiums p. 16.

Appendix 5: life & health – gross written premiums & other revenues and growth by business line

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 (i) FY25 Change (i) FY25 Change (i) FY25 Change (i) FY25 Change (i)
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 (ii) 17,651 +6% 4,337 +6% — — — — 13,314 +6%
  • Changes are on a comparable basis (constant forex, scope, and methodology) p. 17.
  • Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA') p. 17.
  • Short-term business margin is analyzed using the Combined Ratio p. 17.
  • Short-term business here refers to Life Pure Protection and Health when measured using the PAA period p. 17.

Appendix 6: new business volume (PVEP), new business value (NBV), and NBV margin

Life New Business Metrics FY25 Health (i) New Business Metrics FY25 Total (ii) New Business Metrics FY25
in Euro million PVEP Change (ii) NBV Change (ii) NBV margin Change (ii) PVEP Change (ii) NBV Change (ii) NBV margin Change (ii) PVEP Change (ii) NBV Change (ii) NBV margin Change (ii)
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
in Euro million Life Health (i) Total (i)
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
  • Health business written predominantly in Life entities is included p. 18.
  • Changes are on a comparable basis (constant forex, scope, and methodology) p. 18.

Appendix 7: life & health – net flows

Net flows by business line
in Euro billion FY24 FY25
Health (i) +2.7 +2.7
Protection +3.2 +4.9
G/A Savings -3.6 -3.7
o/w capital light (ii) +2.2 +1.2
o/w traditional G/A -5.8 -5.0
Unit-Linked (iii) -0.8 +1.5
Mutual Funds & Other 0.0 0.0
  • Health business written predominantly in Life entities is included p. 19.
  • Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% p. 19.
  • Investment contracts with no discretionary participation features ("DPF") are included p. 19.

Appendix 8: main transactions and next main investor events

  • AXA announced the execution of a share repurchase agreement for up to EUR 1.2bn on February 28, 2025 p. 20.
  • AXA announced the completion of the acquisition of Nobis Group in Italy on April 1, 2025 p. 20.
  • AXA announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes on May 28, 2025 p. 20.
  • AXA announced the execution of a share repurchase agreement in relation to AXA's Shareplan and stock-based compensation on June 2, 2025 p. 20.
  • AXA announced the completion of the sale of AXA Investment Managers to BNP Paribas on July 1, 2025 p. 20.
  • AXA announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM on July 1, 2025 p. 20.
  • AXA announced the acquisition of Prima in Italy on August 1, 2025 p. 20.
  • AXA announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025) p. 20.
  • AXA announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes on October 14, 2025 p. 20.
  • AXA announced the completion of the acquisition of a majority stake in Prima in Italy on November 28, 2025 p. 20.

Next main investor events

  • The 2026 Shareholder’s Annual General Meeting is scheduled for April 30, 2026 p. 20.
  • First quarter 2026 Activity Indicators will be released on May 5, 2026 p. 20.
  • HY26 Earnings Release is scheduled for July 31, 2026 p. 20.
  • AXA Investor Day is scheduled for September 21, 2026 p. 20.

Abbreviations (generated)

  • CSM: Contractual Service Margin
  • DJSI: Dow Jones Sustainability Index
  • DPF: Discretionary Participation Features
  • EME: Emerging Markets Europe
  • NB CSM: New Business Contractual Service Margin
  • NBV: New Business Value
  • PVEP: Present Value of Expected Premiums
  • SME: Small and Medium-sized Enterprises
  • UEPS: Underlying Earnings Per Share
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