AXA/2025/FY/Earnings presentation

Document info
Document info
Document ID	snjra2xp9r
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document category	Earnings presentation
Document name	AXA Full Year 2025 Results Presentation
Publication date	2026-02-26
Language	English
Pages	49
Source	original URL
Transcript	wiki page
Data	data page

This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).

Full Year 2025 Earnings Presentation

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

[c. 1; p. 2]

Forward-looking statements and non-GAAP measures

Statements in this document may be forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", "would", and "could".
Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking and provide one-off guidance for the last year of the Group's current strategic plan.
These statements are based on Management's current views and intentions and are subject to change.
Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially.
Each forward-looking statement is valid only at the date of this presentation.
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.
AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
This presentation refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management for analyzing operating trends, financial performance, and position.
These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies.
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.
"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.
AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the 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".
Further information on non-GAAP financial measures is available in the Glossary of AXA's 2025 Activity Report.
AXA's Activity Report as of December 31, 2025, is available on the AXA Group website (www.axa.com).

[c. 2; p. 2]

Financial statement audit status

AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026.
The financial statements are subject to completion of an audit procedure by AXA's statutory auditors.

[c. 3; p. 3]

Presentation sections and speakers

FY25 Highlights: presented by Thomas Buberl, Group CEO, on page 4.
FY25 Business Performance: presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, on page 9.
FY25 Financial Performance: presented by Alban de Mailly Nesle, Group CFO, on page 13.

FY25 Highlights

[c. 4; p. 4]

CEO statement

Thomas Buberl is the Group CEO.

Full Year 2025 – Excellent performance

[c. 5; p. 5]

Financial performance highlights

Revenues +6% vs. FY24
ROE 16% in FY25
Underlying EPS +8% vs. FY24
Solvency II ratio 224% in FY25
Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual share buyback
Confident to deliver underlying EPS growth at the upper end of the 6%-8% target range for 2026

[c. 6; p. 5]

Full Year 2025 – Excellent performance

(1) Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.

(2) Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.

Executing the plan on growth, margin and efficiency

[c. 7; p. 6]

Executing the plan on growth, margin and efficiency

[Chart/image description:] Bar chart: Underlying earnings, FY24 vs FY25, in Euro billion. FY24: 8.1 FY25: 8.4 Change: +6% Annotation: +9% excluding AXA IM

+6% top line growth, well balanced across

[c. 8; p. 6]

Top line growth and profitability

Top line growth +6%, balanced across lines:
- P&C: +5%
- Life: +9%
- Health: +5%
Record profitability with further margin expansion in P&C and L&H
Improvement in efficiency

[c. 9; p. 6]

Business scaling and earnings

Continued investments in growth and technology
Consistent earnings growth while enhancing reserve prudence

Diversified franchise, well positioned in an attractive industry

Secular trends fueling demand across businesses

[c. 10; p. 7]

Secular trends fueling demand across businesses

[Chart/image description:] Pie chart: FY25 gross written premium split excluding AXA IM and holdings, by business line. Life (33%) Health (17%) Retail (17%) Large & Specialty (17%) SME & Mid-market (16%) AXA logo at center.

[c. 11; p. 7]

Protection gaps and emerging corporate risks

Protection gaps and emerging corporate risks are driving demand across businesses.
Demographics are driving demand for private retirement and healthcare.

Our right to win

[c. 12; p. 7]

Competitive advantages

Leading brand and high customer NPS
Strong and diversified distribution
Technical expertise in pricing and underwriting risks
Scale offering cost advantage

Laying the foundation for the next plan

[c. 13; p. 8]

Tech and AI roadmap

Clear tech and AI roadmap
Driving efficiency
Enhancing capital allocation discipline

Confidence in sustaining earnings growth

[c. 14; p. 8]

Internal building resilience

GIE_AXA_Internal Building resilience

[c. 14; p. 9]

Guillaume Borie is Global Head of Finance, Strategy, Underwriting, Risk, and Technology

Strong delivery across our businesses

[c. 15; p. 10]

Gross written premiums & Underlying earnings by geography

	Gross written premiums	Underlying earnings
France (27% of total GWP¹(footnote: 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.))	+6% to €31bn	+7% to €2.2bn
Europe (38% of total GWP¹(footnote: 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.))	+6% to €43bn	+9% to €3.5bn
AXA XL (17% of total GWP¹(footnote: 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.))	+4% to €19bn	+9% to €1.9bn
Asia, Africa & EME-LATAM (18% of total GWP¹(footnote: 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.))	+13% to €20bn	+6% to €1.5bn

(1) 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.

P&C – Strong margins, confidence in sustaining growth

[c. 16; p. 11]

P&C – Strong margins, confidence in sustaining growth

[Chart/image description:] Donut chart: GWP breakdown, €58bn total. - Retail: share not printed - AXA XL¹ (Large & Specialty): share not printed - SME & Mid-market: share not printed

[c. 17; p. 11]

Underlying earnings

Underlying earnings +9% to EUR 5.9bn.

[c. 18; p. 11]

P&C – Strong margins, confidence in sustaining growth

[Chart/image description:] Table/Grid: Strategic outlook for 2025 and Beyond 2025. - Retail and SME & Mid-market: - 2025: Growing volumes while expanding margins - Beyond 2025: Investing to improve customer retention & expanding distribution footprint - AXA XL (Large & Specialty): - 2025: Profitable growth with stable margins - Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management

[c. 19; p. 11]

P&C – Strong margins, confidence in sustaining growth

[Chart/image description:] Flow diagram: Drivers of growth (indicated by a plus sign). - Continued progress on efficiency - Higher investment income - Data & AI to further enhance customer experience & technical excellence

[c. 20; p. 11]

P&C – Strong margins, confidence in sustaining growth

(1) 1. Includes AXA XL Re premiums of €2.6bn.

(2) 2. Change FY25 vs. FY24 at constant FX.

L&H – Good momentum, well positioned to capture growth opportunities

[c. 21; p. 12]

L&H – Good momentum, well positioned to capture growth opportunities

[Chart/image description:] Donut chart: Gross Written Premium (GWP) split by business line, in Euro billion. - Short-term: ~€15bn (dark blue segment) - Long-term: ~€42bn (light blue segment) - Center label: €57bn GWP

[c. 22; p. 12]

Underlying earnings

Underlying earnings +7% to EUR 3.5bn.

[c. 23; p. 12]

L&H – Good momentum, well positioned to capture growth opportunities

[Chart/image description:] Two-column roadmap: Strategic priorities for 2025 and Beyond 2025. Left column header: 2025 - Long-term business: Accelerating net flows in Savings at attractive margins - Short-term business: Growing technical results while absorbing Mexico VAT impact Right column header: Beyond 2025 - Long-term business: Capturing savings & retirement opportunity, sourcing best asset management products for our customers - Short-term business: Capitalizing on demand for health & protection while further improving our margins

[c. 24; p. 12]

L&H – Good momentum, well positioned to capture growth opportunities

[Chart/image description:] Three horizontal strategy boxes below the roadmap, connected by a central plus icon. - Left box: Focus on cost reduction - Center box: Increasing penetration of Protection riders in Savings offerings - Right box: Leveraging AI to reduce claims leakage & improve customer outcomes in Health

[c. 25; p. 12]

L&H – Good momentum, well positioned to capture growth opportunities

(1) Change FY25 vs. FY24 at constant FX.

FY25 Financial Performance

[c. 26; p. 13]

Group CFO

Alban de Mailly Nesle is the Group CFO.

P&C – Continued disciplined growth

GWP & Other Revenues

[c. 27; p. 14]

GWP & Other Revenues

[Chart/image description:] Stacked bar chart: GWP & Other Revenues, FY24 vs FY25, in Euro billion.

[c. 28; p. 14]

GWP & Other Revenues by segment

GWP & Other Revenues increased +5% to EUR 58.0bn in FY25 (prior: EUR 56.5bn).
Commercial lines GWP & Other Revenues were EUR 35.8bn, with +4% change, comprising +2% from pricing and +2% from volume.
AXA XL Reinsurance GWP & Other Revenues were EUR 2.6bn, with +8% change, comprising +0.3% from pricing and +7% from volume.
Retail lines GWP & Other Revenues were EUR 19.7bn, with +7% change, comprising +5% from pricing and +2% from volume.

[c. 29; p. 14]

GWP & Other Revenues

[Chart/image description:] Table panel showing Change, o/w pricing, o/w volume columns alongside the bar chart as described above.

[c. 30; p. 14]

Commercial Lines Growth Drivers

Continued pricing momentum and volume growth in Mid-market and SME
Growth in lines of business with attractive margins, with a focus on retention at AXA XL Insurance
Growth supported by alternative capital
Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)

[c. 31; p. 14]

GWP & Other Revenues

(1) Price effect.

(2) Includes exposure adjustments and mix & other effects.

P&C – Delivering further margin expansion while enhancing reserve prudence

Combined ratio

[c. 32; p. 15]

Combined ratio

[Chart/image description:] Stacked bar chart: Combined ratio, FY24 vs FY25. FY24 Total: 91.0% - Undiscounted CY loss ratio (ex Nat Cat): 67.4% - Expense ratio: 25.0% - Nat Cat: 3.8% - Prior year reserve development: -1.6% - Discount: -3.6% FY25 Total: 90.6% - Undiscounted CY loss ratio (ex Nat Cat): 67.0% - Expense ratio: 24.8% - Nat Cat: 3.4% - Prior year reserve development: -1.1% - Discount: -3.5%

[c. 33; p. 15]

Undiscounted current year loss ratio and expense ratio

Undiscounted current year loss ratio (excluding Nat Cat) improved due to margin expansion in Commercial lines SME & mid-market business and Personal lines, reflecting a favorable pricing environment.
Undiscounted current year loss ratio (excluding Nat Cat) improved due to stable AXA XL Insurance margins at attractive levels, reflecting disciplined cycle management.
Expense ratio improved due to efficiency measures, while continuing investment in growth initiatives and technology.
Nat Cat charges were below the normalized load.
There was lower reliance on prior year reserve development.
Reserve prudence was enhanced during a good year.

P&C – Earnings growth from higher underwriting and financial result

[c. 34; p. 16]

P&C earnings growth

P&C earnings growth was driven by higher underwriting and financial results.

Underlying Earnings

[c. 35; p. 16]

Underlying Earnings

[Chart/image description:] Waterfall chart: Underlying Earnings, FY24 to FY25, in Euro million. - FY24: 5,510 - Volume growth: +292 - Margin improvement: +189 - Underwriting result¹ (grouping Volume growth and Margin improvement): +481 (calculated from components) - Investment income: +435 - Insurance finance expenses: -235 - Financial result (grouping Investment income and Insurance finance expenses): +200 (calculated from components) - Tax: -169 - Affiliates, FX & other: -150 - FY25: 5,872 - Total change FY24 to FY25: +9%

[c. 36; p. 16]

Underlying earnings drivers

Better underwriting result from strong volume growth and improved all-year combined ratio, while enhancing reserve prudence
Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
Higher unwind of discount of claims reserves, in line with guidance
Unfavorable forex impact notably due to USD depreciation vs. EUR

[c. 37; p. 16]

Underlying Earnings

(1) Underwriting result includes expenses.

Life & Health – Strong growth in premiums, positive net flows

[c. 38; p. 17]

Financial metrics

All financial figures are in EUR billion.

Life GWP & Other Revenues

[c. 39; p. 17]

Life GWP & Other Revenues

[Chart/image description:] Stacked bar chart: Life GWP & Other Revenues, FY24 vs FY25, in Euro billion. Total: - FY24: 34.5 - FY25: 37.5 (+9% change)

[c. 40; p. 17]

Life GWP & Other Revenues by segment

Protection GWP & Other Revenues: EUR 17.3bn (+11%) in FY25
Unit-linked GWP & Other Revenues: EUR 9.3bn (+13%) in FY25
Capital light G/A GWP & Other Revenues: EUR 9.0bn (+7%) in FY25
Traditional G/A GWP & Other Revenues: EUR 1.9bn (-7%) in FY25
Employee Benefits GWP & Other Revenues: EUR 12.9bn (+4% vs. FY24) in FY25

Health GWP & Other Revenues

[c. 41; p. 17]

Health GWP & Other Revenues

[Chart/image description:] Stacked bar chart: Health GWP & Other Revenues, FY24 vs FY25, in Euro billion. Total: - FY24: 17.5 - FY25: 19.0 (+5% change)

[c. 42; p. 17]

Health GWP & Other Revenues by Segment

Individual segment: FY25 GWP & Other Revenues +6% to EUR 10.5bn
Group segment: FY25 GWP & Other Revenues +4% to EUR 8.5bn

Net flows: €+5.4bn vs. €+1.5bn in FY24

[c. 43; p. 17]

Net flows: €+5.4bn vs. €+1.5bn in FY24

[Chart/image description:] Horizontal bar chart: Net flows by segment, in Euro billion. - Protection: +4.9 - Health: +2.7 - Unit-Linked: +1.5 - Capital light G/A: +1.2 - Traditional G/A: -5.0

[c. 44; p. 17]

Net flows: €+5.4bn vs. €+1.5bn in FY24

(1) Including both short-term and long-term Employee Benefits GWP and other revenues.

Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

[c. 45; p. 18]

Life & Health net flows

Life & Health net flows were EUR 1.4bn in FY23.
Protection & Health net flows were EUR 3.2bn in FY23.
Savings net flows were -EUR 1.8bn in FY23.

[c. 46; p. 18]

Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

[Chart/image description:] Bar chart: PVEP, FY24 vs FY25, in Euro billion. Protection & Health: 50.9 (FY24), 49.4 (FY25, -2%) Unit-Linked: 8.5 (FY25, +18%) Capital-light G/A: 7.8 (FY25, -10%) Traditional G/A: 1.7 (FY25, -10%)

[c. 47; p. 18]

New Business Value (NBV) and Contractual Service Margin (CSM)

NB CSM (pre-tax) was EUR 2.2bn in FY24 and EUR 2.2bn (+3%) in FY25.
NBV (post-tax) was EUR 2.3bn in FY24 and EUR 2.2bn (stable) in FY25.
NBV margin was 4.4% in FY24 and 4.5% in FY25.
PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes.
NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits.
NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.

Life & Health – Growth in new business driving Normalized CSM growth

Contractual Service Margin rollforward

[c. 48; p. 19]

Contractual Service Margin rollforward

[Chart/image description:] Waterfall chart: Contractual Service Margin rollforward, FY24 to FY25, in Euro billion. - FY24: 33.6 (o/w Life: 25.8, o/w Health: 7.7) - New business CSM: +2.2 - Underlying return on in-force: +1.3 - CSM release: -3.0 - Normalized CSM growth: +2% (grouping New business CSM, Underlying return on in-force, and CSM release) - Economic variance: +0.6 - Operating variance: -0.3 - Affiliates, FX & other: -1.4 - FY25: 33.0 (o/w Life: 25.4, o/w Health: 7.6)

[c. 49; p. 19]

Contractual Service Margin rollforward

Normalized CSM up +2%.
CSM release growth reflects better margins.
New business CSM growth impacted by higher rates.
Economic variance reflects government spreads tightening and positive equity market returns.
Operating variance driven by better margins and net flows, offset by a reduction in the duration of Group Life business in Switzerland.
FX impact mainly from JPY and HKD depreciation.

Life & Health – Strong momentum in both short-term and long-term business

[c. 50; p. 20]

Financial reporting currency

All financial figures are presented in EUR millions.

Underlying Earnings

[c. 51; p. 20]

Underlying Earnings

[Chart/image description:] Bar chart: Underlying earnings, FY24 vs FY25, in Euro million. FY24 total: 3,323 - Short-term technical margin: 415 - Long-term result incl. CSM release: 2,680 - Financial result: 975 - Tax & others: -748 Change drivers: - Short-term technical margin: +60 - Long-term result incl. CSM release: +156 - Financial result: -11 - Tax, FX and others: -27 FY25 total: 3,501 - Short-term technical margin: 479 - Long-term result incl. CSM release: 2,804 - Financial result: 946 - Tax & others: -728 Overall change: +7% o/w Life: 2.6 → 2.7 (+4% vs. FY24) o/w Health: 0.7 → 0.8 (+17% vs. FY24)

[c. 52; p. 20]

Short-term technical margin

Short-term technical margin was strong, reflecting underwriting and claims initiatives.
This strength more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).

[c. 53; p. 20]

Long-term results

Long-term results were higher due to an +8% increase in CSM release.
This increase reflects growth in the reserve base, including from favorable equity market performance, and better margins.

Growth in net income reflecting higher earnings & the gain from the sale of AXA IM

[c. 54; p. 21]

Net income by business segment

	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%

[c. 55; p. 21]

Net Income Drivers

Insurance businesses showed strong performance.
Holding cost was stable and is expected to remain at the current level in 2026.
Net Income was higher, mainly reflecting higher underlying earnings and the gain from the sale of AXA IM.
Financial flows were lower, reflecting an unfavorable forex impact.

Underlying earnings per share

Underlying earnings per share In Euro

[c. 56; p. 21]

Underlying earnings per share in Euro

Underlying earnings per share in Euro

[c. 57; p. 21]

Underlying earnings per share In Euro

[Chart/image description:] Bar chart: Underlying earnings per share, FY24 vs FY25, in Euro. FY24: 3.59 FY25: 3.86 Overall change: +8%

[c. 58; p. 21]

Underlying earnings per share growth drivers

Earnings growth contributed +6%.
Capital management contributed +3%.
Forex impact was -2%.
Forex impact included -1% from temporary earnings dilution due to the AXA IM sale, related to the timing of anti-dilutive share buyback.

[c. 59; p. 21]

Currency notation

[c. 59; p. 22]

All figures are in EUR billion.

[c. 60; p. 22]

Underlying earnings per share In Euro

[Chart/image description:] Stacked bar chart: Shareholders' equity¹, FY24, HY25, and FY25, in Euro billion. - FY24: - SHE (excl. OCI): 58.0 - Net OCI: -8.1 - Total Shareholders' equity: 49.9 - SHE (excl. OCI & undated subordinated debt): 53.2 - Debt gearing: 20.6% - Underlying ROE: 15.2% - HY25: - SHE (excl. OCI): 52.7 - Net OCI: -7.2 - Total Shareholders' equity: 45.5 - SHE (excl. OCI & undated subordinated debt): 47.0 - Debt gearing: 23.4% - Underlying ROE: 17.5% - FY25: - SHE (excl. OCI): 54.0 - Net OCI: -6.8 - Total Shareholders' equity: 47.2 - SHE (excl. OCI & undated subordinated debt): 49.4 - Debt gearing: 22.3% - Underlying ROE: 16.0%

[c. 61; p. 22]

Shareholders' equity

in Euro billion	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

(1) 1. Shareholders' equity Group share.

Higher organic cash remittance and robust cash position at Holding

Net Cash Remittance

[c. 62; p. 23]

Net Cash Remittance

[Chart/image description:] Bar chart: Net Cash Remittance, FY24 vs FY25, in Euro billion. - FY24: 7.7 total (consisting of 7.1 base and 0.6 "Proceeds related to in-force treaties²") - FY25: 7.5 - Remittance ratio¹: FY24: 82%, FY25: 82%

[c. 63; p. 23]

Net Cash Remittance

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
FY25 Cash position	5.6

(1) 1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.

(2) 2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.

Solvency II at 224%

[c. 64; p. 24]

Solvency II ratio

Solvency II ratio at 224%

[c. 65; p. 24]

Solvency II at 224%

[Chart/image description:] Bar chart: Eligible Own Funds (EOF) and Solvency Capital Requirement (SCR) for FY24 and FY25, in Euro billion. EOF FY24: 55.9 EOF FY25: 56.4 SCR FY24: 25.9 SCR FY25: 25.2 Drivers of EOF change from FY24 to FY25: +0.2 (Regulatory & model changes), +8.8 (Normalized capital generation), -0.4 (Operating variance), -2.1 (Economic variance & FX), -6.0 (Dividend & annual share buyback), -0.1 (Management actions, debt & other) Drivers of SCR change from FY24 to FY25: 0.0 (Regulatory & model changes), +0.6 (Normalized capital generation), 0.0 (Operating variance), -1.2 (Economic variance & FX), 0.0 (Dividend & annual share buyback), -0.2 (Management actions, debt & other) Annotation: Foreseeable dividends: €4.8bn. Provision for annual share buyback for 2026: €1.25bn.

[c. 66; p. 24]

Solvency II ratio

Solvency II ratio was 216% in FY24 and 224% in FY25.
Drivers of Solvency II ratio change from FY24 to FY25:
- Regulatory & model changes: +0pt
- Normalized capital generation: +28pts
- Operating variance: -1pt
- Economic variance & FX: +4pts
- Dividend & annual share buyback: -24pts
- Management actions, debt & other: +2pts

[c. 67; p. 24]

Solvency II at 224%

[Chart/image description:]

1. 1. 1. Key sensitivities

Bar chart: Key sensitivities to Solvency II ratio as of December 31, 2025. Base ratio: 224% Interest rate +50bps: +2 pts Interest rate -50bps: -1 pt Corporate spreads +50bps: -1 pt Euro Sovereign spreads +50bps¹: -7 pts Credit migration²: -4 pts Listed Equity (excl. PE & Infra) +25%: -1 pt Listed Equity (excl. PE & Infra) -25%: +2 pts PE & Infra +25%: +14 pts PE & Infra -25%: -19 pts Inflation swap curve +50bps: -5 pts

[c. 68; p. 24]

Solvency II at 224%

(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).

(2) Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).

Solvency II – impact of the end of grandfathering period and Solvency II revision

[c. 69; p. 25]

Solvency II ratio impact of end of grandfathering period and Solvency II revision

Ratio as of 31/12/2025	224%
Impact of the end of grandfathering period on January 1, 2026	-10pts to 215%	▶ Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
Impact of Solvency II revision to come into effect in 1Q27	+17pts¹	▶ No change expected in organic capital generation ▶ Additional capital flexibility

(1) 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.

Thomas Buberl, Group CEO Conclusion

Conclusion

[c. 70; p. 26]

CEO statement

Thomas Buberl is the Group CEO.

Conclusion

[c. 71; p. 27]

Business performance and outlook

Achieved record results at the top end of the target range while enhancing reserve prudence.
All businesses are in excellent shape, delivering strong growth and profitability.
The diversified franchise is well-positioned to capture future growth opportunities.
Laying foundations for the next plan and confident in delivering sustainable earnings growth.

February 26, 2026 Q&A Full Year 2025 Earnings

Q&A Full Year 2025 Earnings

AXA Investor Relations – Keep in touch

[c. 72; p. 29]

AXA Investor Relations – Keep in touch

[Chart/image description:] Icon of a person/headset representing investor relations management.

[c. 73; p. 29]

AXA Investor Relations – Keep in touch

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

[c. 74; p. 29]

Investor Relations Contact

Investor Relations contact number: +33 1 40 75 48 42
Investor Relations email: investor.relations@axa.com

[c. 75; p. 29]

AXA Investor Relations – Keep in touch

[Chart/image description:] Share/follow icon.

[c. 76; p. 29]

AXA Investor Relations – Keep in touch

[Chart/image description:] YouTube icon.

[c. 77; p. 29]

Investor relations contact

For investor relations inquiries, contact f.

[c. 78; p. 29]

AXA Investor Relations – Keep in touch

[Chart/image description:] Facebook icon.

[c. 79; p. 29]

AXA Investor Relations – Keep in touch

[Chart/image description:] Instagram icon.

[c. 80; p. 29]

AXA Investor Relations – Keep in touch

[Chart/image description:] Twitter/X icon.

[c. 81; p. 29]

investor relations contact

For investor relations inquiries, contact the AXA Investor Relations team.
Contact details: `axa.investor.relations@axa.com`.
Contact details: `+33 1 40 75 46 85`.

[c. 82; p. 29]

AXA Investor Relations – Keep in touch

[Chart/image description:] LinkedIn icon.

[c. 83; p. 29]

AXA Investor Relations – Keep in touch

[Chart/image description:] Sustainability/leaf icon.

[c. 84; p. 29]

Investor relations contact

For investor relations, contact O.

[c. 85; p. 29]

AXA Investor Relations – Keep in touch

[Chart/image description:] Additional social/web icon.

[c. 86; p. 29]

AXA Investor Relations – Keep in touch

[Chart/image description:] AXA logo.

Appendices

[c. 87; p. 31]

Additional P&C disclosures

1.	Debt and Invested Assets	p.31
2.	Additional P&C disclosures	p.36
3.	Additional IFRS17 disclosures	p.41
4.	Sustainability	p.44

Gross financial debt and maturity breakdown as of December 31st, 2025

[c. 88; p. 32]

Gross financial debt and maturity breakdown as of December 31st, 2025

[Chart/image description:] Stacked bar chart: Gross financial debt^1,2, FY24 vs FY25 vs Jan 1st 2026 (End of the grandfathering period). Legend: Tier 1, Tier 2, Senior debt. - FY24: Total 19.2 (Debt gearing: 20.6%) - Tier 1: 4.8 - Tier 2: 10.8 - Senior debt: 3.5 - FY25: Total 20.3 (Debt gearing: 22.3%) - Tier 1: 4.6 - Tier 2: 12.2 - Senior debt: 3.5 - Jan 1st 2026 (End of the grandfathering period): Total 20.3 - Tier 1: 3.2 - Tier 2: 11.3 - Senior debt: 5.8 (with callout: "o/w €0.4bn redeemed in Jan 2026")

[c. 89; p. 32]

Gross financial debt and maturity breakdown as of December 31st, 2025

[Chart/image description:] Two stacked bar charts showing maturity breakdowns. Legend: Tier 1, Tier 2, Senior debt.

[c. 90; p. 32]

Contractual maturity breakdown

Contractual maturity breakdown:
- 2028: Senior debt: 0.5
- 2030: Tier 2: 0.7; Senior debt: 0.9
- 2031-2039: Tier 2: 1.5
- ≥2040: Tier 2: 10.8; Senior debt: 0.5
- Undated: Tier 1: 4.6; Tier 2: 0.7
- o/w Grandfathered debt:
  - Tier 1: Undated: 1.4
  - Tier 2: 2030: 0.7; ≥2040: 0.2

[c. 91; p. 32]

Economic maturity breakdown

Economic maturity breakdown:
- 2026: Tier 1: 0.1
- 2027: Tier 2: 2.4
- 2028: Tier 1: 0.1; Senior debt: 0.5
- 2029: Tier 2: 2.0
- 2030: Tier 2: 0.7; Senior debt: 0.9
- 2031-2039: Tier 1: 0.4; Tier 2: 6.4; Senior debt: 1.5
- ≥2040: Senior debt: 0.5
- Undated: Tier 1: 4.0; Tier 2: 0.7
- o/w Grandfathered debt:
  - Tier 1: 2026: 0.1; 2028: 0.1; 2031-2039: 0.4; Undated: 0.8
  - Tier 2: 2030: 0.7; 2031-2039: 0.2

[c. 92; p. 32]

Gross financial debt and maturity breakdown as of December 31st, 2025

(1) Nominal debt.

(2) In January 2026, AXA has called (i) the remaining T2 GF €139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.

(3) Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.

General Account Invested Assets

[c. 93; p. 33]

General Account Invested Assets

[Chart/image description:] Donut chart: FY25 Total General Account invested assets, Duration gap at -0.4 year. Total value in center: Euro 450 billion Segments (with legend): - Fixed income - Real estate - Infrastructure equity - Listed equities - Private equity and hedge funds - Cash - Policy loans

[c. 94; 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 ¹	56	13%
Real estate	41	9%
Infrastructure equity	10	2%
Listed equities ²	10	2%
Private equity and hedge funds ³	23	5%
Cash	19	4%
Policy loans	2	0%
Total Insurance Invested Assets ⁴	450	100%

(1) 1. Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).

(2) 2. Includes hedges. Listed equities excluding hedges at Euro 14 billion.

(3) 3. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).

(4) 4. Please refer to the financial supplement for more details.

Structured and Private Credit assets

[c. 95; p. 34]

Structured and Private Credit assets

Invested assets (100%) In Euro billion	FY25	% of total G/A¹ 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

(1) G/A: General Account

Investment portfolio – Fixed Income reinvestment

FY25 Fixed Income Reinvestment

[c. 96; p. 35]

FY25 Fixed Income Reinvestment

[Chart/image description:] Donut chart: FY25 Fixed Income Reinvestment, total Euro 57 billion. - Government bonds & related: 32% (Average rating: AA) - Investment grade credit: 40% (Average rating: A) - ABS/CLO/IG fund financing: 21% - Below investment grade credit: 7%

FY25 Fixed Income Reinvestment Yield

[c. 97; p. 35]

FY25 Fixed Income Reinvestment Yield

[Chart/image description:] Bar chart: FY25 Fixed Income Reinvestment Yield. - Public fixed income¹: 3.5% - Private & Structured fixed income²: 4.7% - Total fixed income: 3.9%

▶ Euro 57 billion fixed income invested at 3.9%

[c. 98; p. 35]

Fixed income portfolio

Average duration of 9 years
Includes EUR 19.7bn of Private & Structured Credit invested at 4.7%
- This includes CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY
Gradual shift from alternative total return assets to Private & Structured credit

[c. 99; p. 35]

▶ Euro 57 billion fixed income invested at 3.9%

(1) Government and Corporate bonds and related.

(2) Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).

[c. 100; p. 36]

Debt and invested assets

1.	Debt and Invested Assets	p.31
2.	Additional P&C disclosures	p.36
3.	Additional IFRS17 disclosures	p.41
4.	Sustainability	p.44

AXA XL Insurance – Large Commercial & Specialty business

Well diversified across lines of business and geographies

[c. 101; p. 37]

Well diversified across lines of business and geographies

[Chart/image description:] Two donut charts showing FY25 GWP composition.

[c. 102; p. 37]

FY25 GWP by line of business

FY25 GWP by line of business totaled USD 19bn:
- Casualty: 35%
- Property: 29%
- Specialty: 19%
- Professional lines: 17%

[c. 103; p. 37]

FY25 GWP by geography

FY25 GWP by geography totaled USD 19bn:
- Americas: 46%
- Europe & APAC: 35%
- UK & Lloyds: 19%

Leading market positions across lines

Top 3 globally

[c. 104; p. 37]

P&C Commercial Lines

Multinational Programs are a key offering.
Marine is a key offering.
Fine Art & Specie is a key offering.

Managing the cycle to deliver consistent profitability

[c. 105; p. 37]

Profitability ex-price growth

Profitability Ex-price growth (%)

[c. 106; p. 37]

Managing the cycle to deliver consistent profitability

[Chart/image description:] Bubble/scatter chart: lines of business plotted by Ex-price growth (%) on x-axis and Profitability on y-axis. - Property: high profitability, moderate-to-high ex-price growth - Specialty: mid profitability, mid ex-price growth - Casualty: mid profitability, higher ex-price growth - Professional lines: lower profitability, lower ex-price growth Bubble sizes vary; exact axis values not printed. @@ORIG_0@@

P&C – Focus on Reserves

Claims reserves ratio

[c. 107; p. 38]

Net undiscounted claims reserves ratio

The claims reserves ratio is calculated as Net undiscounted claims reserves divided by Net earned premiums.

[c. 108; p. 38]

Claims reserves ratio

[Chart/image description:] Bar chart: Claims reserves ratio, FY18 to FY25. IFRS4: FY18: 179% FY19: 185% FY20: 193% FY21: 188% FY22: 189% IFRS17: FY22: 198% FY23: 195% FY24: 180% FY25: 175%

Technical reserves ratio

[c. 109; p. 38]

Net undiscounted technical reserves ratio

Net undiscounted technical reserves are measured as a ratio to Net earned premiums.

[c. 110; p. 38]

Technical reserves ratio

[Chart/image description:] Bar chart: Technical reserves ratio, FY18 to FY25. IFRS4: FY18: 213% FY19: 227% FY20: 233% FY21: 226% FY22: 227% IFRS17: FY22: 234% FY23: 232% FY24: 216% FY25: 210% @@ORIG_0@@

P&C – 2026 Simplified Group Nat Cat Reinsurance Program

[c. 111; p. 39]

Currency notation

All figures are in Euro.

[c. 112; p. 39]

P&C – 2026 Simplified Group Nat Cat Reinsurance Program

[Chart/image description:] Bar chart: 2026 Simplified Group Nat Cat Reinsurance Program — Capacity and Retention by peril, Insurance segment (occurrence protection) and Reinsurance segment (illustrative), in Euro.

[c. 113; p. 39]

2026 Simplified Group Nat Cat Reinsurance Program

Insurance segment (occurrence protection):
- EU Windstorm: Capacity EUR 4.0bn; Retention EUR 600m
- Europe Flood: Capacity EUR 2.1bn; Retention EUR 450m
- Europe Earthquake: Capacity EUR 2.1bn; Retention EUR 400m
- NA Hurricane: Capacity EUR 1.2bn; Retention EUR 600m
- NA Earthquake: Capacity EUR 1.2bn; Retention EUR 600m
- Per other perils: Retention EUR 400m
Reinsurance segment (illustrative): includes Alternative Capital & Cat Bonds
The program includes a EUR 1.0bn component.

[c. 114; p. 39]

Retention levels

Retention levels are stable in 2026, consistent with 2025.

[c. 115; p. 39]

P&C – 2026 Simplified Group Nat Cat Reinsurance Program

(1) Excludes local reinsurance covers;

(2) Varying retention between MX and NA (400m MX, 600m NA);

(3) Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.

P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026

[c. 116; p. 40]

P&C Nat Cat cost deviation

All figures are in EUR billion, net of reinsurance.

Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax

[c. 117; p. 40]

Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax

[Chart/image description:] Bar chart: Group underlying earnings deviation to average Nat Cat charges in 2026. The chart shows a distribution of outcomes from negative to positive deviation. - More severe years (Negative deviation in ca. 40% of cases): - 1/20y (95th): €-1.2bn - 1/10y (90th): €-0.8bn - 1/5y (80th): €-0.4bn - Median (50th): €+0.1bn - Less severe years (Positive deviation in ca. 60% of cases): - 1/5y (20th): €+0.5bn - 1/10y (10th): €+0.7bn - 1/20y (5th): €+0.8bn

Average Expected Nat Cat charges net of reinsurance, pre-tax

[c. 118; p. 40]

Average Expected Nat Cat charges net of reinsurance, pre-tax

[Chart/image description:] Bar chart: Average Expected Nat Cat charges, 2025 vs 2026, in Euro billion. - 2025: 2.6 - 2026: 2.7 - Estimated impact on GEP: - 2025: ca. 4.5% - 2026: ca. 4.5%

[c. 119; p. 40]

Average Expected Nat Cat charges net of reinsurance, pre-tax

(1) 1. Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. 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).

[c. 120; p. 41]

Additional P&C disclosures

1.	Debt and Invested Assets	p.31
2.	Additional P&C disclosures	p.36
3.	Additional IFRS17 disclosures	p.41
4.	Sustainability	p.44

P&C – Margin Analysis

[c. 121; p. 42]

P&C – Margin Analysis

[Chart/image description:] Bar chart: Technical Result and Financial Result for P&C, FY25, in Euro million (pre-tax). The chart shows a flow from Technical Result components (Current Accident Year Undiscounted Technical Margin, Current Accident Year Discounting, Prior Years' Reserve Development) to Financial Result components (Investment Income, Insurance Finance Expenses), culminating in Underlying Earnings before tax and Underlying Earnings.

[c. 122; p. 42]

Technical Result

Current Accident Year Undiscounted Technical Margin: EUR 2,778m (+EUR 707m)
Gross Earned Premiums: EUR 57,656m (+6%)
Current Accident Year Undiscounted Combined Ratio: 95.2% (-1.0pt)
- of which Nat Cats: 3.4% (-0.4pt)
Current Accident Year Discounting: EUR 2,009m (+EUR 115m)
Discounting Ratio (in Combined Ratio points): -3.5% (+0.0pt)
Current Accident Year Net Claims reserves: EUR 19.0bn
Duration: 4.0 years
Current Accident Year Discount rate: 2.8%
Prior Years' Reserve Development (PYD): EUR 622m (-EUR 341m)
PYD ratio: -1.1% (+0.7pt)

[c. 123; p. 42]

Financial Result and Underlying Earnings

Investment Income: EUR 3,988m (+EUR 435m)
FY25 Average Assets: EUR 115bn
Asset book yield: 3.5%
FY25 Reinvestment yield: 4.3%
Insurance Finance Expenses: EUR -1,358m (-EUR 235m)
FY24 Reserves at locked-in rate: EUR 71bn
Liability book yield: 1.9%
Underlying Earnings before tax: EUR 8,040m (+EUR 681m)
Tax: EUR -2,060m (-EUR 169m)
Affiliates, Minority interests & Other: EUR -108m (-EUR 10m)
Underlying Earnings: EUR 5,872m (+EUR 501m)
Growth vs. FY24 (at constant FX): +9%

[c. 124; p. 42]

Discount Rate Sensitivity

FY25 sensitivity to Current Accident Year discount rate changes:
- +25bps: +EUR 0.2bn
- -25bps: -EUR 0.2bn
2026e Insurance Finance Expenses (pre-tax): ~ EUR -1.4bn
Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount:
- +25bps: ~ EUR -50m
- -25bps: ~ EUR +50m

[c. 125; p. 42]

P&C – Margin Analysis

(1) Reinvestment yield on fixed income assets.

(2) 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.

L&H – Margin Analysis

[c. 126; p. 43]

Scope impact

Includes scope impact.

Technical Result

[c. 127; p. 43]

Pre-tax figures

All figures are in EUR million, pre-tax.

[c. 128; p. 43]

Technical Result

	FY25	Change
Short-term Technical Margin	479	+60
Gross Earned Premiums	17,416	+10%
All Year Combined Ratio	97.2%	-0.1pts
Long-term Technical Margin	2,804	+156
CSM release	2,954	+215
Technical experience	-150	-58

Financial Result

[c. 129; p. 43]

Pre-tax results

All figures are in EUR million, pre-tax.

[c. 130; p. 43]

Investment income & insurance finance expenses

	FY25	Change
Investment Income (non-VFA only)	2,484	-1
FY25 Average Assets	€98bn
Asset book yield	2.5%
FY25 Reinvestment yield¹	3.8%
Insurance Finance Expenses (non-VFA only)	-1,538	-9
FY24 Reserves at locked-in rate	€62bn
Liability book yield	2.5%

[c. 131; p. 43]

Financial Result

[Chart/image description:] Flow diagram showing the summation of margins to Underlying Earnings: - Short-term Technical Margin (479) [Incl. recapture of Laya] - Plus (+) Long-term Technical Margin (2,804) - Plus (+) Investment Income (non-VFA only) (2,484) - Plus (+) Insurance Finance Expenses (non-VFA only) (-1,538) - Equals (=) Underlying Earnings before tax (4,229)

[c. 132; p. 43]

Financial Result

	FY25	Change
Underlying Earnings before tax	4,229	+205
Tax	-800	65
Affiliates, Minority interests & Other	72	-51
Underlying Earnings	3,501	+219
Growth vs. FY24 (at constant FX)		+7%

[c. 133; p. 43]

FY25 CSM by sensitivities

Baseline	33.3
Interest rates +50bps	-0.8
Interest rates -50bps	0.6
Sovereign spreads +50bps	-1.9
Sovereign spreads -50bps	1.9
Corporate spread +50bps	-0.8
Corporate spread -50bps	0.7
Equities +25%	1.8
Equities -25%	-2.2

(1) 1. Reinvestment yield on fixed income assets.

[c. 134; p. 44]

Financial results

The financial results are presented on a reported basis.

[c. 135; p. 44]

Debt and Invested Assets

1.	Debt and Invested Assets	p.31
2.	Additional P&C disclosures	p.36
3.	Additional IFRS17 disclosures	p.41
4.	Sustainability	p.44

Expanding AXA's role in society: AXA for Progress Index

[c. 136; p. 45]

Climate transition financing & community resilience financing by Target

Target	2025 Result
€5bn² in climate transition financing per year	€6.4bn
>€500m² in community resilience financing per year	€1.4bn

[c. 137; p. 45]

Target by 2025 result

Target	2025 Result
€6bn³ in P&C GWP to support transition underwriting (cumulative 2024-2026)	€4.6bn
>20,000⁴ climate adaptation solutions & services (cumulative 2024-2026) Target revised in 2025	19,698 Cumulative 2024-2025
>20m⁵(footnote: Low-income to mass market segments in emerging markets and modest income segments in mature markets.) inclusive insurance customers by 2026	20.6m

[c. 138; p. 45]

Target by 2025 Result

Target	2025 Result
>80,000⁶(footnote: Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.) AXA Group employees trained on climate adaptation by 2026	46,420
Contribute to Net-Zero -50%⁷(footnote: Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.) by 2030 in absolute carbon emissions and offset of residual emissions⁸(footnote: 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).)	-64% Reduction against 2019
50% Percentage of AXA Group employees engaged in volunteering activities by 2026	56%

(1) 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.

(2) Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.

(3) Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.

(4) Scope: 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 adaption 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.

(5) Low-income to mass market segments in emerging markets and modest income segments in mature markets.

(6) Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.

(7) Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.

(8) 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).

Sustainability Performance & Ratings

S&P Global

[c. 139; p. 46]

S&P Global ESG ratings

Dow Jones Best-in-Class Europe & World indices percentile: 97
Score: AAA
ESG Risk Rating: 17.0 (Low risk)
FTSE4Good Index Series score: 4.3/5

QCDP

[c. 140; p. 46]

QCDP score

2025 QCDP score: B

[c. 141; p. 46]

QCDP

(th 1) 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). Results as of February 6th, 2026.

Scope

[c. 142; p. 47]

Scope definitions by geography and business

France: includes insurance activities, banking activities, and holding.
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).
AXAXL: includes insurance and reinsurance activities and holding.
Asia, Africa & EME-LATAM:
- Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings are fully consolidated.
- Asia: 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) are consolidated under the equity method and contribute to NBV, PVEP, underlying earnings, and net income.
- Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) are fully consolidated.
- EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
- EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
- Other: AXA Mediterranean Holdings.
Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings.
AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously Architas), and Capza which are fully consolidated.
AXA Investment Managers (until July 1, 2025): Asian joint ventures are consolidated under the equity method.

[c. 143; p. 47]

Accounting standards

All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023.
Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.

Glossary

[c. 144; p. 48]

Glossary of terms

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%.
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.
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.
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.
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.
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).
- Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities).
New Business Value (NBV): the value of newly issued contracts during the current year.
- It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests.
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.
New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP.
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.
- Operating variance is net of reinsurance.
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.
- PVEP is discounted at the reference interest rate and PVEP is Group share.
Technical experience: consists of 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.
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.