| id | "snjra2xp9r-c1" |
|---|
| chunk | 1 |
|---|
| pages | |
|---|
| heading | "Forward-looking statements and non-GAAP measures" |
|---|
| tags | |
|---|
| links | | "Underlying earnings per share" |
| "Year 2026" |
| "Underlying earnings" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Underlying earnings" |
| "Underlying earnings per share" |
| "Year 2026" |
|
|---|
| content | "* Certain statements in the document are 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", or conditional verbs such as "would" and "could".
* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (UEPS) growth for [[Definition:Year 2026|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 can cause actual results to differ materially.
* Each forward-looking statement is valid only at the date of the 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 a description of important factors, risks, and uncertainties affecting AXA's business and/or results of operations.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* The presentation refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management to analyze operating trends, financial performance, and financial position.
* These non-GAAP measures may not be comparable to similarly labeled measures used by other companies and should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS.
* "[[Definition:Underlying earnings|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 (and/or their calculation methodology) 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 in AXA's 2025 Activity Report.
* AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026.
* The consolidated financial statements are subject to completion of an audit procedure by AXA's statutory auditors.
=== Table of contents ===" |
|---|
|
| id | "snjra2xp9r-c2" |
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| chunk | 2 |
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| pages | |
|---|
| heading | "FY25 presentation structure and presenters" |
|---|
| tags | |
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| links | |
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| data_items | |
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| effective_tags | |
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| content | "* The [[Definition:Full year 2025|FY25]] Highlights are on page 04 and presented by Thomas Buberl, Group CEO.
* The FY25 Business Performance is on page 09 and presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* The FY25 Financial Performance is on page 13 and presented by Alban de Mailly Nesle, Group CFO.
== FY25 Highlights ==" |
|---|
|
| id | "snjra2xp9r-c3" |
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| chunk | 3 |
|---|
| pages | |
|---|
| heading | "Group CEO statement" |
|---|
| tags | |
|---|
| links | |
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| data_items | |
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| effective_tags | |
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| content | "* Thomas Buberl is the Group CEO.
=== Full Year 2025 – Excellent performance ===" |
|---|
|
| id | "snjra2xp9r-c4" |
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| chunk | 4 |
|---|
| pages | |
|---|
| heading | "Key financial performance indicators" |
|---|
| tags | |
|---|
| links | | "Full year 2024" |
| "Underlying earnings per share" |
| "Full year 2025" |
| "Share buyback" |
| "Target range" |
| "Year 2026" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Capital management" |
| "Full year 2024" |
| "Full year 2025" |
| "Share buyback" |
| "Target range" |
| "Underlying earnings per share" |
| "Year 2026" |
|
|---|
| content | "* Revenues: +6% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings per share|Underlying EPS]]: +8% vs. FY24
* ROE: 16% in [[Definition:Full year 2025|FY25]]
* Solvency II ratio: 224% in FY25
* DPS growth: +8%
* Annual [[Definition:Share buyback|share buyback]]: EUR 1.25bn
* Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]" |
|---|
|
| id | "snjra2xp9r-c5" |
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| chunk | 5 |
|---|
| pages | |
|---|
| heading | "Full Year 2025 – Excellent performance" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=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.}}
{{fn note|1=2|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 ===" |
|---|
|
| id | "snjra2xp9r-c6" |
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| chunk | 6 |
|---|
| pages | |
|---|
| heading | "Executing the plan on growth, margin and efficiency" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Underlying earnings
| style="text-align:right" | 8.1
| style="text-align:right" | 8.4
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c7" |
|---|
| chunk | 7 |
|---|
| pages | |
|---|
| heading | "Group performance overview" |
|---|
| tags | |
|---|
| links | | "AXA Investment Managers" |
|
|---|
| data_items | |
|---|
| effective_tags | | "AXA Investment Managers" |
|
|---|
| content | "* Group revenue +6% (+9% excluding [[Definition:AXA Investment Managers|AXA IM]])
* High organic growth: +6% top line growth, 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
* Scaling the business through continued investments in growth and technology
* Consistent earnings growth while enhancing reserve prudence" |
|---|
|
| id | "snjra2xp9r-c8" |
|---|
| chunk | 8 |
|---|
| pages | |
|---|
| heading | "Executing the plan on growth, margin and efficiency" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.}}
=== Diversified franchise, well positioned in an attractive industry ===
==== Secular trends fueling demand across businesses ====" |
|---|
|
| id | "snjra2xp9r-c9" |
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| chunk | 9 |
|---|
| pages | |
|---|
| heading | "Demand drivers" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Protection gaps and emerging corporate risks drive demand.
* Demographics drive demand for private retirement and healthcare." |
|---|
|
| id | "snjra2xp9r-c10" |
|---|
| chunk | 10 |
|---|
| pages | |
|---|
| heading | "Gross written premium by segment" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | Share
|-
| style="text-align:left" | Life
| style="text-align:right" | 33%
|-
| style="text-align:left" | Health
| style="text-align:right" | 17%
|-
| style="text-align:left" | Large & Specialty
| style="text-align:right" | 17%
|-
| style="text-align:left" | SME & Mid-market
| style="text-align:right" | 16%
|-
| style="text-align:left" | Retail
| style="text-align:right" | 17%
|}
</div>
==== Our right to win ====" |
|---|
|
| id | "snjra2xp9r-c11" |
|---|
| chunk | 11 |
|---|
| pages | |
|---|
| heading | "Competitive advantages" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* 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 ===" |
|---|
|
| id | "snjra2xp9r-c12" |
|---|
| chunk | 12 |
|---|
| pages | |
|---|
| heading | "Strategic priorities" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Clear tech and AI roadmap
* Driving efficiency
* Enhancing capital allocation discipline
* Building resilience
* Confidence in sustaining earnings growth
== FY25 Business Performance ==" |
|---|
|
| id | "snjra2xp9r-c13" |
|---|
| chunk | 13 |
|---|
| pages | |
|---|
| heading | "Management roles" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Guillaume Borie is Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
=== Strong delivery across our businesses ===" |
|---|
|
| id | "snjra2xp9r-c14" |
|---|
| chunk | 14 |
|---|
| pages | |
|---|
| heading | "Gross written premiums & underlying earnings by segment" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t3" class="wikitable"
|-
! style="text-align:left" | Segment
! style="text-align:right" | Gross written premiums
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | France<br/>(27% of total GWP{{fn ref|1}})
| style="text-align:right" | +6%<br/>to €31bn
| style="text-align:right" | +7%<br/>to €2.2bn
|-
| style="text-align:left" | Europe<br/>(38% of total GWP{{fn ref|1}})
| style="text-align:right" | +6%<br/>to €43bn
| style="text-align:right" | +9%<br/>to €3.5bn
|-
| style="text-align:left" | AXA XL<br/>(17% of total GWP{{fn ref|1}})
| style="text-align:right" | +4%<br/>to €19bn
| style="text-align:right" | +9%<br/>to €1.9bn
|-
| style="text-align:left" | Asia, Africa & EME-LATAM<br/>(18% of total GWP{{fn ref|1}})
| style="text-align:right" | +13%<br/>to €20bn
| style="text-align:right" | +6%<br/>to €1.5bn
|}
</div>
{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
=== P&C – Strong margins, confidence in sustaining growth ===" |
|---|
|
| id | "snjra2xp9r-c15" |
|---|
| chunk | 15 |
|---|
| pages | |
|---|
| heading | "P&C GWP and strategic focus" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* [[Definition:Gross written premiums|GWP]] EUR 58bn across Retail, SME & Mid-market, and AXA XL (Large & Specialty).
* 2025 / Beyond 2025 strategic focus:
** Retail and SME & Mid-market: Growing volumes while expanding margins (2025); Investing to improve customer retention and expanding distribution footprint (Beyond 2025).
** AXA XL (Large & Specialty): Profitable growth with stable margins (2025); Capitalizing on attractive growth opportunities and continued cycle management (Beyond 2025)." |
|---|
|
| id | "snjra2xp9r-c16" |
|---|
| chunk | 16 |
|---|
| pages | |
|---|
| heading | "P&C underlying earnings and drivers" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* [[Definition:Underlying earnings|Underlying earnings]] +9% to EUR 5.9bn.
* Drivers include continued progress on efficiency, higher investment income, and the use of Data & AI to enhance customer experience and technical excellence." |
|---|
|
| id | "snjra2xp9r-c17" |
|---|
| chunk | 17 |
|---|
| pages | |
|---|
| heading | "P&C – Strong margins, confidence in sustaining growth" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}
=== L&H – Good momentum, well positioned to capture growth opportunities ===" |
|---|
|
| id | "snjra2xp9r-c18" |
|---|
| chunk | 18 |
|---|
| pages | |
|---|
| heading | "GWP and Underlying Earnings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* [[Definition:Gross written premiums|GWP]]: EUR 57bn" |
|---|
|
| id | "snjra2xp9r-c19" |
|---|
| chunk | 19 |
|---|
| pages | |
|---|
| heading | "Strategic Focus Areas" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Strategic focus areas for 2025 and beyond 2025 include:
** Long-term business:
*** Accelerating net flows in Savings with attractive margins
*** Capturing savings & retirement opportunities by sourcing the best asset management products for customers
** Short-term business:
*** Growing technical results while absorbing the Mexico VAT impact
*** Capitalizing on demand for health & protection while further improving margins" |
|---|
|
| id | "snjra2xp9r-c20" |
|---|
| chunk | 20 |
|---|
| pages | |
|---|
| heading | "Underlying Earnings and Cost Reduction" |
|---|
| tags | |
|---|
| links | | "Underlying earnings" |
| "Full year 2025" |
| "Full year 2024" |
| "Foreign exchange" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Foreign exchange" |
| "Full year 2024" |
| "Full year 2025" |
| "Underlying earnings" |
|
|---|
| content | "* [[Definition:Underlying earnings|Underlying earnings]]: +7% to EUR 3.5bn ([[Definition:Full year 2025|FY25]] vs. [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]])
* Focus on cost reduction
* Increasing penetration of Protection riders in Savings offerings
* Leveraging AI to reduce claims leakage and improve customer outcomes in Health
== FY25 Financial Performance ==" |
|---|
|
| id | "snjra2xp9r-c21" |
|---|
| chunk | 21 |
|---|
| pages | |
|---|
| heading | "Group CFO" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Alban de Mailly Nesle is the Group CFO.
=== P&C – Continued disciplined growth ===
==== GWP & Other Revenues ====" |
|---|
|
| id | "snjra2xp9r-c22" |
|---|
| chunk | 22 |
|---|
| pages | |
|---|
| heading | "GWP & other revenues by lines of business" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | o/w pricing{{fn ref|1}}
! class="col-s" style="text-align:right" | o/w volume{{fn ref|2}}
|-
| style="text-align:left" | Commercial lines
| style="text-align:right" |
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
| style="text-align:right" | +2%
| style="text-align:right" | +2%
|-
| style="text-align:left" | AXA XL Reinsurance
| style="text-align:right" |
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
| style="text-align:right" | +0.3%
| style="text-align:right" | +7%
|-
| style="text-align:left" | Retail lines
| style="text-align:right" |
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
| style="text-align:right" | +5%
| style="text-align:right" | +2%
|-
| style="text-align:left" | Total
| style="text-align:right" | 56.5
| style="text-align:right" | 58.0
| style="text-align:right" | +5%
| style="text-align:right" |
| style="text-align:right" |
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c23" |
|---|
| chunk | 23 |
|---|
| pages | |
|---|
| heading | "Commercial Lines Growth Drivers" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* 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 [[Definition:Full year 2025|FY25]])" |
|---|
|
| id | "snjra2xp9r-c24" |
|---|
| chunk | 24 |
|---|
| pages | |
|---|
| heading | "GWP & Other Revenues" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=none|2=Change at constant scope and FX.}}
{{fn note|1=1|2=Price effect.}}
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
=== P&C – Delivering further margin expansion while enhancing reserve prudence ===
==== Combined ratio ====" |
|---|
|
| id | "snjra2xp9r-c25" |
|---|
| chunk | 25 |
|---|
| pages | |
|---|
| heading | "Combined ratio" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.0%
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 25.0%
| style="text-align:right" | 24.8%
|-
| style="text-align:left" | Nat Cat
| style="text-align:right" | 3.8%
| style="text-align:right" | 3.4%
|-
| style="text-align:left" | Prior year reserve development
| style="text-align:right" | -1.6%
| style="text-align:right" | -1.1%
|-
| style="text-align:left" | Discount
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.5%
|-
| style="text-align:left" |
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c26" |
|---|
| chunk | 26 |
|---|
| pages | |
|---|
| heading | "Combined ratio drivers" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Better undiscounted current year loss ratio excluding Nat Cat from:
** Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
** Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
** Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
** Nat Cat charges below normalized load
** Lower reliance on prior year reserve development
** Taking advantage of a good year to enhance reserve prudence
=== P&C – Earnings growth from higher underwriting and financial result ===" |
|---|
|
| id | "snjra2xp9r-c27" |
|---|
| chunk | 27 |
|---|
| pages | |
|---|
| heading | "P&C Earnings Growth" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* P&C earnings growth was driven by higher underwriting and financial results." |
|---|
|
| id | "snjra2xp9r-c28" |
|---|
| chunk | 28 |
|---|
| pages | |
|---|
| heading | "Underlying Earnings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | In Euro million
|-
| style="text-align:left" | FY24
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth
| style="text-align:right" | +292
|-
| style="text-align:left" | Margin improvement
| style="text-align:right" | +189
|-
| style="text-align:left" | Investment income
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses
| style="text-align:right" | -235
|-
| style="text-align:left" | Tax
| style="text-align:right" | -169
|-
| style="text-align:left" | Affiliates, FX & other
| style="text-align:right" | -150
|-
| style="text-align:left" | FY25
| style="text-align:right" | 5,872
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c29" |
|---|
| chunk | 29 |
|---|
| pages | |
|---|
| heading | "P&C earnings growth drivers" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* P&C earnings grew +9% (at constant [[Definition:Foreign exchange|FX]]).
* Growth was driven by a better underwriting result from strong volume growth and an improved all-year combined ratio, while enhancing reserve prudence.
* Increased investment income reflected higher volumes and better reinvestment yields on fixed income assets.
* Higher unwind of discount of claims reserves was in line with guidance.
* Unfavorable forex impact was notably due to USD depreciation vs. EUR.
* Underwriting result includes expenses." |
|---|
|
| id | "snjra2xp9r-c30" |
|---|
| chunk | 30 |
|---|
| pages | |
|---|
| heading | "Full Year 2025 Earnings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* [[Definition:Full year 2025|Full Year 2025]] Earnings.
=== Life & Health – Strong growth in premiums, positive net flows ===" |
|---|
|
| id | "snjra2xp9r-c31" |
|---|
| chunk | 31 |
|---|
| pages | |
|---|
| heading | "Life & Health premiums and net flows" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Life & Health premiums: EUR 32.0bn (+7% LFL)
** Individual Protection & Health: EUR 19.0bn (+8% LFL)
** Group Protection & Health: EUR 6.0bn (+6% LFL)
** Savings: EUR 7.0bn (+6% LFL)
* Life & Health net flows: +EUR 0.2bn
** Individual Protection & Health: +EUR 1.0bn
** Group Protection & Health: +EUR 0.2bn
** Savings: -EUR 1.0bn
==== Life GWP & Other Revenues ====" |
|---|
|
| id | "snjra2xp9r-c32" |
|---|
| chunk | 32 |
|---|
| pages | |
|---|
| heading | "Life GWP & Other Revenues" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Total
| style="text-align:right" | 34.5
| style="text-align:right" | 37.5
| style="text-align:right" | +9%
|-
| style="text-align:left" | Protection
| style="text-align:right" |
| style="text-align:right" | 17.3
| style="text-align:right" | +11%
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" |
| style="text-align:right" | 9.3
| style="text-align:right" | +13%
|-
| style="text-align:left" | Capital light G/A
| style="text-align:right" |
| style="text-align:right" | 9.0
| style="text-align:right" | +7%
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" |
| style="text-align:right" | 1.9
| style="text-align:right" | -7%
|}
</div>
==== Health GWP & Other Revenues ====" |
|---|
|
| id | "snjra2xp9r-c33" |
|---|
| chunk | 33 |
|---|
| pages | |
|---|
| heading | "Health GWP & other revenues by segment" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Total
| style="text-align:right" | 17.5
| style="text-align:right" | 19.0
| style="text-align:right" | +5%
|-
| style="text-align:left" | Individual
| style="text-align:right" |
| style="text-align:right" | 10.5
| style="text-align:right" | +6%
|-
| style="text-align:left" | Group
| style="text-align:right" |
| style="text-align:right" | 8.5
| style="text-align:right" | +4%
|}
</div>
==== Net flows: €+5.4bn ====" |
|---|
|
| id | "snjra2xp9r-c34" |
|---|
| chunk | 34 |
|---|
| pages | |
|---|
| heading | "Net flows" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Net flows were EUR +1.5bn in [[Definition:Full year 2024|FY24]]." |
|---|
|
| id | "snjra2xp9r-c35" |
|---|
| chunk | 35 |
|---|
| pages | |
|---|
| heading | "Net flows by business line" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | €bn
|-
| style="text-align:left" | Protection
| style="text-align:right" | +4.9
|-
| style="text-align:left" | Health
| style="text-align:right" | +2.7
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" | +1.5
|-
| style="text-align:left" | Capital light G/A
| style="text-align:right" | +1.2
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | -5.0
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c36" |
|---|
| chunk | 36 |
|---|
| pages | |
|---|
| heading | "Employee Benefits net flows" |
|---|
| tags | |
|---|
| links | | "Full year 2025" |
| "Full year 2024" |
| "Foreign exchange" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Foreign exchange" |
| "Full year 2024" |
| "Full year 2025" |
|
|---|
| content | "* Employee Benefits net flows were EUR 12.9bn in [[Definition:Full year 2025|FY25]] (+4% vs. [[Definition:Full year 2024|FY24]]).
* The change is at constant scope and [[Definition:Foreign exchange|FX]]." |
|---|
|
| id | "snjra2xp9r-c37" |
|---|
| chunk | 37 |
|---|
| pages | |
|---|
| heading | "Net flows: €+5.4bn" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=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 ===" |
|---|
|
| id | "snjra2xp9r-c38" |
|---|
| chunk | 38 |
|---|
| pages | |
|---|
| heading | "PVEP, NB CSM, and NBV performance" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* 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." |
|---|
|
| id | "snjra2xp9r-c39" |
|---|
| chunk | 39 |
|---|
| pages | |
|---|
| heading | "Reporting basis" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* All changes are at constant scope and [[Definition:Foreign exchange|FX]].
=== Life & Health – Growth in new business driving Normalized CSM growth ===" |
|---|
|
| id | "snjra2xp9r-c40" |
|---|
| chunk | 40 |
|---|
| pages | |
|---|
| heading | "Contractual Service Margin rollforward by Life and Health" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Value
! class="col-s" style="text-align:right" | o/w Life
! class="col-s" style="text-align:right" | o/w Health
|-
| style="text-align:left" | FY24
| style="text-align:right" | 33.6
| style="text-align:right" | 25.8
| style="text-align:right" | 7.7
|-
| style="text-align:left" | New business CSM
| style="text-align:right" | +2.2
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Underlying return on in-force
| style="text-align:right" | +1.3
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | CSM release
| style="text-align:right" | -3.0
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Economic variance
| style="text-align:right" | +0.6
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Operating variance
| style="text-align:right" | -0.3
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Affiliates, FX & other
| style="text-align:right" | -1.4
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | FY25
| style="text-align:right" | 33.0
| style="text-align:right" | 25.4
| style="text-align:right" | 7.6
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c41" |
|---|
| chunk | 41 |
|---|
| pages | |
|---|
| heading | "Normalized CSM growth and variances" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Normalized CSM increased by +2%.
* CSM release growth reflected better margins and new business CSM growth, impacted by higher rates.
* Economic variance reflected government spreads tightening and positive equity market returns.
* Operating variance was driven by better margins and net flows, which were more than offset by a reduction in the duration of Group Life business in Switzerland.
* [[Definition:Foreign exchange|FX]] impact was mainly from JPY and HKD depreciation.
=== Life & Health – Strong momentum in both short-term and long-term business ===" |
|---|
|
| id | "snjra2xp9r-c42" |
|---|
| chunk | 42 |
|---|
| pages | |
|---|
| heading | "Life & Health gross revenues" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Gross revenues for Life & Health were EUR 78,990m in 2023, an increase of +1% LFL compared to 2022.
* This growth was driven by Health and Protection lines.
* Health gross revenues increased by +7% LFL to EUR 19,000m.
* Protection gross revenues increased by +3% LFL to EUR 20,000m.
* Unit-Linked gross revenues decreased by -4% LFL to EUR 26,000m.
* General Account gross revenues decreased by -2% LFL to EUR 14,000m.
==== Underlying Earnings ====" |
|---|
|
| id | "snjra2xp9r-c43" |
|---|
| chunk | 43 |
|---|
| pages | |
|---|
| heading | "Underlying earnings growth" |
|---|
| tags | |
|---|
| links | | "Underlying earnings per share" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Underlying earnings per share" |
|
|---|
| content | "* [[Definition:Underlying earnings per share|Underlying earnings per share]] increased by +7%." |
|---|
|
| id | "snjra2xp9r-c44" |
|---|
| chunk | 44 |
|---|
| pages | |
|---|
| heading | "Underlying Earnings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Short-term technical margin
| style="text-align:right" | 415
| style="text-align:right" | +60
| style="text-align:right" | 479
|-
| style="text-align:left" | Long-term result incl. CSM release
| style="text-align:right" | 2,680
| style="text-align:right" | +156
| style="text-align:right" | 2,804
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:right" | -11
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax & others
| style="text-align:right" | -748
| style="text-align:right" | -27
| style="text-align:right" | -728
|-
| style="text-align:left" | Underlying Earnings
| style="text-align:right" | 3,323
| style="text-align:right" | +7%
| style="text-align:right" | 3,501
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c45" |
|---|
| chunk | 45 |
|---|
| pages | |
|---|
| heading | "Constant FX change" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Change is measured at constant [[Definition:Foreign exchange|FX]].
==== in billions ====" |
|---|
|
| id | "snjra2xp9r-c46" |
|---|
| chunk | 46 |
|---|
| pages | |
|---|
| heading | "o/w Life & o/w Health by FY24 & FY25" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" |
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
| style="text-align:right" | +4% vs. FY24
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 0.7
| style="text-align:right" | 0.8
| style="text-align:right" | +17% vs. FY24
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c47" |
|---|
| chunk | 47 |
|---|
| pages | |
|---|
| heading | "Technical margin and long-term results" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Short-term technical margin was strong, reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
* Long-term results were higher due to an +8% increase in CSM release, reflecting 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 ===" |
|---|
|
| id | "snjra2xp9r-c48" |
|---|
| chunk | 48 |
|---|
| pages | |
|---|
| heading | "Net income" |
|---|
| tags | |
|---|
| links | | "Underlying earnings per share" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Underlying earnings per share" |
|
|---|
| content | "* Net income: EUR 7.6bn (+7% reported)
* Net income per share: EUR 3.56 (+10% reported)
* [[Definition:Underlying earnings per share|Underlying earnings per share]]: EUR 3.20 (+12% reported)" |
|---|
|
| id | "snjra2xp9r-c49" |
|---|
| chunk | 49 |
|---|
| pages | |
|---|
| heading | "Net income by segment" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Property & Casualty
| style="text-align:right" | 5.5
| style="text-align:right" | 5.9
| style="text-align:right" | +9%
|-
| style="text-align:left" | Life & Health
| style="text-align:right" | 3.3
| style="text-align:right" | 3.5
| style="text-align:right" | +7%
|-
| style="text-align:left" | Asset Management
| style="text-align:right" | 0.4
| style="text-align:right" | 0.2
| style="text-align:right" | -57%
|-
| style="text-align:left" | Holdings & other
| style="text-align:right" | -1.2
| style="text-align:right" | -1.2
| style="text-align:right" | -
|-
| style="text-align:left" | Underlying earnings
| style="text-align:right" | 8.1
| style="text-align:right" | 8.4
| style="text-align:right" | +6%
|-
| style="text-align:left" | Non-financial flows
| style="text-align:right" | -0.5
| style="text-align:right" | +2.1
| style="text-align:right" |
|-
| style="text-align:left" | o/w capital gains from AXA IM disposal
| style="text-align:right" | -
| style="text-align:right" | +2.2
| style="text-align:right" |
|-
| style="text-align:left" | Financial flows (incl. RCG)
| style="text-align:right" | +0.3
| style="text-align:right" | -0.7
| style="text-align:right" |
|-
| style="text-align:left" | Net income
| style="text-align:right" | 7.9
| style="text-align:right" | 9.8
| style="text-align:right" | +26%
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c50" |
|---|
| chunk | 50 |
|---|
| pages | |
|---|
| heading | "Financial performance drivers" |
|---|
| tags | |
|---|
| links | | "Underlying earnings" |
| "Year 2026" |
| "AXA Investment Managers" |
|
|---|
| data_items | |
|---|
| effective_tags | | "AXA Investment Managers" |
| "Underlying earnings" |
| "Year 2026" |
|
|---|
| content | "* [[Definition:Underlying earnings|Underlying earnings]] showed strong performance from insurance businesses.
* Holding cost was stable and is expected to remain at the current level in [[Definition:Year 2026|2026]].
* Net Income was higher, mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
* Financial flows were lower, reflecting an unfavorable forex impact.
==== Underlying earnings per share ====" |
|---|
|
| id | "snjra2xp9r-c51" |
|---|
| chunk | 51 |
|---|
| pages | |
|---|
| heading | "Underlying earnings per share In Euro" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying earnings per share
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
| style="text-align:right" | +8%
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c52" |
|---|
| chunk | 52 |
|---|
| pages | |
|---|
| heading | "Underlying earnings per share growth drivers" |
|---|
| tags | |
|---|
| links | | "Underlying earnings per share" |
| "Capital management" |
| "Earnings dilution" |
| "Share buyback" |
| "AXA Investment Managers" |
|
|---|
| data_items | |
|---|
| effective_tags | | "AXA Investment Managers" |
| "Capital management" |
| "Earnings dilution" |
| "Share buyback" |
| "Underlying earnings per share" |
|
|---|
| content | "* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth drivers: +6% from earnings growth; +3% from [[Definition:Capital management|capital management]]; -2% from forex
* Forex impact included -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the timing of anti-dilutive [[Definition:Share buyback|share buyback]] related to the [[Definition:AXA Investment Managers|AXA IM]] sale" |
|---|
|
| id | "snjra2xp9r-c53" |
|---|
| chunk | 53 |
|---|
| pages | |
|---|
| heading | "Underlying earnings per share" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}
=== Shareholders’ Equity ===" |
|---|
|
| id | "snjra2xp9r-c54" |
|---|
| chunk | 54 |
|---|
| pages | |
|---|
| heading | "Shareholders' Equity" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Shareholders' Equity is presented in EUR billion.
==== Shareholders’ equity ====" |
|---|
|
| id | "snjra2xp9r-c55" |
|---|
| chunk | 55 |
|---|
| pages | |
|---|
| heading | "Shareholders' equity by period" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | HY25
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | SHE (excl. OCI)
| style="text-align:right" | 58.0
| style="text-align:right" | 52.7
| style="text-align:right" | 54.0
|-
| style="text-align:left" | Net OCI
| style="text-align:right" | -8.1
| style="text-align:right" | -7.2
| style="text-align:right" | -6.8
|-
| style="text-align:left" | Total Shareholders' equity
| style="text-align:right" | 49.9
| style="text-align:right" | 45.5
| style="text-align:right" | 47.2
|-
| style="text-align:left" | SHE (excl. OCI & undated subordinated debt)
| style="text-align:right" | 53.2
| style="text-align:right" | 47.0
| style="text-align:right" | 49.4
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 23.4%
| style="text-align:right" | 22.3%
|-
| style="text-align:left" | Underlying ROE
| style="text-align:right" | 15.2%
| style="text-align:right" | 17.5%
| style="text-align:right" | 16.0%
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c56" |
|---|
| chunk | 56 |
|---|
| pages | |
|---|
| heading | "Shareholders’ equity" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24 to FY25
! class="col-s" style="text-align:right" | HY25 to FY25
|-
| style="text-align:left" | Opening Shareholders' equity
| style="text-align:right" | 49.9
| style="text-align:right" | 45.5
|-
| style="text-align:left" | Change in Net OCI
| style="text-align:right" | 1.3
| style="text-align:right" | 0.4
|-
| style="text-align:left" | Net income for the period
| style="text-align:right" | 9.8
| style="text-align:right" | 5.9
|-
| style="text-align:left" | Dividend
| style="text-align:right" | -4.6
| style="text-align:right" | -
|-
| style="text-align:left" | Annual share buyback
| style="text-align:right" | -1.2
| style="text-align:right" | -
|-
| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM
| style="text-align:right" | -3.5
| style="text-align:right" | -3.5
|-
| style="text-align:left" | Undated subordinated debt (including interest charges)
| style="text-align:right" | -0.3
| style="text-align:right" | -1.2
|-
| style="text-align:left" | Forex
| style="text-align:right" | -3.5
| style="text-align:right" | -0.1
|-
| style="text-align:left" | Other
| style="text-align:right" | -0.6
| style="text-align:right" | 0.3
|-
| style="text-align:left" | Closing Shareholders' equity
| style="text-align:right" | 47.2
| style="text-align:right" | 47.2
|}
</div>
{{fn note|1=1|2=Shareholders’ equity Group share. Full Year 2025 Earnings}}
=== Higher organic cash remittance and robust cash position at Holding ===" |
|---|
|
| id | "snjra2xp9r-c57" |
|---|
| chunk | 57 |
|---|
| pages | |
|---|
| heading | "Cash remittance and position" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Cash remittance: EUR 8.4bn
* Cash at Holding: EUR 4.2bn" |
|---|
|
| id | "snjra2xp9r-c58" |
|---|
| chunk | 58 |
|---|
| pages | |
|---|
| heading | "Net Cash Remittance by Proceeds related to in-force treaties" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Remittance
| style="text-align:right" | 7.1
| style="text-align:right" | 7.5
|-
| style="text-align:left" | Proceeds related to in-force treaties{{fn ref|2}}
| style="text-align:right" | 0.6
| style="text-align:right" |
|-
| style="text-align:left" | Total
| style="text-align:right" | 7.7
| style="text-align:right" | 7.5
|-
| style="text-align:left" | Remittance ratio{{fn ref|1}}
| style="text-align:right" | 82%
| style="text-align:right" | 82%
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c59" |
|---|
| chunk | 59 |
|---|
| pages | |
|---|
| heading | "Cash Position Bridge" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t22" class="wikitable fintable"
|-
| style="text-align:left" | FY24 Cash position
| style="text-align:right" | 4.0
|-
| style="text-align:left" | Net cash remittance from subsidiaries
| style="text-align:right" | +7.5
|-
| style="text-align:left" | Dividend
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Annual share buyback
| style="text-align:right" | -1.2
|-
| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM
| style="text-align:right" | -3.5
|-
| style="text-align:left" | Holding costs and interest expenses
| style="text-align:right" | -1.3
|-
| style="text-align:left" | Change in net debt
| style="text-align:right" | +1.6
|-
| style="text-align:left" | M&A and other
| style="text-align:right" | +3.1
|-
! style="text-align:left" | FY25 Cash position
! class="col-s" style="text-align:right" | 5.6
|}
</div>
{{fn note|1=1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
{{fn note|1=2|2=2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
=== Solvency II at 224% ===" |
|---|
|
| id | "snjra2xp9r-c60" |
|---|
| chunk | 60 |
|---|
| pages | |
|---|
| heading | "Foreseeable dividends and share buyback provision" |
|---|
| tags | |
|---|
| links | | "Dividend" |
| "Share buyback" |
| "Year 2026" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Capital management" |
| "Dividend" |
| "Share buyback" |
| "Year 2026" |
|
|---|
| content | "* Foreseeable [[Definition:Dividend|dividends]]: -EUR 4.8bn
* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: -EUR 1.25bn" |
|---|
|
| id | "snjra2xp9r-c61" |
|---|
| chunk | 61 |
|---|
| pages | |
|---|
| heading | "In Euro billion" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t23" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | Regulatory & model changes
! class="col-s" style="text-align:right" | Normalized capital generation
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Economic variance & FX
! class="col-s" style="text-align:right" | Dividend & annual share buyback
! class="col-s" style="text-align:right" | Management actions, debt & other
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Eligible Own Funds (EOF)
| style="text-align:right" | 55.9
| style="text-align:right" | +0.2
| style="text-align:right" | +8.8
| style="text-align:right" | -0.4
| style="text-align:right" | -2.1
| style="text-align:right" | -6.0
| style="text-align:right" | -0.1
| style="text-align:right" | 56.4
|-
| style="text-align:left" | Solvency II ratio
| style="text-align:right" | 216%
| style="text-align:right" | +0pt
| style="text-align:right" | +28pts
| style="text-align:right" | -1pt
| style="text-align:right" | +4pts
| style="text-align:right" | -24pts
| style="text-align:right" | +2pts
| style="text-align:right" | 224%
|-
| style="text-align:left" | Solvency Capital Requirement (SCR)
| style="text-align:right" | 25.9
| style="text-align:right" | 0.0
| style="text-align:right" | +0.6
| style="text-align:right" | 0.0
| style="text-align:right" | -1.2
| style="text-align:right" | 0.0
| style="text-align:right" | -0.2
| style="text-align:right" | 25.2
|}
</div>
==== Key sensitivities ====" |
|---|
|
| id | "snjra2xp9r-c62" |
|---|
| chunk | 62 |
|---|
| pages | |
|---|
| heading | "Ratio as of December 31, 2025" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t24" class="wikitable fintable"
|-
| style="text-align:left" |
| style="text-align:right" | 224%
|-
| style="text-align:left" | Interest rate +50bps
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Interest rate -50bps
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Corporate spreads +50bps
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1}}
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Credit migration{{fn ref|2}}
| style="text-align:right" | -4 pts
|-
| style="text-align:left" | Listed Equity (excl. PE & Infra) +25%
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Listed Equity (excl. PE & Infra) -25%
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | PE & Infra +25%
| style="text-align:right" | +14 pts
|-
| style="text-align:left" | PE & Infra -25%
| style="text-align:right" | -19 pts
|-
| style="text-align:left" | Inflation swap curve +50bps
| style="text-align:right" | -5 pts
|}
</div>
{{fn note|1=1|2=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).}}
{{fn note|1=2|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 ===" |
|---|
|
| id | "snjra2xp9r-c63" |
|---|
| chunk | 63 |
|---|
| pages | |
|---|
| heading | "Solvency II ratio and capital impacts" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Solvency II ratio as of December 31, 2025: 224%
* Impact of the end of the grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts, resulting in a 215% ratio
* EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, 2026
* Impact of Solvency II revision, effective Q1 2027: +17pts
* No change expected in organic capital generation
* Additional capital flexibility" |
|---|
|
| id | "snjra2xp9r-c64" |
|---|
| chunk | 64 |
|---|
| pages | |
|---|
| heading | "Solvency II – impact of the end of grandfathering period and Solvency II revision" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=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.}}
== Conclusion ==" |
|---|
|
| id | "snjra2xp9r-c65" |
|---|
| chunk | 65 |
|---|
| pages | |
|---|
| heading | "Group CEO" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Thomas Buberl is the Group CEO.
=== Conclusion ===" |
|---|
|
| id | "snjra2xp9r-c66" |
|---|
| chunk | 66 |
|---|
| pages | |
|---|
| heading | "Business performance and outlook" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Achieved record results at the top end of the [[Definition:Target range|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.
=== Q&A ===" |
|---|
|
| id | "snjra2xp9r-c67" |
|---|
| chunk | 67 |
|---|
| pages | |
|---|
| heading | "Full Year 2025 Earnings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* [[Definition:Full year 2025|Full Year 2025]] Earnings
=== AXA Investor Relations – Keep in touch ===
==== Meet our management ====" |
|---|
|
| id | "snjra2xp9r-c68" |
|---|
| chunk | 68 |
|---|
| pages | |
|---|
| heading | "upcoming events and contacts" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Upcoming events include: 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 [[Definition:Earnings release|Earnings Release]] Paris; September 21 AXA Investor Day London.
* Investor Relations contact: +33 1 40 75 48 42, investor.relations@axa.com.
* Follow AXA at www.axa.com.
== Appendices ==
=== Contents ===" |
|---|
|
| id | "snjra2xp9r-c69" |
|---|
| chunk | 69 |
|---|
| pages | |
|---|
| heading | "Additional disclosures" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Additional disclosures include: Debt and Invested Assets; Additional P&C disclosures; Additional IFRS17 disclosures.
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
==== Gross financial debt ====" |
|---|
|
| id | "snjra2xp9r-c70" |
|---|
| chunk | 70 |
|---|
| pages | |
|---|
| heading | "Gross financial debt by tier and senior debt" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t25" class="wikitable fintable"
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Jan 1st 2026 <br/> End of the grandfathering period
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 22.3%
| style="text-align:right" | -
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | 4.8
| style="text-align:right" | 4.6
| style="text-align:right" | 3.2
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | 10.8
| style="text-align:right" | 12.2
| style="text-align:right" | 11.3
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | 3.5
| style="text-align:right" | 3.5
| style="text-align:right" | 5.8 {{fn ref|*|2=o/w €0.4bn redeemed in Jan 2026}}
|-
| style="text-align:left" | Total
| style="text-align:right" | 19.2
| style="text-align:right" | 20.3
| style="text-align:right" | 20.3
|}
</div>
{{fn note|1=*|2=o/w €0.4bn redeemed in Jan 2026}}
==== Contractual maturity breakdown ====" |
|---|
|
| id | "snjra2xp9r-c71" |
|---|
| chunk | 71 |
|---|
| pages | |
|---|
| heading | "Contractual maturity breakdown by segment" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t26" class="wikitable fintable"
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
! class="col-s" style="text-align:right" | 2027
! class="col-s" style="text-align:right" | 2028
! class="col-s" style="text-align:right" | 2029
! class="col-s" style="text-align:right" | 2030
! class="col-s" style="text-align:right" | 2031-2039
! class="col-s" style="text-align:right" | ≥2040
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.5
| style="text-align:right" | -
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | -
| style="text-align:right" | -
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.7
| style="text-align:right" | -
| style="text-align:right" | 10.8
| style="text-align:right" | 0.7
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 4.6
|-
| style="text-align:left" | o/w Grandfathered debt
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 1.4
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.7
| style="text-align:right" | -
| style="text-align:right" | 0.2
| style="text-align:right" | -
|}
</div>
==== Economic maturity breakdown ====" |
|---|
|
| id | "snjra2xp9r-c72" |
|---|
| chunk | 72 |
|---|
| pages | |
|---|
| heading | "Economic maturity breakdown (in Euro billion)" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
! class="col-s" style="text-align:right" | 2027
! class="col-s" style="text-align:right" | 2028
! class="col-s" style="text-align:right" | 2029
! class="col-s" style="text-align:right" | 2030
! class="col-s" style="text-align:right" | 2031-2039
! class="col-s" style="text-align:right" | ≥2040
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | -
| style="text-align:right" | 0.1
| style="text-align:right" | -
| style="text-align:right" | 0.5
| style="text-align:right" | -
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | -
| style="text-align:right" | -
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 2.4
| style="text-align:right" | 0.1
| style="text-align:right" | 2.0
| style="text-align:right" | 0.7
| style="text-align:right" | 6.4
| style="text-align:right" | -
| style="text-align:right" | 0.7
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.4
| style="text-align:right" | 0.5
| style="text-align:right" | 4.0
|-
| style="text-align:left" | o/w Grandfathered debt
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | -
| style="text-align:right" | 0.1
| style="text-align:right" | -
| style="text-align:right" | 0.1
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.4
| style="text-align:right" | -
| style="text-align:right" | 0.8
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.7
| style="text-align:right" | 0.2
| style="text-align:right" | -
| style="text-align:right" | -
|}
</div>
{{fn note|1=1|2=Nominal debt.}}
{{fn note|1=2|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.}}
{{fn note|1=3|2=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 ===
==== FY25 Total General Account invested assets ====" |
|---|
|
| id | "snjra2xp9r-c73" |
|---|
| chunk | 73 |
|---|
| pages | |
|---|
| heading | "Duration gap and invested assets" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Duration gap: -0.4 year
* Total invested assets: EUR 450bn
* Invested assets include: Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, Policy loans" |
|---|
|
| id | "snjra2xp9r-c74" |
|---|
| chunk | 74 |
|---|
| pages | |
|---|
| heading | "Invested assets (100%) In Euro billion" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | %
|-
| style="text-align:left" | Fixed income
| style="text-align:right" | 345
| style="text-align:right" | 77%
|-
| style="text-align:left" | o/w Government bonds
| style="text-align:right" | 167
| style="text-align:right" | 37%
|-
| style="text-align:left" | o/w Corporate bonds and loans
| style="text-align:right" | 121
| style="text-align:right" | 27%
|-
| style="text-align:left" | o/w Other fixed income{{fn ref|1}}
| style="text-align:right" | 56
| style="text-align:right" | 13%
|-
| style="text-align:left" | Real estate
| style="text-align:right" | 41
| style="text-align:right" | 9%
|-
| style="text-align:left" | Infrastructure equity
| style="text-align:right" | 10
| style="text-align:right" | 2%
|-
| style="text-align:left" | Listed equities{{fn ref|2}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
|-
| style="text-align:left" | Private equity and hedge funds{{fn ref|3}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
|-
| style="text-align:left" | Cash
| style="text-align:right" | 19
| style="text-align:right" | 4%
|-
| style="text-align:left" | Policy loans
| style="text-align:right" | 2
| style="text-align:right" | 0%
|-
| style="text-align:left" | Total Insurance Invested Assets{{fn ref|4}}
| style="text-align:right" | 450
| style="text-align:right" | 100%
|}
</div>
{{fn note|1=1|2=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).}}
{{fn note|1=2|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}
{{fn note|1=3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
{{fn note|1=4|2=Please refer to the financial supplement for more details.}}
=== Structured and Private Credit assets ===" |
|---|
|
| id | "snjra2xp9r-c75" |
|---|
| chunk | 75 |
|---|
| pages | |
|---|
| heading | "Invested assets (100%) In Euro billion" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | % of total G/A{{fn ref|1}} portfolio
! style="text-align:left" | Comments
|-
| style="text-align:left" | Residential Mortgages
| style="text-align:right" | 16
| style="text-align:right" | 4%
| style="text-align:left" | - €6bn Dutch mortgages, NHG guaranteed<br/>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
|-
| style="text-align:left" | CLO & ABS
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:left" | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
|-
| style="text-align:left" | Infrastructure debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Skewed towards resilient industries (Telecom, Utilities, Transport)
|-
| style="text-align:left" | CRE debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
|-
| style="text-align:left" | Mid-Market lending
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:left" | - Strong diversification with €8m average ticket<br/>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
|-
| style="text-align:left" | Other
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:left" |
|-
| style="text-align:left" | <b>Total Structured and Private Credit Assets</b>
| style="text-align:right" | <b>69</b>
| style="text-align:right" | <b>15%</b>
| style="text-align:left" | o/w 54% participating
|}
</div>
{{fn note|1=1|2=G/A: General Account}}
=== Investment portfolio – Fixed Income reinvestment ===
==== FY25 Fixed Income Reinvestment ====" |
|---|
|
| id | "snjra2xp9r-c76" |
|---|
| chunk | 76 |
|---|
| pages | |
|---|
| heading | "FY25 Fixed Income Reinvestment (Total: Euro 57 billion)" |
|---|
| tags | |
|---|
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|---|
| effective_tags | |
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| content | "<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|-
| style="text-align:left" | Government bonds & related (32%) – Average rating: AA
| style="text-align:right" | 32%
|-
| style="text-align:left" | Investment grade credit (40%)- Average rating: A
| style="text-align:right" | 40%
|-
| style="text-align:left" | ABS/CLO/IG fund financing (21%)
| style="text-align:right" | 21%
|-
| style="text-align:left" | Below investment grade credit (7%)
| style="text-align:right" | 7%
|}
</div>
==== FY25 Fixed Income Reinvestment Yield ====" |
|---|
|
| id | "snjra2xp9r-c77" |
|---|
| chunk | 77 |
|---|
| pages | |
|---|
| heading | "Fixed income reinvestment yield by category" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|-
! style="text-align:left" | Category
! class="col-s" style="text-align:right" | Yield
|-
| style="text-align:left" | Public fixed income{{fn ref|1}}
| style="text-align:right" | 3.5%
|-
| style="text-align:left" | Private & Structured fixed income{{fn ref|2}}
| style="text-align:right" | 4.7%
|-
| style="text-align:left" | Total fixed income
| style="text-align:right" | 3.9%
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c78" |
|---|
| chunk | 78 |
|---|
| pages | |
|---|
| heading | "Fixed income reinvestment yield" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* EUR 57bn fixed income invested at 3.9%
* Average duration of 9 years
* Includes EUR 19.7bn of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
* Gradual shift from alternative total return assets to Private & Structured credit" |
|---|
|
| id | "snjra2xp9r-c79" |
|---|
| chunk | 79 |
|---|
| pages | |
|---|
| heading | "FY25 Fixed Income Reinvestment Yield" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=Government and Corporate bonds and related.}}
{{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}" |
|---|
|
| id | "snjra2xp9r-c80" |
|---|
| chunk | 80 |
|---|
| pages | |
|---|
| heading | "FY25 earnings" |
|---|
| tags | |
|---|
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|---|
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| effective_tags | |
|---|
| content | "* [[Definition:Full year 2025|Full Year 2025]] Earnings
=== Contents ===" |
|---|
|
| id | "snjra2xp9r-c81" |
|---|
| chunk | 81 |
|---|
| pages | |
|---|
| heading | "additional disclosures" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Additional disclosures include: Debt and Invested Assets on p.31; Additional P&C disclosures on p.36; Additional IFRS17 disclosures on p.41.
=== AXA XL Insurance – Large Commercial & Specialty business ===
==== Well diversified across lines of business and geographies ====" |
|---|
|
| id | "snjra2xp9r-c82" |
|---|
| chunk | 82 |
|---|
| pages | |
|---|
| heading | "GWP by line of business" |
|---|
| tags | |
|---|
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|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|-
| style="text-align:left" | Casualty
| style="text-align:right" | 35%
|-
| style="text-align:left" | Property
| style="text-align:right" | 29%
|-
| style="text-align:left" | Specialty
| style="text-align:right" | 19%
|-
| style="text-align:left" | Professional lines{{fn ref|1}}
| style="text-align:right" | 17%
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c83" |
|---|
| chunk | 83 |
|---|
| pages | |
|---|
| heading | "GWP by geography" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t33" class="wikitable fintable"
|-
| style="text-align:left" | Americas
| style="text-align:right" | 46%
|-
| style="text-align:left" | Europe & APAC
| style="text-align:right" | 35%
|-
| style="text-align:left" | UK & Lloyds
| style="text-align:right" | 19%
|}
</div>
==== Leading market positions across lines ====" |
|---|
|
| id | "snjra2xp9r-c84" |
|---|
| chunk | 84 |
|---|
| pages | |
|---|
| heading | "leading market positions" |
|---|
| tags | |
|---|
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|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie.
* Profitability vs." |
|---|
|
| id | "snjra2xp9r-c85" |
|---|
| chunk | 85 |
|---|
| pages | |
|---|
| heading | "Leading market positions across lines" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=Including Cyber;}}
{{fn note|1=2|2=Source: McKinsey;}}
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights;}}
{{fn note|1=4|2=Source: Industry Research Biz (January 2026).}}
=== P&C – Focus on Reserves ===" |
|---|
|
| id | "snjra2xp9r-c86" |
|---|
| chunk | 86 |
|---|
| pages | |
|---|
| heading | "Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|-
! colspan="5" style="text-align:center" | IFRS4
! colspan="4" style="text-align:center" | IFRS17
|-
! style="text-align:left" | FY18
! class="col-s" style="text-align:right" | FY19
! class="col-s" style="text-align:right" | FY20
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY23
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | 179%
| style="text-align:right" | 185%
| style="text-align:right" | 193%
| style="text-align:right" | 188%
| style="text-align:right" | 189%
| style="text-align:right" | 198%
| style="text-align:right" | 195%
| style="text-align:right" | 180%
| style="text-align:right" | 175%
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c87" |
|---|
| chunk | 87 |
|---|
| pages | |
|---|
| heading | "Technical reserves ratio (Net undiscounted technical reserves/Net earned premiums)" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t35" class="wikitable fintable"
|-
! colspan="5" style="text-align:center" | IFRS4
! colspan="4" style="text-align:center" | IFRS17
|-
! style="text-align:left" | FY18
! class="col-s" style="text-align:right" | FY19
! class="col-s" style="text-align:right" | FY20
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY23
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | 213%
| style="text-align:right" | 227%
| style="text-align:right" | 233%
| style="text-align:right" | 226%
| style="text-align:right" | 227%
| style="text-align:right" | 234%
| style="text-align:right" | 232%
| style="text-align:right" | 216%
| style="text-align:right" | 210%
|}
</div>
{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ===" |
|---|
|
| id | "snjra2xp9r-c88" |
|---|
| chunk | 88 |
|---|
| pages | |
|---|
| heading | "2026 Simplified Group Nat Cat Reinsurance Program" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* The [[Definition:Year 2026|2026]] Simplified Group Nat Cat Reinsurance Program is denominated in Euro.
==== Insurance segment (occurrence protection) ====" |
|---|
|
| id | "snjra2xp9r-c89" |
|---|
| chunk | 89 |
|---|
| pages | |
|---|
| heading | "Capacity & Retention by Peril" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|-
! style="text-align:left" | Peril
! class="col-s" style="text-align:right" | Capacity
! class="col-s" style="text-align:right" | Retention
|-
| style="text-align:left" | EU Windstorm
| style="text-align:right" | 4.0bn
| style="text-align:right" | 600m
|-
| style="text-align:left" | Europe Flood
| style="text-align:right" | 2.1bn
| style="text-align:right" | 450m
|-
| style="text-align:left" | Europe Earthquake
| style="text-align:right" | 2.1bn
| style="text-align:right" | 400m
|-
| style="text-align:left" | NA Hurricane
| style="text-align:right" | 1.2bn
| style="text-align:right" | 600m{{fn ref|2}}
|-
| style="text-align:left" | NA Earthquake
| style="text-align:right" | 1.2bn
| style="text-align:right" | 600m{{fn ref|2}}
|-
| style="text-align:left" | Per other perils{{fn ref|3}}
| style="text-align:right" | 1.2bn
| style="text-align:right" | 400m
|}
</div>
==== Reinsurance segment (illustrative) ====" |
|---|
|
| id | "snjra2xp9r-c90" |
|---|
| chunk | 90 |
|---|
| pages | |
|---|
| heading | "Alternative Capital & Cat Bonds" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Alternative Capital & Cat Bonds
* Stable retention levels are expected to be maintained in [[Definition:Year 2026|2026]], consistent with 2025 levels." |
|---|
|
| id | "snjra2xp9r-c91" |
|---|
| chunk | 91 |
|---|
| pages | |
|---|
| heading | "Reinsurance segment (illustrative)" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=Excludes local reinsurance covers;}}
{{fn note|1=2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
{{fn note|1=3|2=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 ===" |
|---|
|
| id | "snjra2xp9r-c92" |
|---|
| chunk | 92 |
|---|
| pages | |
|---|
| heading | "P&C Nat Cat cost deviation" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* P&C – AXA Group earnings deviation with different levels of Nat Cat cost in [[Definition:Year 2026|2026]] (net of reinsurance)
==== Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ====" |
|---|
|
| id | "snjra2xp9r-c93" |
|---|
| chunk | 93 |
|---|
| pages | |
|---|
| heading | "Nat Cat deviation analysis" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Net of reinsurance, post-tax
* Net of reinsurance, pre-tax
* More severe years: Negative deviation in approximately 40% of cases
* Less severe years: Positive deviation in approximately 60% of cases" |
|---|
|
| id | "snjra2xp9r-c94" |
|---|
| chunk | 94 |
|---|
| pages | |
|---|
| heading | "Deviation by Return Period and Percentile" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t37" class="wikitable"
|-
! style="text-align:left" | Return Period
! style="text-align:right" | Percentile
! style="text-align:right" | Deviation
|-
| style="text-align:left" | 1/20y
| style="text-align:right" | (5th)
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 1/10y
| style="text-align:right" | (10th)
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 1/5y
| style="text-align:right" | (20th)
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | Median
| style="text-align:right" | (50th)
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 1/5y
| style="text-align:right" | (80th)
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 1/10y
| style="text-align:right" | (90th)
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 1/20y
| style="text-align:right" | (95th)
| style="text-align:right" | €+0.8bn
|}
</div>
==== Average Expected Nat Cat charges net of reinsurance, pre-tax ====" |
|---|
|
| id | "snjra2xp9r-c95" |
|---|
| chunk | 95 |
|---|
| pages | |
|---|
| heading | "Charges & Estimated impact on GEP by Year" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t38" class="wikitable"
|-
! style="text-align:left" | Year
! style="text-align:right" | Charges (€bn)
! style="text-align:right" | Estimated impact on GEP
|-
| style="text-align:left" | 2025
| style="text-align:right" | 2.6
| style="text-align:right" | ca. 4.5%
|-
| style="text-align:left" | 2026
| style="text-align:right" | 2.7
| style="text-align:right" | ca. 4.5%
|}
</div>
{{fn note|1=1|2=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).}}
=== Contents ===" |
|---|
|
| id | "snjra2xp9r-c96" |
|---|
| chunk | 96 |
|---|
| pages | |
|---|
| heading | "Appendix sections" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Debt and Invested Assets disclosures are on page 31.
* Additional P&C disclosures are on page 36.
* Additional IFRS17 disclosures are on page 41.
* Sustainability disclosures are on page 44.
=== P&C – Margin Analysis ===
==== Technical Result ====" |
|---|
|
| id | "snjra2xp9r-c97" |
|---|
| chunk | 97 |
|---|
| pages | |
|---|
| heading | "Pre-tax technical result" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* All figures are in EUR million (pre-tax)." |
|---|
|
| id | "snjra2xp9r-c98" |
|---|
| chunk | 98 |
|---|
| pages | |
|---|
| heading | "Current Accident Year Undiscounted Technical Margin by Gross Earned Premiums" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t39" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Current Accident Year Undiscounted Technical Margin
| style="text-align:right" | 2,778
| style="text-align:right" | +707
|-
| style="text-align:left" | Gross Earned Premiums
| style="text-align:right" | 57,656
| style="text-align:right" | +6%
|-
| style="text-align:left" | Current Accident Year Undiscounted Combined Ratio
| style="text-align:right" | 95.2%
| style="text-align:right" | -1.0pt
|-
| style="text-align:left" | o/w Nat Cats
| style="text-align:right" | 3.4%
| style="text-align:right" | -0.4pt
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c99" |
|---|
| chunk | 99 |
|---|
| pages | |
|---|
| heading | "Technical Result" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t40" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Current Accident Year Discounting
| style="text-align:right" | 2,009
| style="text-align:right" | +115
|-
| style="text-align:left" | Discounting Ratio (in Combined Ratio points)
| style="text-align:right" | -3.5%
| style="text-align:right" | +0.0pt
|-
| style="text-align:left" | Current Accident Year Net Claims reserves
| style="text-align:right" | €19.0bn
| style="text-align:right" |
|-
| style="text-align:left" | Duration
| style="text-align:right" | 4.0 years
| style="text-align:right" |
|-
| style="text-align:left" | Current Accident Year Discount rate
| style="text-align:right" | 2.8%
| style="text-align:right" |
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c100" |
|---|
| chunk | 100 |
|---|
| pages | |
|---|
| heading | "Prior Years' Reserve Development (PYD) & PYD ratio by FY25 & Change" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Prior Years' Reserve Development (PYD)
| style="text-align:right" | 622
| style="text-align:right" | -341
|-
| style="text-align:left" | PYD ratio
| style="text-align:right" | -1.1%
| style="text-align:right" | +0.7pt
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c101" |
|---|
| chunk | 101 |
|---|
| pages | |
|---|
| heading | "Current Accident Year discount rate sensitivity" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes:
** +25bps: EUR +0.2bn
** -25bps: EUR -0.2bn
==== Financial Result ====" |
|---|
|
| id | "snjra2xp9r-c102" |
|---|
| chunk | 102 |
|---|
| pages | |
|---|
| heading | "Pre-tax results" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* All figures are in EUR million (pre-tax)." |
|---|
|
| id | "snjra2xp9r-c103" |
|---|
| chunk | 103 |
|---|
| pages | |
|---|
| heading | "Investment income," |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t42" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Investment Income
| style="text-align:right" | 3,988
| style="text-align:right" | +435
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €115bn
| style="text-align:right" |
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 3.5%
| style="text-align:right" |
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1}}
| style="text-align:right" | 4.3%
| style="text-align:right" |
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c104" |
|---|
| chunk | 104 |
|---|
| pages | |
|---|
| heading | "Insurance Finance Expenses" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t43" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -1,358
| style="text-align:right" | -235
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €71bn
| style="text-align:right" |
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 1.9%
| style="text-align:right" |
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c105" |
|---|
| chunk | 105 |
|---|
| pages | |
|---|
| heading | "Insurance Finance Expenses and Sensitivity" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* 2026e Insurance Finance Expenses (pre-tax) are projected at approximately EUR -1.4bn.
* The sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount is:
** A +25bps change results in approximately EUR -50m.
** A -25bps change results in approximately EUR +50m." |
|---|
|
| id | "snjra2xp9r-c106" |
|---|
| chunk | 106 |
|---|
| pages | |
|---|
| heading | "Underlying Earnings before tax, Tax, Affiliates, Minority interests & Other, Underlying Earnings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t44" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying Earnings before tax
| style="text-align:right" | 8,040
| style="text-align:right" | +681
|-
| style="text-align:left" | Tax
| style="text-align:right" | -2,060
| style="text-align:right" | -169
|-
| style="text-align:left" | Affiliates, Minority interests & Other
| style="text-align:right" | -108
| style="text-align:right" | -10
|-
| style="text-align:left" | Underlying Earnings
| style="text-align:right" | 5,872
| style="text-align:right" | +501
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" |
| style="text-align:right" | +9%
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c107" |
|---|
| chunk | 107 |
|---|
| pages | |
|---|
| heading | "Financial result definitions" |
|---|
| tags | |
|---|
| links | | "Full year 2024" |
| "Foreign exchange" |
| "Full year 2025" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Foreign exchange" |
| "Full year 2024" |
| "Full year 2025" |
|
|---|
| content | "* Changes versus [[Definition:Full year 2024|FY24]] are at constant [[Definition:Foreign exchange|FX]].
* Reinvestment yield on fixed income assets is defined as (1).
* Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting [[Definition:Full year 2025|FY25]] current accident year net reserve is defined as (2).
=== L&H – Margin Analysis ===" |
|---|
|
| id | "snjra2xp9r-c108" |
|---|
| chunk | 108 |
|---|
| pages | |
|---|
| heading | "Scope impact" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Includes scope impact.
==== Technical Result ====" |
|---|
|
| id | "snjra2xp9r-c109" |
|---|
| chunk | 109 |
|---|
| pages | |
|---|
| heading | "Pre-tax technical result" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* All figures are in EUR million, pre-tax." |
|---|
|
| id | "snjra2xp9r-c110" |
|---|
| chunk | 110 |
|---|
| pages | |
|---|
| heading | "Technical Result" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t45" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Short-term Technical Margin
| style="text-align:right" | 479
| style="text-align:right" | +60
|-
| style="text-align:left" | Gross Earned Premiums
| style="text-align:right" | 17,416
| style="text-align:right" | +10%
|-
| style="text-align:left" | All Year Combined Ratio
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|-
| style="text-align:left" | Incl. recapture of Laya
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Long-term Technical Margin
| style="text-align:right" | 2,804
| style="text-align:right" | +156
|-
| style="text-align:left" | CSM release
| style="text-align:right" | 2,954
| style="text-align:right" | +215
|-
| style="text-align:left" | Technical experience
| style="text-align:right" | -150
| style="text-align:right" | -58
|}
</div>
==== Financial Result ====" |
|---|
|
| id | "snjra2xp9r-c111" |
|---|
| chunk | 111 |
|---|
| pages | |
|---|
| heading | "Pre-tax results" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* All figures are in EUR million, pre-tax." |
|---|
|
| id | "snjra2xp9r-c112" |
|---|
| chunk | 112 |
|---|
| pages | |
|---|
| heading | "Investment income and insurance finance expenses" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t46" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Investment Income (non-VFA only)
| style="text-align:right" | 2,484
| style="text-align:right" | -1
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €98bn
| style="text-align:right" |
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 2.5%
| style="text-align:right" |
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1}}
| style="text-align:right" | 3.8%
| style="text-align:right" |
|-
| style="text-align:left" | Insurance Finance Expenses (non-VFA only)
| style="text-align:right" | -1,538
| style="text-align:right" | -9
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €62bn
| style="text-align:right" |
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 2.5%
| style="text-align:right" |
|}
</div>
==== Life & Health FY25 CSM Key Sensitivities ====" |
|---|
|
| id | "snjra2xp9r-c113" |
|---|
| chunk | 113 |
|---|
| pages | |
|---|
| heading | "CSM sensitivity to interest rates" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* CSM sensitivity to interest rates is EUR -0.2bn for a +50bps change and EUR +0.2bn for a -50bps change." |
|---|
|
| id | "snjra2xp9r-c114" |
|---|
| chunk | 114 |
|---|
| pages | |
|---|
| heading | "Life & Health FY25 CSM Key Sensitivities" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t47" class="wikitable fintable"
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| style="text-align:left" | Interest rates +50bps
| style="text-align:right" | -0.8
|-
| style="text-align:left" | Interest rates -50bps
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Sovereign spreads +50bps
| style="text-align:right" | -1.9
|-
| style="text-align:left" | Sovereign spreads -50bps
| style="text-align:right" | 1.9
|-
| style="text-align:left" | Corporate spread +50bps
| style="text-align:right" | -0.8
|-
| style="text-align:left" | Corporate spread -50bps
| style="text-align:right" | 0.7
|-
| style="text-align:left" | Equities +25%
| style="text-align:right" | 1.8
|-
| style="text-align:left" | Equities -25%
| style="text-align:right" | -2.2
|}
</div>" |
|---|
|
| id | "snjra2xp9r-c115" |
|---|
| chunk | 115 |
|---|
| pages | |
|---|
| heading | "Life & Health FY25 CSM Key Sensitivities" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t48" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying Earnings before tax
| style="text-align:right" | 4,229
| style="text-align:right" | +205
|-
| style="text-align:left" | Tax
| style="text-align:right" | -800
| style="text-align:right" | 65
|-
| style="text-align:left" | Affiliates, Minority interests & Other
| style="text-align:right" | 72
| style="text-align:right" | -51
|-
| style="text-align:left" | Underlying Earnings
| style="text-align:right" | 3,501
| style="text-align:right" | +219
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" |
| style="text-align:right" | +7%
|}
</div>
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
=== Table of contents ===" |
|---|
|
| id | "snjra2xp9r-c116" |
|---|
| chunk | 116 |
|---|
| pages | |
|---|
| heading | "Additional disclosures" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Additional disclosures include Debt and Invested Assets on p.31, Additional P&C disclosures on p.36, and Additional IFRS17 disclosures on p.41.
=== Expanding AXA’s role in society: AXA for Progress Index ===
==== As a GLOBAL INVESTOR ====" |
|---|
|
| id | "snjra2xp9r-c117" |
|---|
| chunk | 117 |
|---|
| pages | |
|---|
| heading | "Climate transition and community resilience financing per year" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t49" class="wikitable"
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €5bn{{fn ref|2}}<br/> in climate transition financing per year
| style="text-align:right" | €6.4bn
|-
| style="text-align:left" | >€500m{{fn ref|2}}<br/> in community resilience financing per year
| style="text-align:right" | €1.4bn
|}
</div>
==== As a GLOBAL INSURER ====" |
|---|
|
| id | "snjra2xp9r-c118" |
|---|
| chunk | 118 |
|---|
| pages | |
|---|
| heading | "Target by 2025 Result" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t50" class="wikitable"
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €6bn{{fn ref|3}}<br/> in P&C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:right" | €4.6bn
|-
| style="text-align:left" | >20,000{{fn ref|4}}<br/> climate adaptation solutions & services (cumulative 2024-2026)<br/> Target revised in 2025
| style="text-align:right" | 19,698<br/>Cumulative 2024-2025
|-
| style="text-align:left" | >20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}<br/> inclusive insurance customers by 2026
| style="text-align:right" | 20.6m
|}
</div>
==== As a COMPANY ====" |
|---|
|
| id | "snjra2xp9r-c119" |
|---|
| chunk | 119 |
|---|
| pages | |
|---|
| heading | "Target by 2025 Result" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t51" class="wikitable fintable"
|-
! style="text-align:left" | Target
! class="col-m" style="text-align:right" | 2025 Result
|-
| style="text-align:left" | >80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}<br/> AXA Group employees trained on climate adaptation by 2026
| style="text-align:right" | 46,420
|-
| style="text-align:left" | Contribute to Net-Zero<br/> -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030<br/> in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=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).}}
| style="text-align:right" | -64%<br/>Reduction against 2019
|-
| style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026
| style="text-align:right" | 56%
|}
</div>
{{fn note|1=1|2=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.}}
{{fn note|1=2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
{{fn note|1=3|2=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.}}
{{fn note|1=4|2=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.}}
{{fn note|1=5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
{{fn note|1=6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}
{{fn note|1=7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}
{{fn note|1=8|2=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 ===" |
|---|
|
| id | "snjra2xp9r-c120" |
|---|
| chunk | 120 |
|---|
| pages | |
|---|
| heading | "Sustainability Ratings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Dow Jones Best-in-Class Europe & World indices: 97th percentile in 2025
* MSCI ESG Ratings: AAA score in 2025
* CDP Climate Change: B score in 2025
* Sustainalytics ESG Risk Rating: 17.0 (Low risk) in 2025
* FTSE4Good Index Series: 4.3/5 score in 2025" |
|---|
|
| id | "snjra2xp9r-c121" |
|---|
| chunk | 121 |
|---|
| pages | |
|---|
| heading | "Sustainability Performance & Ratings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=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 ===" |
|---|
|
| id | "snjra2xp9r-c122" |
|---|
| chunk | 122 |
|---|
| pages | |
|---|
| heading | "Scope definitions" |
|---|
| tags | |
|---|
| links | | "Underlying earnings" |
| "AXA Investment Managers" |
|
|---|
| data_items | |
|---|
| effective_tags | | "AXA Investment Managers" |
| "Underlying earnings" |
|
|---|
| content | "* France: includes insurance activities, banking activities, and holding.
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (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).
* AXA XL: 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 (fully consolidated).
** Asia (equity method): China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses, contributing only to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) (fully consolidated).
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated).
** EME-LATAM (equity method): Russia (Reso) (insurance activities), contributing only to net income.
** Other: AXA Mediterranean Holdings.
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]] (until July 1, 2025): includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method).
* All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023, unless otherwise specified.
* Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.
=== Glossary ===" |
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| heading | "Glossary of terms" |
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| "Other revenue" |
| "Gross written premiums & other revenues" |
| "Underlying earnings" |
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| effective_tags | | "Gross written premiums" |
| "Gross written premiums & other revenues" |
| "Other revenue" |
| "Underlying earnings" |
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| content | "* 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.
* [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums & 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, consisting 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, 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, discounted at the reference interest rate and representing the Group share.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|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.
=== Thank you ===" |
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| content | "* [[Definition:Full year 2025|Full Year 2025]] Earnings" |
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