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Data:AXA/2025/FY/Earnings release.footnotes.json

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cues
page1
marker"1"
host"- Gross written premiums & other revenues⟦⟧at Euro 116 billion, up +6% vs"
source"model"
page1
marker"2"
host"- Underlying earnings⟦⟧at Euro 8.4 billion, up 6% vs"
source"model"
page1
marker"3"
host"FY24, up 9% excluding AXA IM⟦⟧"
source"model"
page1
marker"2"
host"- Underlying earnings per share⟦⟧at Euro 3.86, up +8% vs"
source"model"
page1
marker"4"
host"FY24 including -2% headwind from foreign exchange movements and -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback⟦⟧"
source"model"
page1
marker"5"
host"- Solvency II ratio⟦⟧at 224% at December 31, 2025, up +9 points vs"
source"model"
page1
marker"6"
host"FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period⟦⟧"
source"model"
page1
marker"7"
host"FY24⟦⟧"
source"model"
page1
marker"8"
host"- Launch of an annual share buyback program⟦⟧of up to Euro 1.25 billion"
source"model"
page1
marker"4"
host"- Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal⟦⟧, executed between July 2, 2025, and January 20, 2026"
source"model"
page1
marker"9"
host"- Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range⟦⟧"
source"model"
page1
marker"10"
host"- Expected impact of Solvency II revision at +17 points⟦⟧"
source"model"
page2
marker"1"
host"Gross written premiums & other revenues⟦⟧110,316115,524+5%+6%"
source"model"
page2
marker"2"
host"Underlying earnings⟦⟧8,0788,368+4%+6%"
source"model"
page2
marker"5"
host"Solvency II ratio (%)⟦⟧216%224%+9 pts"
source"model"
page2
marker"1"
host"Total gross written premiums and other revenues⟦⟧were up 6%, driven by:"
source"model"
page2
marker"11"
host"- Property & Casualty (+5%), with growth in (i) Commercial lines⟦⟧(+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France"
source"model"
page2
marker"12"
host"- Property & Casualty (+5%), with growth in (i) Commercial lines (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects⟦⟧across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France"
source"model"
page2
marker"13"
host"- Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A⟦⟧(+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven b"
source"model"
page2
marker"2"
host"Underlying earnings⟦⟧increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM , driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in"
source"model"
page2
marker"3"
host"Underlying earnings increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM⟦⟧, driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in"
source"model"
page2
marker"14"
host"(iii) Holdings⟦⟧underlying earnings remained broadly stable at Euro -1.2 billion"
source"model"
page2
marker"2"
host"Underlying earnings per share⟦⟧increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the "
source"model"
page3
marker"1"
host"CSM⟦⟧was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024"
source"model"
page3
marker"15"
host"CSM⟦⟧was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024"
source"model"
page3
marker"5"
host"Solvency II ratio⟦⟧was 224% as of December 31, 2025, up +9 points versus December 31, 2024 , with (i) a strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points), (ii) the positive impact from net subordinated debt issuance (+6 points), and (iii) fa"
source"model"
page3
marker"10"
host"In addition, the Group currently estimates that the Solvency II revision, to come into effect in the first quarter of 2027, would result in an increase of +17 points to our current Solvency II ratio⟦⟧."
source"model"
page3
marker"2"
host"Underlying return on equity⟦⟧was at 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024, notably from higher underlying earnings and lower shareholders ' equity."
source"model"
page3
marker"2"
host"Debt gearing⟦⟧was at 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024, driven by both lower shareholder s' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (Euro 3.5 billion) partly offset by redemption of outstanding grandfathered Tier 1"
source"model"
page3
marker"16"
host"Cash at Holding⟦⟧amounted to Euro 5.6 billion as of December 31, 2025, up Euro 1.6 billion versus December 31, 2024, reflecting organic cash remittance from subsidiaries of Euro 7.5 billion, up Euro 0.4 billion versus December 31, 2024."
source"model"
page4
marker"7"
host"A dividend of Euro 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026⟦⟧"
source"model"
page4
marker"18"
host"The Group guidance for normalized natural catastrophe⟦⟧load remains at ca"
source"model"
page4
marker"9"
host"Considering the strong overall operating performance delivered in 2025, and assuming current operating conditions persist, Management believes that AXA is on track to deliver the main financial targets of AXA's 'Unlock the Future' plan: (i) underlying earnings per share growth at the upper end of th"
source"model"
page4
marker"19"
host"The Group is committed to its capital management policy⟦⟧, targeting a total payout ratio of 75% , comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks"
source"model"
page4
marker"20"
host"The Group is committed to its capital management policy , targeting a total payout ratio of 75%⟦⟧, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks"
source"model"
page5
marker"12"
host"FY24FY25Change on a comparable basisFY25 Price effect⟦⟧(in %)"
source"model"
page5
marker"11"
host"o/w Commercial lines⟦⟧34.935.8+4%+1.9%"
source"model"
page6
marker"1"
host"PVEP⟦⟧50.949.4-2%"
source"model"
page6
marker"21"
host"PVEP⟦⟧50.949.4-2%"
source"model"
page6
marker"1"
host"NB CSM⟦⟧2.22.2+3%"
source"model"
page6
marker"21"
host"NB CSM⟦⟧2.22.2+3%"
source"model"
page6
marker"1"
host"NBV (post-tax)⟦⟧2.32.20%"
source"model"
page6
marker"21"
host"NBV (post-tax)⟦⟧2.32.20%"
source"model"
page6
marker"1"
host"NBV margin⟦⟧4.4%4.5%+0.1 pt"
source"model"
page6
marker"21"
host"NBV margin⟦⟧4.4%4.5%+0.1 pt"
source"model"
page6
marker"21"
host"Net flows⟦⟧+1.5+5.4"
source"model"
page6
marker"13"
host"- G/A⟦⟧(+4%) notably in France (+4%) as well as from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong; and"
source"model"
page6
marker"1"
host"Present value of expected premiums (PVEP)⟦⟧decreased by 2% to Euro 49.4 billion driven by:"
source"model"
page6
marker"21"
host"Present value of expected premiums (PVEP)⟦⟧decreased by 2% to Euro 49.4 billion driven by:"
source"model"
page7
marker"1"
host"NB CSM⟦⟧increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits."
source"model"
page7
marker"21"
host"NB CSM⟦⟧increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits."
source"model"
page7
marker"1"
host"NBV (post-tax)⟦⟧was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of shortterm multinational business in France."
source"model"
page7
marker"21"
host"NBV (post-tax)⟦⟧was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of shortterm multinational business in France."
source"model"
page7
marker"1"
host"NBV margin (post tax)⟦⟧increased by 0.1 point to 4.5%."
source"model"
page7
marker"21"
host"NBV margin (post tax)⟦⟧increased by 0.1 point to 4.5%."
source"model"
page7
marker"21"
host"Net flows⟦⟧were Euro +5.4 billion compared to Euro +1.5 billion in 2024"
source"model"
page7
marker"14"
host"Holdings underlying earnings⟦⟧remained broadly stable at Euro -1.2 billion."
source"model"
page8
marker"22"
host"Insurer financial strength ratingsAXA's credit ratings⟦⟧"
source"model"
page10
marker"23"
host"Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (ins"
source"model"
page10
marker"24"
host"AXA Investment Managers⟦⟧: includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method."
source"model"
page13
marker"i"
host"France⟦⟧28,99630,598+6%+6%9,648+7%20,852+5%"
source"model"
page13
marker"i"
host"Total⟦⟧110,316115,524+5%+6%58,038+5%56,512+8%875+4%"
source"model"
page14
marker"i"
host"Total⟦⟧8,0788,368+6%5,872+9%3,501+7%175-57%"
source"model"
page15
marker"i"
host"in Euro millionTotal CommercialChange⟦⟧Personal MotorChangePersonal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChangeFY25Change"
source"model"
page15
marker"i"
host"in Euro millionTotal CommercialChangePersonal MotorChange⟦⟧Personal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChangeFY25Change"
source"model"
page15
marker"i"
host"in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChange⟦⟧Total PersonalChangeTotal ReinsuranceChangeFY25Change"
source"model"
page15
marker"i"
host"in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChangeTotal PersonalChange⟦⟧Total ReinsuranceChangeFY25Change"
source"model"
page15
marker"i"
host"in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChange⟦⟧FY25Change"
source"model"
page15
marker"i"
host"in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChangeFY25Change⟦⟧"
source"model"
page15
marker"i"
host"FY24⟦⟧FY25"
source"model"
page15
marker"ii"
host"FY24FY25⟦⟧"
source"model"
page16
marker"i"
host"P&C: Price effects⟦⟧i by country and business line"
source"model"
page16
marker"i"
host"P&C: Price effects⟦⟧by country and business line"
source"model"
page16
marker"ii"
host"AXA XL⟦⟧+0.2%+0.3%Softening prices with conditions varying by lines"
source"model"
page17
marker"i"
host"in Euro millionFY25Change⟦⟧FY25ChangeFY25ChangeFY25ChangeFY25Change"
source"model"
page17
marker"i"
host"in Euro millionFY25ChangeFY25Change⟦⟧FY25ChangeFY25ChangeFY25Change"
source"model"
page17
marker"i"
host"in Euro millionFY25ChangeFY25ChangeFY25Change⟦⟧FY25ChangeFY25Change"
source"model"
page17
marker"i"
host"in Euro millionFY25ChangeFY25ChangeFY25ChangeFY25Change⟦⟧FY25Change"
source"model"
page17
marker"i"
host"in Euro millionFY25ChangeFY25ChangeFY25ChangeFY25ChangeFY25Change⟦⟧"
source"model"
page17
marker"ii"
host"o/w short-term⟦⟧17,651+6%4,337+6%13,314+6%"
source"model"
page18
marker"i"
host"Life New Business Metrics FY25Health⟦⟧New Business Metrics FY25Total New Business Metrics FY25"
source"model"
page18
marker"ii"
host"Life New Business Metrics FY25Health New Business Metrics FY25Total⟦⟧New Business Metrics FY25"
source"model"
page18
marker"ii"
host"in Euro millionPVEPChange⟦⟧NBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange"
source"model"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChange⟦⟧NBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange"
source"model"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChange⟦⟧PVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange"
source"model"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChange⟦⟧NBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange"
source"model"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChange⟦⟧NBV marginChangePVEPChangeNBVChangeNBV marginChange"
source"model"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange⟦⟧PVEPChangeNBVChangeNBV marginChange"
source"model"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChange⟦⟧NBVChangeNBV marginChange"
source"model"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChange⟦⟧NBV marginChange"
source"model"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange⟦⟧"
source"model"
page18
marker"i"
host"in Euro millionLifeHealth⟦⟧Total"
source"model"
page18
marker"i"
host"in Euro millionLifeHealthTotal⟦⟧"
source"model"
page19
marker"i"
host"Health⟦⟧+2.7+2.7"
source"model"
page19
marker"ii"
host"o/w capital light⟦⟧+2.2+1.2"
source"model"
page19
marker"iii"
host"Unit-Linked⟦⟧-0.8+1.5"
source"model"
page19
marker"i"
host"Total Life & Health⟦⟧net flows+1.5+5.4"
source"model"
contents
page8
marker"22"
text"AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings."
printed_on8
source"block"
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page11
marker"2"
text"'Underlying earnings', '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 such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com)."
printed_on11
source"block"
page11
marker"3"
text"AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates."
printed_on11
source"block"
page11
marker"4"
text"On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025."
printed_on11
source"block"
page11
marker"5"
text"The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today."
printed_on11
source"block"
page11
marker"6"
text"Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com."
printed_on11
source"block"
page11
marker"7"
text"Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026."
printed_on11
source"block"
page11
marker"8"
text"As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions."
printed_on11
source"block"
page11
marker"9"
text"Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements."
printed_on11
source"block"
page11
marker"10"
text"Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date."
printed_on11
source"block"
page11
marker"11"
text"'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance."
printed_on11
source"block"
page11
marker"12"
text"Price effects are calculated as a percentage of total gross written premiums of the prior year."
printed_on11
source"block"
page11
marker"13"
text"General account."
printed_on11
source"block"
page11
marker"14"
text"Including banking activities."
printed_on11
source"block"
page11
marker"15"
text"Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors."
printed_on11
source"block"
page11
marker"16"
text"Including cash and liquid invested assets at AXA SA Holding and other central holdings."
printed_on11
source"block"
page11
marker"17"
text"To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 2 4, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable."
printed_on11
source"block"
page11
marker"18"
text"Natural catastrophe charges include natural catastrophe losses regardless of event size."
printed_on11
source"block"
page11
marker"19"
text"Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment."
printed_on11
source"block"
page11
marker"20"
text"Payout ratio is calculated based on underlying earnings per share."
printed_on11
source"block"
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page11
marker"22"
text"Restricted Tier 1: 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's."
printed_on11
source"block"
page11
marker"23"
text"AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025."
printed_on11
source"block"
page11
marker"24"
text"Disposal to BNP Paribas completed on July 1, 2025."
printed_on11
source"block"
page13
marker"i"
text"Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24."
printed_on13
source"block"
page14
marker"i"
text"Including underlying earnings of Holdings and Banking."
printed_on14
source"block"
page15
marker"i"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on15
source"block"
page15
marker"i"
text"Calculated as monthly average from January 2024 to December 2024"
printed_on15
source"block"
page15
marker"ii"
text"Average of monthly opening discount rates of 2025"
printed_on15
source"block"
page16
marker"i"
text"Price effect calculated as a percentage of total gross written premiums in the prior year."
printed_on16
source"block"
page16
marker"ii"
text"Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums."
printed_on16
source"block"
page17
marker"i"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on17
source"block"
page17
marker"ii"
text"Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period"
printed_on17
source"block"
page18
marker"i"
text"Includes Health business written predominantly in Life entities"
printed_on18
source"block"
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page19
marker"i"
text"Includes Health business written predominantly in Life entities"
printed_on19
source"block"
page19
marker"ii"
text"Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%"
printed_on19
source"block"
page19
marker"iii"
text"Including Investment contracts with no discretionary participation features ("DPF")"
printed_on19
source"block"
matched
page8
marker"22"
host"Insurer financial strength ratingsAXA's credit ratings⟦⟧"
source"model"
method"page"
content
page8
marker"22"
text"AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings."
printed_on8
source"block"
page13
marker"i"
host"France⟦⟧28,99630,598+6%+6%9,648+7%20,852+5%"
source"model"
method"page"
content
page13
marker"i"
text"Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24."
printed_on13
source"block"
page13
marker"i"
host"Total⟦⟧110,316115,524+5%+6%58,038+5%56,512+8%875+4%"
source"model"
method"page"
content
page13
marker"i"
text"Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24."
printed_on13
source"block"
page14
marker"i"
host"Total⟦⟧8,0788,368+6%5,872+9%3,501+7%175-57%"
source"model"
method"page"
content
page14
marker"i"
text"Including underlying earnings of Holdings and Banking."
printed_on14
source"block"
page15
marker"ii"
host"FY24FY25⟦⟧"
source"model"
method"page"
content
page15
marker"ii"
text"Average of monthly opening discount rates of 2025"
printed_on15
source"block"
page16
marker"i"
host"P&C: Price effects⟦⟧i by country and business line"
source"model"
method"page"
content
page16
marker"i"
text"Price effect calculated as a percentage of total gross written premiums in the prior year."
printed_on16
source"block"
page16
marker"i"
host"P&C: Price effects⟦⟧by country and business line"
source"model"
method"page"
content
page16
marker"i"
text"Price effect calculated as a percentage of total gross written premiums in the prior year."
printed_on16
source"block"
page16
marker"ii"
host"AXA XL⟦⟧+0.2%+0.3%Softening prices with conditions varying by lines"
source"model"
method"page"
content
page16
marker"ii"
text"Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums."
printed_on16
source"block"
page17
marker"i"
host"in Euro millionFY25Change⟦⟧FY25ChangeFY25ChangeFY25ChangeFY25Change"
source"model"
method"page"
content
page17
marker"i"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on17
source"block"
page17
marker"i"
host"in Euro millionFY25ChangeFY25Change⟦⟧FY25ChangeFY25ChangeFY25Change"
source"model"
method"page"
content
page17
marker"i"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on17
source"block"
page17
marker"i"
host"in Euro millionFY25ChangeFY25ChangeFY25Change⟦⟧FY25ChangeFY25Change"
source"model"
method"page"
content
page17
marker"i"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on17
source"block"
page17
marker"i"
host"in Euro millionFY25ChangeFY25ChangeFY25ChangeFY25Change⟦⟧FY25Change"
source"model"
method"page"
content
page17
marker"i"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on17
source"block"
page17
marker"i"
host"in Euro millionFY25ChangeFY25ChangeFY25ChangeFY25ChangeFY25Change⟦⟧"
source"model"
method"page"
content
page17
marker"i"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on17
source"block"
page17
marker"ii"
host"o/w short-term⟦⟧17,651+6%4,337+6%13,314+6%"
source"model"
method"page"
content
page17
marker"ii"
text"Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period"
printed_on17
source"block"
page18
marker"i"
host"Life New Business Metrics FY25Health⟦⟧New Business Metrics FY25Total New Business Metrics FY25"
source"model"
method"page"
content
page18
marker"i"
text"Includes Health business written predominantly in Life entities"
printed_on18
source"block"
page18
marker"ii"
host"Life New Business Metrics FY25Health New Business Metrics FY25Total⟦⟧New Business Metrics FY25"
source"model"
method"page"
content
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page18
marker"ii"
host"in Euro millionPVEPChange⟦⟧NBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange"
source"model"
method"page"
content
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChange⟦⟧NBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange"
source"model"
method"page"
content
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChange⟦⟧PVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange"
source"model"
method"page"
content
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChange⟦⟧NBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange"
source"model"
method"page"
content
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChange⟦⟧NBV marginChangePVEPChangeNBVChangeNBV marginChange"
source"model"
method"page"
content
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange⟦⟧PVEPChangeNBVChangeNBV marginChange"
source"model"
method"page"
content
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChange⟦⟧NBVChangeNBV marginChange"
source"model"
method"page"
content
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChange⟦⟧NBV marginChange"
source"model"
method"page"
content
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page18
marker"ii"
host"in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange⟦⟧"
source"model"
method"page"
content
page18
marker"ii"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on18
source"block"
page18
marker"i"
host"in Euro millionLifeHealth⟦⟧Total"
source"model"
method"page"
content
page18
marker"i"
text"Includes Health business written predominantly in Life entities"
printed_on18
source"block"
page18
marker"i"
host"in Euro millionLifeHealthTotal⟦⟧"
source"model"
method"page"
content
page18
marker"i"
text"Includes Health business written predominantly in Life entities"
printed_on18
source"block"
page19
marker"i"
host"Health⟦⟧+2.7+2.7"
source"model"
method"page"
content
page19
marker"i"
text"Includes Health business written predominantly in Life entities"
printed_on19
source"block"
page19
marker"ii"
host"o/w capital light⟦⟧+2.2+1.2"
source"model"
method"page"
content
page19
marker"ii"
text"Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%"
printed_on19
source"block"
page19
marker"iii"
host"Unit-Linked⟦⟧-0.8+1.5"
source"model"
method"page"
content
page19
marker"iii"
text"Including Investment contracts with no discretionary participation features ("DPF")"
printed_on19
source"block"
page19
marker"i"
host"Total Life & Health⟦⟧net flows+1.5+5.4"
source"model"
method"page"
content
page19
marker"i"
text"Includes Health business written predominantly in Life entities"
printed_on19
source"block"
page1
marker"1"
host"- Gross written premiums & other revenues⟦⟧at Euro 116 billion, up +6% vs"
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page1
marker"2"
host"- Underlying earnings⟦⟧at Euro 8.4 billion, up 6% vs"
source"model"
method"global"
content
page11
marker"2"
text"'Underlying earnings', '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 such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com)."
printed_on11
source"block"
page1
marker"3"
host"FY24, up 9% excluding AXA IM⟦⟧"
source"model"
method"global"
content
page11
marker"3"
text"AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates."
printed_on11
source"block"
page1
marker"2"
host"- Underlying earnings per share⟦⟧at Euro 3.86, up +8% vs"
source"model"
method"global"
content
page11
marker"2"
text"'Underlying earnings', '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 such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com)."
printed_on11
source"block"
page1
marker"4"
host"FY24 including -2% headwind from foreign exchange movements and -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback⟦⟧"
source"model"
method"global"
content
page11
marker"4"
text"On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025."
printed_on11
source"block"
page1
marker"5"
host"- Solvency II ratio⟦⟧at 224% at December 31, 2025, up +9 points vs"
source"model"
method"global"
content
page11
marker"5"
text"The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today."
printed_on11
source"block"
page1
marker"6"
host"FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period⟦⟧"
source"model"
method"global"
content
page11
marker"6"
text"Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com."
printed_on11
source"block"
page1
marker"7"
host"FY24⟦⟧"
source"model"
method"global"
content
page11
marker"7"
text"Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026."
printed_on11
source"block"
page1
marker"8"
host"- Launch of an annual share buyback program⟦⟧of up to Euro 1.25 billion"
source"model"
method"global"
content
page11
marker"8"
text"As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions."
printed_on11
source"block"
page1
marker"4"
host"- Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal⟦⟧, executed between July 2, 2025, and January 20, 2026"
source"model"
method"global"
content
page11
marker"4"
text"On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025."
printed_on11
source"block"
page1
marker"9"
host"- Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range⟦⟧"
source"model"
method"global"
content
page11
marker"9"
text"Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements."
printed_on11
source"block"
page1
marker"10"
host"- Expected impact of Solvency II revision at +17 points⟦⟧"
source"model"
method"global"
content
page11
marker"10"
text"Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date."
printed_on11
source"block"
page2
marker"1"
host"Gross written premiums & other revenues⟦⟧110,316115,524+5%+6%"
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page2
marker"2"
host"Underlying earnings⟦⟧8,0788,368+4%+6%"
source"model"
method"global"
content
page11
marker"2"
text"'Underlying earnings', '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 such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com)."
printed_on11
source"block"
page2
marker"5"
host"Solvency II ratio (%)⟦⟧216%224%+9 pts"
source"model"
method"global"
content
page11
marker"5"
text"The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today."
printed_on11
source"block"
page2
marker"1"
host"Total gross written premiums and other revenues⟦⟧were up 6%, driven by:"
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page2
marker"11"
host"- Property & Casualty (+5%), with growth in (i) Commercial lines⟦⟧(+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France"
source"model"
method"global"
content
page11
marker"11"
text"'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance."
printed_on11
source"block"
page2
marker"12"
host"- Property & Casualty (+5%), with growth in (i) Commercial lines (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects⟦⟧across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France"
source"model"
method"global"
content
page11
marker"12"
text"Price effects are calculated as a percentage of total gross written premiums of the prior year."
printed_on11
source"block"
page2
marker"13"
host"- Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A⟦⟧(+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven b"
source"model"
method"global"
content
page11
marker"13"
text"General account."
printed_on11
source"block"
page2
marker"2"
host"Underlying earnings⟦⟧increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM , driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in"
source"model"
method"global"
content
page11
marker"2"
text"'Underlying earnings', '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 such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com)."
printed_on11
source"block"
page2
marker"3"
host"Underlying earnings increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM⟦⟧, driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in"
source"model"
method"global"
content
page11
marker"3"
text"AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates."
printed_on11
source"block"
page2
marker"14"
host"(iii) Holdings⟦⟧underlying earnings remained broadly stable at Euro -1.2 billion"
source"model"
method"global"
content
page11
marker"14"
text"Including banking activities."
printed_on11
source"block"
page2
marker"2"
host"Underlying earnings per share⟦⟧increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the "
source"model"
method"global"
content
page11
marker"2"
text"'Underlying earnings', '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 such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com)."
printed_on11
source"block"
page3
marker"1"
host"CSM⟦⟧was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024"
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page3
marker"15"
host"CSM⟦⟧was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024"
source"model"
method"global"
content
page11
marker"15"
text"Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors."
printed_on11
source"block"
page3
marker"5"
host"Solvency II ratio⟦⟧was 224% as of December 31, 2025, up +9 points versus December 31, 2024 , with (i) a strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points), (ii) the positive impact from net subordinated debt issuance (+6 points), and (iii) fa"
source"model"
method"global"
content
page11
marker"5"
text"The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today."
printed_on11
source"block"
page3
marker"10"
host"In addition, the Group currently estimates that the Solvency II revision, to come into effect in the first quarter of 2027, would result in an increase of +17 points to our current Solvency II ratio⟦⟧."
source"model"
method"global"
content
page11
marker"10"
text"Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date."
printed_on11
source"block"
page3
marker"2"
host"Underlying return on equity⟦⟧was at 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024, notably from higher underlying earnings and lower shareholders ' equity."
source"model"
method"global"
content
page11
marker"2"
text"'Underlying earnings', '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 such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com)."
printed_on11
source"block"
page3
marker"2"
host"Debt gearing⟦⟧was at 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024, driven by both lower shareholder s' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (Euro 3.5 billion) partly offset by redemption of outstanding grandfathered Tier 1"
source"model"
method"global"
content
page11
marker"2"
text"'Underlying earnings', '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 such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com)."
printed_on11
source"block"
page3
marker"16"
host"Cash at Holding⟦⟧amounted to Euro 5.6 billion as of December 31, 2025, up Euro 1.6 billion versus December 31, 2024, reflecting organic cash remittance from subsidiaries of Euro 7.5 billion, up Euro 0.4 billion versus December 31, 2024."
source"model"
method"global"
content
page11
marker"16"
text"Including cash and liquid invested assets at AXA SA Holding and other central holdings."
printed_on11
source"block"
page4
marker"7"
host"A dividend of Euro 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026⟦⟧"
source"model"
method"global"
content
page11
marker"7"
text"Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026."
printed_on11
source"block"
page4
marker"18"
host"The Group guidance for normalized natural catastrophe⟦⟧load remains at ca"
source"model"
method"global"
content
page11
marker"18"
text"Natural catastrophe charges include natural catastrophe losses regardless of event size."
printed_on11
source"block"
page4
marker"9"
host"Considering the strong overall operating performance delivered in 2025, and assuming current operating conditions persist, Management believes that AXA is on track to deliver the main financial targets of AXA's 'Unlock the Future' plan: (i) underlying earnings per share growth at the upper end of th"
source"model"
method"global"
content
page11
marker"9"
text"Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements."
printed_on11
source"block"
page4
marker"19"
host"The Group is committed to its capital management policy⟦⟧, targeting a total payout ratio of 75% , comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks"
source"model"
method"global"
content
page11
marker"19"
text"Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment."
printed_on11
source"block"
page4
marker"20"
host"The Group is committed to its capital management policy , targeting a total payout ratio of 75%⟦⟧, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks"
source"model"
method"global"
content
page11
marker"20"
text"Payout ratio is calculated based on underlying earnings per share."
printed_on11
source"block"
page5
marker"12"
host"FY24FY25Change on a comparable basisFY25 Price effect⟦⟧(in %)"
source"model"
method"global"
content
page11
marker"12"
text"Price effects are calculated as a percentage of total gross written premiums of the prior year."
printed_on11
source"block"
page5
marker"11"
host"o/w Commercial lines⟦⟧34.935.8+4%+1.9%"
source"model"
method"global"
content
page11
marker"11"
text"'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance."
printed_on11
source"block"
page6
marker"1"
host"PVEP⟦⟧50.949.4-2%"
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page6
marker"21"
host"PVEP⟦⟧50.949.4-2%"
source"model"
method"global"
content
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page6
marker"1"
host"NB CSM⟦⟧2.22.2+3%"
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page6
marker"21"
host"NB CSM⟦⟧2.22.2+3%"
source"model"
method"global"
content
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page6
marker"1"
host"NBV (post-tax)⟦⟧2.32.20%"
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page6
marker"21"
host"NBV (post-tax)⟦⟧2.32.20%"
source"model"
method"global"
content
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page6
marker"1"
host"NBV margin⟦⟧4.4%4.5%+0.1 pt"
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page6
marker"21"
host"NBV margin⟦⟧4.4%4.5%+0.1 pt"
source"model"
method"global"
content
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page6
marker"21"
host"Net flows⟦⟧+1.5+5.4"
source"model"
method"global"
content
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page6
marker"13"
host"- G/A⟦⟧(+4%) notably in France (+4%) as well as from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong; and"
source"model"
method"global"
content
page11
marker"13"
text"General account."
printed_on11
source"block"
page6
marker"1"
host"Present value of expected premiums (PVEP)⟦⟧decreased by 2% to Euro 49.4 billion driven by:"
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page6
marker"21"
host"Present value of expected premiums (PVEP)⟦⟧decreased by 2% to Euro 49.4 billion driven by:"
source"model"
method"global"
content
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page7
marker"1"
host"NB CSM⟦⟧increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits."
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page7
marker"21"
host"NB CSM⟦⟧increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits."
source"model"
method"global"
content
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page7
marker"1"
host"NBV (post-tax)⟦⟧was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of shortterm multinational business in France."
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page7
marker"21"
host"NBV (post-tax)⟦⟧was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of shortterm multinational business in France."
source"model"
method"global"
content
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page7
marker"1"
host"NBV margin (post tax)⟦⟧increased by 0.1 point to 4.5%."
source"model"
method"global"
content
page11
marker"1"
text"Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release."
printed_on11
source"block"
page7
marker"21"
host"NBV margin (post tax)⟦⟧increased by 0.1 point to 4.5%."
source"model"
method"global"
content
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page7
marker"21"
host"Net flows⟦⟧were Euro +5.4 billion compared to Euro +1.5 billion in 2024"
source"model"
method"global"
content
page11
marker"21"
text"Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities."
printed_on11
source"block"
page7
marker"14"
host"Holdings underlying earnings⟦⟧remained broadly stable at Euro -1.2 billion."
source"model"
method"global"
content
page11
marker"14"
text"Including banking activities."
printed_on11
source"block"
page10
marker"23"
host"Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (ins"
source"model"
method"global"
content
page11
marker"23"
text"AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025."
printed_on11
source"block"
page10
marker"24"
host"AXA Investment Managers⟦⟧: includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method."
source"model"
method"global"
content
page11
marker"24"
text"Disposal to BNP Paribas completed on July 1, 2025."
printed_on11
source"block"
unmatched
page15
marker"i"
host"in Euro millionTotal CommercialChange⟦⟧Personal MotorChangePersonal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChangeFY25Change"
source"model"
reason"several-on-page"
page15
marker"i"
host"in Euro millionTotal CommercialChangePersonal MotorChange⟦⟧Personal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChangeFY25Change"
source"model"
reason"several-on-page"
page15
marker"i"
host"in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChange⟦⟧Total PersonalChangeTotal ReinsuranceChangeFY25Change"
source"model"
reason"several-on-page"
page15
marker"i"
host"in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChangeTotal PersonalChange⟦⟧Total ReinsuranceChangeFY25Change"
source"model"
reason"several-on-page"
page15
marker"i"
host"in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChange⟦⟧FY25Change"
source"model"
reason"several-on-page"
page15
marker"i"
host"in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChangeFY25Change⟦⟧"
source"model"
reason"several-on-page"
page15
marker"i"
host"FY24⟦⟧FY25"
source"model"
reason"several-on-page"
orphans
page11
marker"17"
text"To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 2 4, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable."
printed_on11
source"block"
page11
marker"22"
text"Restricted Tier 1: 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's."
printed_on11
source"block"
page15
marker"i"
text"Changes are at comparable basis (constant forex, scope and methodology)"
printed_on15
source"block"
page15
marker"i"
text"Calculated as monthly average from January 2024 to December 2024"
printed_on15
source"block"
report
cues97
contents39
by_method
page31
global59
unmatched
several-on-page7
notes_pages
11
orphan_contents4
doc"tpogd0"
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