AXA/2025/FY/Earnings presentation

Document info
Document info
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document type	Analyst presentation
Publication date	2026-02-26
Language	English
Pages	49
Source	Original URL

This article summarizes AXA's full-year 2025 earnings presentation, published on 26 February 2026.

Front matter

Full Year 2025 earnings presentation

Presentation title: Full Year 2025 Earnings Presentation ^{p. 1}
Presentation date: February 26, 2026 ^{p. 1}

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

Disclaimer regarding forward-looking statements, which are subject to known and unknown risks and uncertainties ^{p. 2}.
Expected UEPS growth for 2026 is provided as one-off guidance in the context of the last year of the Group's current strategic plan ^{p. 2}.
Risk factors are described in Part 5 "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 ^{p. 2}.
Non-GAAP measures and alternative performance measures (APMs) used include "Underlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" ^{p. 2}.
Financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure ^{p. 2}.

FY25 Highlights

Section 1: FY25 Highlights presented by Thomas Buberl, Group CEO ^{p. 4}

Full Year 2025 | Excellent performance

Key financial highlights, FY25 ^{p. 5}
Metric	Value
Revenues	+6% vs. FY24
Underlying EPS	+8% vs. FY24
Return on equity	16%
Solvency II ratio	224%
Dividend per share	+8% growth
Share buyback	EUR 1.25bn annual program
Underlying EPS growth target for 2026	Upper end of 6% to 8% range

Dividend per share +8% growth, based on the dividend proposed by AXA's Board of Directors on February 25, 2026, subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 ^{p. 5}

Executing the plan on growth, margin and efficiency

Underlying earnings, FY24 vs FY25 ^{p. 6}
EUR billion unless otherwise mentioned	FY24	FY25	Change at constant FX	Change excluding AXA IM
Underlying earnings	8.1	8.4	+6%	+9%

High organic growth: +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%) ^{p. 6}
Record profitability: Further margin expansion in P&C and L&H; improvement in efficiency ^{p. 6}
Scaling the business: Continued investments in growth and technology ^{p. 6}
Consistent earnings growth while enhancing reserve prudence ^{p. 6}

Diversified franchise, well positioned in an attractive industry

FY25 gross written premium split (excluding AXA IM and holdings) ^{p. 7}
Segment	Share
Life	33%
Health	17%
Large & Specialty	17%
SME & Mid-market	16%
Retail	17%

Secular trends fueling demand across businesses include protection gaps and emerging corporate risks, alongside demographics driving demand for private retirement and healthcare ^{p. 7}.
Our right to win is supported by four key pillars:
- Leading brand & high customer NPS ^{p. 7}
- Strong and diversified distribution ^{p. 7}
- Technical expertise to price & underwrite risks ^{p. 7}
- Scale offering cost advantage ^{p. 7}

Laying the foundation for the next plan

Strategic pillars established to lay the foundation for the next plan ^{p. 8}:
- Clear tech and AI roadmap ^{p. 8}
- Driving efficiency ^{p. 8}
- Enhancing capital allocation discipline ^{p. 8}
- Building resilience ^{p. 8}
Earnings growth outlook supported by these pillars, providing confidence in sustaining earnings growth ^{p. 8}

Business Performance

FY25 business performance

Section 2: FY25 Business Performance presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}.

Strong delivery across our businesses

Premium growth basis: change for gross written premiums is at constant scope and FX ^{p. 10}.
Earnings growth basis: change for underlying earnings is at constant FX ^{p. 10}.
Total GWP definition: FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers ^{p. 10}.

Business performance by region FY25 ^{p. 10}
Region	Gross written premiums	Underlying earnings
France (27% of total GWP¹)	+6% to EUR 31bn	+7% to EUR 2.2bn
Europe (38% of total GWP¹)	+6% to EUR 43bn	+9% to EUR 3.5bn
AXA XL (17% of total GWP¹)	+4% to EUR 19bn	+9% to EUR 1.9bn
Asia, Africa & EME-LATAM (18% of total GWP¹)	+13% to EUR 20bn	+6% to EUR 1.5bn

P&C | Strong margins, confidence in sustaining growth

Gross written premiums (GWP) total EUR 58bn, including AXA XL Re premiums of EUR 2.6bn ^{p. 11}.
(donut) GWP mix: Retail, AXA XL (Large & Specialty), SME & Mid-market — shares not labeled ^{p. 11}.
Underlying earnings +9% at constant FX to EUR 5.9bn ^{p. 11}.
Retail and SME & Mid-market strategy:
- 2025: Growing volumes while expanding margins ^{p. 11}.
- Beyond 2025: Investing to improve customer retention and expanding distribution footprint ^{p. 11}.
AXA XL (Large & Specialty) strategy:
- 2025: Profitable growth with stable margins ^{p. 11}.
- Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management ^{p. 11}.
Earnings drivers:
- Continued progress on efficiency ^{p. 11}.
- Higher investment income ^{p. 11}.
- Data & AI to further enhance customer experience and technical excellence ^{p. 11}.

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

Financial highlights and strategic priorities ^{p. 12}
EUR billion	Value
Gross written premiums (GWP)	57
Underlying earnings	3.5

(donut) GWP mix: Short-term and Long-term segments — shares not labeled.
Long-term business strategic priorities:
- 2025: Accelerating net flows in Savings at attractive margins.
- Beyond 2025: Capturing savings & retirement opportunity, sourcing best asset management products for our customers.
Short-term business strategic priorities:
- 2025: Growing technical results while absorbing Mexico VAT impact.
- Beyond 2025: Capitalizing on demand for health & protection while further improving our margins.
Operational drivers supporting growth and efficiency:
- Focus on cost reduction.
- Increasing penetration of Protection riders in Savings offerings.
- Leveraging AI to reduce claims leakage & improve customer outcomes in Health.
Underlying earnings +7% at constant FX to EUR 3.5bn ^{p. 12}.

Financial Performance

FY25 financial performance

Section 3: FY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO ^{p. 13}

P&C | Continued disciplined growth

P&C GWP and other revenues by segment, FY24 vs FY25 ^{p. 14}
EUR billion unless otherwise mentioned	FY24	FY25	Change LFL	o/w pricing	o/w volume
Commercial lines	—	35.8	+4%	+2%	+2%
AXA XL Reinsurance	—	2.6	+8%	+0.3%	+7%
Retail lines	—	19.7	+7%	+5%	+2%
Total	56.5	58.0	+5%	—	—

Commercial lines growth driven by continued pricing momentum and volume growth in Mid-market and SME.
AXA XL Insurance focused on growing in lines of business with attractive margins while remaining focused on retention.
AXA XL Reinsurance growth supported by alternative capital.
Retail lines growth supported by favorable pricing trends and strong growth in net new contracts of +1.7m in FY25.

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

Combined ratio components, FY24 vs FY25 ^{p. 15}
Combined ratio	FY24	FY25
Undiscounted CY loss ratio (ex Nat Cat)	67.4%	67.0%
Expense ratio	25.0%	24.8%
Nat Cat	3.8%	3.4%
Prior year reserve development	-1.6%	-1.1%
Discount	-3.6%	-3.5%
Total combined ratio	91.0%	90.6%

Better undiscounted current year loss ratio excluding Nat Cat driven by:
- 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

Underlying earnings bridge, FY24 to FY25 ^{p. 16}
EUR million	Underlying earnings
FY24	5,510
Volume growth	+292
Margin improvement	+189
Investment income	+435
Insurance finance expenses	-235
Tax	-169
Affiliates, FX & other	-150
FY25	5,872

Underlying earnings grew +9% at constant FX to EUR 5,872m (FY24: EUR 5,510m) ^{p. 16}.
Underwriting result (includes expenses) driven by volume growth (+EUR 292m) and margin improvement (+EUR 189m) ^{p. 16}.
Financial result driven by investment income (+EUR 435m) and partly offset by insurance finance expenses (-EUR 235m) ^{p. 16}.
Underwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence ^{p. 16}.
Investment income increased reflecting higher volumes and better reinvestment yields on fixed income assets ^{p. 16}.
Insurance finance expenses impacted by higher unwind of discount of claims reserves, in line with guidance ^{p. 16}.
Forex impact was unfavorable notably due to USD depreciation vs. EUR ^{p. 16}.

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

Life GWP & Other Revenues mix, FY24 vs FY25 ^{p. 17}
EUR billion unless otherwise mentioned	FY24	FY25	LFL Change
Protection	—	17.3	+11%
Unit-linked	—	9.3	+13%
Capital light G/A	—	9.0	+7%
Traditional G/A	—	1.9	-7%
Total Life GWP & Other Revenues	34.5	37.5	+9%

Health GWP & Other Revenues mix, FY24 vs FY25 ^{p. 17}
EUR billion	FY24	FY25	LFL Change
Individual	—	10.5	+6%
Group	—	8.5	+4%
Total Health GWP & Other Revenues	17.5	19.0	+5%

Net flows by segment ^{p. 17}
EUR billion	Net flows
Protection	+4.9
Health	+2.7
Unit-Linked	+1.5
Capital light G/A	+1.2
Traditional G/A	-5.0

Employee Benefits GWP and other revenues (including both short-term and long-term) was EUR 12.9bn (+4% vs. FY24) ^{p. 17}
Net flows reached +EUR 5.4bn (vs. +EUR 1.5bn in FY24) ^{p. 17}

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

PVEP trend, FY24 vs FY25 ^{p. 18}
EUR billion unless otherwise mentioned	FY24	FY25	LFL Change
Protection & Health	—	31.4	-4%
Unit-Linked	—	8.5	+18%
Capital-light G/A	—	7.8	-10%
Traditional G/A	—	1.7	-10%
Total PVEP	50.9	49.4	-2%

NB CSM (pre-tax) and NBV (post-tax), FY24 vs FY25 ^{p. 18}
EUR billion	NB CSM (pre-tax)	NBV (post-tax)
FY24	2.2	2.3
FY25	2.2	2.2
LFL Change	+3%	stable

NBV margin, FY24 vs FY25 ^{p. 18}
—	FY24	FY25
NBV margin	4.4%	4.5%

PVEP impacted by higher interest rates on discounting despite strong growth in Life volumes ^{p. 18}
NB CSM driven by robust Savings & Protection sales; reported growth impacted by higher interest rates for discounting of future profits ^{p. 18}
NBV broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France ^{p. 18}

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

Contractual Service Margin rollforward, FY24 to FY25 ^{p. 19}
EUR billion	CSM
FY24	33.6
New business CSM	+2.2
Underlying return on in-force	+1.3
CSM release	-3.0
Economic variance	+0.6
Operating variance	-0.3
Affiliates, FX & other	-1.4
FY25	33.0

Contractual Service Margin by segment ^{p. 19}
EUR billion	FY24	FY25
Life segment	25.8	25.4
Health segment	7.7	7.6

Normalized CSM up by +2% LFL, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates ^{p. 19}.
Economic variance reflecting government spreads tightening and positive equity market returns ^{p. 19}.
Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland ^{p. 19}.
FX impact mainly from JPY and HKD depreciation ^{p. 19}.
Normalized CSM growth +2% (comprising New business CSM, Underlying return on in-force, and CSM release) ^{p. 19}

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

Underlying earnings bridge, FY24 to FY25 ^{p. 20}
EUR million unless otherwise mentioned	Underlying earnings
FY24	3,323
Short-term technical margin	+60
Long-term result incl. CSM release	+156
Financial result	-11
Tax, FX and others	-27
FY25	3,501

Underlying earnings components ^{p. 20}
EUR million	FY24	FY25
Short-term technical margin	415	479
Long-term result incl. CSM release	2,680	2,804
Financial result	975	946
Tax & others	-748	-728

Underlying earnings by segment ^{p. 20}
EUR billion	FY24	FY25	Change
Life	2.6	2.7	+4%
Health	0.7	0.8	+17%

Underlying earnings +7% LFL to EUR 3,501m ^{p. 20}
Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico of -EUR 0.1bn ^{p. 20}
Higher long-term results from increase in CSM release of +8% reflecting growth in reserve base, including from favorable equity market performance, and better margins ^{p. 20}

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

Earnings and net income breakdown in EUR billion ^{p. 21}
—	FY24	FY25	Change
Property & Casualty	5.5	5.9	+9%
Life & Health	3.3	3.5	+7%
Asset Management	0.4	0.2	-57%
Holdings & other	-1.2	-1.2	-
Underlying earnings	8.1	8.4	+6%
Non-financial flows	-0.5	+2.1	—
o/w capital gains from AXA IM disposal	-	+2.2	—
Financial flows (incl. RCG)	+0.3	-0.7	—
Net income	7.9	9.8	+26%

Underlying earnings per share (reported basis) ^{p. 21}
EUR	FY24	FY25	Change
Underlying earnings per share	3.59	3.86	+8%

Underlying earnings per share change drivers ^{p. 21}
Driver	Contribution
Earnings growth	+6%
Capital management	+3%
Forex	-2%
AXA IM sale impact	-1%

Underlying earnings drivers:
- Strong performance from insurance businesses ^{p. 21}
- Stable holding cost, expected to remain at current level in 2026 ^{p. 21}
Net income drivers:
- Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM ^{p. 21}
- Lower financial flows reflecting unfavorable forex impact ^{p. 21}

Shareholders' equity

Shareholders' equity and other metrics ^{p. 22}
EUR billion unless otherwise mentioned	FY24	HY25	FY25
Shareholders' equity (Group share) total	49.9	45.5	47.2
SHE (excl. OCI)	58.0	52.7	54.0
Net OCI	-8.1	-7.2	-6.8
SHE (excl. OCI & undated subordinated debt)	53.2	47.0	49.4
Debt gearing	20.6%	23.4%	22.3%
Underlying ROE	15.2%	17.5%	16.0%

Shareholders' equity roll-forward (in Euro billion) ^{p. 22}
—	FY24 to FY25	HY25 to FY25
Opening Shareholders' equity	49.9	45.5
Change in Net OCI	1.3	0.4
Net income for the period	9.8	5.9
Dividend	-4.6	-
Annual share buyback	-1.2	-
Anti-dilutive share buyback following the sale of AXA IM	-3.5	-3.5
Undated subordinated debt (including interest charges)	-0.3	-1.2
Forex	-3.5	-0.1
Other	-0.6	0.3
Closing Shareholders' equity	47.2	47.2

Reporting currency is in Euro billion ^{p. 22}.

Higher organic cash remittance and robust cash position at Holding

Net cash remittance increased to EUR 7.5bn in FY25 ^{p. 23}
- (bar) Net cash remittance trend: FY24 EUR 7.7bn (comprising EUR 7.1bn ordinary remittance and EUR 0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe) → FY25 EUR 7.5bn ^{p. 23}
- Remittance ratio remained stable at 82% in FY24 and 82% in FY25 ^{p. 23}

Holding cash position bridge FY24 to FY25 (in Euro billion) ^{p. 23}
FY24 Cash position	4.0
Net cash remittance from subsidiaries	+7.5
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive share buyback following the sale of AXA IM	-3.5
Holding costs and interest expenses	-1.3
Change in net debt	+1.6
M&A and other	+3.1
FY25 Cash position	5.6

Solvency II at 224%

Solvency II walk, FY24 to FY25 ^{p. 24}
EUR billion unless otherwise mentioned	EOF	SCR	Solvency II ratio (pts)
FY24	55.9	25.9	216
Regulatory & model changes	+0.2	0.0	+0
Normalized capital generation	+8.8	+0.6	+28
Operating variance	-0.4	0.0	-1
Economic variance & FX	-2.1	-1.2	+4
Dividend & annual share buyback	-6.0	0.0	-24
Management actions, debt & other	-0.1	-0.2	+2
FY25	56.4	25.2	224

Dividend & annual share buyback includes foreseeable dividends of -EUR 4.8bn and provision for annual share buyback for 2026 of -EUR 1.25bn ^{p. 24}.

Key sensitivities of Solvency II ratio as of December 31, 2025 ^{p. 24}
Sensitivity	Impact (pts)
Interest rate +50bps	+2
Interest rate -50bps	-1
Corporate spreads +50bps	-1
Euro Sovereign spreads +50bps	-7
Credit migration	-4
Listed Equity (excl. PE & Infra) +25%	-1
Listed Equity (excl. PE & Infra) -25%	+2
PE & Infra +25%	+14
PE & Infra -25%	-19
Inflation swap curve +50bps	-5

Solvency II ratio increased to 224% in FY25 from 216% in FY24 ^{p. 24}.
Euro sovereign spreads sensitivity assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve, applied on sovereign and quasi-sovereign exposures ^{p. 24}.
Credit rating migration sensitivity assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches) ^{p. 24}.

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

Solvency II ratio impacts ^{p. 25}
Solvency II ratio	Value
As of December 31, 2025	224%
Grandfathering end impact on January 1, 2026	-10pts to 215%
Solvency II revision impact to come into effect in 1Q27	+17pts

EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026 ^{p. 25}.
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 ^{p. 25}.
No change is expected in organic capital generation ^{p. 25}.
Provides additional capital flexibility ^{p. 25}.

Thomas Buberl, Group CEO conclusion

Conclusion presented by Thomas Buberl, Group CEO ^{p. 26}

Conclusion

Record results achieved at the top end of the target range while enhancing reserve prudence ^{p. 27}.
Business performance shows all businesses in excellent shape, delivering strong growth and profitability ^{p. 27}.
Diversified franchise is well-positioned to capture future growth opportunities ^{p. 27}.
Future outlook focused on laying foundations for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

February 26, 2026 Q&A Full Year 2025 earnings

Session title: Q&A Full Year 2025 Earnings ^{p. 28}
Date: February 26, 2026 ^{p. 28}

AXA Investor Relations | Keep in touch

Investor Relations contact: +33 1 40 75 48 42; investor.relations@axa.com ^{p. 29}
Follow us: www.axa.com ^{p. 29}

Meet our management event calendar ^{p. 29}
Date	Event	Location
March	Roadshows	Europe and US
May 5	1Q25 Activity Indicators	Paris
June 2	BNP Paribas Exane CEO Conference	Paris
June 2-4	Goldman Sachs European Financials Conference	Zurich
July 31	HY26 Earnings Release	Paris
September 21	AXA Investor Day	London

Appendices

Section divider slide for the Appendices ^{p. 30}.

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

(stacked bar) Gross financial debt:
- FY24: EUR 19.2bn total; Tier 1 EUR 4.8bn, Tier 2 EUR 10.8bn, Senior debt EUR 3.5bn; debt gearing at 20.6% ^{p. 32}
- FY25: EUR 20.3bn total; Tier 1 EUR 4.6bn, Tier 2 EUR 12.2bn, Senior debt EUR 3.5bn; debt gearing at 22.3% ^{p. 32}
- Jan 1st 2026 (End of the grandfathering period): EUR 20.3bn total; Tier 1 EUR 3.2bn, Tier 2 EUR 11.3bn, Senior debt EUR 5.8bn (of which EUR 0.4bn redeemed in Jan 2026) ^{p. 32}
(stacked bar) Contractual maturity breakdown:
- 2028: Senior debt EUR 0.5bn ^{p. 32}
- 2030: Tier 2 EUR 0.7bn, Senior debt EUR 0.9bn ^{p. 32}
- 2031-2039: Senior debt EUR 1.5bn ^{p. 32}
- ≥2040: Tier 2 EUR 10.8bn, Senior debt EUR 0.5bn ^{p. 32}
- Undated: Tier 1 EUR 4.6bn, Tier 2 EUR 0.7bn ^{p. 32}
- Of which grandfathered debt: Tier 1 Undated EUR 1.4bn; Tier 2 2030 EUR 0.7bn, ≥2040 EUR 0.2bn ^{p. 32}
(stacked bar) Economic maturity breakdown:
- 2026: Tier 1 EUR 0.1bn ^{p. 32}
- 2027: Tier 2 EUR 2.4bn ^{p. 32}
- 2028: Tier 1 EUR 0.1bn, Senior debt EUR 0.5bn ^{p. 32}
- 2029: Tier 2 EUR 2.0bn ^{p. 32}
- 2030: Tier 2 EUR 0.7bn, Senior debt EUR 0.9bn ^{p. 32}
- 2031-2039: Tier 1 EUR 0.4bn, Tier 2 EUR 6.4bn, Senior debt EUR 1.5bn ^{p. 32}
- ≥2040: Senior debt EUR 0.5bn ^{p. 32}
- Undated: Tier 1 EUR 4.0bn, Tier 2 EUR 0.7bn ^{p. 32}
- Of which grandfathered debt: Tier 1 2026 EUR 0.1bn, 2028 EUR 0.1bn, 2031-2039 EUR 0.4bn, Undated EUR 0.8bn; Tier 2 2030 EUR 0.7bn, ≥2040 EUR 0.2bn ^{p. 32}
Debt redemptions called in January 2026: remaining T2 GF GBP 139m due 2054 callable 2034 5.625% issued January 2014, and T1 GF EUR 250m perpetual callable 2010 floating issued January 2005 ^{p. 32}
Economic maturity accounts for the first date of step-up calls on institutionally placed subordinated debt; Solvency II RT1 debt with no step-up retains its undated nature ^{p. 32}

General account invested assets

Total General Account invested assets stood at EUR 450bn for FY25 ^{p. 33}.
Duration gap was at -0.4 year ^{p. 33}.
(donut) FY25 Total General Account invested assets: Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, Policy loans — shares not labeled ^{p. 33}.

Invested assets (100%) in EUR billion ^{p. 33}
Invested assets (100%) In EUR billion unless otherwise mentioned	FY25	%
Fixed income	345	77%
o/w Government bonds	167	37%
o/w Corporate bonds and loans	121	27%
o/w Other fixed income¹	56	13%
Real estate	41	9%
Infrastructure equity	10	2%
Listed equities²	10	2%
Private equity and hedge funds³	23	5%
Cash	19	4%
Policy loans	2	0%
Total Insurance Invested Assets⁴	450	100%

Other fixed income includes Asset Backed Securities (EUR 25bn), Residential Loans (EUR 16bn), Commercial & Agricultural Loans (EUR 7bn), and Agency Pools (EUR 8bn) ^{p. 33}.
Listed equities includes hedges; listed equities excluding hedges stood at EUR 14bn ^{p. 33}.
Private equity and hedge funds includes Private Equity (EUR 17bn), Hedge Funds (EUR 5bn), and Non-listed Equities (EUR 1bn) ^{p. 33}.

Structured and private credit assets

Structured and Private Credit assets FY25 ^{p. 34}
Invested assets (100%) In EUR billion unless otherwise mentioned	FY25	% of total G/A¹ portfolio	Comments
Residential Mortgages	16	4%	- EUR 6bn Dutch mortgages, NHG guaranteed - EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
CLO & ABS	25	6%	- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
Infrastructure debt	8	2%	- Skewed towards resilient industries (Telecom, Utilities, Transport)
CRE debt	8	2%	- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
Mid-Market lending	10	2%	- Strong diversification with EUR 8m average ticket - Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
Other	2	0%	—
Total Structured and Private Credit Assets	69	15%	o/w 54% participating

General Account (G/A) refers to General Account ^{p. 34}.

Investment portfolio | Fixed income reinvestment

FY25 Fixed income reinvestment asset mix ^{p. 35}
Asset mix	Share
Government bonds & related	32%
Investment grade credit	40%
ABS/CLO/IG fund financing	21%
Below investment grade credit	7%

FY25 Fixed income reinvestment yield ^{p. 35}
Fixed income type	Yield
Public fixed income	3.5%
Private & Structured fixed income	4.7%
Total fixed income	3.9%

Fixed income reinvestment totaled EUR 57bn in FY25
Government bonds & related: average rating: AA
Investment grade credit: average rating: A
Reinvestment yield achieved at 3.9% on EUR 57bn invested
Average duration of 9 years
Includes EUR 19.7bn of Private & Structured Credit invested at 4.7% (comprising CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
Asset allocation reflects a gradual shift from alternative total return assets to Private & Structured credit

AXA XL Insurance | Large Commercial & Specialty business

FY25 GWP breakdown ^{p. 37}
USD billion unless otherwise mentioned	Share
Casualty	35%
Property	29%
Specialty	19%
Professional lines (including Cyber)	17%

FY25 GWP by geography ^{p. 37}
USD billion	Share
Americas	46%
Europe & APAC	35%
UK & Lloyds	19%

Business diversification is well balanced across lines of business and geographies ^{p. 37}
Market leadership positions AXA XL in the top 3 globally for ^{p. 37}:
- Multinational Programs ^{p. 37}
- Marine ^{p. 37}
- Fine Art & Specie ^{p. 37}
Cycle management is utilized to deliver consistent profitability ^{p. 37}:
- (bubble chart) Profitability vs Ex-price growth (%): shows relative positioning of key lines ^{p. 37}:
  - Property: high profitability, high ex-price growth ^{p. 37}
  - Specialty: moderate-to-high profitability, moderate ex-price growth ^{p. 37}
  - Casualty: moderate profitability, moderate ex-price growth ^{p. 37}
  - Professional lines: lower profitability, lower ex-price growth ^{p. 37}

P&C | Focus on reserves

Claims and Technical reserves ratio ^{p. 38}
%	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Claims reserves ratio (IFRS4 basis)	179	185	193	188	189	—	—	—
Claims reserves ratio (IFRS17 basis)	—	—	—	—	198	195	180	175
Technical reserves ratio (IFRS4 basis)	213	227	233	226	227	—	—	—
Technical reserves ratio (IFRS17 basis)	—	—	—	—	234	232	216	210

¹ Includes net undiscounted claims reserves and unearned premium reserves ^{p. 38}.

P&C | 2026 Simplified Group Nat Cat reinsurance program 1

Insurance segment occurrence protection capacity and retention by peril ^{p. 39}
Peril	Capacity	Retention
EU Windstorm	EUR 4.0bn	EUR 600m
Europe Flood	EUR 2.1bn	EUR 450m
Europe Earthquake	EUR 2.1bn	EUR 400m
NA Hurricane	EUR 1.2bn	EUR 600m
NA Earthquake	EUR 1.2bn	EUR 600m
Per other perils	—	EUR 400m

Retention levels remained stable in 2026 compared to 2025 ^{p. 39}.
(diagram) Reinsurance segment (illustrative) utilizes Alternative Capital & Cat Bonds ^{p. 39}.

P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026

Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ^{p. 40}
Percentile	EUR billion
1/20y (95th percentile)	-1.2
1/10y (90th percentile)	-0.8
1/5y (80th percentile)	-0.4
Median (50th percentile)	+0.1
1/5y (20th percentile)	+0.5
1/10y (10th percentile)	+0.7
1/20y (5th percentile)	+0.8

Average expected Nat Cat charges net of reinsurance, pre-tax ^{p. 40}
Year	EUR billion	Impact on GEP
2025	2.6	ca. 4.5%
2026	2.7	ca. 4.5%

Earnings deviation analysis shows Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ^{p. 40}:
- More severe years result in a negative deviation in ca. 40% of cases ^{p. 40}.
- Less severe years result in a positive deviation in ca. 60% of cases ^{p. 40}.
Natural catastrophe cost is defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance ^{p. 40}.
Deviation comparison is made against a normalized level, which represents costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance) ^{p. 40}.

P&C | Margin analysis

P&C Underlying Earnings FY25 (changes versus FY24 at constant FX) ^{p. 42}
Metric	FY25 (EUR million)	Change (EUR million)
Underlying Earnings before tax	8,040	+681
Tax	-2,060	-169
Affiliates, Minority interests & Other	-108	-10
Underlying Earnings	5,872	+501
Growth vs. FY24 (at constant FX)	—	+9%

Caption: Technical result components (pre-tax, changes versus FY24 at

Undiscounted technical margin (current accident year) of EUR 2,778m (+EUR 707m) ^{p. 42}:
Gross earned premiums at EUR 57,656m (+6%) ^{p. 42}
Undiscounted combined ratio (current accident year) at 95.2% (-1.0pt), of which Nat Cats was 3.4% (-0.4pt) ^{p. 42}
Accident year discounting (current accident year) of EUR 2,009m (+EUR 115m) ^{p. 42}:
Discounting ratio (in combined ratio points) at -3.5% (+0.0pt) ^{p. 42}
Net claims reserves (current accident year) at EUR 19.0bn ^{p. 42}
Reserve duration at 4.0 years with a discount rate of 2.8% ^{p. 42}
Reserve development (prior years' PYD) of EUR 622m (-EUR 341m) with a PYD ratio of -1.1% (+0.7pt) ^{p. 42}
Investment income of EUR 3,988m (+EUR 435m) ^{p. 42}:
Average assets (FY25) at EUR 115bn with an asset book yield of 3.5% and reinvestment yield on fixed income assets of 4.3% ^{p. 42}
Insurance finance expenses of -EUR 1,358m (-EUR 235m) ^{p. 42}:
Reserves at locked-in rate (FY24) at EUR 71bn with a liability book yield of 1.9% ^{p. 42}
Rate increase of +25bps: +EUR 0.2bn ^{p. 42}
Rate decrease of -25bps: -EUR 0.2bn ^{p. 42}
Future finance expenses projected for 2026e (pre-tax) at ~ -EUR 1.4bn ^{p. 42}:
Sensitivity to discount changes (+25bps in 2025 current AY discount): ~ -EUR 50m ^{p. 42}
Sensitivity to discount changes (-25bps in 2025 current AY discount): ~ +EUR 50m ^{p. 42}

L&H | Margin analysis

L&H Margin Analysis includes scope impact ^{p. 43}.
Short-term Technical Margin includes the recapture of Laya ^{p. 43}.

Technical Result (In Euro million, pre-tax) ^{p. 43}
Metric	FY25	Change
Short-term Technical Margin	479	+60
Gross Earned Premiums	17,416	+10%
All Year Combined Ratio	97.2%	-0.1pts
Long-term Technical Margin	2,804	+156
CSM release	2,954	+215
Technical experience	-150	-58

Financial Result (In Euro million, pre-tax) ^{p. 43}
Metric	FY25	Change
Investment Income (non-VFA only)	2,484	-1
Insurance Finance Expenses (non-VFA only)	-1,538	-9

Investment Income details (non-VFA only):
- FY25 Average Assets: EUR 98bn ^{p. 43}
- Asset book yield: 2.5% ^{p. 43}
- FY25 Reinvestment yield¹: 3.8% ^{p. 43}
Insurance Finance Expenses details (non-VFA only):
- FY24 Reserves at locked-in rate: EUR 62bn ^{p. 43}
- Liability book yield: 2.5% ^{p. 43}

Underlying Earnings (In Euro million) ^{p. 43}
Metric	FY25	Change
Underlying Earnings before tax	4,229	+205
Tax	-800	65
Affiliates, Minority interests & Other	72	-51
Underlying Earnings	3,501	+219

Underlying Earnings growth vs. FY24 (at constant FX): +7% ^{p. 43}

Life & Health FY25 CSM Key Sensitivities (in Euro billion) ^{p. 43}
Sensitivity	Value
Baseline	33.3
Interest rates +50bps	-0.8
Interest rates -50bps	0.6
Sovereign spreads +50bps	-1.9
Sovereign spreads -50bps	1.9
Corporate spread +50bps	-0.8
Corporate spread -50bps	0.7
Equities +25%	1.8
Equities -25%	-2.2

¹ Reinvestment yield on fixed income assets ^{p. 43}.

Expanding AXA's role in society: AXA for Progress Index 1

As a Global Investor:
- Climate transition financing: Target of EUR 5bn per year in climate transition financing ^{p. 45}; 2025 Result achieved EUR 6.4bn ^{p. 45}.
- Community resilience financing: Target of >EUR 500m per year ^{p. 45}; 2025 Result achieved EUR 1.4bn ^{p. 45}.
As a Global Insurer:
- Transition underwriting: Target of EUR 6bn in P&C GWP to support transition underwriting (cumulative 2024-2026) ^{p. 45}; 2025 Result achieved EUR 4.6bn ^{p. 45}.
- Climate adaptation solutions: Target of >20,000 climate adaptation solutions & services (cumulative 2024-2026, target revised in 2025) ^{p. 45}; 2025 Result achieved 19,698 cumulative 2024-2025 ^{p. 45}.
- Inclusive insurance: Target of >20m inclusive insurance customers by 2026 ^{p. 45}; 2025 Result achieved 20.6m ^{p. 45}.
As a Company:
- Climate adaptation training: Target of >80,000 AXA Group employees trained on climate adaptation by 2026 ^{p. 45}; 2025 Result achieved 46,420 ^{p. 45}.
- Carbon emissions reduction: Target to contribute to Net-Zero with -50% by 2030 in absolute carbon emissions and offset of residual emissions ^{p. 45}; 2025 Result achieved -64% reduction against 2019 ^{p. 45}.
- Employee volunteering: Target of 50% of AXA Group employees engaged in volunteering activities by 2026 ^{p. 45}; 2025 Result achieved 56% ^{p. 45}.

Sustainability Performance & Ratings

ESG ratings and scores, 2025 ^{p. 46}
Rating agency	Score/Percentile
S&P Global	97th percentile
MSCI	AAA
CDP	B
Morningstar Sustainalytics	17.0 - Low risk
FTSE Russell	4.3/5

S&P Global 2025 percentile: 97th in Dow Jones Best-in-Class Europe & World indices ^{p. 46}; the CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (specifically AXA Restricted Shares), with results as of February 6th, 2026 ^{p. 46}
FTSE Russell 2025 score: 4.3/5 in FTSE4Good Index Series ^{p. 46}

Scope

France includes insurance activities, banking activities, and holding ^{p. 47}.
Europe includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities) ^{p. 47}.
AXA XL includes insurance and reinsurance activities and holding ^{p. 47}.
Asia, Africa & EME-LATAM includes:
- Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated; and 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 which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings, and net income ^{p. 47}.
- Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), and Egypt (insurance activities and holding) which are fully consolidated ^{p. 47}.
- EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) which are fully consolidated; as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income ^{p. 47}.
- AXA Mediterranean Holdings ^{p. 47}.
Transversal & Other includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings ^{p. 47}.
AXA Investment Managers (until July 1, 2025) 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 ^{p. 47}.
Accounting standards: Unless otherwise specified, all comparative figures going back to 2023 are under IFRS17/9 standards effective January 1, 2023; figures prior to 2023 have not been restated and are presented under IFRS4 ^{p. 47}.

Glossary

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% ^{p. 48}
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 ^{p. 48}
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 ^{p. 48}
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 ^{p. 48}
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 ^{p. 48}
Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}
New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests ^{p. 48}
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 ^{p. 48}
New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ^{p. 48}
Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance ^{p. 48}
Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}
Technical experience: consists of the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses ^{p. 48}
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 ^{p. 48}

February 26, 2026 Thank you Full Year 2025 earnings

Concluding slide of the AXA Full Year 2025 Earnings presentation, dated February 26, 2026 ^{p. 49}.

Abbreviations

AA: S&P long-term issuer credit rating
AAA: S&P long-term issuer credit rating
ABS: Asset-Backed Securities
AEP: Aggregate Exceedance Probability
AI: Artificial Intelligence
APAC: Asia-Pacific
AXA IM: AXA Investment Managers
AXA XL: AXA XL (AXA's commercial property and casualty and specialty risk division)
AY: Accident Year
BBA: Business-By-Business Accounting
CDP: Carbon Disclosure Project
CLO: Collateralized Loan Obligation
CRE: Commercial Real Estate
CSA: Corporate Sustainability Assessment
CSM: Contractual Service Margin
CY: Calendar Year
EME: Emerging Markets
EOF: Eligible Own Funds
EPS: Earnings Per Share
ESG: Environmental, Social, and Governance
EU: European Union
FX: Foreign Exchange
GAAP: Generally Accepted Accounting Principles
GEP: Gross Earned Premium
GF EUR: Grandfathered Euro
GF GBP: Grandfathered British Pound
GWP: Gross Written Premiums
HKD: Hong Kong Dollar
HY: High Yield
IFE: Insurance Finance Expenses
IFRS: International Financial Reporting Standards
IG: Investment Grade
JPY: Japanese Yen
LATAM: Latin America
LFL: Like-for-Like
LTV: Loan-to-Value
MSCI: Morgan Stanley Capital International
NA: North America
NB CSM: New Business Contractual Service Margin
NBV: New Business Value
NHG: Nationale Hypotheek Garantie
NPS: Net Promoter Score
OCI: Other Comprehensive Income
PAA: Premium Allocation Approach
PE: Private Equity
PVEP: Present Value of Expected Profits
PYD: Prior Year Development
RCG: Reinsurance Commission and General expenses
ROE: Return on Equity
SCR: Solvency Capital Requirement
SHE: Shareholders' Equity
SME: Small and Medium-sized Enterprises
TVOG: Time Value of Options and Guarantees
UEPS: Underlying Earnings Per Share
UK: United Kingdom
US: United States
USD: United States Dollar
VAT: Value Added Tax
VFA: Variable Fee Approach

Front matter

Full Year 2025 earnings presentation

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

Table of contents

FY25 Highlights

Full Year 2025 | Excellent performance

Executing the plan on growth, margin and efficiency

Diversified franchise, well positioned in an attractive industry

Laying the foundation for the next plan

Business Performance

FY25 business performance

Strong delivery across our businesses

P&C | Strong margins, confidence in sustaining growth

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

Financial Performance

FY25 financial performance

P&C | Continued disciplined growth

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

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

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

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

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

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

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

Shareholders' equity

Higher organic cash remittance and robust cash position at Holding

Solvency II at 224%

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

Thomas Buberl, Group CEO conclusion

Conclusion

February 26, 2026 Q&A Full Year 2025 earnings

AXA Investor Relations | Keep in touch

Appendices

Table of contents

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

General account invested assets

Structured and private credit assets

Investment portfolio | Fixed income reinvestment

Table of contents

AXA XL Insurance | Large Commercial & Specialty business

P&C | Focus on reserves

P&C | 2026 Simplified Group Nat Cat reinsurance program 1

P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026

Table of contents

P&C | Margin analysis

L&H | Margin analysis

Table of contents

Expanding AXA's role in society: AXA for Progress Index 1

Sustainability Performance & Ratings

Scope

Glossary

February 26, 2026 Thank you Full Year 2025 earnings

Abbreviations