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AXA Group 2025 Universal Registration Document (probe: 11 pages) — anchor-injection probe (11 selected pages) — converted from probe_original.md

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Content

Certain preliminary information about this Document			1	5	Risk factors and risk management		297
Cautionary statement regarding forward-looking statements and Use of Non-GAAP and Alternative Performance Measures	Cautionary statement regarding forward-looking statements and Use of Non-GAAP and Alternative Performance Measures	Cautionary statement regarding forward-looking statements and Use of Non-GAAP and Alternative Performance Measures	3	5	5.1	Risk factors	298
Chairman and Chief Executive Officer's Message	Chairman and Chief Executive Officer's Message	Chairman and Chief Executive Officer's Message	4	5	5.2	Internal control and Risk Management	321
Strategic Orientations	Strategic Orientations	Strategic Orientations	5	5	5.3	Market risks	334
Our sustainable value creation	Our sustainable value creation	Our sustainable value creation	6	5	5.4	Credit risk	337
"Unlock the Future": 2025 achievement	"Unlock the Future": 2025 achievement	"Unlock the Future": 2025 achievement	8	5	5.5	Liquidity risk	340
2025 Full Year Earnings	2025 Full Year Earnings	2025 Full Year Earnings	9	5	5.6	Insurance risks	341
Financial strength and dividend	Financial strength and dividend	Financial strength and dividend	10	5	5.7	Operational risks	344
—	—	—	—	5	5.8	Other material risks	345
1	The AXA Group	The AXA Group	11	6	Consolidated financial statements	Consolidated financial statements	347
1	1.1	History	12	6	6.1	Consolidated statement of financial position	348
1	1.2	Business overview	13	6	6.2	Consolidated statement of profit or loss	350
1	1.3	Human Capital	17	6	6.3	Consolidated statement of comprehensive income	351
1	1.4	Dividends and dividend policy	18	6	6.4	Consolidated statement of changes in equity	352
1	1.5	Ratings	19	6	6.5	Consolidated statement of cash flows	354
2	Activity Report and Capital Management	Activity Report and Capital Management	21	6	6.6	Notes to the Consolidated Financial statements	356
2	2.1	Operating Highlights	22	6	6.7	Report of the Statutory Auditors on the Consolidated financial statements	501
2	2.2	Market Environment	27	—	—	—	—
2	2.3	Activity Report	32	7	Shares, share capital and general information	Shares, share capital and general information	507
2	2.4	Liquidity and capital resources	44	7	7.1	AXA shares	508
2	2.5	Events subsequent to December 31, 2025	49	7	7.2	Share capital	509
2	2.6	Outlook	50	7	7.3	General information	514
3	Corporate Governance	Corporate Governance	51	A	Appendices	Appendices	525
3	3.1	AXA's governance	52	A	Appendix I	Management's annual evaluation of internal control over financial reporting	526
3	3.2	Composition of the Board of Directors and its Committees	55	A	Appendix II	Statement of the person responsible for the Universal Registration Document	530
3	3.3	Organization and activities of the Board of Directors and its Committees	75	A	Appendix III	AXA Parent Company Financial Statements	531
3	3.4	Agreements	88	A	Appendix IV	Glossary	571
3	3.5	Compensation and share ownership	90	A	Appendix V	Cross-reference table of the Board of Directors' management report (including the corporate governance report)	575
4	Sustainability	Sustainability	121	A	Appendix VI	Cross-reference tables - EU regulation	578
4	4.1	General information	126	A	Appendix VII	Cross-reference table of the Annual Financial Report	582
4	4.2	Environmental information	149	—	—	—	—
4	4.3	Social information	199	—	—	—	—
4	4.4	Governance information	222	—	—	—	—
4	4.5	Appendices	233	—	—	—	—
4	4.6	Sustainability information certification report	276	—	—	—	—
—	4.7	Vigilance Plan	281	—	—	—	—

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1.3 Human Capital

Salaried employees (full time equivalent)	At December 31, 2025	At December 31, 2024 restated (footnote: Restated to reflect (i) a scope which was not reported previously in France in 2024 (ii) as well as in Japan to account for employees on parental leaves in both 2024 and 2023.)	At December 31, 2023 restated (footnote: Restated to reflect (i) a scope which was not reported previously in France in 2024 (ii) as well as in Japan to account for employees on parental leaves in both 2024 and 2023.)
France (footnote: In 2025, the increase of 719 FTEs in France is mainly due to the reinforcement of the offshore center in Morocco combined with underwriting ramp up to support business growth.)	19,495	18,776	17,834
Europe (footnote: In 2025, Europe market includes FTEs from Prima following its first consolidation effective November 28, 2025.)	31,669	30,002	29,962
Of which Switzerland	4,442	4,363	4,305
Of which Germany (footnote: In 2025, the increase of 244 FTEs in Germany is driven by business growth and strategic initiatives such as Tech, Artificial Intelligence and Data as well as claims management transformation, partly offset by efficiency measures.)	8,148	7,904	7,883
Of which Belgium & Luxembourg	3,333	3,317	3,243
Of which United Kingdom & Ireland (footnote: In 2025, the decrease of 363 FTEs in UK&I is driven by the combination of optimization efforts and project completion along with offshoring activities to AXA Global Business Services.)	9,716	10,079	10,226
Of which Spain	2,393	2,475	2,443
Of which Italy (footnote: In 2025, the increase of 373 FTEs in Italy is entirely due to the first consolidation of Nobis.)	2,172	1,799	1,800
AXA XL (footnote: In 2025, the increase of 543 FTEs at AXA XL is mainly from growth initiatives and ramp-up of offshore resources.)	10,816	10,273	9,916
Asia, Africa & EME - LATAM	28,382	28,322	26,784
Of which Japan	9,225	9,212	9,053
Of which Hong Kong	1,740	1,724	1,667
Of which China	2,557	2,560	2,714
Of which South Korea	1,536	1,593	1,607
Of which Mexico (footnote: In 2025, the decrease of 211 FTEs in Mexico is mainly from optimization efforts.)	3,933	4,144	4,006
Of which Colombia	4,358	4,267	4,208
Of which Turkey	1,135	1,097	1,039
Of which Egypt	1,080	1,011	-
Asset Management (footnote: In 2025, AXA has completed the sale of AXA Investment Managers (AXA IM) to BNP Paribas, FTEs from AXA IM are therefore not included above.)	-	-	-
Transversal & Other	13,061	13,446	13,061
Of which Group Management Services	1,208	1,217	1,182
Of which AXA Group Operations and AXA Global Business Services (footnote: In 2025, the increase of 188 FTEs is mainly from the support of business growth in AXA Global Business Services.)	5,288	5,100	4,546
Of which AXA Assistance (footnote: In 2025, the decrease of 567 FTEs in AXA Assistance is mainly from optimization efforts.)	6,460	7,027	7,231
TOTAL	103,423	100,820	97,557

Employees of non-consolidated companies or companies accounted for using the equity method are not included in the above table.

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Chart/image description: Bar chart showing the compensation structure comparison. The y-axis represents values from 0 to 20,000. The bars are stacked into three components: Annual Fixed Salary (bottom, light grey), Annual Target Short Term Incentive (middle, medium grey/purple), and Long-Term Incentive (top, blue/dark grey). The data points shown on the bars are:

AXA (since 2022): 25% Annual Fixed Salary, 27% Annual Target Short Term Incentive, 48% Long-Term Incentive.
AXA (from 2026): 25% Annual Fixed Salary, 26% Annual Target Short Term Incentive, 49% Long-Term Incentive.
3 main European Insurers (Average): 27% Annual Fixed Salary, 26% Annual Target Short Term Incentive, 47% Long-Term Incentive.
3 main European Insurers (Median): 29% Annual Fixed Salary, 30% Annual Target Short Term Incentive, 41% Long-Term Incentive.
European Financial Services (3^rd quartile): 28% Annual Fixed Salary, 21% Annual Target Short Term Incentive, 51% Long-Term Incentive.
CAC 12 Companies (Median): 25% Annual Fixed Salary, 32% Annual Target Short Term Incentive, 43% Long-Term Incentive.
CAC 12 Companies (3^rd quartile): 20% Annual Fixed Salary, 26% Annual Target Short Term Incentive, 54% Long-Term Incentive.
International Insurers (US and Asia) (1^st quartile): 8% Annual Fixed Salary, 17% Annual Target Short Term Incentive, 75% Long-Term Incentive.
International Insurers (US and Asia) (Median): 7% Annual Fixed Salary, 23% Annual Target Short Term Incentive, 70% Long-Term Incentive.

All amounts in Euro thousands

For consistency, the Chief Executive Officer's Total Target Compensation will remain within the third quartile of the CAC12 panel and below the first quartile of the International Insurance Companies panel.

In determining the total target compensation level, the Compensation, Governance & Sustainability Committee took into account:

The weighting of the annual variable and long-term share-based compensation as well as the rigor of the applicable performance conditions, as evidenced by historical achievement rates. Between 2022 and 2025, the average payout rate for annual variable compensation was 113% (i.e. 87% of the maximum opportunity), and the average global performance rate for performance shares was 94% (i.e. 72% of the maximum opportunity).
The results of its benchmarking analysis, which highlighted that the Company's compensation structure offers lower upside potential than that of the three main European insurers (Allianz, Generali and Zurich Insurance). By maintaining stringent performance conditions and a 130% payout cap on both target variable compensation and long-term compensation delivered in AXA shares, the Compensation, Governance & Sustainability Committee aimed to avoid a disproportionate increase in total compensation in the event of outperformance.

Chart/image description: Scatter plot comparing compensation levels.

The y-axis represents values from 5,000 to 15,000. The x-axis shows different companies/panels:

AXA (since 2022)
AXA (from 2026)
Generali, Allianz, Zurich (represented by logos under 2025)

Data points:

AXA (since 2022): Total Target Compensation (light blue dot) at ~6,500; Maximum Opportunity (dark blue dot) at ~8,200.
AXA (from 2026): Total Target Compensation (light blue dot) at ~7,500; Maximum Opportunity (dark blue dot) at ~9,400.
Generali (2025): Total Target Compensation (light pink dot) at ~7,000; Maximum Opportunity (dark pink dot) at ~10,000.
Allianz (2025): Total Target Compensation (light pink dot) at ~7,000; Maximum Opportunity (dark pink dot) at ~13,000.
Zurich (2025): Total Target Compensation (light pink dot) at ~8,000; Maximum Opportunity (dark pink dot) at ~14,000.

Legend:

Total Target Compensation (in Euro thousands) (represented by light blue and light pink dots)
Maximum Opportunity (in Euro thousands) (represented by dark blue and dark pink dots)

Finally, the Compensation, Governance & Sustainability Committee recommended that, in accordance with the Company's past practice, this new compensation package will remain unchanged for the duration of the Chief Executive Officer's next mandate (i.e. until April 2030). The Board and the Compensation, Governance & Sustainability Committee therefore took particular care to design a new compensation package that is well balanced, aligned with shareholders' interests, and expected to remain sufficiently competitive over this period.

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4.1.4 Assessing the impact of AXA's strategy

### AXA for Progress Index: Strategic Key Performance Indicators

Since 2021, AXA has used the "AXA for Progress Index" as a set of key performance indicators to measure the impact and track progress of AXA's role in society. This tool is designed to: (i) integrate sustainability into the Group's activities as an investor, insurer and company; and (ii) monitor AXA's sustainability strategy at the Group level. During its 2024 Annual Shareholders' Meeting, AXA presented the second edition of the "AXA for Progress Index", highlighting (i) a new set of strategic targets aligned with the 2024-2026 Group strategic plan "Unlock the Future", (ii) its commitment to meeting its 2030 decarbonization targets which are set in line with industry standards (footnote: Refer to Sections 4.2.1.3 "Addressing climate change as an investor", 4.2.1.4 "Addressing climate change as an insurer" and 4.2.1.5 "Addressing climate change as a company".); and (iii) AXA's extra-financial performance leveraging S&P Global Corporate Sustainability Assessment (footnote: S&P Global Corporate Sustainability Assessment evaluates each year over 7,500 companies using criteria that are both industry-specific and financially material. AXA is included in indices that use CSA data, including the Dow Jones Sustainability Indices. For more information, refer to https://www.spglobal.com/sustainable1/en/csa.), an internationally recognized methodology.

Expand AXA's role in society on climate transitions & inclusion with a new set of targets
As an investor	As an insurer	As a company
Finance climate transition: €5 billion a per year Finance community resilience: €500 million a per year	Support transition underwriting: €6 billion b in P&C Gross Written Premiums cumulative 2024-2026 Deliver >20,000 c climate Adaptation solutions & services to customers and intermediaries by 2026 Increase the number of customers covered by inclusive insurance: > 20 million d by 2026	Upskill AXA's employees > 80,000 e employees trained on climate adaptation by 2026 Increase engagement of AXA's employees in volunteering activities: 50% f of employees by 2026
Deliver AXA's existing commitments on climate change mitigation	—	—
Reduce by 54% g the carbon intensity of AXA's investment portfolio (General Account assets) by 2030	Reduce by 30% h in absolute terms Insurance-Associated Emissions for AXA's largest corporate clients by 2030 Reduce by 20% i in intensity Insurance-Associated Emissions for all other corporate clients within AXA's largest markets by 2030 Reduce by 20% j in intensity Insurance-Associated Emissions for retail motor vehicles insured within AXA's largest markets by 2030	Contribute to net-zero operations: -50% k by 2030 in absolute terms carbon emissions while also financing carbon credits
Transversal sustainability commitment	—	—
AXA's S&P Global Corporate Sustainability Assessment (CSA) i percentile ranking (95 th -99 th )	—	—

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Sustainability

4.2 Environmental information

(in tCO₂ eq, except percentage and intensity)	Retrospective			Milestones and target
Scope 1 GHG emissions
(in tCO₂ eq, except percentage and intensity)	Base year (2019 - Restated)	2024	2025	%N/N-1	2025	2030	Annual% target/ base year (2019)
● Gross Scope 1 GHG emissions	31,150	21,054	20,046	-5%	-25%	-60%(footnote: Target for Scopes 1 and 2 combined.)	-36%
● Percentage of Scope 1 GHG emissions from regulated emission trading schemes	100%	100%	100%	0%	—	—	—
Scope 2 GHG emissions	—	—	—	—	—	—	—
● Gross location-based Scope 2 GHG emissions	66,002	46,912	40,752	-13%	—	—	—
● Gross market-based Scope 2 GHG emissions	49,795	23,146	2,120	-91%	-35%	-60%(footnote: Target for Scopes 1 and 2 combined.)	-96%
Significant Scope 3 GHG emissions	—	—	—	—	—	—	—
TOTAL GROSS INDIRECT (SCOPE 3) GHG EMISSIONS	56,850,699	27,037,251	25,680,872	-5%	—	—	—
1- Purchased goods and services	294,825	552,834	369,096	-33%	—	—	—
of which Cloud computing and data center services	7,033	11,241	14,961	33%	—	—	—
2 - Capital goods	27,585	28,848	25,306	-12%	—	—	—
3 - Fuel and energy-related Activities (not included in Scope 1 or Scope 2)	20,308	13,615	12,599	-7%	—	—	—
6 - Business traveling	74,154	56,833	33,676	-41%	-18%	-40%	-55%
7 - Employee commuting	120,080	50,855	53,338	5%	—	—	—
9 - Downstream transportation and distribution	17,847	10,941	10,573	-3%	—	—	—
15 - Investments	56,295,901	26,323,325(footnote: Since 2024 Annual Report, this number has been restated to 29,831,021 to include European supranational bonds and sub-sovereign exposure as presented in the section 4.2.1.3 - Addressing climate change as an investor.)	25,176,284	-4%	—	—	—
TOTAL GHG EMISSIONS	—	—	—	—	—	—	—
● Total GHG emissions (location-based)	56,947,852	27,105,217	25,741,670	-5%	—	—	—
● Total GHG emissions (market-based)	56,931,645	27,081,451	25,703,038	-5%	—	—	—
● Total GHG emissions of energy, car fleet, business travel and IT(footnote: GHG emissions considered for the 2025 target: energy (Scopes 1, 2 and 3.3), car fleet (Scope 1), business travel (Scope 3.6), manufacturing of digital equipment (Scope 3.2) and cloud and network services from main IT providers as described in the 'Digital technologies" section (Scope 3.1).)	208,328	154,461	107,700	-30%	-20%	—	-48%
● Total GHG emissions of energy (Scopes 1 and 2), car fleet and business travel (Absolute carbon emissions of AXA's own operations 'AXA for Progress Index')	155,099	101,033	55,843	-45%	—	-50%	-64%
GHG Intensity Location-based per net revenue(footnote: Where revenue is defined as Gross Written Premiums and Other Revenues (after intercompany eliminations) of entities in the scope of financial statements. See Section 1.2 - Business overview. As AXA's financial statements are prepared in accordance with IFRS standards and the revenues resulting from the application of IFRS 17 do not correspond to the premiums issued, it is not possible to provide a direct reference to financial accounts.) (tCO₂ eq / Euro millions)	550.1	247.8	224.5	-7%	—	—	—
GHG Intensity Market-based per net revenue(footnote: Where revenue is defined as Gross Written Premiums and Other Revenues (after intercompany eliminations) of entities in the scope of financial statements. See Section 1.2 - Business overview. As AXA's financial statements are prepared in accordance with IFRS standards and the revenues resulting from the application of IFRS 17 do not correspond to the premiums issued, it is not possible to provide a direct reference to financial accounts.) (tCO₂ eq / Euro millions)	549.9	247.6	224.2	-14%	—	—	—
GHG emissions - Breakdown by Source	—	—	—	—	—	—	—
● GHG emissions from car fleet	22,812	16,796	16,092	-4%	-20%	-50%	-29%
● GHG emissions from energy Scopes 1 and 2 - Market-based	58,133	27,403	6,075	-78%	-35%	-65%	-90%
● GHG emission Scope 1 and 2 (car fleet and energy Market-based)	80,946	44,199	22,167	-50%	—	-60%(footnote: Target for Scopes 1 and 2 combined.)	-73%
● GHG emissions from Digital(footnote: Emissions from data centers, electricity of terminals, capital goods and cloud and network services from main IT providers as described in the 'Digital technologies" section (Scope 3.1).) Market-based	52,377	53,733	47,382	-12%	—	—	—
of which from energy of data centers	12,316	7,879	2,886	-63%	—	—	—
of which from electricity of terminals	7,141	6,040	5,238	-13%	—	—	—
of which portion of Scope 3.1 from cloud and network services related to main IT providers	5,336	10,966	13,952	27%	—	—	—
● GHG emissions from Digital(footnote: Emissions from data centers, electricity of terminals, capital goods and cloud and network services from main IT providers as described in the 'Digital technologies" section (Scope 3.1).) Location-based	55,814	58,713	55,094	-6%	—	—	—

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4.3 Social information

4.3.1 Own workforce (S1)

4.3.1.1 AXA's approach to its own workforce

Impacts, risks and opportunities related to AXA's own workforce

AXA's Impacts, risks and opportunities		As a company	ESRS Topic (Yes/No)(footnote: IROs flagged as "Yes" refer to sustainability topics identified in the ESRS and addressed by disclosure requirements set by the regulation. IROs flagged as "No" are disclosure made by AXA in relation with sustainability topics not listed directly by the ESRS and addressed by minimum disclosure requirements.)
SOCIAL	—	—	—
Working conditions	AXA employees may face working conditions that are not satisfactory, such as unfair treatment, unequal opportunities, harassment, or the non-respect of other rights.	I-	Yes
Inclusion and diversity	AXA contributes to the health, well-being and development of its employees.	I+	Yes

I- Negative impacts I+ Positive impacts O Opportunities R Risks

The material negative impact identified by AXA relates to sporadic incidents. The material positive impact results from the activities of the Group as the decision to go beyond the minimum legal requirements with respect to the social benefits of AXA's employees is under the responsibility of the management.

Currently, AXA's impacts on its workforce do not result in any material risks for its business strategy or model. However, understanding employee's needs helps AXA adapt its actions and policies both locally and globally, involving human resources and diversity teams. More work is needed to fully understand the current and future effects of these impacts and to better integrate them into AXA's overall strategy.

The workforce that could be materially impacted by AXA, through its own operations or through its value chain, products and services are:

AXA's employees who are physically working on-site or remotely across any of AXA's entities, including those on long and short-term contracts, as well as full-time and part-time employees. Processes related to the understanding of the specificities of its employees are disclosed in the Section "4.3.1.5 - Supporting social dialogue and engaging with employees"; and
non-salaried workforce corresponds to the staff physically working on-site or remotely across any of AXA's entities, but who are not AXA's employees: logistics (e.g. receptionists, security guards, canteen staff, cleaning staff, and maintenance staff), IT consultants, temporary workers, student trainees/interns/apprentices (without labor contract), outsourcing agreements, third-party suppliers or strategic consultants.

AXA has not identified any business partnerships at significant risk of incidents of forced labor, compulsory labor or child labor due to its own operations. AXA has not conducted a resilience analysis of its strategy and business model regarding its capacity to address own workforce impacts.

With respect to any material impact arising from AXA's Climate Transition Plan (CTP) on its own workforce, please see Section 4.2.1.4 - Addressing climate change as an insurer on upskilling AXA's employees to climate adaptation.

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Consolidated financial statements

6.6 Notes to the Consolidated Financial statements

### 1.14.3.2 Estimates of future cash flows

The FCF notably include all the probability-weighted estimates of future cash flows within the boundary of each contract already recognized. Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which AXA can compel the policyholder to pay the premiums or in which the entity has a substantive obligation to provide the policyholder with services. A substantive obligation to provide services ends notably when AXA has the practical ability to reassess the insurance risks and, as a result, can set a price or level of benefits that fully reflects those risks.

The unbiased estimate of the expected future cash flows within the boundary of insurance contracts, including the cost of options and guarantees, are based on a probability-weighted mean of the full range of possible outcomes to factor the uncertainty about the timing and amounts of the cash flows, determined from the perspective of the Group, provided that the estimates are consistent with observable market prices for market variables reflecting conditions existing at the measurement date.

The cash flows attributable to the group of insurance contracts include premiums from the policyholders, claims' payments (including reported, incurred and all the future claims for which AXA has a substantive obligation net of recoveries from claims), profit sharing to policyholders, as well as payments arising from the policyholders exercising options, expenses and commissions, costs related to investment activities performed for the benefit of policyholders (i.e. including investment-return services and investment-related services).

The following cash flows are not included in the contracts boundary: Investment returns as they are recognized, measured and presented separately under other applicable IFRSs, costs of investment activities performed for the benefit of shareholders, payments or receipts that arise under reinsurance contracts held (as they are accounted for separately), those that may arise from future insurance contracts, overheads that do not provide any economic benefits to fulfilling insurance contracts, income tax payments and receipts AXA does not pay or receive in a fiduciary capacity, flows arising from components separated from the insurance contracts and accounted for using other applicable IFRSs.

If insurance premiums are first collected by an intermediary and then transferred to AXA at a later date, the premium receivables from the intermediary are accounted for as future cash flows within the boundary of insurance contracts included in the measurement of the corresponding group of insurance contracts applying IFRS 17.

### 1.14.3.3 Discount rate

AXA has defined a Group methodology for the calibration and the generation of 'IFRS 17 yield curves' used to discount the estimate of future cash flows within the boundary of contracts, consistent with the IFRS 17 requirements and applied homogeneously across all AXA entities.

If the standard does not impose a particular estimation technique to determine the yield curves, AXA has chosen to adopt a bottom-up approach as it has been widely used for many years in the European embedded value (EEV) and Solvency II frameworks.

This approach consists in using a basic Risk-Free Rate (RFR), based on swap rates for most currencies and government bond rates for others, adjusted by adding on a Liquidity Premium (LP) allowance to reflect the remuneration of illiquidity observed on traded assets until the Last Liquid Point (LLP), meaning the longest maturity for which there are enough traded bonds. An Ultimate Forward Rate (UFR) macro-economically defined as the sum of the average of past real interest rates and central bank's target inflation is also considered. Discount rates between the LLP and the UFR maturities are obtained by extrapolation.

The yield curves used by AXA for main currencies are summarized in Note 12.1.6.

The Group has chosen to apply the 'OCI option' (refer to paragraph 1.21.2) to all portfolio of insurance contracts, allowing to recognize the impact of changes in discount rates through Other Comprehensive Income (OCI).

### 1.14.3.4 Risk adjustment for non-financial risk (RA)

The measurement of the RA reflects the compensation required by AXA for bearing the uncertainty around the amount and timing of the future cash flows that arises from non-financial risk as AXA fulfils insurance contracts. In this respect, the Group considers the 62.5^th-67.5^th percentile range as the adequate level of prudence on underlying insurance liabilities.

The determination of the risk adjustment follows a value-at-risk type approach, reflecting a retained confidence level with reference to the risk drivers of insurance liabilities. The value-at-risk is the maximum loss within a certain confidence level. The implementation is slightly different between Life & Health and Property & Casualty businesses. For Life & Health, the groups of contracts are first shocked, risk factor by risk factor, up to the retained confidence level to assess the change in the present value of future cash flows. Then, diversification benefits between risks implicit to the entity's portfolio are considered by applying correlation factors between risks. For Property & Casualty liabilities for incurred claims, a direct value-at-risk calculation, reflecting the retained confidence level, is applied to the full probability distribution of the related liabilities. Finally, a diversification effect between AXA entities is considered to reflect the fact that the same risk is unlikely to impact all the Group's entities at the same time.

— PDF page 431 —

6.6 Notes to the Consolidated Financial statements

12.1.3.1 Changes in the carrying amount of insurance contracts and investment contracts with DPF, split between remaining coverage and incurred claims components

The two following tables provide an analysis of the movements in the carrying amount of insurance contracts and investment contracts with DPF, split between the LRC and the LIC.

The analysis of movements highlights how this carrying amount is affected by (i) the amounts recognized in the statement of profit or loss and OCI, (ii) the cash flows, (iii) the movements in exchange rates and (iv) the changes in scope of consolidation and other changes.

The following changes occurred during the year 2025:

Analysis of changes occurred during the year 2025, split between LRC and LIC
(in Euro million)	LRC			LIC					Total	Of which
(in Euro million)	Excluding loss component	Loss component	Total LRC	LIC related to non PAA contracts	LIC related to PAA contracts			Total LIC	Total	Life & Health	Property & Casualty
(in Euro million)	Excluding loss component	Loss component	Total LRC	LIC related to non PAA contracts	Estimates of the PVFCF	RA	Total	Total LIC	Total	Life & Health	Property & Casualty
Opening assets	-11	-	-11	1	-	-	-	Total LIC	Total	Life & Health	Property & Casualty	1	-10	-10	-
Opening liabilities	372,174	1,634	373,809	2,880	115,976	1,675	117,652	120,531	494,340	382,651	111,689
Net balance as of January 1 (A)	372,164	1,634	373,798	2,880	115,976	1,675	117,652	120,532	494,330	382,641	111,689
Insurance revenue coming from contracts under the MRA	-4,510	-	-4,510	-	-	-	-	-	-4,510	-1,862	-2,648
Insurance revenue coming from contracts under the FVA	-1,160	-	-1,160	-	-	-	-	-	-1,160	-892	-268
Insurance revenue coming from other contracts	-84,283	-	-84,283	-	-	-	-	-	-84,283	-30,611	-53,671
Insurance revenue (B)	-89,953	-	-89,953	-	-	-	-	-	-89,953	-33,365	-56,588
Incurred claims and other insurance service expenses	-	-178	-178	11,752	52,919	366	53,285	65,036	64,858	26,158	38,700
Amortization of insurance acquisition cash flows	12,992	-	12,992	-	-	-	-	-	12,992	3,492	9,500
Losses and reversal of losses on onerous contracts	-	144	144	-	-	-	-	-	144	118	26
Adjustments relating to liability for incurred claims	-	-	-	30	94	-291	-197	-167	-167	329	-496
Insurance service expenses (C)	12,992	-34	12,957	11,781	53,014	74	53,088	64,869	77,827	30,097	47,730
Investment components (D)	-25,292	-	-25,292	24,166	1,127	-	1,127	25,292	-	-	-
INSURANCE SERVICE RESULT (E=B+C+D)	-102,253	-34	-102,288	35,947	54,140	74	54,215	90,162	-12,126	-3,268	-8,858
Net finance income or expenses recognized in profit or loss	12,746	41	12,787	4	1,888	-7	1,881	1,885	14,673	13,049	1,624
Net finance income or expenses recognized in OCI	-7,517	-	-7,517	-21	-812	-0	-812	-833	-8,350	-7,877	-473
Net finance income or expenses from insurance contracts issued (F)	5,230	41	5,271	-17	1,076	-7	1,069	1,052	6,322	5,172	1,151
TOTAL CHANGES IN THE STATEMENT OF PROFIT OR LOSS AND IN OCI (G=E+F)	-97,024	7	-97,017	35,930	55,216	67	55,283	91,213	-5,804	1,904	-7,707
Premiums received	111,780	-	111,780	-	-	-	-	-	111,780	54,245	57,534
Claims and other insurance service expenses paid	-	-	-	-35,909	-51,916	-	-51,916	-87,825	-87,825	-49,976	-37,849
Insurance acquisition cash flows paid	-15,160	-	-15,160	-	-	-	-	-	-15,160	-5,564	-9,596
Total cash flows (H)	96,620	-	96,620	-35,909	-51,916	-	-51,916	-87,825	8,795	-1,294	10,089
Effect of movements in exchange rates (I)	-8,736	-160	-8,897	-79	-3,665	-69	-3,735	-3,814	-12,711	-7,974	-4,737
Effect of changes in scope of consolidation and other changes (J)	3,902	2	3,903	6	-2,988	17	-2,971	-2,965	939	555	384
Closing assets	-	-	-	-	-	-	-	-	-	-	-
Closing liabilities	366,925	1,483	368,408	2,828	112,624	1,690	114,314	117,143	485,550	375,831	109,719
NET BALANCE AS OF DECEMBER 31 (K=A+G+H+I+J)	366,925	1,483	368,408	2,828	112,623	1,690	114,313	117,143	485,550	375,831	109,719
Of which Life & Health	347,207	1,347	348,554	2,797	24,362	119	24,481	27,277	375,831	—	—
Of which Property & Casualty	19,718	136	19,854	32	88,263	1,571	89,834	89,865	109,719	—	—

The amounts recognized in the consolidated statement of profit or loss reconcile to Insurance revenue (see paragraph 12.1.5.1) as well as to insurance service expenses and net finance income or expenses from insurance contracts issued as disclosed above (see paragraph 12.1.1.2).

6.6 Notes to the Consolidated Financial statements Compared to the liability for Property & Casualty incurred claims disclosed in Note 12.1.2 the following components are not included in the claims development table:

— PDF page 445 —

[Chart/image description:] Two-column introductory text explaining components not included in the claims development table.

"Estimate of gross liabilities not developed" corresponding to the estimate of gross liabilities of incurred claims prior to 2016 and of claims incurred before the acquisition date of acquired entities (e.g. AXA XL claims incurred before 2018) as well as gross liabilities not developed, notably annuities and construction (€29,192 million);

"Effect of discounting" being the discounting impact (€-17,587 million);

"RA" being the risk adjustment for non-financial risk (€1,573 million).

As a consequence, the claims development that can be deducted from the 10 years claims development table below does not correspond to the prior year development shown in the Profit or Loss.

12.1.8.1 Gross claims development table by accident year

—	December 31, 2025										—
(in Euro million)	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Total
Estimate of gross undiscounted ultimate claim costs, including claims expenses	—	—	—	—	—	—	—	—	—	—	—
At end of accident year	16,731	17,220	29,211	29,350	32,631	30,728	30,678	32,528	32,697	34,272	—
One year later	17,149	17,441	30,114	29,701	31,644	31,786	31,868	33,757	32,925	—	—
Two years later	16,829	17,213	30,136	30,319	31,043	31,446	31,753	34,093	—	—	—
Three years later	16,515	16,899	30,074	30,433	30,672	30,881	31,771	—	—	—	—
Four years later	16,337	16,807	29,863	30,506	30,255	30,779	—	—	—	—	—
Five years later	16,249	16,748	29,923	30,327	29,874	—	—	—	—	—	—
Six years later	16,185	16,803	30,020	30,230	—	—	—	—	—	—	—
Seven years later	16,198	16,656	29,947	—	—	—	—	—	—	—	—
Eight years later	16,099	16,584	—	—	—	—	—	—	—	—	—
Nine years later	16,045	—	—	—	—	—	—	—	—	—	—
Cumulative gross payments to date	-15,158	-15,448	-26,741	-26,321	-24,481	-24,792	-23,464	-23,688	-18,411	-11,329	—
Estimate of gross liabilities from 2016 to 2025	887	1,135	3,206	3,909	5,393	5,987	8,307	10,406	14,514	22,944	76,688
Estimate of gross liabilities not developed	—	—	—	—	—	—	—	—	—	—	29,192
Effect of discounting	—	—	—	—	—	—	—	—	—	—	-17,587
RA	—	—	—	—	—	—	—	—	—	—	1,573
TOTAL LIC GROSS OF REINSURANCE	—	—	—	—	—	—	—	—	—	—	89,865

— PDF page 501 —

7.2.1.1 Significant changes in capital ownership

Significant changes in the Company's share capital ownership between December 31, 2023, and December 31, 2025 are set out in the table below:

	As at December 31, 2025 (footnote: In this table, voting right percentages are calculated on the basis that all outstanding ordinary shares carry voting rights, notwithstanding the fact that, in accordance with applicable law or other provisions, some of these shares may not carry voting rights (for example, in accordance with French law, treasury shares do not carry voting rights).)				As at December 31, 2024 (footnote: In this table, voting right percentages are calculated on the basis that all outstanding ordinary shares carry voting rights, notwithstanding the fact that, in accordance with applicable law or other provisions, some of these shares may not carry voting rights (for example, in accordance with French law, treasury shares do not carry voting rights).)				As at December 31, 2023 (footnote: In this table, voting right percentages are calculated on the basis that all outstanding ordinary shares carry voting rights, notwithstanding the fact that, in accordance with applicable law or other provisions, some of these shares may not carry voting rights (for example, in accordance with French law, treasury shares do not carry voting rights).)
—	Number of shares	Capital ownership (in %)	Number of voting rights	Voting rights (in %)	Number of shares	Capital ownership (in %)	Number of voting rights	Voting rights (in %)	Number of shares	Capital ownership (in %)	Number of voting rights	Voting rights (in %)
Mutuelles d'assurances AXA (footnote: AXA Assurances IARD Mutuelle and AXA Assurances Vie Mutuelle.)	326,907,687	15.64%	653,815,374	25.78%	341,107,687	15.40%	681,724,518	25.99%	355,307,687	15.65%	710,615,374	26.02%
Employees and agents	101,827,829	4.87%	178,650,679	7.04%	94,370,150	4.26%	163,950,715	6.25%	98,554,259	4.34%	168,188,301	6.16%
Treasury shares held directly by the Company	35,242,362	1.69%	[35,242,362] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)	[1.39%] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)	39,423,070	1.78%	[39,423,070] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)	[1.48%] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)	43,984,687	1.94%	[43,984,687] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)	[1.61%] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)
Treasury shares held by Company subsidiaries (footnote: Treasury shares as indicated in Note 11 - Shareholders' equity and Non-controlling interests in Chapter 6 Consolidated financial statements of this Document.)	7,148	0.00%	[14,296] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)	[0.00%] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)	7,148	0.00%	[14,296] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)	[0.00%] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)	7,148	0.00%	[14,296] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)	[0.00%] (footnote: These shares will be entitled to voting rights when they cease to be treasury shares.)
General public	1,626,636,848	77.80%	1,668,511,490	65.79%	1,739,889,818	78.56%	1,385,076,207	66.28%	1,772,335,025	78.07%	1,808,127,566	66.21%
TOTAL	2,090,621,874 (footnote: Source: Euronext Notice of January 2, 2026.)	100%	2,536,234,201	100%	2,214,797,873	100%	2,662,450,452	100%	2,270,188,806	100%	2,730,930,224	100%

As at December 31, 2025, to the best of the Company's knowledge based on the information available to it, the Company had a total of 20,214 registered holders of its ordinary shares (i.e., shareholders holding in nominative form).

7.2.1.2 Transactions completed by AXA in 2025 involving its own shares

In connection with the share buy-back programs approved during the Shareholders' Meetings held on April 23, 2024 (resolution 21) and April 24, 2025 (resolution 14) and pursuant to Article L.22-10-62 of the French Commercial Code, 141,668,856 AXA shares (footnote: Including 87,743,053 AXA shares purchased in the context of the share buy-back program announced on February 28, 2025 to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas.) were bought back (for the purposes of (a) hedging free shares granted to Group employees or (b) cancelling them to (i) neutralize the earnings dilution from certain disposal and in-force management transactions, as well as the dilutive effect relating to capital increases reserved for employees and the exercise of stock options or to (ii) implement the annual share buy-back program in line with the Group's capital management policy). The AXA shares were repurchased for an average weighted gross unit price per share of €40.09 (footnote: Including fees (commission, VAT, and FTT).) and no AXA shares were sold between January 1 and December 31, 2025. These shares were acquired for an aggregate purchase price of €5,679,802,795.48.

As at December 31, 2025, the total number of AXA treasury shares, all allocated for hedging or cancellation purposes, was 35,242,362 (or 1.69% of AXA's share capital at that date). The book value of these 35,242,362 treasury shares as at December 31, 2025 was €1,311,164,034.44. The total number of treasury shares held by Company subsidiaries was 7,148 (or 0.00% of AXA's share capital at that date). The book value of these 7,148 treasury shares as at December 31, 2025 was €129,182.

— PDF page 543 —

Subsidiaries and participating interests

A. DETAILED INFORMATION CONCERNING SUBSIDIARIES AND INVESTMENTS ACCOUNTING FOR IN EXCESS OF 1% OF AXA SA'S SHAREHOLDERS' EQUITY
1) Subsidiaries (at least 50%-owned)
(in Euro thousand)	Share capital	Other shareholders' equity	Percentage of capital held	Gross Book Value of securities held	Net Book Value of securities held	Loans and cash advances given by the Company still outstanding	Guarantees and commitments given by the Company under commitments made by subsidiary/ participation	Last closing revenues available a	Last closing result available	Dividends received	Observation Closing date
AXA XL Group Ltd O'Hara House, One Bermudiana Road - Hamilton Bermuda - HM 08 - Bermuda	-	19,826,716	100,00%	18,253,297	18,253,297	—	1,996,541	-	1,696,434	1,425,926	December 31, 2025
AXA ASIA - SAS 21, avenue Matignon - 75008 Paris - France	7,623,388	167,966	100,00%	7,634,352	7,634,352	—	—	477,789	454,796	551,334	December 31, 2025
AXA UK PLC b 20 Gracechurch Street - London EC3V 0BG - England	1,043,844	5,577,846	100,00%	6,389,934	6,389,934	—	1,112,066	—	-30,659	235,253	December 31, 2025
AXA VERSICHERUNGEN AG - SA General Guisan-strasse 40 - CH-8401 Winterthur - Switzerland	181,306	5,167,163	100,00%	5,171,327	5,171,327	—	—	4,214,185	1,272,327	1,246,374	December 31, 2025
AXA HOLDINGS BELGIUM - SA 1, place du trône - 1000 Brussels - Belgium	453,101	915,111	100,00%	4,493,243	4,493,243	—	—	297,806	304,159	284,238	December 31, 2025
AXA MEDITERRANEAN HOLDING - SA Calle monseñor Palmer number 1 - Palma de Mallorca - Balearic Island	213,417	4,143,482	100,00%	4,531,474	4,531,474	—	—	333,628	306,170	383,661	December 31, 2025
AXA KONZERN AG - SA Colonia Allee, 10 - 20 - 51067 Koln - Germany	79,840	2,424,311	74,37%	3,572,889	3,572,889	—	—	497,115	507,978	793,803	December 31, 2025
AXA France VIE - SA 313 Terrasses de l'Arche - 92727 Nanterre - France	487,725	7,140,985	98,57%	2,548,734	2,548,734	—	—	20,563,786	1,788,960	471,144	December 31, 2025
AXA HOLDINGS JAPAN - Kabusikigaisya NBF Platinium Tower 1 - 17 - 3 Shirokane - Minato - ku - 108 - 8020 Tokyo - Japan	461,733	1,777,743	74,49%	2,261,181	2,261,181	—	—	113,101	346,077	274,423	December 31, 2025
AXA France IARD - SA 313 Terrasses de l'Arche - 92727 Nanterre - France	214,799	2,484,793	100,00%	1,805,826	1,805,826	—	—	9,718,848	1,885,617	1,253,990	December 31, 2025
KOLNISCHE VERWALTUNGS - SA Marie - Curie Strasse 8 51377 Leverkusen - Germany	13,498	51,292	76,98%	1,121,697	1,121,697	—	—	1,300	1,248	-	December 31, 2025
AXA LIFE EUROPE - DAC Wolfe Tone House, Wolfe Tone Street - D01 HP90 Dublin - Ireland	99,960	343,846	100,00%	869,424	738,186	—	—	172,188	34,208	120,000	December 31, 2025
AXA PARTNERS HOLDING SA (ex AXA ASSISTANCE) 8 - 10 rue Paul Vaillant Courturier - 92240 Malakoff - France	476,452	46,013	100,00%	826,638	826,638	69,000	—	2,264,202	-	-	December 31, 2025
AXA France PARTICIPATIONS - SAS 313 Terrasses de l'Arche - 92727 Nanterre - France	746,755	21,301	100,00%	746,755	510,306	—	—	-	2,225	-	December 31, 2025
COLISEE RE - SA 89 - 91 rue du Faubourg saint Honoré - 75008 Paris - France	95,436	93,349	100,00%	619,892	150,018	—	—	2,099	9,504	9,400	December 31, 2025
AXA GROUP OPERATIONS SAS 81 Rue Mstislav Rostropovitch - 75017 Paris - France	185,127	90,690	100,00%	546,423	260,344	88,500	10,000	911,273	28,577	-	December 31, 2025
AXA GENERAL INSURANCE - Ltd Liability Company 4 Hangang - daero 71 - gil - Seoul - South Korea	148,274	50,664	99,76%	293,867	212,313	—	—	503,597	28,541	-	December 31, 2025
SOCIETE BEAUJON - SAS 21, Avenue Matignon - 75008 Paris - France	9,738	63,577	99,96%	254,897	45,535	—	1,002,000	-	-28,516	-	December 31, 2025
CFP MANAGEMENT - SAS 21, Avenue Matignon - 75008 Paris - France	1,300	18,218	100,00%	139,808	15,931	—	—	-	34	-	December 31, 2025
AXA CLIMATE - SAS 14 boulevard Poissonnière - 75009 Paris - France	50,557	-14,511	100,00%	106,000	85,674	—	—	36,199	-13,326	-	December 31, 2025
ARCHITAS LIMITED 22 Bishopsgate - Londres EC2N 4BQ - England	7	1,000	100,00%	76,851	-	—	—	-	-210	-	December 31, 2025
AXA EB PARTNERS - SAS 313 Terrasses de l'Arche - 92727 Nanterre - France	54,234	-23,022	100,00%	70,330	5,835	—	—	4,044	-10,510	-	December 31, 2025
LOR PATRIMOINE - SAS 23, Avenue Matignon - 75008 Paris - France	59,035	591	100,00%	59,043	59,043	—	—	-	15	-	December 31, 2025
AXA Health Solutions (ex AXA MATIGNON 10) 21, avenue Matignon - 75008 Paris - France	78,010	-	100,00%	78,025	78,016	—	—	80	-22	-	December 31, 2025
AXA Health Insurance (ex AXA MATIGNON 12) 21, avenue Matignon - 75008 Paris - France	125,037	8,010	99,97%	125,037	125,037	—	—	241,274	2,987	-	December 31, 2025
AXA Health Re (ex AXA NEOMATIGNON 9) 21, avenue Matignon - 75008 Paris - France	17	-	100,00%	54,050	54,050	—	—	-	-5	-	December 31, 2025