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Document IDchq99br5nr
OrganizationAXA
Year2025
PeriodFY
Period labelFY25
Document categoryEarnings release
Document nameAXA Full Year 2025 Earnings Press Release
Publication date2026-02-26
LanguageEnglish
Pages20
Sourceoriginal URL
Transcriptwiki page
Datadata page

This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).

Press release

Publication Date and Location

[c. 1; p. 1]

  • Paris, February 26th, 2026 (6:45am CET)

Full Year 2025 Earnings

Record Results and EPS Growth

[c. 2; p. 1]

  • AXA reports record results.
  • Underlying EPS growth is at the top end of the target range.

Key FY25 highlights

Gross Written Premiums & Underlying Earnings

[c. 3; p. 1]

  • Gross written premiums & other revenues: EUR 116bn, +6% vs. FY24.
  • Underlying earnings: EUR 8.4bn, +6% vs. FY24.
  • Underlying earnings (excluding AXA IM): +9% vs. FY24.
  • Underlying earnings per share: EUR 3.86, +8% vs. FY24.
  • Underlying earnings per share impacted by -2% headwind from foreign exchange movements.
  • Underlying earnings per share impacted by -1% from temporary earnings dilution due to the sale of AXA IM, resulting from the timing of anti-dilutive share buyback.
Solvency II Ratio

[c. 4; p. 1]

  • Solvency II ratio: 224% at December 31, 2025, +9 points vs. FY24.
  • Solvency II ratio: 215% on January 1, 2026, reflecting the end of the grandfathering period.

Capital Management

Capital Returns

[c. 5; p. 1]

  • Dividend: EUR 2.32 per share, up +8% vs. FY24
  • Share buyback program: annual program launched for up to EUR 1.25bn
  • Additional share buyback: EUR 3.8bn completed, related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026

Outlook

Outlook and Strategic Plan

[c. 6; p. 1]

  • Underlying earnings per share growth for 2026 expected at the upper end of the 6-8% plan target range.
  • Solvency II revision expected impact: +17 points.
  • AXA will present its new strategic plan for 2027-2029 on September 21, 2026.
2025 Performance and Commentary

[c. 7; p. 1]

  • In 2025, AXA delivered very strong performance, with earnings growth of +9% in core businesses excluding AXA IM.
  • Excellent results allowed for further enhancement of reserve prudence.
  • P&C franchise posted stellar results, combining healthy balance between price and volume with best-in-class margins, lower expense ratio, and higher investment income.
  • AXA XL Insurance increased earnings with stable underlying margins.
  • Life & Health earnings rose by 7%.
  • Life already reflecting early benefits of strategy to rejuvenate the business.
  • Health grew by 17% even after absorbing adverse change on VAT treatment in Mexico.
  • Investments in automation and Artificial Intelligence are paying off, driving efficiency gains.
  • Solvency II ratio is at a very strong level.
  • These results demonstrate the earnings power of AXA's well-diversified franchise and reinforce confidence in generating sustainable, long-term value.
  • Thomas Buberl, Chief Executive Officer of AXA, thanked colleagues, agents, partners, and customers for their commitment and continued trust.

FY25 key highlights

Key figures (in Euro million, unless otherwise noted)

[c. 8; p. 2]

Key figures (in Euro million, unless otherwise noted)
FY24 FY25 Change on a reported basis Change at comparable basis
Gross written premiums & other revenues1(footnote: 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.) 110,316 115,524 +5% +6%
o/w Property & Casualty 56,514 58,038 +3% +5%
o/w Life & Health 51,983 56,512 +9% +8%
o/w Asset Management 1,701 875 n.m. n.m.
FY25 key highlights

[c. 9; p. 2]

FY24 FY25 Change on a reported basis Change at constant Forex
Underlying earnings2(footnote: '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).) 8,078 8,368 +4% +6%
Net income 7,886 9,797 +24% +26%
FY25 key highlights

[c. 10; p. 2]

FY24 FY25 Change on a reported basis
Solvency II ratio (%)5(footnote: 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.) 216% 224% +9 pts

Activity indicators

Gross Written Premiums and Other Revenues

[c. 11; p. 2]

  • Total gross written premiums and other revenues were up 6%.
  • This growth was driven by:
      • Property & Casualty: +5%.
          • Commercial lines: +4%, due to higher volumes (notably at AXA XL Insurance) and favorable price effects across all geographies.
          • Personal lines: +7%, driven by favorable price effects and strong growth in net new contracts, particularly in France, Europe, and Asia & EME-LATAM.
          • AXA XL Reinsurance: +8%, with growth supported by alternative capital.
      • Life & Health: +8%.
          • Life premiums: +9%.
              • Protection: +11%, from strong sales in Hong Kong, Switzerland, and Japan.
              • Unit-Linked: +13%, from higher volumes across all geographies.
              • G/A: +4%, from continued momentum in Italy and France.
          • Health premiums: +5%, driven by price effects in all geographies.

Earnings

Underlying Earnings

[c. 12; p. 2]

  • Underlying earnings increased by 6% to EUR 8.4bn, or +9% excluding AXA IM.
  • This increase was driven by:
      • Property & Casualty: +9%, due to higher volumes, underwriting margin expansion, and increased financial result from higher investment income.
      • Life & Health: +7%, due to improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from the business rejuvenation strategy.
      • Holdings: underlying earnings remained stable at EUR -1.2bn.
      • Asset Management: underlying earnings decreased by EUR 0.2bn, following the disposal of AXA IM on July 1, 2025.
  • Underlying earnings per share increased by 8% to EUR 3.86.
  • This increase was mainly driven by:
      • The 6% increase in underlying earnings and a decrease in interest expense on undated and deeply-subordinated debt.
      • The impact of share buybacks (+3%), including the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM.
  • These positive drivers were partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).
  • The sale of AXA IM resulted in a temporary dilution of underlying earnings per share due to the timing of the associated share buyback (-1%).
Net Income

[c. 13; p. 2]

  • Net income increased by 26% to EUR 9.8bn.
  • This increase mainly reflects the rise in underlying earnings and significantly positive exceptional items, particularly the gain from the sale of AXA IM.

Balance sheet

Shareholders' Equity

[c. 14; p. 3]

  • Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
  • The decrease was due to: FY24 dividend paid to shareholders (EUR -4.6bn).
  • The decrease was due to: share buybacks executed in 2025 (EUR -4.7bn), including a EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM.
  • The decrease was due to: unfavorable foreign exchange impact (EUR -3.5bn), notably from the depreciation of the U.S. dollar.
  • These negative impacts were more than offset by: net income (EUR +9.8bn).
  • These negative impacts were more than offset by: net OCI (EUR +1.3bn).
Contractual Service Margin (CSM)

[c. 15; p. 3]

  • CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
  • New business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn).
  • This resulted in normalized growth in CSM of +2%.
  • Market conditions had a favorable impact (EUR +0.6bn), mainly driven by tightening government spreads and positive equity market performance.
  • This was more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of the Japanese yen and Hong Kong dollar.
  • This was also offset by a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland, despite better margins and net flows.
Solvency II Ratio

[c. 16; p. 3]

  • Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
  • The increase was due to: strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points).
  • The increase was due to: positive impact from net subordinated debt issuance (+6 points).
  • The increase was due to: favorable impacts from financial markets (+4 points).
  • These positive impacts were partly offset by: net impact of acquisitions of Nobis and Prima, and the disposal of AXA IM including the associated EUR 3.8bn share buyback (-5 points).
  • As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds.
  • This change resulted in a -10 point decrease in the Solvency II ratio to 215% on January 1, 2026.
  • The Group estimates the Solvency II revision, effective Q1 2027, would result in an increase of +17 points to the current Solvency II ratio.
Financial Ratios

[c. 17; p. 3]

  • Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024.
  • This increase was notably from higher underlying earnings and lower shareholders' equity.
  • Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
  • This was driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn).
  • This was partly offset by the redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).
  • The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.
Cash at Holding

[c. 18; p. 3]

  • Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.
  • This reflected organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.

Capital management and outlook

Capital management

Shareholder returns

[c. 19; p. 4]

  • A dividend of EUR 2.32 per share (+8% vs FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026.
  • The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.
  • AXA's Board of Directors approved on February 25, 2026, an annual share buyback program for up to EUR 1.25bn.
  • The share buyback program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.
  • AXA intends to cancel all shares repurchased under this program.
  • The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end.

Outlook

Unlock the Future Plan & P&C Outlook

[c. 20; p. 4]

  • AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.
  • Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.
  • In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects continued benefits from earnthrough of higher pricing and underwriting actions.
  • At AXA XL, pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.
  • The Group's guidance for normalized natural catastrophe load remains at approximately 4.5 points of combined ratio for 2026.
Life & Health and Holdings Outlook

[c. 21; p. 4]

  • In Life & Health, earnings growth is expected from the short-term business due to disciplined pricing and claims management.
  • The strategy to rejuvenate sales in the long-term business, combined with improved persistency, should generate positive net flows, driving CSM growth over time.
  • Holdings results in 2026 are expected to be similar to 2025 levels.
Financial Targets & Capital Management

[c. 22; p. 4]

  • Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and considering strong 2025 operating performance.
  • Underlying earnings per share growth is targeted at the upper end of the 6-8% CAGR range for both the 2023-2026E plan period and for 2026.
  • Underlying return on equity is targeted between 14% and 16% between 2024 and 2026E.
  • Cumulative organic cash upstream is targeted in excess of EUR 21bn for 2024-2026E.
  • The Group is committed to its capital management policy, targeting a total payout ratio of 75%.
  • The total payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks.
  • The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.

Property & Casualty

Key figures (in Euro billion, unless otherwise noted)

[c. 23; p. 5]

Key figures (in Euro billion, unless otherwise noted)
FY24 FY25 Change on a comparable basis FY25 Price effect12(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) (in %)
Gross written premiums and other revenues 56.5 58.0 +5% +2.9%
o/w Commercial lines11(footnote: 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.) 34.9 35.8 +4% +1.9%
o/w Personal lines 19.1 19.7 +7% +5.2%
o/w AXA XL Reinsurance 2.5 2.6 +8% +0.3%
Earnings (in Euro million, unless otherwise noted)

[c. 24; p. 5]

Earnings (in Euro million, unless otherwise noted)
FY24 FY25 Change at constant Forex
All-Year Combined ratio 91.0% 90.6% -0.3 pt
Underlying earnings 5,510 5,872 +9%
Gross Written Premiums & Other Revenues

[c. 25; p. 5]

  • Gross written premiums & other revenues were up 5% to EUR 58.0bn.
  • Commercial lines grew by 4% to EUR 35.8bn, driven by:
    • AXA XL Insurance (+3%) from growth in attractive margin lines (Property, Casualty) due to favorable price effects and higher volumes, partly offset by lower pricing and volumes in Financial lines.
    • Asia, Africa & EME-LATAM (+13%) mainly driven by Türkiye from higher average premiums, and favorable volume and price effects in Mexico.
    • France (+6%) from favorable price effects across all lines of business and higher volumes.
  • Personal lines grew by 7% to EUR 19.7bn, driven by:
    • Europe (+5%) from favorable price effects across geographies, except in UK & Ireland Motor where pricing softened following strong repricing in 2024.
    • Asia, Africa & EME-LATAM (+14%) driven by Türkiye from higher average premiums and volumes.
    • France (+9%) with strong volume growth in all lines of business from direct business and proprietary agent networks, combined with favorable price effects in Motor.
  • AXA XL Reinsurance grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by softening in other lines.
Combined Ratio

[c. 26; p. 5]

  • The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:
    • Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from margin expansion in Commercial lines (-0.5pts), driven by SME & mid-market business (-0.9pts) in a favorable pricing environment, while AXA XL Insurance margins were stable (+0.1pts).
    • Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from margin expansion in Personal lines (-0.4pts) in a conducive pricing environment.
    • Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.
    • Lower natural catastrophe charges (-0.4pts to 3.4%), which more than offset lower prior years' reserve development (+0.7pts at -1.1%).
P&C Underlying Earnings

[c. 27; p. 6]

  • P&C underlying earnings were up 9% to EUR 5.9bn, driven by:
    • Increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin.
    • Higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in the unwind of the discount of claims reserves.
    • Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings.

Life & Health

Key figures (in Euro billion, unless otherwise noted)

[c. 28; p. 6]

Key figures (in Euro billion, unless otherwise noted)
FY24 FY25 Change on a comparable basis
Gross written premiums & other revenues 52.0 56.5 +8%
o/w Life 34.5 37.5 +9%
o/w Health 17.5 19.0 +5%
PVEP1,21 50.9 49.4 -2%
NB CSM1,21 2.2 2.2 +3%
NBV (post-tax)1,21 2.3 2.2 0%
NBV margin1,21 4.4% 4.5% +0.1 pt
Net flows21(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) +1.5 +5.4
Earnings (in Euro million)

[c. 29; p. 6]

Earnings (in Euro million)
FY24 FY25 Change at constant forex
Underlying earnings 3,323 3,501 +7%
o/w Life 2,636 2,715 +4%
o/w Health 687 787 +17%

Gross written premiums & other revenues were up 8% to Euro 56.5 billion.

Life & Health GWP & other revenues

[c. 30; p. 6]

  • Life grew +9% to EUR 37.5bn (LFL), mainly from:
    • Unit-Linked: +13% driven by successful sales initiatives across all geographies.
    • G/A: +4%, notably in France (+4%), and elevated sales of a capital-light product in Italy; partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong.
    • Protection: +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland.
  • Health grew +5% to EUR 19.0bn (LFL), driven by favorable price effects in Group and Individual businesses across most geographies, partly offset by lower volumes.
Present Value of Expected Premiums (PVEP)

[c. 31; p. 7]

  • PVEP decreased -2% to EUR 49.4bn (LFL), driven by:
    • Life: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums.
    • Health: -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions.
New Business Value (NBV)

[c. 32; p. 7]

  • NB CSM increased +3% to EUR 2.2bn (LFL), driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.
  • NBV (post-tax) was stable at EUR 2.2bn (LFL), as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.
  • NBV margin (post tax) increased +0.1pt to 4.5% (LFL).
Net Flows

[c. 33; p. 7]

  • Net flows were EUR +5.4bn (LFL) compared to EUR +1.5bn in 2024, driven by:
    • Protection: EUR +4.9bn, mainly in Hong Kong, Japan, and France.
    • Health: EUR +2.7bn, mainly in Germany, Japan, and France.
    • Unit-Linked: EUR +1.5bn, primarily in France.
    • Partly offset by G/A Savings: EUR -3.7bn, as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn).
Life & Health Underlying Earnings

[c. 34; p. 7]

  • Life & Health underlying earnings increased +7% to EUR 3.5bn (LFL), driven by:
    • Long-term technical result: EUR +0.2bn, driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business.
    • Short-term technical result: EUR +0.1bn, driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
    • Lower income taxes: EUR +0.1bn, reflecting favorable tax effects mainly in Germany, France and Mexico.
    • Lower contribution from affiliates, notably ICBC-AXA, and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders.

Holdings

Holdings Underlying Earnings

[c. 35; p. 7]

  • Holdings underlying earnings remained stable at EUR -1.2bn.

RATINGS AND GLOSSARY

Ratings

Ratings

[c. 36; p. 8]

Insurer financial strength ratings AXA's credit ratings 22
Agency Date of last review AXA SA AXA's principal insurance subsidiaries Outlook Senior debt of the Company Short-term debt of the Company
S&P Global Ratings October 3, 2025 A+ AA- Positive A+ A-1+
Moody's Investor Service October 8, 2025 Aa2 Aa2 Stable Aa3 P-1
AM Best October 9, 2025 A+ Superior Stable aa Superior
(22) AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.

Glossary

Glossary of Financial Terms

[c. 37; p. 8]

  • Capital-light G/A products encompass products with no guarantees, guarantees at maturity only, or guarantees equal to or lower than 0%.
  • Contractual service margin ("CSM") is a component of the carrying amount for a group of insurance contracts, representing unearned profit to be recognized as services are provided to policyholders.
  • CSM release is the portion of CSM stock (net of reinsurance) at the end of a defined period that flows through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
  • Economic variance is the year-end CSM variance resulting from changes in market conditions, net of the underlying return on in-force.
  • Financial result includes investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
  • Gross written premiums and other revenues include insurance premiums collected during the period (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 (e.g., banking, services, and asset management activities).
  • New business contractual service margin ("NB CSM") is a component of the carrying amount for newly issued insurance contracts during the period, representing unearned profit to be recognized as insurance contract services are provided.
  • New business value ("NBV") is the value of newly issued contracts during the current year, comprising: (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts (carried by Life entities, considering expected renewals), and (iii) present value of future profits of pure investment contracts accounted for under IFRS 9, net of (iv) cost of reinsurance, (v) taxes, and (vi) minority interests.
  • New business value margin ("NBV Margin") is the ratio of (i) NBV to (ii) PVEP.

[c. 37; p. 9]

  • Operating variance is the variation of year-end CSM versus the expected at opening due to (i) differences between realized and expected operational assumptions, (ii) changes in assumptions (mortality, longevity, lapses, expenses), and (iii) impact of model changes, all net of reinsurance.
  • Present value of expected premiums ('PVEP') is the new business volume, equal to the present value at issue of total premiums expected over the policy term, discounted at the reference interest rate and representing the Group share.
  • Technical experience consists of impacts on underlying earnings from (i) the difference between expected and incurred cash-flows in the defined period, (ii) risk adjustment release, (iii) changes in onerous contracts, and (iv) other long-term elements, mainly non-attributable expenses.
  • Underlying return on in-force is the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.

SCOPE AND EXCHANGE RATES

Scope

Scope of Operations

[c. 38; p. 10]

  • France includes insurance activities, banking activities, and holding.
  • Europe includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities).
  • AXA XL includes insurance and reinsurance activities and holding.
  • Asia, Africa & EME-LATAM includes:
    • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excluding the bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated).
    • Asia (equity method): China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) contribute only to NBV, PVEP, underlying earnings, and net income.
    • Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) (fully consolidated).
    • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated).
    • EME-LATAM (equity method): Russia (Reso) (insurance activities) contributes only to net income.
    • Other: AXA Mediterranean Holdings.
  • Transversal & Other includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.
  • AXA Investment Managers includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated).
  • AXA Investment Managers (equity method): Asian joint ventures.

Exchange rates

Exchange rates

[c. 39; p. 10]

For 1 Euro End of Period Exchange rate Average Exchange rate
FY24 FY25 FY24 FY25
USD 1.04 1.17 1.08 1.13
CHF 0.94 0.93 0.95 0.94
GBP 0.83 0.87 0.85 0.86
JPY 163 184 164 169
HKD 8.04 9.14 8.44 8.82

Notes

Notes

[c. 40; p. 11]

(1) 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.
(2) '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).
(3) 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.
(4) 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.
(5) 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.
(6) 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.
(7) Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.
(8) 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.
(9) 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.
(10) 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.
(11) 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.
(12) Price effects are calculated as a percentage of total gross written premiums of the prior year.
(13) General account.
(14) Including banking activities.
(15) 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.
(16) Including cash and liquid invested assets at AXA SA Holding and other central holdings.
(17) 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.
(18) Natural catastrophe charges include natural catastrophe losses regardless of event size.
(19) 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.
(20) Payout ratio is calculated based on underlying earnings per share.
(21) Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.
(22) 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.
(23) AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.
(24) Disposal to BNP Paribas completed on July 1, 2025.
Reporting Basis and Assumptions

[c. 41; p. 11]

  • All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
  • Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.
Financial Statement Approval

[c. 42; p. 11]

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

ABOUT THE AXA GROUP

About AXA Group

[c. 43; p. 12]

  • AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
  • In 2025, IFRS17 revenues amounted to EUR 115.5bn.
  • In 2025, IFRS17 underlying earnings amounted to EUR 8.4bn.
  • The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
  • AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
  • AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
  • AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
  • This press release and regulated information are available on the AXA Group website (axa.com).
  • Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.
  • Individual Shareholder Relations contact: +33.1.40.75.48.43.
  • Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
  • Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments.
  • SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes.

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES

Forward-looking statements and non-GAAP measures

[c. 44; p. 12]

  • Statements in this press release may be forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
  • Forward-looking statements are identified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs such as “would” and “could”.
  • Statements regarding expected underlying earnings per share ("UEPS") growth for 2026 are forward-looking, providing one-off guidance for the last year of the Group’s current strategic plan.
  • These statements, including those in the "Outlook" section, are based on Management’s current views and intentions and are subject to change.
  • Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially.
  • Each forward-looking statement is valid only at the date of this press release.
  • Refer to Part 5 – “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for details on factors, risks, and uncertainties affecting AXA’s business and/or results.
  • AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
  • This press release refers to non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management for analyzing operating trends, financial performance, and position.
  • These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures from other companies.
  • Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
  • Underlying earnings, UEPS (“underlying earnings per share”), underlying return on equity, combined ratio, and debt gearing are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
  • AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in financial statements (and/or their calculation methodology) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
  • Further information on non-GAAP financial measures is available in the Glossary of AXA’s 2025 Activity Report.

APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE

APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE

[c. 45; p. 13]

Gross Written Premiums and Other Revenues o/w Property & Casualty o/w Life & Health o/w Asset Management
in Euro million FY24 FY25 Change on a reported basis Change on a comparable basis FY25 Change on a comparable basis FY25 Change on a comparable basis FY25 Change on a comparable basis
Francei 28,996 30,598 +6% +6% 9,648 +7% 20,852 +5%
Europe 39,298 43,005 +9% +6% 21,257 +4% 21,748 +8%
AXA XL 19,383 19,277 -1% +4% 19,159 +4% 118 -8%
Asia, Africa & EME-LATAM 19,083 19,925 +4% +13% 6,257 +13% 13,668 +13%
Transversal 1,856 1,844 -1% -1% 1,718 -1% 126 -8%
AXA Investment Managers 1,701 875 -49% +4% 875 +4%
Totali 110,316 115,524 +5% +6% 58,038 +5% 56,512 +8% 875 +4%
(i) Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.

APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE

APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE

[c. 46; p. 14]

Underlying earnings o/w Property & Casualty o/w Life & Health o/w Asset Management
in Euro million FY24 FY25 Change at constant Forex FY25 Change at constant Forex FY25 Change at constant Forex FY25 Change at constant Forex
France 2,071 2,224 +7% 1,237 +7% 1,039 +8%
Europe 3,187 3,486 +9% 2,216 +9% 1,264 +14%
AXA XL 1,820 1,893 +9% 1,913 +9% 12 -49%
Asia, Africa & EME-LATAM 1,504 1,493 +6% 355 +24% 1,165 0%
Transversal -907 -903 0% 151 -4% 22 +16%
AXA Investment Managers 402 175 -57% 175 -57%
Totali 8,078 8,368 +6% 5,872 +9% 3,501 +7% 175 -57%
(i) Including underlying earnings of Holdings and Banking.

APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES

APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES

[c. 47; p. 15]

Commercial lines Personal lines AXA XL Reinsurance Total P&C
in Euro million Total Commercial Changei Personal Motor Changei Personal Non-Motor Changei Total Personal Changei Total Reinsurance Changei FY25 Changei
France 5,077 +6% 2,693 +9% 1,877 +10% 4,570 +9% - - 9,648 +7%
Europe 9,179 +1% 7,434 +6% 4,644 +5% 12,078 +5% - - 21,257 +4%
AXA XL 16,604 +3% - - - - - - 2,555 +8% 19,159 +4%
Asia, Africa & EME-LATAM 3,193 +13% 2,315 +14% 749 +12% 3,064 +14% - - 6,257 +13%
Transversal 1,718 -1% - - - - - - - - 1,718 -1%
Total 35,771 +4% 12,443 +8% 7,269 +7% 19,712 +7% 2,555 +8% 58,038 +5%
(i) Changes are at comparable basis (constant forex, scope and methodology)
Interest Rates (5Y) For the Discounting of P&C Claims Reserves

[c. 48; p. 15]

Interest Rates (5Y) For the Discounting of P&C Claims Reserves
FY24i FY25ii
EUR 2.8% 2.6%
USD 4.4% 4.2%
JPY 0.4% 1.0%
GBP 4.3% 4.3%
CHF 0.8% 0.2%
HKD 3.7% 3.2%
(i) Calculated as monthly average from January 2024 to December 2024
(ii) Average of monthly opening discount rates of 2025

APPENDIX 4: PROPERTY & CASUALTY – PRICE EFFECT & 2026 MARKET PRICING TRENDS

P&C: Price effects by country and business line

[c. 49; p. 16]

P&C: Price effectsi by country and business line
FY25 (in %) Commercial lines Personal lines AXA XL Reinsurance 2026 Market pricing trends
France +4.0% +3.3% Moderation of price increase
Europe +3.1% +5.4%
Switzerland +3.0% +5.0% Continued price increases both in Personal and Commercial lines
Germany +3.1% +10.3% Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation
Belgium & Luxembourg +2.5% +4.4% Price increase broadly in line with 2025
UK & Ireland +1.4% -2.6% In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
Spain +8.8% +8.6% Moderation of price increase
Italy +5.2% +5.3% Moderation of price increase
AXA XLii +0.2% +0.3% Softening prices with conditions varying by lines
Asia, Africa & EME-LATAM +3.8% +7.1% Moderation of price increase
Total +1.9% +5.2% +0.3%
(i) i. Price effect calculated as a percentage of total gross written premiums in the prior year.
(ii) ii. 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.

APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE

APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE

[c. 50; p. 17]

Gross written premiums & other revenues Total o/w Protection o/w G/A Savings o/w Unit-Linked o/w Health
in Euro million FY25 Changei FY25 Changei FY25 Changei FY25 Changei FY25 Changei
France 20,852 +5% 4,650 +6% 5,483 +4% 5,109 +10% 5,611 +2%
Europe 21,748 +8% 5,090 +4% 4,444 +18% 3,419 +10% 8,795 +4%
AXA XL 118 -8% 59 -6% 59 -10% - - - -
Asia, Africa & EME-LATAM 13,668 +13% 7,454 +19% 971 -31% 761 +63% 4,483 +11%
Transversal 126 -8% - - - - - - 126 -8%
Total 56,512 +8% 17,253 +11% 10,957 +4% 9,289 +13% 19,014 +5%
o/w short-termii 17,651 +6% 4,337 +6% 13,314 +6%
(i) Changes are at comparable basis (constant forex, scope and methodology)
(ii) 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

APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN

APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN

[c. 51; p. 18]

Life New Business Metrics FY25 Healthi New Business Metrics FY25 Totalii New Business Metrics FY25
in Euro million PVEP Changeii NBV Changeii NBV margin Changeii PVEP Changeii NBV Changeii NBV margin Changeii PVEP Changeii NBV Changeii NBV margin Changeii
France 14,971 -4% 519 0% 3.5% +0.1 pt 7,887 -20% 177 +13% 2.2% +0.7pt 22,858 -10% 695 +3% 3.0% +0.4pts
Europe 10,102 +3% 474 -11% 4.7% -0.7pt 2,549 +16% 104 +36% 4.1% +0.6pt 12,651 +5% 578 -5% 4.6% -0.5pts
Asia, Africa & EME-LATAM 12,029 +7% 754 +5% 6.3% -0.1pt 1,817 -6% 205 -12% 11.3% -0.8pt 13,847 +5% 959 +1% 6.9% -0.3pts
Total 37,103 +1% 1,747 -1% 4.7% -0.1pt 12,254 -12% 486 +4% 4.0% +0.6pt 49,357 -2% 2,233 0% 4.5% +0.1pt
APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN

[c. 52; p. 18]

NB CSM to NBV
in Euro million Life Healthi Totali
NB CSM (pre-tax) 1,822 377 2,199
Other NBV (pre-tax) 491 266 757
Tax & Other -567 -157 -724
NBV 1,747 486 2,233
(i) Includes Health business written predominantly in Life entities
(ii) Changes are at comparable basis (constant forex, scope and methodology)

APPENDIX 7: LIFE & HEALTH – NET FLOWS

Net flows by business line

[c. 53; p. 19]

Net flows by business line
in Euro billion FY24 FY25
Healthi +2.7 +2.7
Protection +3.2 +4.9
G/A Savings -3.6 -3.7
o/w capital lightii +2.2 +1.2
o/w traditional G/A -5.8 -5.0
Unit-Linkediii(footnote: Including Investment contracts with no discretionary participation features ("DPF")) -0.8 +1.5
Mutual Funds & Other 0.0 0.0
Total Life & Healthi net flows +1.5 +5.4
(i) Includes Health business written predominantly in Life entities
(ii) Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%
(iii) Including Investment contracts with no discretionary participation features ("DPF")

APPENDIX 8: MAIN TRANSACTIONS AND NEXT MAIN INVESTOR EVENTS

Main transactions in 2025

[c. 54; p. 20]

  • Announced the execution of a share repurchase agreement in relation to AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)
  • Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)
  • Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)
  • Announced the execution of a share repurchase agreement in relation to AXA's Shareplan and certain stock-based compensation (June 2, 2025)
  • Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025)
  • Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (July 1, 2025)
  • Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)
  • Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)
  • Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)
  • Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)

Next main investor events

Investor Events

[c. 55; p. 20]

  • 2026 Shareholder’s Annual General Meeting will be held on April 30, 2026.
  • First quarter 2026 Activity Indicators will be released on May 5, 2026.
  • HY26 Earnings Release is scheduled for July 31, 2026.
  • AXA Investor Day will take place on September 21, 2026.
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