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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

[c. 1; p. 1]

Announcement details
  • The announcement was made in Paris on February 26th, 2026, at 6:45 am CET.

Full Year 2025 Earnings

[c. 2; p. 1]

record results and EPS growth
  • AXA reported record results.
  • Underlying EPS growth was at the top end of the target range.

Key FY25 highlights

[c. 3; p. 1]

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

[c. 4; p. 1]

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

Capital Management

[c. 5; p. 1]

Shareholder returns
  • Dividend of EUR 2.32 per share, +8% vs. FY24
  • Launch of an annual share buyback program of up to EUR 1.25bn
  • Completion of EUR 3.8bn additional share buyback related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026

Outlook

[c. 6; p. 1]

Outlook and Strategic Plan
  • Underlying earnings per share growth for 2026 is expected to be at the upper end of the 6-8% plan target range.
  • The expected impact of Solvency II revision is +17 points.
  • AXA will present its new strategic plan for 2027-2029 on September 21, 2026.

[c. 7; p. 1]

2025 Performance and Commentary
  • In 2025, AXA delivered very strong performance, with +9% earnings growth in core businesses excluding AXA IM.
  • These results were used to further enhance reserve prudence.
  • The P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio, and higher investment income.
  • AXA XL Insurance increased earnings with stable underlying margins.
  • Life & Health earnings rose by 7%.
    • Life earnings reflected early benefits of the strategy to rejuvenate the business.
    • Health grew by 17% even after absorbing the adverse change on VAT treatment in Mexico.
  • Investments in automation and Artificial Intelligence are driving efficiency gains.
  • The Solvency II ratio is at a very strong level.
  • Thomas Buberl, CEO of AXA, stated that these results demonstrate the earnings power of the well-diversified franchise and reinforce confidence in AXA's ability to generate sustainable, long-term value.

FY25 key highlights

[c. 8; p. 2]

Key figures – FY25 key highlights
in Euro million 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.

[c. 9; p. 2]

FY25 key highlights
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%

[c. 10; p. 2]

FY25 key highlights
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

[c. 11; p. 2]

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

Earnings

[c. 12; p. 2]

Underlying earnings and EPS
  • Underlying earnings +6% to EUR 8.4bn; +9% excluding AXA IM.
    • 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 business rejuvenation strategy.
    • Holdings: broadly stable at EUR -1.2bn.
    • Asset Management: decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025.
  • Underlying earnings per share +8% to EUR 3.86.
    • Driven by: increase in underlying earnings (+6%) and decrease in interest expense on undated and deeply-subordinated debt.
    • Driven by: impact of share buybacks (+3%), including annual share buyback program and anti-dilutive share buyback from AXA IM sale.
    • Partially offset by: unfavorable foreign exchange rate movements, notably USD depreciation against EUR (-2%).
  • Sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to timing of associated share buyback.

[c. 13; p. 2]

Net income
  • Net income +26% to EUR 9.8bn.
  • Reflects increase in underlying earnings and significantly positive exceptional items, including the gain from the sale of AXA IM.

Balance sheet

[c. 14; p. 3]

Shareholders' equity
  • Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
  • The decrease was due to:
    • Positive contribution from net income (+EUR 9.8bn) and net OCI (+EUR 1.3bn).
    • FY24 dividend paid to shareholders (-EUR 4.6bn).
    • Impact of share buybacks in 2025 (-EUR 4.7bn), including EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM.
    • Unfavorable foreign exchange impact (-EUR 3.5bn), notably from USD depreciation.

[c. 15; p. 3]

Contractual Service Margin (CSM)
  • 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).
  • Normalized growth in CSM was +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 JPY and HKD.
  • A negative operating variance (-EUR 0.3bn) occurred as better margins and net flows were offset by a reduction in the duration of Group Life business in Switzerland.

[c. 16; p. 3]

Solvency II ratio
  • Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
  • Drivers of the Solvency II ratio change:
    • Strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points).
    • Positive impact from net subordinated debt issuance (+6 points).
    • Favorable impacts from financial markets (+4 points).
    • Partly offset by the net impact of Nobis and Prima acquisitions, and AXA IM disposal 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 increase the current Solvency II ratio by +17 points.

[c. 17; p. 3]

Underlying return on equity
  • Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024.
  • This increase was notably from higher underlying earnings and lower shareholders' equity.

[c. 18; p. 3]

Debt gearing
  • 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, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn).
  • This was partly offset by 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.

[c. 19; p. 3]

Cash at Holding
  • 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

[c. 20; p. 4]

Shareholder returns
  • 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, the launch of 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

[c. 21; p. 4]

Outlook for 'Unlock the Future' plan
  • AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.
  • This confidence is based on profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management.
  • In P&C Retail and SME & Mid-market, favorable pricing is expected to continue benefiting from the earnthrough of higher pricing and underwriting actions.
  • At AXA XL, the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital, despite varying pricing conditions.
  • The normalized natural catastrophe load guidance for AXA XL remains at approximately 4.5 points of combined ratio for 2026.
  • 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, is expected to generate positive net flows and drive CSM growth over time.

[c. 22; p. 4]

Financial targets and capital management
  • Results in Holdings in 2026 are expected to remain similar to 2025 levels.
  • Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and given the strong operating performance in 2025.
  • The targets include underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 2026.
  • Another target is an underlying return on equity between 14% and 16% between 2024 and 2026E.
  • The Group also targets cumulative organic cash upstream in excess of EUR 21bn for 2024-2026E.
  • AXA is committed to a capital management policy targeting a total payout ratio of 75%.
  • This 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

[c. 23; p. 5]

Key figures – Property & Casualty
in Euro billion 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%

[c. 24; p. 5]

Earnings
in Euro million FY24 FY25 Change at constant Forex
All-Year Combined ratio 91.0% 90.6% -0.3 pt
Underlying earnings 5,510 5,872 +9%

[c. 25; p. 5]

Gross written premiums & other revenues
Key facts & figures
Gross written premiums & other revenuesup 5% to EUR 58.0bn
Commercial lines growth4% to EUR 35.8bn
Personal lines growth7% to EUR 19.7bn
AXA XL Reinsurance growth8% to EUR 2.6bn
  • 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 from 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 (higher average premiums) and Mexico (favorable volume and price effects).
    • France (+6%) from favorable price effects across all lines 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 after strong repricing in 2024.
    • Asia, Africa & EME-LATAM (+14%) driven by Türkiye (higher average premiums and volumes).
    • France (+9%) with strong volume growth in all lines 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.

[c. 26; p. 5]

Combined ratio
Key facts & figures
Combined ratioimproved by 0.3pts to 90.6%
Natural catastrophe charges-0.4pts to 3.4%
Prior years' reserve development+0.7pts at -1.1%
  • 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 at attractive levels (+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%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%).

[c. 27; p. 6]

P&C underlying earnings
Key facts & figures
P&C underlying earningsup 9% to EUR 5.9bn
Technical result increaseEUR +0.5bn
Financial result increaseEUR +0.2bn
Income taxes increaseEUR -0.2bn
  • 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

[c. 28; p. 6]

Key figures – Life & Health
in Euro billion 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

[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.

[c. 30; p. 6]

Life & Health GWP and other revenues
Key facts & figures
Life GWP growth9% to EUR 37.5bn
Unit-Linked growth+13%
G/A growth+4%
Protection growth11%
Health GWP growth5% to EUR 19.0bn
  • Life GWP grew by 9% to EUR 37.5bn, mainly from Unit-Linked (+13%), G/A (+4%), and Protection (11%).
  • Unit-Linked growth was driven by successful sales initiatives across all geographies.
  • G/A growth was notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong.
  • Protection growth was 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 GWP grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes.

[c. 31; p. 7]

Present value of expected premiums (PVEP)
Key facts & figures
PVEP decrease2% to EUR 49.4bn
Life PVEP increase+1%
Health PVEP decrease-12%
  • Present value of expected premiums (PVEP) decreased by 2% to EUR 49.4bn.
  • Life PVEP increased by +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 PVEP decreased by -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions.

[c. 32; p. 7]

NB CSM and NBV
Key facts & figures
NB CSM increase3% to EUR 2.2bn
NBV (post-tax)stable at EUR 2.2bn
NBV margin (post tax) increase0.1 point to 4.5%
  • NB CSM increased by 3% to EUR 2.2bn, 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, 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 by 0.1 point to 4.5%.

[c. 33; p. 7]

Net flows
Key facts & figures
Net flowsEUR +5.4bn
Net flows 2024EUR +1.5bn
Protection net flowsEUR +4.9bn
Health net flowsEUR +2.7bn
Unit-Linked net flowsEUR +1.5bn
G/A Savings net flowsEUR -3.7bn
  • Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024.
  • Net flows in 2025 were 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.
  • These were 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).

[c. 34; p. 7]

Life & Health underlying earnings
Key facts & figures
Life & Health underlying earnings increase7% to EUR 3.5bn
Long-term technical resultEUR +0.2bn
Short-term technical resultEUR +0.1bn
Income taxesEUR +0.1bn
  • Life & Health underlying earnings increased by 7% to EUR 3.5bn, 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

[c. 35; p. 7]

Holdings underlying earnings
Key facts & figures
Holdings underlying earningsEUR -1.2bn
  • Holdings underlying earnings remained broadly stable at EUR -1.2bn.

Ratings and glossary

Ratings

[c. 36; p. 8]

Ratings
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

[c. 37; p. 8]

Glossary

Glossary definitions for insurance metrics [¶1-¶5]

  • Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%
  • Contractual service margin ("CSM"): a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders
  • CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period
  • Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force
  • Financial result: 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 the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow
  • Gross written premiums and other revenues: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business)
  • Other Revenues: premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities)
  • New business contractual service margin ("NB CSM"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided
  • New business value ("NBV"): the value of newly issued contracts during the current year consisting of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests
  • New business value margin ("NBV Margin"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP

[c. 37; p. 9]

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

[c. 38; p. 10]

Scope

Scope: Regional and business line composition [¶1-¶5]

  • 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 (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income.
  • Asia, Africa & EME-LATAM: includes (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated.
  • Asia, Africa & EME-LATAM: includes (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income.
  • Asia, Africa & EME-LATAM: includes (iv) AXA Mediterranean Holdings.
  • Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity) and other Central Holdings.
  • AXA Investment Managers: includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.

Exchange rates

[c. 39; p. 10]

Exchange rates
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

[c. 40; p. 11]

Notes
(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.

[c. 41; p. 11]

Reporting basis and audit status
  • Activity indicators comments and changes on a comparable basis (constant forex, scope and methodology).
  • Actuarial and financial assumptions for NBV and PVEP calculation updated semi-annually at half year and full year.
  • Consolidated financial statements for year ended December 31, 2025, examined by Board of Directors on February 25, 2026.
  • Financial statements subject to completion of audit procedure by AXA's statutory auditors.

About the AXA group

[c. 42; p. 12]

About the AXA group

Group overview and financials [¶1-¶1]

  • 156,000 employees serving more than 92 million clients in 52 countries
  • 2025 IFRS17 revenues: EUR 115.5bn
  • 2025 IFRS17 underlying earnings: EUR 8.4bn

Listing, sustainability and contact details [¶1-¶2]

  • AXA ordinary share listed on compartment A of Euronext Paris under ticker CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA)
  • American Depository Share quoted on OTC QX platform under ticker AXAHY
  • Included in Dow Jones Sustainability Index (DJSI) and FTSE4GOOD
  • Founding member of UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance
  • Signatory of UN Principles for Responsible Investment
  • Press release and regulated information available on axa.com pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation
  • 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 available at axa.com/en/about-us/strategy-commitments
  • SRI ratings 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

[c. 43; p. 12]

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 [¶1-¶1]

  • Forward-looking statements include predictions of future events, trends, plans, expectations, or objectives, identified by terms such as 'expects', 'anticipates', 'may', 'plan', 'would', or 'could'.
  • Statements regarding expected underlying earnings per share ("UEPS") growth for 2026 provide one-off guidance for the last year of the Group's current strategic plan.
  • Forward-looking statements are based on Management's current views and intentions, are subject to change, and speak only at the date of the press release.
  • Risks and uncertainties affecting AXA's business and/or results of operations are described in 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").
  • AXA disclaims any obligation to publicly update or revise forward-looking statements except as required by applicable laws and regulations.
  • The press release refers to non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management to analyze operating trends, financial performance, and financial position.
  • APMs generally have no standardized meaning and may not be comparable to similarly labelled measures used by other companies.
  • Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, consolidated financial statements 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.
  • Reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements is provided in AXA's 2025 Activity Report under the heading "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES".
  • Further information on non-GAAP financial measures is available in the Glossary in AXA's 2025 Activity Report.

Appendix 1: Gross written premiums et other revenues by geography and business line

[c. 44; p. 13]

Gross written premiums et other revenues by geography and business line
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

[c. 45; p. 14]

Underlying earnings by geography and by business line
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

[c. 46; p. 15]

Property & Casualty – gross written premiums & other revenues by business line and discount rates
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)

[c. 47; 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

[c. 48; p. 16]

P&C: Price effects 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

[c. 49; p. 17]

Life & Health – gross written premiums & other revenues and growth by business line
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

[c. 50; p. 18]

New business volume (PVEP), new business value (NBV), and NBV margin
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

[c. 51; p. 18]

New business volume (PVEP), new business value (NBV), and NBV margin
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

[c. 52; 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

[c. 53; p. 20]

Appendix 8: Main transactions and next main investor events

Main transactions in 2025 [¶1-¶1]

  • Share repurchase agreement executed for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)
  • Acquisition of Nobis Group in Italy completed (April 1, 2025)
  • Placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)
  • Share repurchase agreement executed for AXA's Shareplan and certain stock-based compensation (June 2, 2025)
  • Sale of AXA Investment Managers to BNP Paribas completed (July 1, 2025)
  • Share repurchase agreement executed for up to EUR 3.8bn following the sale of AXA IM (July 1, 2025)
  • Acquisition of Prima, the leading direct insurance player in Italy, announced (August 1, 2025)
  • 2025 employee share offering program (Shareplan 2025) launched (September 10, 2025) and successfully completed (December 3, 2025)
  • Placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)
  • Acquisition of a majority stake in Prima in Italy completed (November 28, 2025)

Next main investor events

[c. 54; p. 20]

Next main investor events
Key facts & figures
Shareholder's Annual General MeetingApril 30, 2026
First quarter 2026 Activity IndicatorsMay 5, 2026
HY26 Earnings ReleaseJuly 31, 2026
AXA Investor DaySeptember 21, 2026
  • 2026 Shareholder's Annual General Meeting on April 30, 2026
  • First quarter 2026 Activity Indicators on May 5, 2026
  • HY26 Earnings Release on July 31, 2026
  • AXA Investor Day on September 21, 2026
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