Web:AXA/FY25/Earnings press release/summary
AXA — FY25 Full-Year Results Summary
Enriched Key Financial Metrics
| Metric | FY24 | FY25 | Reported Δ | Comparable Δ | Comments |
|---|---|---|---|---|---|
| GWP & other revenues | 110,316 | 115,524 | +5% | +6% | ↑ Broad-based growth across P&C (+5%) and L&H (+8%). See sub-lines below. |
| o/w Property & Casualty | 56,514 | 58,038 | +3% | +5% | ↑ Commercial lines (+4%): higher volumes at AXA XL Insurance + favorable pricing across all geographies. Personal lines (+7%): price effects + strong net new contracts in France, Europe, Asia & EME-LATAM. AXA XL Reinsurance (+8%): growth supported by alternative capital. |
| o/w Life & Health | 51,983 | 56,512 | +9% | +8% | ↑ Life premiums +9%: Protection +11% (strong sales in HK, CH, JP), Unit-Linked +13% (all geographies), G/A +4% (Italy, France momentum). Health premiums +5%: price effects in all geographies. |
| o/w Asset Management | 1,701 | 875 | n.m. | n.m. | ↓ AXA IM disposed on July 1, 2025; only H1 contribution included. One-off impact. |
| Underlying earnings | 8,078 | 8,368 | +4% | +6% | ↑ +9% excl. AXA IM. P&C earnings +9% (volume growth, margin expansion, higher investment income). L&H +7% (improved short-term technical results in Health & Protection; early benefits of Life rejuvenation strategy). Holdings stable at ca. Euro −1.2 bn. Asset Mgmt. earnings ↓ Euro 0.2 bn due to AXA IM disposal (one-off). |
| Net income | 7,886 | 9,797 | +24% | +26% | ↑ Higher underlying earnings + significantly positive exceptional items, notably the one-off gain from sale of AXA IM. |
| Solvency II ratio (%) | 216% | 224% | +9 pts | — | ↑ Operating return +28 pts, net sub-debt issuance +6 pts, financial markets +4 pts. Partly offset by dividend & annual buyback provision −24 pts, Nobis/Prima acquisitions & AXA IM disposal incl. Euro 3.8 bn buyback −5 pts. Post-grandfathering: 215% on Jan 1, 2026 (−10 pts). |
| [From narrative — additional metrics not in original table] | |||||
| Underlying EPS (Euro) | 3.57* | 3.86 | +8% | — | ↑ Underlying earnings growth (+6%) + lower interest expense on sub-debt + share buyback accretion (+3%). Offset by FX headwind (−2%, mainly USD depreciation) and temporary AXA IM timing dilution (−1%). |
| Underlying RoE (%) | 15.2%* | 16.0% | +0.8 pt | — | ↑ Higher underlying earnings + lower shareholders' equity base. Within 14–16% plan target range. |
| Shareholders' equity | 50,000* | 47,200 | −Euro 2.8 bn | — | ↓ Net income +9.8 bn and OCI +1.3 bn more than offset by FY24 dividend −4.6 bn, share buybacks −4.7 bn (incl. Euro 3.5 bn AXA IM anti-dilutive buyback), FX impact −3.5 bn (USD depreciation). |
| CSM | 33,900* | 33,300 | −Euro 0.6 bn | — | Normalized growth +2%. New business +2.2 bn + return on in-force +1.3 bn offset CSM release −3.0 bn. Favorable markets +0.6 bn (spread tightening, equities). Offset by FX −1.5 bn (JPY, HKD depreciation) and operating variance −0.3 bn (shorter Group Life duration in CH). |
| Debt gearing (%) | 20.6%* | 22.3% | +1.7 pts | — | ↑ Lower equity and CSM base + RT1/T2 sub-debt issuance Euro 3.5 bn, partly offset by grandfathered T1 redemption Euro −1.9 bn. In line with 19–23% plan guidance. |
| Cash at Holding | 4,000* | 5,600 | +Euro 1.6 bn | — | ↑ Organic cash remittance from subsidiaries Euro 7.5 bn (+0.4 bn vs. FY24). |
* FY24 figures for narrative-sourced rows are implied from reported deltas; exact prior-year values not disclosed for all metrics.
Structured Bullet Points — Remaining Information
Capital & Solvency
- Solvency II ratio bridge (FY24 → FY25): Operating return +28 pts; dividend & annual buyback provision −24 pts; net sub-debt issuance +6 pts; financial market impacts +4 pts; acquisitions (Nobis, Prima) & AXA IM disposal incl. Euro 3.8 bn buyback −5 pts. Net movement: +9 pts to 224%.
- Grandfathering impact: As of Jan 1, 2026, grandfathered capital instruments/sub-debt no longer qualify as eligible own funds → −10 pts, bringing ratio to 215%.
- Solvency II revision (Q1 2027): Group estimates +17 pts uplift to the current ratio once the revised framework takes effect.
- Dividend: Euro 2.32/share proposed (+8% vs. FY24). AGM vote on April 30, 2026; ex-date May 11, 2026; payment May 13, 2026.
- Annual share buyback: Up to Euro 1.25 bn approved by the Board on Feb 25, 2026. All repurchased shares to be cancelled. Expected to commence as soon as practicable and complete by year-end 2026.
- AXA IM-related buyback: Euro 3.8 bn anti-dilutive buyback completed (Jul 2, 2025 – Jan 20, 2026).
- Capital management policy: Total payout ratio target of 75% (60% dividend payout + 15% annual buybacks). DPS floor: at least equal to prior year.
Forward-looking Items
- 2026 EPS guidance: Underlying EPS growth expected at the upper end of the 6–8% CAGR target range for both the plan period (2023–2026E) and for 2026 specifically.
- Plan targets ("Unlock the Future" 2024–2026): (i) EPS CAGR 6–8% (upper end expected), (ii) underlying RoE 14–16%, (iii) cumulative organic cash upstream >Euro 21 bn.
- P&C outlook: Favorable pricing in Retail and SME/Mid-market with continued earn-through benefits. AXA XL: pricing varies by line; disciplined cycle management and capital allocation. Nat-cat load guidance: ca. 4.5 pts of combined ratio for 2026.
- L&H outlook: Short-term earnings growth from disciplined pricing and claims management. Long-term business rejuvenation and improved persistency expected to drive positive net flows and CSM growth.
- Holdings: 2026 results expected at a similar level to 2025.
- New strategic plan: AXA to present its 2027–2029 plan on September 21, 2026.
Notable Events
- Disposal of AXA IM: Completed July 1, 2025. Generated a significant one-off gain recognized in net income. Led to temporary EPS dilution of −1% due to timing lag between disposal and completion of anti-dilutive buyback.
- Acquisitions: Nobis and Prima acquired during the period; net impact on Solvency II ratio was −5 pts (combined with AXA IM disposal effects).
- AI & automation: Management highlighted that investments in automation and AI are delivering efficiency gains, contributing to lower expense ratios.