Web:AXA/FY25/Activity report/summary

AXA Group — Activity report summary

Operating highlights

Governance

• Board of Directors proposed the renewal of Thomas Buberl's mandate as director (4-year term) at the 2026 AGM, with intention to reappoint him as CEO.
• April 24, 2025 AGM approved renewal of Guillaume Faury and Ramon Fernandez mandates (4 years each) and ratified co-optation of Ewout Steenbergen. Ramon de Oliveira's term ended.
• Effective December 1, 2025, leadership changes for next strategic cycle:
  • Guillaume Borie appointed Global Head of Finance, Strategy, Underwriting, Risk and Technology (replacing Frédéric de Courtois).
  • Mathieu Godart appointed CEO of AXA France, joining the Management Committee.
  • Karima Silvent appointed Deputy General Secretary (HR, Audit, Compliance, AXA EssentiALL, GIE AXA).
  • Matthieu Caillat appointed Group Chief Technology & AI Officer and CEO of AXA Group Operations.
• Ewout Steenbergen appointed Chair of Audit Committee (December 11, 2025), succeeding Isabel Hudson who stepped down December 31, 2025.

Significant transactions

• Nobis Group acquisition (completed April 1, 2025): Upfront consideration €423m with potential earn-out of up to €55m. Solvency II ratio impact: -1 point in Q2 2025.
• Sale of AXA Investment Managers to BNP Paribas (completed July 1, 2025): Cash proceeds of €5.1bn for AXA IM + €0.3bn for Select = €5.4bn total. One-off net income gain of ca. €2.2bn. Expected annualized reduction in Underlying Earnings of ca. €0.4bn. Long-term partnership established for investment management services. Solvency II ratio impact: ca. +2 points (including associated share buy-back) in Q3 2025.
• Prima acquisition (completed November 28, 2025): Acquired 51% of the leading Italian direct insurance MGA for €0.5bn. Call/put options for remaining stake expected to be exercised in 2029 or 2030. Prima had €1.2bn premiums, ca. 10% Italian retail motor market share, and 90% combined ratio in 2024. Solvency II ratio impact: -3 points at closing + expected -2 points over time from premium recapture.

Capital and debt operations

• €1.2bn share buy-back (Feb–May 2025): Aligned with capital management policy. Completed May 19, 2025. All shares cancelled.
• €3.8bn share buy-back (Jul 2025–Jan 2026): Offset earnings dilution from AXA IM sale. Completed January 19, 2026. Shares being progressively cancelled.
• Shareplan buy-back (Jun–Jun 2025): Up to €724.6m to eliminate dilution from Shareplan 2025 and cover stock-based compensation delivery.
• Shareplan 2025 (Dec 2025): Capital increase of ca. €411m; ca. 13m new shares issued; ca. 42,000 employees in 40 countries (36%+ participation). Post-Shareplan total shares: 2,136,232,264. Employee ownership: 4.82% of capital, 6.61% of voting rights.
• June 2025 debt issuance: €1bn RT1 notes (5.750% fixed until Dec 2030; rated BBB+/Baa1(hyb)) + €1bn T2 notes due 2055 (4.375% fixed until Jul 2035; rated A-/A2(hyb)).
• October 2025 debt issuance: €750m RT1 notes (5.125% fixed until Mar 2032; rated BBB+/A3(hyb)) + €750m T2 notes due 2056 (4.125% fixed until Jul 2036; rated A-/A1(hyb)).

Events subsequent to December 31, 2025

• €1.25bn share buy-back approved (Feb 25, 2026): Expected to commence as soon as practicable and complete by year-end. All shares to be cancelled.

Market environment

Stock markets

📈 Stock index performance, FY2025 vs. FY2024 (points)

Index	Dec 31, 2025	YoY change 2025	Dec 31, 2024	YoY change 2024
CAC 40	8,150	+10%	7,381	-2%
Eurostoxx 50	5,791	+18%	4,896	+8%
FTSE 100	9,931	+22%	8,173	+6%
Nikkei	50,339	+26%	39,895	+19%
S&P 500	6,846	+16%	5,882	+23%
MSCI World	4,430	+19%	3,708	+17%
MSCI Emerging	1,404	+31%	1,075	+5%

• Global equities delivered another strong year despite geopolitical and macro uncertainties. Disinflation trends, clearer monetary signals, and resilient corporate earnings supported markets.
• US: S&P 500 +16%; tariff-induced volatility peaked in April, then sentiment recovered on resilient growth and easing expectations.
• Europe: Eurostoxx 50 +18% on improved growth outlook; CAC 40 +10% (trailing peers due to fiscal uncertainty); FTSE 100 +22% on attractive valuations.
• Asia: Nikkei +26% driven by AI boom, weaker yen, and U.S.-Japan trade deal; MSCI Emerging +31%.

Bond markets

📈 Government bond yields and changes, Dec 2023 to Dec 2025

Bond	Dec 31, 2025	YoY change (bps)	Dec 31, 2024	YoY change (bps)
10Y French bond	3.56%	+37	3.20%	+64
10Y German bond	2.86%	+49	2.37%	+34
10Y Swiss bond	0.32%	-1	0.33%	-38
10Y Italian bond	3.55%	+3	3.52%	-18
10Y UK bond	4.48%	-9	4.57%	+103
10Y Japanese bond	2.07%	+97	1.10%	+49
10Y US bond	4.17%	-40	4.57%	+69

• US: Three Fed rate cuts in Q4; 10Y Treasury fell to 4.17% (-40bps) but long-term yields stayed relatively resilient on fiscal concerns.
• Europe: ECB cut deposit rate four times to 2% by year-end. German Bunds rose +49bps (expectations of higher public spending). French OATs +37bps (fiscal discussions). Italian BTPs broadly stable. UK gilts -9bps.
• Japan: Sharp +97bps rise to 2.07% as economy exited deflation; BoJ implemented two rate hikes and signaled gradual normalization.
• Credit spreads tightened: US spreads at tightest since 1998; European spreads compressed across investment grade and high yield.

Exchange rates

📈 Exchange rates vs. EUR, FY2025

Currency	End of period Dec 31, 2025	EoP change	Average 2025	Average change
US Dollar	1.17	+13%	1.13	+5%
British Pound Sterling	0.87	+6%	0.86	+1%
Swiss Franc	0.93	-1%	0.94	-2%
Japanese Yen	184	+13%	169	+3%

• Sharp USD depreciation driven by faster Fed easing, narrowing rate differentials, and U.S. fiscal/monetary policy concerns. EUR ended at USD 1.17 (+13%).
• EUR +6% vs. GBP (UK growth softening, BoE more accommodative); broadly stable vs. CHF (-1%); +13% vs. JPY (wide rate differentials despite BoJ normalization).

Insurance market conditions

• France: Savings market +10% (premiums €192bn); UL +13%, GA +8%; UL share 39%. Total outstanding Life assets reached record €2,107bn (+6%). PER +16% to €20bn. Protection/Health market absorbed medical inflation and regulatory changes via ca. 6% average tariff increase. Nat cat costs to insurers exceeded €10bn in 2025 (vs. €5bn in 2024).
• Europe: Benign P&C nat cat losses. Profitability favorable post-repricing in recent years. Strong demand for UL savings. Health: aging population, rising claims costs, price increases being implemented.
• Japan: Life GWP -2.4% (lower foreign-currency single-premium products); UL segment growing. P&C +4% driven by Motor and Fire price increases.
• Hong Kong: Life GWP +37%; new business +56% (GA +55%, UL +76%). P&C GWP +9.3%.
• United States (Commercial): Transition toward more competitive environment; moderating pricing in short-tail lines; persistent pressure in casualty from social inflation; overall profitability remained robust.
• Emerging markets: Asia P&C benefited from Motor (China, Philippines) and Property (Thailand, Philippines). Mexico insurance market +12%; significant legislative change on VAT recoverability in October 2025 impacting Health and P&C profitability. Colombia +8%. Türkiye P&C +43% (30% inflation, volume growth in Motor and Health).
• Reinsurance: Additional softening projected for 2026 but profitability expected to remain strong (ROE exceeding cost of capital).

Activity and earnings indicators

GWP and other revenues

📈 GWP and other revenues by segment, FY2025 vs. FY2024

Metric	Unit	FY2025	FY2024	Change (comparable)	Comments
GWP & other revenues	€m	115,524	110,316	+6.5%	Reported: +4.7%. Comparable-basis restatement of €+2.0bn (+1.8pts) from scope (Nobis, Laya, AXA IM sale) and FX (EUR appreciation vs. USD, TRY, MXN, HKD; partly offset by CHF)
Property & Casualty	€m	58,038	56,514	+5.2%	↑ Commercial lines +4%: AXA XL Insurance +3% (Property, Casualty price/volume; Financial lines lower); Asia/Africa/EME-LATAM +13% (Türkiye, Mexico); France +6% (price + volume) ↑ Personal lines +7%: Europe +5% (price except UK&I Motor softening); Asia/Africa/EME-LATAM +14% (Türkiye); France +9% (volume + Motor price) ↑ AXA XL Reinsurance +8%: alternative capital growth + Casualty price, offset by softening in other lines
Life & Health	€m	56,512	51,983	+8.0%	↑ Life +9%: UL +13% (successful sales across all geographies); GA +4% (France + Italy capital-light product, partly offset by Japan and HK); Protection +11% (HK campaign, Japan and Switzerland) ↑ Health +5%: favorable price effects in Group and Individual businesses across most geographies; partly offset by lower volumes
o/w Life	€m	37,499	34,497	+9.5%	—
o/w Health	€m	19,014	17,486	+5.2%	—
Asset Management	€m	875	1,701	n.a.	FY25 contribution only until July 1, 2025 (sale to BNP Paribas)
Banking	€m	99	118	-16.2%	↓ Market slowdown + higher funding costs
Net flows	€m	5,397	1,483	n.a.	↑ Protection €+4.9bn (HK, Japan, France) ↑ Health €+2.7bn (Germany, Japan, France) ↑ UL €+1.5bn (mainly France) ↓ GA Savings €-3.7bn (GA capital-light inflows €+1.2bn more than offset by traditional GA outflows €-5.0bn)

📈 GWP and other revenues by geography, FY2025 vs. FY2024

Geography	Unit	FY2025	FY2024	Change (comparable)	Comments
GWP & other revenues	€m	115,524	110,316	+6.5%	Reported: +4.7%
France	€m	30,598	28,996	+5.9%	—
Europe	€m	43,005	39,298	+5.6%	—
AXA XL	€m	19,277	19,383	+3.8%	—
Asia, Africa & EME-LATAM	€m	19,925	19,083	+12.8%	—
AXA IM	€m	875	1,701	n.m.	Consolidated until July 1, 2025
Transversal & Other	€m	1,844	1,856	-1.3%	—

New business performance

📈 New business metrics, FY2025 vs. FY2024

Metric	Unit	FY2025	FY2024	Change (comparable)	Comments
PVEP	€m	49,357	50,896	-2.4%	Life +1%: higher volumes in HK, France, Switzerland; partly offset by higher interest rate impact on discounting Health -12%: higher interest rate impact on discounting + lower volumes in France (underwriting/pruning actions) Reported: -3%
NB CSM	€m	2,199	2,169	+2.7%	↑ Strong Savings and Protection sales ↓ Partly offset by higher interest rate impact on discounting of future profits Reported: +1%
NBV	€m	2,233	2,264	-0.2%	Stable on comparable basis: NB CSM growth offset by lower contribution from short-term multinational business in France Reported: -1%
NBV margin	%	4.5%	4.4%	+0.1 pt	+0.1pt on both reported and comparable basis

Underlying earnings and net income Group share

Underlying earnings by business segment

📈 Underlying earnings by business segment, FY2025 vs. FY2024 (€m)

Metric	Unit	FY2025	FY2024	Change (reported)	Comments
Short-term revenues	€m	75,071	72,104	+4%	P&C: 57,656 (vs. 55,898); L&H: 17,416 (vs. 16,207)
Short-term technical margin	€m	5,888	5,421	+9%	P&C: 5,409 (vs. 5,006); L&H: 479 (vs. 415)
P&C combined ratio	%	90.6%	91.0%	-0.3 pt	↓ Current-year loss ratio excl. nat cat -0.3pt (Commercial lines -0.5pt, esp. SME/mid-market -0.9pt; Personal lines -0.4pt; AXA XL Insurance stable) ↓ Expense ratio -0.3pt (non-commission efficiency gains) ↓ Nat cat charges -0.4pt to 3.4% ↑ Lower prior-year reserve releases +0.7pt (to -1.1%)
L&H short-term combined ratio	%	97.2%	97.4%	-0.2 pt	Life: 95.4% (vs. 95.5%); Health: 97.9% (vs. 98.1%)
CSM release	€m	2,954	2,775	+6%	↑ Business growth in reserves + better margins in long-term business
Technical experience	€m	(150)	(95)	-58%	—
Financial results	€m	4,013	3,971	+1%	P&C: 2,631 (vs. 2,559); L&H: 946 (vs. 975); AM: 14 (vs. 35); Holdings: 422 (vs. 402)
UE before tax	€m	11,044	10,700	+3%	P&C: 8,040 (vs. 7,565); L&H: 4,229 (vs. 4,070); AM: 239 (vs. 546); Holdings: (1,464) vs. (1,482)
Income tax	€m	(2,644)	(2,662)	-1%	—
Underlying earnings Group share	€m	8,368	8,078	+4%	Constant FX: +6% (€+469m). P&C +9% (€+501m); L&H +7% (€+219m); AM €-228m; Holdings €-24m
o/w P&C	€m	5,872	5,510	+7%	Constant FX: +9% (€+501m) ↑ Technical result €+482m (volume growth + margin improvement) ↑ Financial results €+200m (higher volumes + reinvestment yields on fixed income, partly offset by higher discount unwind) ↓ Higher income taxes €-169m
o/w L&H	€m	3,501	3,323	+5%	Constant FX: +7% (€+219m) ↑ Long-term technical result €+156m (CSM release growth) ↑ Short-term technical result €+60m (pricing, underwriting, claims management actions; net of Mexico VAT impact €-114m) ↑ Lower income taxes €+65m (favorable tax effects in Germany, France, Mexico) ↓ Lower affiliate contributions, higher minority interests
o/w Asset Management	€m	175	402	-56%	FY25 includes only H1 2025 contribution (disposal July 1, 2025)
o/w Holdings	€m	(1,180)	(1,157)	-2%	Broadly stable on reported and constant FX basis
CSM stock	€m	33,253	33,853	-2%	P&C: 261 (vs. 282); L&H: 32,991 (vs. 33,571)

Underlying earnings by geography

📈 Underlying earnings Group share by geography, FY2025 vs. FY2024 (€m)

Geography	Unit	FY2025	FY2024	Change (reported)	Comments
Underlying earnings Group share	€m	8,368	8,078	+4%	Constant FX: +6%
France	€m	2,224	2,071	+7%	—
Europe	€m	3,486	3,187	+9%	—
AXA XL	€m	1,893	1,820	+4%	—
Asia, Africa & EME-LATAM	€m	1,493	1,504	-1%	—
AXA IM	€m	175	402	-56%	H1 2025 only
Transversal & Other	€m	(903)	(907)	n.m.	—

P&C combined ratio by geography

📈 P&C combined ratio by geography, FY2025 vs. FY2024

Geography	Unit	FY2025	FY2024	Change	Comments
Total P&C	%	90.6%	91.0%	-0.3 pt	On constant FX basis
France	%	87.5%	86.8%	+0.7 pt	—
Europe	%	90.0%	91.0%	-1.0 pt	—
AXA XL	%	89.7%	90.2%	-0.5 pt	—
o/w AXA XL Insurance	%	91.0%	91.7%	-0.7 pt	—
Asia, Africa & EME-LATAM	%	99.2%	99.1%	+0.1 pt	—
Transversal & Other	%	95.5%	96.2%	-0.7 pt	—

P&C combined ratio by line of business

📈 P&C combined ratio by line of business, FY2025 vs. FY2024

Line of business	Unit	FY2025	FY2024	Change	Comments
Total P&C	%	90.6%	91.0%	-0.3 pt	—
Commercial lines	%	90.7%	91.1%	-0.4 pt	Revenues: 39,090 (vs. 38,019)
Personal lines	%	92.8%	93.9%	-1.1 pt	Revenues: 19,276 (vs. 18,705)
AXA XL Reinsurance	%	81.4%	79.7%	+1.7 pt	Revenues: 2,493 (vs. 2,394)

Life & Health underlying earnings

📈 Life & Health underlying earnings, FY2025 vs. FY2024 (€m)

Metric	Unit	FY2025	FY2024	Change (reported)	Comments
Short-term revenues	€m	17,416	16,207	+7%	Life: 4,444 (vs. 4,247); Health: 12,972 (vs. 11,960)
Short-term combined ratio	%	97.2%	97.4%	-0.2 pt	Life: 95.4% (vs. 95.5%); Health: 97.9% (vs. 98.1%)
Short-term technical margin	€m	479	415	+15%	Life: 206 (vs. 191); Health: 273 (vs. 224)
CSM release	€m	2,954	2,775	+6%	Life: 2,415 (vs. 2,253); Health: 539 (vs. 522)
Technical experience	€m	(150)	(95)	-58%	Life: (139) vs. (98); Health: (11) vs. 3
Financial result	€m	946	975	-3%	Life: 738 (vs. 799); Health: 209 (vs. 176)
UE before tax	€m	4,229	4,070	+4%	Life: 3,219 (vs. 3,145); Health: 1,010 (vs. 925)
Income tax	€m	(800)	(874)	+8%	Favorable tax effects in Germany, France, Mexico
UE Group share	€m	3,501	3,323	+5%	Life: 2,715 (vs. 2,636); Health: 787 (vs. 687). Constant FX: +7% (€+219m)
CSM stock	€m	32,991	33,571	-2%	Life: 25,442 (vs. 25,826); Health: 7,550 (vs. 7,744)

Net income

📈 Net income Group share bridge, FY2025 vs. FY2024 (€m)

Metric	Unit	FY2025	FY2024	Change (reported)	Comments
Underlying earnings Group share	€m	8,368	8,078	+4%	Constant FX: +6% (€+469m)
Net realized capital gains & losses	€m	138	195	-29%	↓ €-59m, primarily lower gains on investment properties (France)
Fair value of funds & derivatives	€m	(813)	83	n.m.	↓ €-904m swing driven by: Unfavorable FX on foreign assets/liabilities €-467m (USD depreciation) Unfavorable derivatives €-243m (equity hedging €-120m, IR derivatives €-106m) Unfavorable mutual funds €-102m (Private Equity, Fixed Income; partly offset by Hedge funds)
Amortization of intangibles	€m	(86)	(131)	+34%	↑ €+40m improvement; mainly AXA XL and Switzerland
Integration & restructuring costs	€m	(197)	(240)	+18%	↑ €+40m improvement Operational efficiency programs €-146m (IT, automation at AXA XL and UK&I) Integration costs €-51m (recent acquisitions)
Exceptional items	€m	2,386	(99)	n.m.	↑ €+2,483m; mainly one-off gain from AXA IM disposal of €2,227m in H2 2025
Net income Group share	€m	9,797	7,886	+24%	Constant FX: +26% (€+2,069m)

Shareholders' equity Group share

📈 Shareholders' equity Group share movement, FY2024 to FY2025 (€m)

Item	Unit	Amount	Comments
Opening (Dec 31, 2024)	€m	49,943	—
Net income for the period	€m	+9,797	—
Dividends	€m	(4,629)	—
Paid-in capital	€m	(4,863)	Includes share buy-backs
Impact of currency fluctuations	€m	(3,549)	Mainly USD, JPY depreciation against EUR
Fair value recorded in shareholders' equity	€m	+1,282	—
OCI related to invested assets	€m	(4,161)	—
OCI related to (re)insurance contracts	€m	+5,443	—
OCI defined benefit plans	€m	(350)	—
Treasury shares	€m	(97)	—
Realized gains on equity through retained earnings	€m	+111	—
Undated subordinated debt (incl. interest)	€m	(300)	—
Other	€m	(174)	—
Closing (Dec 31, 2025)	€m	47,171	Net decrease of €2,772m driven by share buy-backs (€4,863m paid-in capital) and FX (€-3,549m), partly offset by net income (€+9,797m)

Solvency information

📈 Solvency II metrics, FY2025 vs. FY2024

Metric	Unit	FY2025	FY2024	Change	Comments
Eligible Own Funds	€bn	56.4	55.9	+0.5	—
Solvency II ratio	%	224%	216%	+8 pts	↑ AXA IM sale and associated buy-back: ca. +2pts in Q3 2025 ↓ Nobis acquisition: -1pt in Q2 2025 ↓ Prima acquisition: -3pts at closing; additional -2pts expected over time

Shareholder value

📈 Earnings per share and return on equity, FY2025 vs. FY2024

Metric	Unit	FY2025	FY2024	Change	Comments
Weighted avg. shares (fully diluted)	m shares	2,124	2,197	-3%	↓ Share buy-backs, partly offset by Shareplan 2025 issuance
Underlying EPS (fully diluted)	€/share	3.86	3.59	+8%	Basic: €3.87 (vs. €3.60)
Net income EPS (fully diluted)	€/share	4.53	3.50	+30%	Basic: €4.54 (vs. €3.51); driven by AXA IM disposal gain
Underlying ROE	%	16.0%	15.2%	+0.8 pts	UE (adj.) €8.2bn / avg. adj. shareholders' equity €51.3bn
Net income ROE	%	18.8%	14.8%	+3.9 pts	NI (adj.) €9.6bn / avg. adj. shareholders' equity €51.3bn; includes one-off AXA IM disposal gain
Avg. adj. shareholders' equity	€bn	51.3	51.8	-1%	Excludes fair value reserves on assets/derivatives, insurance contracts, undated sub debt

Outlook

• Strategic plan context: Final year of 2024-2026 "Unlock the Future" plan. Management confident in achieving main financial targets.
• P&C: Pricing remains favorable in Retail and SME/Mid-market; expect continued earn-through of higher pricing and underwriting actions. AXA XL: disciplined cycle management and capital allocation, growing where returns exceed cost of capital. Normalized nat cat load guidance: ca. 4.5 points of combined ratio for 2026.
• Life & Health: Earnings growth expected from short-term business (disciplined pricing and claims management). Long-term business strategy focused on rejuvenating sales, improving persistency, and driving positive net flows to grow CSM over time.
• Holdings: 2026 results expected at a similar level to 2025.
• Financial targets:
  • Underlying EPS growth at the upper end of 6-8% CAGR range for both the 2023-2026E plan period and for 2026.
  • Underlying ROE between 14-16% over 2024-2026E.
  • Cumulative organic cash upstream in excess of €21bn for 2024-2026.
• Capital management policy: 75% total payout ratio (60% dividend payout + 15% annual share buy-backs). Proposed DPS in a given year expected to be at least equal to prior year's DPS.

Market rankings and share

📈 AXA market rankings and share by country and business line (%)

Country	P&C ranking	P&C market share (%)	Life ranking	Life market share (%)
France	2	13.2	6	7.4
Switzerland	1	13.3	3	10.0
Germany	4	5.2	7	3.4
Belgium	2	16.7	5	6.8
United Kingdom	6	6.0	—	—
Ireland	1	17.2	—	—
Spain	6	5.7	8	3.0
Italy	4	7.2	10	3.1
Japan	14	0.5	10	4.1
Hong Kong	2	9.2	9	5.0
XL Insurance (US)	16	1.5	—	—
Thailand	13	2.2	5	7.2
Indonesia	—	—	5	7.0
Philippines	8	3.0	6	20.0 / 27.3
China	—	0.3	—	—
Mexico	4	7.9	11	1.6
Brazil	11	2.7	—	—
Colombia	3	9.4	12	1.0
Türkiye	4	8.3	—	—