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. AXA retains full authority over product design, asset allocation and asset-liability management decisions. 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. Expected to strengthen AXA's position in direct distribution, which generated €3.5bn in premiums for the Group 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 Restricted Tier 1 notes (5.750% fixed until Dec 2030; rated BBB+/Baa1(hyb)) + €1bn Tier 2 notes due 2055 (4.375% fixed until Jul 2035; rated A-/A2(hyb)). Both include loss absorption mechanisms under Solvency II.
• October 2025 debt issuance: €750m Restricted Tier 1 notes (5.125% fixed until Mar 2032; rated BBB+/A3(hyb)) + €750m Tier 2 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 by Board (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 global AI boom, weaker yen enhancing export competitiveness, and a 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 both 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 insurance market +10% (premiums €192bn); Unit-linked +13%, General Account +8%; UL share 39%. Total outstanding Life insurance assets reached record €2,107bn (+6%). PER (French retirement support plan) +16% to €20bn. Protection and complementary Health market absorbed medical inflation and regulatory changes via ca. 6% average tariff increase. Natural catastrophe 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. Private health insurers focusing on differentiation through services, vertical integration, and digital transformation.
• Japan: Life gross written premiums -2.4% (lower foreign-currency single-premium products); UL segment growing with new entrants. 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.
• Industry trends: Insurers investing in AI and data foundations to enhance efficiency and improve pricing and underwriting accuracy. Climate change, casualty trends, AI adoption, and demographic shifts generating new insurable assets, risk concentrations, and product requirements.
• Reinsurance: Additional softening projected for 2026 but profitability expected to remain strong (ROE exceeding cost of capital).
• Emerging markets:
  • Asia P&C benefited from Motor (China, Philippines) and Property (Thailand, Philippines). Thailand Life new business +5% driven by Endowment products. Philippines +15% (Endowment and Corporate Solutions). Indonesia: low persistency in UL, partly offset by new Endowment and Protection launches.
  • 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).

Rankings and market share

📈 Market rankings and share by country and business line (%)

Country	P&C ranking	P&C market share (%)	Life ranking	Life market share (%)	Comments
France	2	13.2	6	7.4	France Assureurs as of Dec 31, 2025
Switzerland	1	13.3	3	10.0	SIA (Swiss Insurance Association) estimates as of Feb 5, 2026
Germany	4	5.2	7	3.4	GDV as of Dec 31, 2024
Belgium	2	16.7	5	6.8	Assuralia based on GWP as of Dec 31, 2024, extrapolated to Dec 31, 2025 using Q3 growth
United Kingdom	6	6.0	—	—	Association of British Insurers (retail) and GlobalData (commercial)
Ireland	1	17.2	—	—	Insuranceireland.eu FactFile 2024
Spain	6	5.7	8	3.0	ICEA as of Dec 31, 2025
Italy	4	7.2	10	3.1	ANIA as of Dec 31, 2024
Japan	14	0.5	10	4.1	Disclosed financial reports (excl. KampoLife) for 12 months ended Sep 30, 2025
Hong Kong	2	9.2	9	5.0	Insurance Authority: Life GWP as of Sep 30, 2025; P&C GWP as of Dec 31, 2024
XL Insurance (US)	16	1.5	—	—	AMBest 2024 (Bestlink US Commercial Group Ranking) as of Dec 31, 2024
Thailand	13	2.2	5	7.2	TGIA and TLAA as of Oct 31, 2025
Indonesia	—	—	5	7.0	AAJI (Weighted New Business Premiums) as of Sep 30, 2025
Philippines	8	3.0	6	20.0 (TPI) / 27.3 (NBAPE)	Life Insurance Commission: Life TPI and P&C GWP both as of Sep 30, 2025
China	—	0.3	—	—	NFRA as of Dec 31, 2025. P&C ranking and Life ranking/share not disclosed by NFRA
Mexico	4	7.9	11	1.6	AMIS as of Sep 30, 2025
Brazil	11	2.7	—	—	SUSEP as of Oct 31, 2025
Colombia	3	9.4	12	1.0	Fasecolda as of Nov 30, 2025
Türkiye	4	8.3	—	—	Insurers association as of Nov 30, 2025

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 higher avg. premiums, Mexico price/volume); France +6% (price + volume) ↑ Personal lines +7%: Europe +5% (price across geographies, except UK&I Motor softening post-2024 repricing); Asia/Africa/EME-LATAM +14% (Türkiye); France +9% (volume growth in all lines, 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 non-repeat of Japan whole-life product and lower HK sales); 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 (SME/mid-market -0.9pt in favorable pricing); Personal lines -0.4pt; AXA XL Insurance stable (+0.1pt) ↓ 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 on claims reserves) ↓ 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 legislative change impact €-114m) ↑ Lower income taxes €+65m (favorable tax effects in Germany, France, Mexico) ↓ Lower affiliate contributions (notably ICBC-AXA), higher minority interests (improved AXA MPS results)
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: €39,090m (vs. €38,019m)
Personal lines	%	92.8%	93.9%	-1.1 pt	Revenues: €19,276m (vs. €18,705m)
AXA XL Reinsurance	%	81.4%	79.7%	+1.7 pt	Revenues: €2,493m (vs. €2,394m)

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; includes 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 from premium recapture

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 (one-off)
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
Debt gearing	—	—	—	—	Not disclosed in this report; refer to 2024 URD for definition

Outlook

• Final year of 2024-2026 "Unlock the Future" plan. Management confident in achieving main financial targets, underpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management.
• 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.