AXA/2025/Full-year management report

Source: Original URL. Original PDF: AXA_-_2025_-_Full-year_management_report.pdf. Published: 2026-02-25. 33 pages.

AXA — FY2025 Management Report (Facts)

Source. Management Report / Activity Report, AXA. Published 2026-02-25, 33 pages. Period covered: 12 months ended December 31, 2025. Comparison period: 12 months ended December 31, 2024. All figures in EUR millions unless noted. "LFL" = like-for-like / comparable basis (constant exchange rate, adjusted for scope). This is a translation of the French original. Consolidated financial statements examined by the Board of Directors on February 25, 2026, subject to audit completion; final version to be filed with the AMF in March 2026. ^{p. 4}

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Group results (FY2025 vs FY2024)

• GWP&OR: €115,524m, +6.5% LFL, +4.7% reported ^{p. 18}
• Underlying Earnings Group Share: €8,368m vs €8,078m (+4% reported, +6% LFL) ^{p. 21, 23}
• Net Income Group Share: €9,797m vs €7,887m (+24% reported, +26% LFL) ^{p. 28}
• Underlying EPS (fully diluted): €3.86, +8% YoY ^{p. 30}
• Net Income EPS (fully diluted): €4.53, +30% YoY ^{p. 30}
• Underlying ROE: 16.0% vs 15.2% (+0.8pts) ^{p. 30}
• Net Income ROE: 18.8% vs 14.8% (+3.9pts) ^{p. 30}
• Solvency II ratio: 224% vs 216% ^{p. 29}
• Shareholders' equity Group share: €47,171m vs €49,943m ^{p. 29}
• Proposed dividend per share: at least equal to prior year, within 60% dividend payout ratio target ^{p. 31}

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Capital position

• Eligible Own Funds (EOF) at Dec 31, 2025: €56.4bn vs €55.9bn at Dec 31, 2024 ^{p. 29}
• Solvency II ratio: 224% vs 216% ^{p. 29}
• Solvency II ratio impacts in 2025:
  • Gruppo Nobis acquisition (Apr 1, 2025): -1pt in Q2 2025 ^{p. 6}
  • AXA IM sale (Jul 1, 2025): ca. +2pts in Q3 2025 ^{p. 7}
  • Prima majority stake acquisition (Nov 28, 2025): -3pts upon closing (cost of 51% plus NPV of remaining stake under put/call); additional -2pts expected over time from planned progressive recapture of premiums currently underwritten by third-party carriers ^{p. 7}

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Investments

Financial market conditions

Stock markets (Dec 31, 2025 vs Dec 31, 2024)

• CAC 40: 8,150 (+10%; prior year: 7,381, -2%) ^{p. 12}
• Eurostoxx 50: 5,791 (+18%; prior: 4,896, +8%) ^{p. 12}
• FTSE 100: 9,931 (+22%; prior: 8,173, +6%) ^{p. 12}
• Nikkei: 50,339 (+26%; prior: 39,895, +19%) ^{p. 12}
• S&P 500: 6,846 (+16%; prior: 5,882, +23%) ^{p. 12}
• MSCI World: 4,430 (+19%; prior: 3,708, +17%) ^{p. 12}
• MSCI Emerging: 1,404 (+31%; prior: 1,075, +5%) ^{p. 12}
• MSCI World equity index +19% in 2025; S&P 500 +16% following exceptional 2024 performance, saw volatility from trade tariffs, improving after suspension; Eurostoxx 50 +18% supported by growth outlook and policy developments notably in Germany; CAC 40 +10% trailing global peers; FTSE 100 +22%; Japan Nikkei +26% driven by AI boom, weaker yen, U.S.-Japan trade deal ^{p. 12}

Bond markets (Dec 31, 2025 vs Dec 31, 2024)

• 10Y French bond: 3.56% (+37 bps; prior: 3.20%, +64 bps) ^{p. 13}
• 10Y German bond: 2.86% (+49 bps; prior: 2.37%, +34 bps) ^{p. 13}
• 10Y Swiss bond: 0.32% (-1 bps; prior: 0.33%, -38 bps) ^{p. 13}
• 10Y Italian bond: 3.55% (+3 bps; prior: 3.52%, -18 bps) ^{p. 13}
• 10Y UK bond: 4.48% (-9 bps; prior: 4.57%, +103 bps) ^{p. 13}
• 10Y Japanese bond: 2.07% (+97 bps; prior: 1.10%, +49 bps) ^{p. 13}
• 10Y US bond: 4.17% (-40 bps; prior: 4.57%, +69 bps) ^{p. 13}
• US: three policy rate cuts in Q4; 10Y yield ended 4.17%, down 0.40% from 4.57% ^{p. 13}
• ECB cut policy rates four times, bringing deposit rate to 2% by year-end ^{p. 13}
• German Bund yield +0.49% to 2.86% on expectations of higher public spending; French OAT +0.37% to 3.56%; Italian BTP stable around 3.55% ^{p. 13}
• UK gilt yield -0.09% to 4.48% ^{p. 13}
• Japan 10Y yield +0.97% to 2.07%; Bank of Japan implemented two rate hikes ^{p. 13}
• US corporate credit spreads narrowed to tightest levels since 1998; European spreads compressed sharply across investment grade and high yield ^{p. 13}

Exchange rates

• EUR/USD end-of-period: 1.17 (+13% vs Dec 31, 2024); average: 1.13 (+5%) ^{p. 14}
• EUR/GBP end: 0.87 (+6%); average: 0.86 (+1%) ^{p. 14}
• EUR/CHF end: 0.93 (-1%); average: 0.94 (-2%) ^{p. 14}
• EUR/JPY end: 184 (+13%); average: 169 (+3%) ^{p. 14}
• Euro appreciated 13% vs USD, 6% vs GBP, stable vs CHF, 13% vs JPY ^{p. 14}
• US Dollar depreciation reflecting faster Fed easing, narrowing rate differentials, fiscal/monetary policy concerns ^{p. 14}

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Property & Casualty (P&C)

Headline metrics

• GWP&OR: €58,038m, +5.2% LFL ^{p. 18}
• Combined ratio: 90.6% vs 91.0% (0.4pt improvement reported, 0.3pt LFL) ^{p. 21, 25}
• Technical margin: €5,409m vs €5,006m ^{p. 21, 24}
• Financial results: €2,631m vs €2,559m ^{p. 24}
• Underlying Earnings Group Share: €5,872m vs €5,510m ^{p. 24}
• CSM: €261m vs €282m ^{p. 24}

Combined ratio drivers (LFL)

• Combined ratio improved 0.3pt to 90.6% driven by: ^{p. 25}
  • Lower undiscounted current year losses ex-nat cat: -0.3pt (Commercial lines further margin expansion -0.5pt, SME & mid-market -0.9pt, AXA XL Insurance stable +0.1pt, Personal lines -0.4pt) ^{p. 25}
  • Lower expense ratio: -0.3pt (non-commission efficiency gains) ^{p. 25}
  • Lower nat cat charges: +0.4pt to 3.4%, more than offset by lower prior year reserve developments +0.7pt at -1.1% ^{p. 25}

Underlying Earnings drivers (LFL)

• P&C Underlying Earnings +€501m (+9%): technical result +€482m (volume growth, improved technical margin), higher financial results +€200m (higher volumes, reinvestment yields on fixed income, partly offset by higher unwind of discount on claims reserves), partly offset by higher income taxes -€169m ^{p. 25}

Commercial lines

• GWP&OR: +4% LFL (+€1,364m) ^{p. 19}
  • AXA XL Insurance: +3% from Property and Casualty (favorable price effects, higher volumes), partly offset by Financial lines lower pricing and volumes ^{p. 19}
  • Asia, Africa & EME-LATAM: +13% (Türkiye higher premiums, Mexico volume/price effects) ^{p. 19}
  • France: +6% (favorable price effects all lines, higher volumes) ^{p. 19}
• Combined ratio: 90.7% vs 91.1% ^{p. 24}
• Technical margin: €3,616m ^{p. 24}
• Financial results: €1,941m ^{p. 24}

Personal lines

• GWP&OR: +7% LFL (+€1,390m) ^{p. 19}
  • Europe: +5% (favorable price effects except UK & Ireland Motor where pricing softened following strong 2024 repricing) ^{p. 19}
  • Asia, Africa & EME-LATAM: +14% (Türkiye higher premiums and volumes) ^{p. 19}
  • France: +9% (strong volume growth all lines, direct and agent networks, favorable Motor price effects) ^{p. 19}
• Combined ratio: 92.8% vs 93.9% ^{p. 24}
• Technical margin: €1,392m ^{p. 24}
• Financial results: €523m ^{p. 24}

AXA XL Reinsurance

• GWP&OR: +8% LFL (+€192m) with alternative capital and favorable Casualty price effects, offset by softening in other lines ^{p. 19}
• Combined ratio: 81.4% vs 79.7% ^{p. 24}
• Technical margin: €464m ^{p. 24}
• Financial results: €186m ^{p. 24}

P&C by geography

France

• Underlying Earnings Group Share: €1,237m vs €1,161m ^{p. 25}
• Combined ratio: 87.5% vs 86.8% ^{p. 25}

Europe

• Underlying Earnings Group Share: €2,216m vs €2,029m ^{p. 25}
• Combined ratio: 90.0% vs 91.0% ^{p. 25}

AXA XL

• Underlying Earnings Group Share: €1,913m vs €1,828m ^{p. 25}
  • Of which Insurance: €1,427m vs €1,264m ^{p. 25}
• Combined ratio: 89.7% vs 90.2% ^{p. 25}
  • Insurance combined ratio: 91.0% vs 91.7% ^{p. 25}

Asia, Africa & EME-LATAM

• Underlying Earnings Group Share: €355m vs €334m ^{p. 25}
• Combined ratio: 99.2% vs 99.1% ^{p. 25}

Transversal & Other

• Underlying Earnings Group Share: €151m vs €158m ^{p. 25}
• Combined ratio: 95.5% vs 96.2% ^{p. 25}

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Life & Health (L&H)

Headline metrics

• GWP&OR: €56,512m, +8.0% LFL ^{p. 18}
  • Life: €37,499m, +9.5% LFL ^{p. 18}
  • Health: €19,014m, +5.2% LFL ^{p. 18}
• Short-term combined ratio: 97.2% vs 97.4% ^{p. 21, 26}
• Technical margin (short-term): €479m vs €415m ^{p. 26}
• CSM release (long-term): €2,954m vs €2,775m ^{p. 26}
• Technical experience (long-term): -€150m vs -€95m ^{p. 26}
• Financial result: €946m vs €975m ^{p. 26}
• Underlying Earnings Group Share: €3,501m vs €3,323m (+5% reported, +7% LFL) ^{p. 26, 27}
• CSM: €32,991m vs €33,571m ^{p. 26}

Life

• GWP&OR: +9% LFL (+€3,270m) ^{p. 19}
  • Unit-Linked: +13% (successful sales initiatives all geographies) ^{p. 19}
  • General Account: +4% (France +4%, capital-light product Italy, partly offset by non-repeat of Japan single-premium whole-life product and lower Hong Kong sales) ^{p. 19}
  • Protection: +11% (commercial campaign on Protection G/A in Hong Kong, continued good sales of Protection with Unit-Linked in Japan and Switzerland) ^{p. 19}
• Short-term combined ratio: 95.4% vs 95.5% ^{p. 26}
• Short-term technical margin: €206m ^{p. 26}
• CSM release: €2,415m ^{p. 26}
• Financial result: €738m ^{p. 26}
• Underlying Earnings Group Share: €2,715m ^{p. 26}

Health

• GWP&OR: +5% LFL (+€955m) from favorable price effects in Group and Individual across most geographies, partly offset by lower volumes ^{p. 19}
• Short-term combined ratio: 97.9% vs 98.1% ^{p. 26}
• Short-term technical margin: €273m ^{p. 26}
• CSM release: €539m ^{p. 26}
• Financial result: €209m ^{p. 26}
• Underlying Earnings Group Share: €787m ^{p. 26}

L&H Underlying Earnings drivers (LFL)

• L&H Underlying Earnings +€219m (+7%): long-term technical result +€156m (higher CSM release from business growth and better margins), short-term technical result +€60m (margin expansion from pricing, underwriting, claims management, more than offsetting impact of Mexico VAT recoverability legislative change -€114m), lower income taxes +€65m (favorable effects mainly in Germany, France, Mexico), partly offset by lower contribution from affiliates (ICBC-AXA) and higher minority shareholders' earnings at AXA MPS ^{p. 27}

L&H by geography

France

• Underlying Earnings Group Share: €1,039m vs €964m ^{p. 27}
• Short-term combined ratio: 97.3% vs 97.3% ^{p. 27}

Europe

• Underlying Earnings Group Share: €1,264m vs €1,104m ^{p. 27}
• Short-term combined ratio: 94.8% vs 96.9% ^{p. 27}

AXA XL

• Underlying Earnings Group Share: €12m vs €25m ^{p. 27}

Asia, Africa & EME-LATAM

• Underlying Earnings Group Share: €1,165m vs €1,211m ^{p. 27}
• Short-term combined ratio: 101.3% vs 99.1% ^{p. 27}

Transversal & Other

• Underlying Earnings Group Share: €22m vs €19m ^{p. 27}
• Short-term combined ratio: 86.7% vs 89.1% ^{p. 27}

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New business performance

• NBV: €2,233m, -0.2% LFL, -1% reported ^{p. 18, 20}
• PVEP: €49,357m, -2.4% LFL, -3% reported ^{p. 18, 20}
  • Life: +1% (higher volumes HK, France, Switzerland, partly offset by higher interest rates on discounting) ^{p. 20}
  • Health: -12% (higher rates on discounting, lower France volumes from underwriting/pruning) ^{p. 20}
• NB CSM: €2,199m, +2.7% LFL, +1% reported ^{p. 18, 20}
• NBV margin: 4.5%, +0.1pt LFL and reported ^{p. 18, 20}
• Net flows: €5,397m vs €1,483m ^{p. 18}
  • Protection: +€4.9bn (Hong Kong, Japan, France) ^{p. 19}
  • Health: +€2.7bn (Germany, Japan, France) ^{p. 19}
  • Unit-Linked: +€1.5bn (primarily France) ^{p. 19}
  • G/A Savings: -€3.7bn (inflows capital-light €+1.2bn, outflows traditional G/A -€5bn) ^{p. 19}

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Asset Management

• GWP&OR: €875m (AXA IM contribution until Jul 1, 2025) ^{p. 18}
• Underlying Earnings Group Share: €175m vs €402m ^{p. 21, 22}
• Financial results: €14m vs €35m ^{p. 21, 22}
• AXA IM sold to BNP Paribas on Jul 1, 2025; long-term partnership for investment management services; AXA retains full authority over product design, asset allocation, asset-liability management ^{p. 6}
• Combined entity creates a leading European asset manager with total AUM €1.5 trillion ^{p. 6}
• One-off Net income gain ca. €2.2bn; expected reduction in Underlying Earnings ca. €0.4bn annualized ^{p. 6}

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Banking

• GWP&OR: €99m, -16.2% LFL ^{p. 18}
• Banking revenues -16% LFL to €99m from market slowdown and higher funding costs ^{p. 19}

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Holdings

• Underlying Earnings Group Share: -€1,180m, broadly stable on reported and LFL basis ^{p. 28}
• Financial results: €422m vs €402m ^{p. 21, 22}

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Net Income reconciliation

• Net income: €9,797m, +€1,910m (+24% reported, +26% LFL) ^{p. 28}
• Drivers (LFL): ^{p. 28}
  • Underlying Earnings: +€469m (+6%) to €8,368m ^{p. 28}
  • Exceptional items: +€2,483m to €2,386m (mainly gain from disposal of AXA IM €2,227m) ^{p. 28}
  • Lower goodwill/intangibles amortization: improving €40m to -€86m (AXA XL, Switzerland) ^{p. 28}
  • Lower integration/restructuring costs: improving €40m to -€197m (operational efficiency programs -€146m including IT productivity, automation at AXA XL and UK & Ireland; integration costs -€51m from recent acquisitions) ^{p. 28}
• Partly offset by: ^{p. 28}
  • Negative change in fair value of assets and derivatives: -€904m to -€813m (unfavorable FX fair value -€467m from USD depreciation, derivatives -€243m including equity hedging -€120m and interest rates derivatives -€106m, mutual funds -€102m including Private Equity and Fixed Income, partly offset by Hedge funds) ^{p. 28}
  • Lower net realized capital gains: -€59m to €138m, primarily on investment properties in France ^{p. 28}

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Shareholders' equity

• Shareholders' equity Group share at Dec 31, 2025: €47,171m vs €49,943m ^{p. 29}
• Movements: ^{p. 29}
  • Paid-in capital: -€4,863m
  • Treasury shares: -€97m
  • OCI defined benefit plans: -€350m
  • FV recorded in equity: +€1,282m
  • OCI invested assets: -€4,161m
  • OCI (re)insurance contracts: +€5,443m
  • Currency fluctuations: -€3,549m
  • Realized gains through retained earnings: +€111m
  • Undated subordinated debt (incl. interest): -€300m
  • Dividends: -€4,629m
  • Net income: +€9,797m
  • Other: -€174m

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Significant transactions

Gruppo Nobis acquisition

• Completed: April 1, 2025 ^{p. 6}
• Upfront consideration: €423m, with potential earn-out up to €55m ^{p. 6}
• Impact: -1pt on AXA Group Solvency II ratio in Q2 2025 ^{p. 6}

AXA Investment Managers sale

• Completed: July 1, 2025 ^{p. 6}
• Sold to BNP Paribas for cash proceeds of €5.1bn; also closed sale of Select 4 to AXA IM for €0.3bn, total transaction value €5.4bn ^{p. 6}
• AXA and BNP Paribas entered long-term partnership for investment management services; AXA retains full authority over product design, asset allocation, asset-liability management ^{p. 6}
• Combined entity creates a leading European asset manager with total AUM €1.5 trillion ^{p. 6}
• One-off Net income gain ca. €2.2bn, expected reduction in Underlying Earnings ca. €0.4bn annualized ^{p. 6}
• Impact ca. +2pts on Solvency II ratio in Q3 2025 ^{p. 7}
• Transaction expected to have no material impact on key financial targets of 'Unlock the Future' plan ^{p. 7}

Prima majority stake acquisition

• Completed: November 28, 2025 ^{p. 7}
• Prima: launched 2015, MGA, leading direct insurance player in Italy, €1.2bn premiums, ca. 10% overall market share in Retail Motor, combined ratio 90% in 2024 ^{p. 7}
• Acquisition to almost double size of AXA Motor business in Italy; strengthens AXA's direct distribution channel which generated €3.5bn Group premiums in 2024 ^{p. 7}
• AXA acquired 51% for consideration €0.5bn; call/put options for remaining stake, exercisable 2029 or 2030, price tied to Prima's earnings ^{p. 7}
• Impact: -3pts on Solvency II ratio upon closing (cost of 51% plus NPV of remaining stake under put/call); additional -2pts expected over time from planned progressive recapture of premiums currently underwritten by third-party carriers ^{p. 7}

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Capital and debt operations

Share buy-backs

• February 28, 2025: share repurchase agreement for up to €1.2bn; commenced March 3, 2025, completed May 19, 2025; shares cancelled ^{p. 7-8}
• June 2, 2025: share repurchase agreement for up to €724.6m to offset dilutive impact of Shareplan 2025 and stock-based compensation schemes; commenced June 3, 2025, ended June 30, 2025; shares cancelled or to be delivered to beneficiaries ^{p. 8-9}
• July 1, 2025: share repurchase agreement for up to €3.8bn to offset earnings dilution from AXA IM sale; commenced July 2, 2025, completed January 19, 2026; shares progressively cancelled ^{p. 9}

Debt issuances

• May 28, 2025: placed €1bn Restricted Tier 1 Notes and €1bn Tier 2 Notes, settlement June 2, 2025 ^{p. 8}
  • RT1: fixed annual 5.750% until December 2, 2030 call window; then reset at 5-year Mid Swap +359.9bps; qualifies as Restricted Tier 1 capital under Solvency II; loss absorption via write-down; rated BBB+ by S&P, Baa1(hyb) by Moody's ^{p. 8}
  • Tier 2: fixed annual 4.375% until July 24, 2035 call window; then floating 3-month EURIBOR +290bps; Tier 2 capital; rated A- by S&P, A2(hyb) by Moody's ^{p. 8}
• October 14, 2025: placed €750m Restricted Tier 1 Notes and €750m Tier 2 Notes, settlement October 16, 2025 ^{p. 10}
  • RT1: fixed annual 5.125% until March 16, 2032 call window; then reset at 5-year Mid Swap +278.4bps; RT1 capital; loss absorption; rated BBB+ by S&P, A3(hyb) by Moody's ^{p. 10}
  • Tier 2: fixed annual 4.125% until July 24, 2036 call window; then floating 3-month EURIBOR +258bps; Tier 2 capital; rated A- by S&P, A1(hyb) by Moody's ^{p. 10}

Shareplan 2025

• Announced September 10, 2025; capital increase reserved for employees ^{p. 9}
• Participation: ca. 42,000 employees in 40 countries, >36% of eligible employees ^{p. 9}
• Total capital increase: ca. €411m, ca. 13m new shares issued ^{p. 9}
• Subscription price: €31.66 (Classic offer), €37.04 (Guarantee Plus) ^{p. 9}
• Total outstanding shares: 2,136,232,264 as of December 3, 2025 ^{p. 9}
• Post-offering employees held 4.82% of share capital, 6.61% of voting rights ^{p. 9}

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Governance

Board of Directors

• April 23, 2025: Board announces decision to propose renewal of Thomas Buberl's mandate as director for 4 years at 2026 Annual Shareholders' Meeting, with intention of reappointing him as CEO ^{p. 5}
• April 24, 2025: shareholders approved renewal of Board mandates of Guillaume Faury and Ramon Fernandez for 4 years, and ratification of cooptation of Ewout Steenbergen as director; Ramon de Oliveira's directorship term ended ^{p. 5}
• December 11, 2025: Ewout Steenbergen appointed Chair of Audit Committee, succeeding Isabel Hudson who stepped down from the Board on December 31, 2025 ^{p. 6}

Management Committee (since December 1, 2025)

• October 17, 2025: AXA announces leadership changes effective December 1, 2025 ^{p. 5}
  • Guillaume Borie, member of Management Committee and CEO of AXA France, appointed Global Head of Finance, Strategy, Underwriting, Risk and Technology, reporting to Thomas Buberl, assuming responsibilities previously held by Frédéric de Courtois ^{p. 5}
  • Mathieu Godart, CEO of AXA P&C and Partnerships of AXA France, appointed CEO of AXA France, joined Management Committee, reporting to Thomas Buberl ^{p. 5}
  • Karima Silvent, Group Chief Human Resources Officer, appointed Deputy General Secretary in charge of Human Resources, Audit, Compliance, AXA EssentiALL and GIE AXA, reporting to George Stansfield, Group Deputy CEO and General Secretary ^{p. 5}
  • Matthieu Caillat, Chief Operating Officer of AXA XL, appointed Group Chief Technology & AI Officer, took over role of AXA Group Operations CEO from Alexander Vollert, joined Management Committee, reports to Guillaume Borie ^{p. 5}
• Management Committee members: ^{p. 5-6}
  • Thomas Buberl (Group CEO)
  • George Stansfield (Group Deputy CEO, General Secretary, oversight of AXA Japan and Greater China)
  • Nancy Bewlay (Group Chief Underwriting Officer)
  • Guillaume Borie (Global Head of Finance, Strategy, Underwriting, Risk and Technology)
  • Helen Browne (Group General Counsel)
  • Matthieu Caillat (Group Chief Technology & AI Officer, CEO of AXA Group Operations)
  • Patrick Cohen (CEO of European Markets & Health)
  • Ulrike Decoene (Group Chief Communications, Brand and Sustainability Officer)
  • Hassan El-Shabrawishi (CEO of International Markets)
  • Françoise Gilles (Group Chief Risk Officer)
  • Mathieu Godart (CEO of AXA France)
  • Scott Gunter (CEO of AXA XL)
  • Alban de Mailly Nesle (Group Chief Financial Officer)
  • Karima Silvent (Deputy General Secretary, in charge of HR, Compliance, Audit, AXA EssentiALL and GIE AXA)
  • Anu Venkataraman (Group Chief Strategy Officer and Head of Investor Relations)

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Insurance market conditions

Main developed markets

• France: Savings market +10% YoY, premiums €192bn; Unit-linked +13%, General Account +8%; Unit-linked share 39% (38% in 2024) ^{p. 15}
  • Livret A rate down to 1.7% ^{p. 15}
  • Total outstanding life insurance €2,107bn (+6%), a record; PER +16% to €20bn ^{p. 15}
  • Protection & Health tariff average increase of 6% ^{p. 15}
  • Storms Garance cost ~€0.2bn, Benjamin ~€0.3bn; total climate-related costs >€10bn in 2025 (vs €5bn in 2024) ^{p. 15}
• Europe: P&C benign nat cat, favorable profitability; strong demand for Unit-Linked savings, traditional savings maintained momentum; Health price increases, aging population, focus on vertical integration and digital transformation ^{p. 15}
• Japan: Life GWP -2.4% with lower foreign-currency single-premium sales; Unit-Linked growing. P&C +4% driven by Motor and Fire price increases ^{p. 15}
• Hong Kong: Life GWP +37%; new business +56% (General Account +55%, Unit-Linked +76%); P&C +9.3% ^{p. 15}
• United States Commercial: moderating pricing in short-tail lines, pressure in casualty from social inflation; profitability robust ^{p. 15}
• Reinsurance sector projected to see additional softening in 2026, but ROE to exceed cost of capital ^{p. 16}

Main emerging markets

• Asia: P&C growth across geographies, Motor in China and Philippines, Property in Thailand and Philippines ^{p. 16}
  • Thailand Life new business volumes +5%, migration to Endowment; Philippines +15% (Endowment, Corporate Solutions); Indonesia low persistency in Unit-Linked, offset by new Endowment and Protection launches ^{p. 16}
• Mexico: market +12%, Non-Motor +17% (federal catastrophe risk assignment), Life +10% (Bancassurance), Health +11% (Group). Legislative change in October 2025 removed VAT recoverability on claims, impacting Health and P&C profitability ^{p. 16}
• Colombia: market +8%, driven by Workers' Compensation, Group Life, Health; partly offset by softening Motor and Liability ^{p. 16}
• Türkiye: P&C market +43%, inflation 30%; ex-inflation growth from Motor and Health volumes ^{p. 16}

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Rankings and market shares

• France: P&C rank 2, share 13.2%; Life rank 6, share 7.4% (source: France Assureurs as of Dec 31, 2025) ^{p. 17}
• Switzerland: P&C rank 1, share 13.3%; Life rank 3, share 10.0% (SIA as of Feb 5, 2026) ^{p. 17}
• Germany: P&C rank 4, share 5.2%; Life rank 7, share 3.4% (GDV as of Dec 31, 2024) ^{p. 17}
• Belgium: P&C rank 2, share 16.7%; Life rank 5, share 6.8% (Assuralia Dec 31, 2024 extrapolated to Dec 31, 2025) ^{p. 17}
• United Kingdom: P&C rank 6, share 6.0%; Life n/a (ABI/GlobalData) ^{p. 17}
• Ireland: P&C rank 1, share 17.2%; Life n/a (Insuranceireland.eu FactFile 2024) ^{p. 17}
• Spain: P&C rank 6, share 5.7%; Life rank 8, share 3.0% (ICEA as of Dec 31, 2025) ^{p. 17}
• Italy: P&C rank 4, share 7.2%; Life rank 10, share 3.1% (ANIA Dec 31, 2024) ^{p. 17}
• Japan: P&C rank 14, share 0.5%; Life rank 10, share 4.1% (financial reports, 12 months ended Sep 30, 2025) ^{p. 17}
• Hong Kong: P&C rank 2, share 9.2%; Life rank 9, share 5.0% (Insurance Authority; Life GWP Sep 30, 2025, P&C GWP Dec 31, 2024) ^{p. 17}
• XL Insurance in the United States: P&C rank 16, share 1.5% (AMBest 2024, US Commercial Group Ranking) ^{p. 17}
• Thailand: P&C rank 13, share 2.2%; Life rank 5, share 7.2% (TGIA/TLAA as of Oct 31, 2025) ^{p. 17}
• Indonesia: Life rank 5, share 7% (AAJI Weighted New Business Premiums Sep 30, 2025); P&C n/a ^{p. 17}
• Philippines: P&C rank 8, share 3.0%; Life rank 6, share 20% TPI, 27.3% NBAPE (Life Insurance Commission as of Sep 30, 2025) ^{p. 17}
• China: P&C share 0.3%; Life n/a (NFRA Dec 31, 2025) ^{p. 17}
• Mexico: P&C rank 4, share 7.9%; Life rank 11, share 1.6% (AMIS Sep 30, 2025) ^{p. 17}
• Brazil: P&C rank 11, share 2.7%; Life n/a (SUSEP Oct 31, 2025) ^{p. 17}
• Colombia: P&C rank 3, share 9.4%; Life rank 12, share 1.0% (Fasecolda Nov 30, 2025) ^{p. 17}
• Türkiye: P&C rank 4, share 8.3%; Life n/a (Insurers association Nov 30, 2025) ^{p. 17}

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Outlook

• 2026: final year of 2024-2026 'Unlock the Future' plan; Management confident in achieving main targets ^{p. 31}
• P&C Retail and SME & Mid-market: pricing favorable, expect continued earn-through of higher pricing and underwriting actions ^{p. 31}
• AXA XL: pricing varies by line; disciplined cycle management and capital allocation, growing where returns exceed cost of capital ^{p. 31}
• Normalized nat cat load guidance: ca. 4.5pts of combined ratio for 2026 ^{p. 31}
• L&H: earnings growth from short-term business reflecting disciplined pricing and claims management; long-term business positive net flows expected to drive CSM growth ^{p. 31}
• Holdings: 2026 results expected at similar level to 2025 ^{p. 31}
• Management believes on track to deliver 'Unlock the Future' targets: ^{p. 31}
  • Underlying EPS CAGR at upper end of 6-8% for 2023-2026E and for 2026
  • Underlying ROE 14-16% for 2024-2026E
  • Cumulative organic cash upstream in excess of €21bn for 2024-2026
• Capital management policy: total payout ratio 75% (60% dividend payout, 15% annual buy-backs), dividend per share at least equal to prior year ^{p. 31}

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Corporate calendar / upcoming events

• February 25, 2026: Board approved annual share buy-back of up to €1.25bn, to be executed under AGM authorization; expected to commence as soon as reasonably practicable, complete by year-end; shares to be cancelled ^{p. 11}

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Company reference

• Scope – France: insurance, banking, holding activities ^{p. 32}
• Europe includes: Switzerland, Germany, Belgium & Luxembourg, United Kingdom & Ireland, Spain, Italy, AXA Life Europe, Prima (insurance activities) ^{p. 32}
• AXA XL: insurance and reinsurance activities and holding ^{p. 32}
• Asia, Africa & EME-LATAM includes: ^{p. 32}
  • Asia: Japan, Hong Kong, Thailand, Indonesia, China, Philippines, South Korea, India (Life disposed Mar 11, 2024 and holding), Asia Holdings
  • EME-LATAM: Brazil, Colombia, Mexico, Russia (Reso), Türkiye
  • Africa: Egypt, Morocco, Nigeria
  • AXA Mediterranean Holdings
• AXA Investment Managers (including Select) held until Jul 1, 2025 ^{p. 33}
• Transversal & Other: AXA Assistance, AXA Liabilities Managers, AXA SA, Other Central Holdings ^{p. 33}

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Forward-looking statement disclaimer ^{p. 4}

This document contains forward-looking statements relating to AXA's financial condition, results of operations, strategy, and business. These statements are subject to risks and uncertainties including, but not limited to, changes in general economic conditions, interest rate and currency fluctuations, competitive pressures, regulatory developments, catastrophic events, and the ability to successfully integrate acquired businesses. AXA undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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Notes

• APM: Alternative Performance Measure ^{p. 23}
• bps: Basis points
• CAGR: Compound Annual Growth Rate
• CSM: Contractual Service Margin ^{p. 21}
• EOF: Eligible Own Funds ^{p. 29}
• EPS: Earnings Per Share
• FV: Fair Value
• G/A: General Account ^{p. 19}
• GWP&OR: Gross Written Premiums & Other Revenues ^{p. 18}
• LFL: Like-for-like — change on a comparable basis (constant exchange rate, adjusted for scope including acquisitions, disposals, and methodological changes) ^{p. 18}
• MGA: Managing General Agent ^{p. 7}
• NB CSM: New Business Contractual Service Margin ^{p. 18}
• NBV: New Business Value ^{p. 18}
• OCI: Other Comprehensive Income ^{p. 29}
• PER: Plan d'Épargne Retraite (Retirement Savings Plan) ^{p. 15}
• PVEP: Present Value of Expected Premiums ^{p. 18}
• ROE: Return on Equity ^{p. 30}
• SME: Small and Medium Enterprises ^{p. 25}
• Underlying Earnings: APM — net income adjusted for exceptional items, goodwill/intangibles amortization, integration/restructuring costs, change in fair value of assets and derivatives, and net realized capital gains ^{p. 23, 28}
• Underlying ROE: Underlying Earnings divided by average adjusted shareholders' equity ^{p. 30}
• YoY: Year-over-year
• Format conventions: "LFL" is the primary basis for growth rates throughout. Reported figures are shown parenthetically on first mention per section. Adverse variances shown in parentheses. Combined ratio improvements are favorable (lower is better).

Footnotes

1. 1 The 'Risk Factors & Risk Management' section of the 2024 Universal Registration Document will be replaced and superseded in i ts entirety by the same section in AXA's Universal Registration Document for the year ended December 31, 2025, which will be published in March 2026. ^{p. 3}
2. 1 The earn-out payments are conditional on the achievement of revenue targets, over the five-year period after closing of the transaction. ^{p. 6}
3. 2 Announcement made on August 1, 2024. ^{p. 6}
4. 3 For 100% share capital of AXA IM, of which 98% is owned by the AXA Group. ^{p. 6}
5. 4 Completed in two tranches: €0.1bn in March 2024 and €0.2bn in March 2025. ^{p. 6}
6. 5 Select (formerly named 'Architas') was, before the sale of AXA IM to BNP Paribas, an AXA company offering investment solution s, including management of funds, investment management services, advisory services, and investment related services, to retail customers in France, Belgium, Hong Kong, and Indonesia. ^{p. 6}
7. 6 As of December 31, 2024, based on companies' financial disclosures. ^{p. 6}
8. 1 Underlying Earnings per share CAGR 2023-2026E between 6% and 8%, Underlying return on equity between 14% and 16% over 2024 to 2026E, and over Euro 21 billion cumulative organic cash upstream over 2024 to 2026E. ^{p. 7}
9. 2 Estimate based on 2024 policy count. ^{p. 7}
10. 3 Estimated 2024 all-year discounted combined ratio, combining Prima and third-party insurance carriers' margins. ^{p. 7}
11. 4 Announcement made on August 1, 2025. ^{p. 7}
12. 5 AXA owns 51% of the MGA and a further stake up to 2% is expected to be acquired after closing as soon as practicable, on the same terms. ^{p. 7}
13. 6 AXA expects to recapture 100% of the premiums currently written in Italy and Spain by third party insurers. The recapture is expected to start by the end of 2026 (subject to regulatory approval). ^{p. 7}
14. 7 On February 28, 2025, it was indicated that the Euro 1.2 billion share buy-back program would be executed in addition to any other share buybacks launched by AXA consistent with its capital management policy, including the share buy-back of Euro 3.8 billion that AXA had previously announced that it would launch following the closing of the sale of AXA Investment Managers to BNP Paribas. ^{p. 7}
15. 8 AXA bought back its own shares for an exact amount of Euro 1,199,999,980. ^{p. 7}
16. 1 The Shareholders' Meeting authorization granted on April 23, 2024 and, as applicable, the authorization which was approved by the Shareholders' Meeting held on April 24, 2025 . ^{p. 8}
17. 2 The purchase price per share did not exceed the maximum purchase price approved at the applicable Shareholders' Meeting . ^{p. 8}
18. 3 With discretionary reinstatement subject to conditions. ^{p. 8}
19. 4 As defined in the Prospectus dated May 28, 2025. ^{p. 8}
20. 5 Either at AXA Group level or at AXA SA solo level. ^{p. 8}
21. 6 Performance shares plans. ^{p. 8}
22. 1 The Shareholders' Meeting authorization granted on April 24, 2025 . ^{p. 9}
23. 2 On June 2, 2025, it was indicated that the up to Euro 724.6 million share buy-back program would be executed in addition to any other share buy-backs launched by AXA consistent with its capital management policy, including the share buy-back of Euro 3.8 billion that AXA launched following the closing of the sale of AXA IM to BNP Paribas. ^{p. 9}
24. 4 AXA bought back its own shares for an exact amount of Euro 3,799,999,987. ^{p. 9}
25. 5 The purchase price did not exceed the maximum purchase price approved at the applicable Shareholders' Meeting. ^{p. 9}
26. 6 In addition to this amount, 751,317 shares were issued and given for free to employees as part of the matching contribution offered to celebrate the 40 th anniversary of the AXA brand for an IFRS charge of Euro 24 million (resulting in a capital increase and a reduction of the share premium by Euro 1.7 million in the statutory accounts). ^{p. 9}
27. 1 With discretionary reinstatement subject to conditions as further described in the Prospectus dated October 14, 2025. ^{p. 10}
28. 2 As defined in the Prospectus dated October 14, 2025. ^{p. 10}
29. 3 Either at AXA Group level or at AXA SA solo level. ^{p. 10}
30. 1 To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 24, 20 25, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable. ^{p. 11}
31. 1 Includes banking activities. ^{p. 23}
32. 1 Natural catastrophe charges include natural catastrophe losses regardless of event size. ^{p. 31}
33. 2 Expected UEPS growth for 2026 is a forward-looking statement to provide oneoff guidance in the context of the last year of the Group's current strategic plan, and is qualified by the cautionary statements regarding forward-looking statements in this report. ^{p. 31}
34. 3 Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buy -backs, any significant earnings event (i.e., significant deviation in the Group's Underlying Earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financia l condition, applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment. ^{p. 31}
35. 4 Payout ratio is calculated based on Underlying Earnings per share. ^{p. 31}
36. 1 No P&L consolidation in FY25. ^{p. 32}
37. 2 Thailand L&S is consolidated under the equity method. ^{p. 32}
38. 3 Indonesia L&S is consolidated under the equity method. ^{p. 32}
39. 4 China L&S is consolidated under the equity method. ^{p. 32}
40. 5 The Philippines L&S and P&C are consolidated under the equity method. ^{p. 32}
41. 6 India L&S was consolidated under the equity method until disposal. ^{p. 32}
42. 7 Russia (Reso) is consolidated under the equity method. ^{p. 32}
43. 1 P&L accrued until Half Year 2025. Disposal to BNP Paribas was completed on July 1, 2025. ^{p. 33}