AXA/2025/FY/Earnings release
< AXA
| Document info | |
|---|---|
| Document ID | chq99br5nr |
| Organization | AXA |
| Year | 2025 |
| Period | FY |
| Period label | FY25 |
| Document category | Earnings release |
| Document name | AXA Full Year 2025 Earnings Press Release |
| Publication date | 2026-02-26 |
| Language | English |
| Pages | 20 |
| Source | original URL |
| Transcript | wiki page |
| Data | data page |
This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).
Press release
[c. 1; p. 1]
Press release dateline
- Paris, February 26, 2026 (6:45am CET)
Full Year 2025 Earnings
[c. 2; p. 1]
Underlying EPS growth and record results
- Underlying EPS growth at the top end of the target range
- Record results reported
Key FY25 highlights
[c. 3; p. 1]
| Gross written premiums & other revenues; FY25 | 116 (EUR bn) |
| Underlying earnings; FY25 | 8.4 (EUR bn) |
| Underlying earnings per share; FY25 | 3.86 (EUR) |
- Gross written premiums & other revenues at EUR 116bn, +6% vs. FY24
- Underlying earnings at EUR 8.4bn, +6% vs. FY24, +9% excluding AXA IM
- Underlying earnings per share at EUR 3.86, +8% vs. FY24 including -2% headwind from foreign exchange movements and -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback
[c. 4; p. 1]
Solvency II ratio
| Tags | Definition:Capital management |
| Solvency II ratio; December 31, 2025 | 224 (%) |
| Solvency II ratio; January 1, 2026 | 215 (%) |
Capital Management
[c. 5; p. 1]
Outlook
[c. 6; p. 1]
2026 earnings and Solvency II outlook
- Underlying earnings per share growth for 2026 expected at upper end of 6-8% plan target range
- Expected impact of Solvency II revision at +17 points
- AXA to present new strategic plan for 2027-2029 on September 21, 2026
[c. 7; p. 1]
2025 performance and business line results
- 2025 earnings growth +9% in core businesses excluding AXA IM
- Reserve prudence enhanced following 2025 results
- P&C franchise results: healthy balance between price and volume, best-in-class margins, lower expense ratio, higher investment income
- AXA XL Insurance earnings increased with stable underlying margins
- Life & Health earnings +7%
- Life segment reflecting early benefits of strategy to rejuvenate business
- Health segment earnings +17% after absorbing adverse change on VAT treatment in Mexico
- Investments in automation and Artificial Intelligence driving efficiency gains
- Solvency II ratio at very strong level
- "These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA ' s ability to generate sustainable, long -term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," said Thomas Buberl, Chief Executive Officer of AXA
FY25 key highlights
[c. 8; p. 2]
| 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
| in Euro million | 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]
Solvency II ratio (%)
| 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]
- Total gross written premiums and other revenues +6%
- Property & Casualty +5%
- Commercial lines +4% from higher volumes, notably at AXA XL Insurance, and favorable price effects across all geographies
- Personal lines +7% driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM
- AXA XL Reinsurance +8% with growth supported by alternative capital
- Life & Health +8%
- Life premiums +9%
- 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 +5% driven by price effects in all geographies
- Life premiums +9%
Earnings
[c. 12; p. 2]
Underlying earnings by business line
- Underlying earnings +6% to EUR 8.4bn; +9% excluding AXA IM
- Property & Casualty +9% on higher volumes, underwriting margin expansion, and higher financial result from higher investment income
- Life & Health +7% on improved short-term technical results in Health & Protection and higher earnings in long-term business including early benefits of strategy to rejuvenate the business
- Holdings underlying earnings broadly stable at EUR -1.2bn
- Asset Management underlying earnings -EUR 0.2bn following disposal of AXA IM on July 1, 2025
[c. 13; p. 2]
- Underlying earnings per share +8% to EUR 3.86
- Driven by underlying earnings increase (+6%) and decrease in interest expense on undated and deeply-subordinated debt
- Driven by share buybacks (+3%) including annual share buyback program and anti-dilutive share buyback associated with sale of AXA IM
- Partially offset by foreign exchange rate movements (-2%), notably depreciation of U.S. dollar against Euro
- Sale of AXA IM resulted in temporary dilution of underlying earnings per share due to timing of associated share buyback (-1%)
[c. 14; p. 2]
Net income and exceptional items
- Net income +26% to EUR 9.8bn
- Reflects increase in underlying earnings and significantly positive exceptional items, notably gain from sale of AXA IM
Balance sheet
[c. 15; p. 3]
- Shareholders' equity EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs December 31, 2024
- Positive contribution from net income EUR +9.8bn and net OCI EUR +1.3bn
- FY24 dividend paid to shareholders EUR -4.6bn
- Share buybacks executed in 2025 EUR -4.7bn, including EUR 3.5bn anti-dilutive buyback related to sale of AXA IM
- Unfavorable foreign exchange impact EUR -3.5bn, notably due to depreciation of U.S. dollar
[c. 16; p. 3]
CSM growth and drivers
- CSM EUR 33.3bn at December 31, 2025, down EUR 0.6bn vs December 31, 2024
- New business contribution EUR +2.2bn and underlying return on in-force EUR +1.3bn offset CSM release EUR -3.0bn
- +2% normalized growth in CSM
- Favorable market conditions impact EUR +0.6bn, driven by tightening of government spreads and positive equity market performance
- Unfavorable foreign exchange impacts EUR -1.5bn, mainly from depreciation of Japanese yen and Hong Kong dollar
- Negative operating variance EUR -0.3bn as better margins and net flows offset by reduction in duration of Group Life business in Switzerland
[c. 17; p. 3]
Solvency II ratio components
- Solvency II ratio 224% as of December 31, 2025, up +9pts vs December 31, 2024
- Strong operating return +28pts net of provision for dividend and annual share buyback -24pts
- Positive impact from net subordinated debt issuance +6pts
- Favorable impacts from financial markets +4pts
- Net impact of acquisitions of Nobis and Prima and disposal of AXA IM including associated EUR 3.8bn share buyback -5pts
[c. 18; p. 3]
Solvency II transitional measures and revision
- 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
- -10pts decrease in Solvency II ratio to 215% on January 1, 2026
- Solvency II revision to come into effect in first quarter of 2027 estimated to result in +17pts increase to current Solvency II ratio
[c. 19; p. 3]
Underlying return on equity
- Underlying return on equity 16.0% as of December 31, 2025, up 0.8pts vs December 31, 2024
- Increase notably from higher underlying earnings and lower shareholders' equity
[c. 20; p. 3]
Debt gearing and cash at Holding
- Debt gearing 22.3% as of December 31, 2025, up 1.7pts vs December 31, 2024
- Driven by lower shareholders' equity and CSM, issuance of Restricted Tier 1 and Tier 2 subordinated debt EUR 3.5bn, partly offset by redemption of outstanding grandfathered Tier 1 debt EUR -1.9bn
- Debt gearing in line with 19-23% plan guidance for 2024-2026
- Cash at Holding EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs December 31, 2024
- Organic cash remittance from subsidiaries EUR 7.5bn, up EUR 0.4bn vs December 31, 2024
Capital management and outlook
Capital management
[c. 21; p. 4]
- Dividend of EUR 2.32 per share proposed (+8% vs FY24) at Shareholders' Annual General Meeting on April 30, 2026.
- Dividend payment date May 13, 2026; ex-dividend date May 11, 2026.
- Board of Directors approved annual share buyback program for up to EUR 1.25bn on February 25, 2026.
- Program execution subject to Shareholders' Annual General Meeting authorization; all repurchased shares to be cancelled.
- Buyback expected to commence as soon as reasonably practicable subject to market conditions and complete by year-end.
Outlook
[c. 22; p. 4]
Unlock the Future plan drivers
- 2024-2026 'Unlock the Future' plan entering final year with confidence to achieve main financial targets
- Targets underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities across businesses, (iii) driving operational efficiency via reinforced cost management
[c. 23; p. 4]
P&C and Life & Health outlook
- P&C Retail and SME & Mid-market: favorable pricing; expect continued benefit from earnthrough of higher pricing and underwriting actions
- AXA XL: pricing conditions vary by line; focus on effective cycle management and disciplined capital allocation to grow where returns exceed cost of capital
- Normalized natural catastrophe load guidance remains at ca. 4.5 points of combined ratio for 2026
- Life & Health: earnings growth driven by short-term business via disciplined pricing and claims management initiatives
- Life & Health: long-term business strategy to rejuvenate sales coupled with improved persistency expected to generate positive net flows driving CSM growth over time
[c. 24; p. 4]
Holdings results outlook
- Holdings results in 2026 expected to remain at similar level as in 2025
[c. 25; p. 4]
Financial targets and capital management
- Management on track to deliver 'Unlock the Future' plan targets assuming current operating conditions persist
- Underlying earnings per share growth target: upper end of 6-8% CAGR for plan period 2023-2026E and for 2026
- Underlying return on equity target: between 14% and 16% between 2024 and 2026E
- Cumulative organic cash upstream target: in excess of EUR 21bn for 2024-2026E
- Capital management policy targets total payout ratio of 75%
- Payout composition: 60% dividend payout ratio and additional 15% from annual share buybacks
- Proposed dividend per share expected to be at least equal to prior year dividend per share
Property & Casualty
[c. 26; p. 5]
| 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. 27; p. 5]
All-Year Combined ratio and Underlying earnings by FY
| 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. 28; p. 5]
- Gross written premiums & other revenues +5% to EUR 58.0bn.
- Commercial lines +4% to EUR 35.8bn.
- AXA XL Insurance +3% from growth in Property and Casualty (favorable price effects, 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 favorable volume and price effects in Mexico.
- France +6% from favorable price effects in all lines and higher volumes.
- Personal lines +7% to EUR 19.7bn.
- Europe +5% from favorable price effects across geographies, except UK & Ireland Motor where pricing softened following 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 +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. 29; p. 5]
Combined ratio drivers by component
- All-year combined ratio improved 0.3pts to 90.6%.
- Lower undiscounted current year loss ratio excluding natural catastrophe -0.3pts.
- Commercial lines loss ratio -0.5pts driven by SME & mid-market business -0.9pts in a favorable pricing environment; AXA XL Insurance margins stable at attractive levels +0.1pts.
- Personal lines loss ratio -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%.
- Lower prior years' reserve development +0.7pts at -1.1%.
[c. 30; p. 6]
Underlying earnings by result component
- P&C underlying earnings +9% to EUR 5.9bn.
- Increase in technical result EUR +0.5bn reflecting strong growth in volumes and improvement in technical margin.
- Higher financial result EUR +0.2bn thanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting increase in unwind of discount of claims reserves.
- Partly offset by higher income taxes EUR -0.2bn mainly due to higher pre-tax underlying earnings.
Life & Health
[c. 31; p. 6]
| 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. 32; p. 6]
Underlying earnings by Life and Health
| 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% |
[c. 33; p. 6]
- Life GWP +9% to EUR 37.5bn
- Unit-Linked +13% driven by successful sales initiatives across all geographies
- G/A +4% notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong
- Protection +11% 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 +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. 34; p. 7]
- PVEP -2% to EUR 49.4bn
- Life PVEP +1% from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums
- Health PVEP -12% mainly from impact of higher interest rates on discounting of future premiums and lower volumes in France following underwriting and pruning actions
[c. 35; p. 7]
New business value and margin
- NB CSM +3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by impact of higher interest rates on discounting of future profits
- NBV (post-tax) stable at EUR 2.2bn as growth in NB CSM offset by decrease in contribution of short-term multinational business in France
- NBV margin (post-tax) +0.1pts to 4.5%
[c. 36; p. 7]
Net flows by product and geography
- Net flows EUR +5.4bn vs EUR +1.5bn in 2024
- Protection net flows EUR +4.9bn mainly in Hong Kong, Japan, and France
- Health net flows EUR +2.7bn mainly in Germany, Japan, and France
- Unit-Linked net flows EUR +1.5bn primarily in France
- G/A Savings net flows EUR -3.7bn as inflows in G/A capital-light (EUR +1.2bn) more than offset by outflows in traditional G/A Savings (EUR -5.0bn)
[c. 37; p. 7]
Life & Health underlying earnings drivers
- Life & Health underlying earnings +7% to EUR 3.5bn
- Long-term technical result EUR +0.2bn driven by increase in CSM release following growth in reserves and better margins in long-term business
- Short-term technical result EUR +0.1bn driven by expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies, which more than offset impact of legislative change on 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. 38; p. 7]
Holdings underlying earnings
- Holdings underlying earnings remained broadly stable at EUR -1.2bn.
Ratings and glossary
Ratings
[c. 39; p. 8]
Insurer financial strength ratings and AXA's credit ratings by Agency
| 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. 40; p. 8]
Glossary definitions for insurance metrics
- 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. 40; 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. 41; p. 10]
Scope by geographic and business segment
- 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. 42; 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. 43; 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. 44; 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. 45; p. 12]
Group profile and financials
- 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
- AXA ordinary share listed on compartment A of Euronext Paris under ticker CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA)
- AXA American Depository Share quoted on OTC QX platform under ticker AXAHY
- Included in main international SRI indexes, including 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 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 available on axa.com
[c. 46; p. 12]
Contact information
- Investor Relations: +33.1.40.75.48.42, investor.relations@axa.com
- Individual Shareholder Relations: +33.1.40.75.48.43
- Media Relations: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com
- Corporate Responsibility strategy: axa.com/en/about-us/strategy-commitments
- SRI ratings: 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. 47; p. 12]
Forward-looking statements and non-GAAP measures
- 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 and those in the "Outlook" section are forward-looking, based on Management's current views and intentions, and subject to change.
- Forward-looking statements are subject to known and unknown risks and uncertainties outside AXA's control that could cause actual results to differ materially from projections.
- Refer to 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") for important factors, risks, and uncertainties.
- 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.
- Non-GAAP financial measures 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.
[c. 48; p. 13]
Gross Written Premiums and 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. 49; 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.
[c. 50; p. 15]
Total P&C by Commercial lines, Personal lines, and AXA XL Reinsurance
| 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. 51; 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. 52; 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.
[c. 53; p. 17]
| 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. 54; p. 18]
PVEP, NBV, and NBV margin by geography
| 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. 55; p. 18]
NB CSM to NBV by Life, Health, Total
| 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. 56; p. 19]
Total Life & Health 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. 57; p. 20]
Main transactions in 2025
| Key facts & figures | |
|---|---|
| Share repurchase program | EUR 1.2bn (February 28, 2025) |
| Acquisition | Nobis Group in Italy (April 1, 2025) |
| Notes placement | EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025) |
| Sale | AXA Investment Managers to BNP Paribas (July 1, 2025) |
| Share repurchase agreement | EUR 3.8bn (July 1, 2025) |
| Acquisition announced | Prima in Italy (August 1, 2025) |
| Employee share offering program | Shareplan 2025 (September 10, 2025) |
| Acquisition completed | majority stake in Prima in Italy (November 28, 2025) |
- Share repurchase agreement executed for AXA 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 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 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. 58; p. 20]
Upcoming investor events
| Key facts & figures | |
|---|---|
| Shareholder's Annual General Meeting | April 30, 2026 |
| First quarter 2026 Activity Indicators | May 5, 2026 |
| HY26 Earnings Release | July 31, 2026 |
| AXA Investor Day | September 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