| sections | | id | "chq99br5nr-c1" |
|---|
| chunk | 1 |
|---|
| pages | |
|---|
| heading | "Announcement details" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
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| effective_tags | |
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| content | "* Paris, February 26th, [[Definition:Year 2026|2026]] (6:45am CET)
== Full Year 2025 Earnings ==" |
|---|
|
| id | "chq99br5nr-c2" |
|---|
| chunk | 2 |
|---|
| pages | |
|---|
| heading | "Underlying EPS growth" |
|---|
| tags | |
|---|
| links | | "Underlying earnings per share" |
| "Target range" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Target range" |
| "Underlying earnings per share" |
|
|---|
| content | "* AXA reports record results with [[Definition:Underlying earnings per share|underlying EPS]] growth at the top end of the [[Definition:Target range|target range]].
== Key FY25 highlights ==" |
|---|
|
| id | "chq99br5nr-c3" |
|---|
| chunk | 3 |
|---|
| pages | |
|---|
| heading | "Gross written premiums and underlying earnings" |
|---|
| tags | |
|---|
| links | | "Gross written premiums & other revenues" |
| "Full year 2024" |
| "Underlying earnings" |
| "AXA Investment Managers" |
| "Underlying earnings per share" |
| "Foreign exchange" |
| "Headwind" |
| "Earnings dilution" |
| "Share buyback" |
|
|---|
| data_items | | terms | | "Gross written premiums & other revenues" |
| "Full year 2025" |
|
|---|
| label | "GWP & other revenues; FY25" |
|---|
| value | "116" |
|---|
| unit | "EUR bn" |
|---|
|
| terms | | "Underlying earnings" |
| "Full year 2025" |
|
|---|
| label | "UE; FY25" |
|---|
| value | "8.4" |
|---|
| unit | "EUR bn" |
|---|
|
| terms | | "Underlying earnings per share" |
| "Full year 2025" |
|
|---|
| label | "UEPS; FY25" |
|---|
| value | "3.86" |
|---|
| unit | "EUR" |
|---|
|
|
|---|
| effective_tags | | "AXA Investment Managers" |
| "Capital management" |
| "Earnings dilution" |
| "Foreign exchange" |
| "Full year 2024" |
| "Full year 2025" |
| "Gross written premiums & other revenues" |
| "Headwind" |
| "Share buyback" |
| "Underlying earnings" |
| "Underlying earnings per share" |
|
|---|
| content | "* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]: EUR 116bn, +6% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings|Underlying earnings]]: EUR 8.4bn, +6% vs. FY24
* Underlying earnings (excluding [[Definition:AXA Investment Managers|AXA IM]]): +9%
* [[Definition:Underlying earnings per share|Underlying earnings per share]]: EUR 3.86, +8% vs. FY24
* Underlying earnings per share impact from [[Definition:Foreign exchange|foreign exchange movements]]: -2% [[Definition:Headwind|headwind]]
* Underlying earnings per share impact from temporary [[Definition:Earnings dilution|earnings dilution]] from AXA IM sale (due to timing of anti-dilutive [[Definition:Share buyback|share buyback]]): -1%" |
|---|
|
| id | "chq99br5nr-c4" |
|---|
| chunk | 4 |
|---|
| pages | |
|---|
| heading | "Solvency II ratio" |
|---|
| tags | |
|---|
| links | | "Full year 2024" |
| "Year 2026" |
|
|---|
| data_items | | terms | |
|---|
| label | "Solvency II ratio; December 31, 2025" |
|---|
| value | "224" |
|---|
| unit | "%" |
|---|
|
| terms | |
|---|
| label | "Solvency II ratio; January 1, 2026" |
|---|
| value | "215" |
|---|
| unit | "%" |
|---|
|
|
|---|
| effective_tags | | "Capital management" |
| "Full year 2024" |
| "Full year 2025" |
| "Year 2026" |
|
|---|
| content | "* Solvency II ratio: 224% at December 31, 2025, +9 points vs. [[Definition:Full year 2024|FY24]]
* Solvency II ratio: 215% on January 1, [[Definition:Year 2026|2026]], reflecting the end of the grandfathering period
== Capital Management ==" |
|---|
|
| id | "chq99br5nr-c5" |
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| chunk | 5 |
|---|
| pages | |
|---|
| heading | "Shareholder returns" |
|---|
| tags | |
|---|
| links | | "Dividend" |
| "Full year 2024" |
| "Share buyback" |
| "AXA Investment Managers" |
| "Year 2026" |
|
|---|
| data_items | |
|---|
| effective_tags | | "AXA Investment Managers" |
| "Capital management" |
| "Dividend" |
| "Full year 2024" |
| "Share buyback" |
| "Year 2026" |
|
|---|
| content | "* [[Definition:Dividend|Dividend]] of EUR 2.32 per share, up +8% vs. [[Definition:Full year 2024|FY24]].
* Launch of an annual [[Definition:Share buyback|share buyback]] program of up to EUR 1.25bn.
* Completion of EUR 3.8bn additional share buyback related to [[Definition:AXA Investment Managers|AXA IM]] disposal, executed between July 2, 2025, and January 20, [[Definition:Year 2026|2026]].
== Outlook ==" |
|---|
|
| id | "chq99br5nr-c6" |
|---|
| chunk | 6 |
|---|
| pages | |
|---|
| heading | "Outlook and strategic plan" |
|---|
| tags | |
|---|
| links | | "Underlying earnings per share" |
| "Year 2026" |
| "Target range" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Target range" |
| "Underlying earnings per share" |
| "Year 2026" |
|
|---|
| content | "* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth for [[Definition:Year 2026|2026]] expected at the upper end of the 6-8% plan [[Definition:Target range|target range]].
* Expected impact of Solvency II revision at +17 points.
* AXA to present its new strategic plan for 2027-2029 on September 21, 2026." |
|---|
|
| id | "chq99br5nr-c7" |
|---|
| chunk | 7 |
|---|
| pages | |
|---|
| heading | "2025 performance and segment results" |
|---|
| tags | |
|---|
| links | | "AXA Investment Managers" |
|
|---|
| data_items | |
|---|
| effective_tags | | "AXA Investment Managers" |
|
|---|
| content | "* AXA delivered +9% earnings growth in core businesses (excluding [[Definition:AXA Investment Managers|AXA IM]]) in 2025.
* Reserve prudence enhanced following strong 2025 results.
* P&C franchise posted stellar results, combining price and volume with best-in-class margins, lower expense ratio, and higher investment income.
* AXA XL Insurance increased earnings with stable underlying margins.
* Life & Health earnings rose +7%.
** Life earnings reflect early benefits of business rejuvenation strategy.
** Health earnings grew +17%, even after absorbing adverse change on VAT treatment in Mexico.
* Investments in automation and Artificial Intelligence are driving efficiency gains.
* Solvency II ratio is at a very strong level.
* Results demonstrate the earnings power of AXA's well-diversified franchise and reinforce confidence in generating sustainable, long-term value.
* Thomas Buberl, CEO of AXA, thanked colleagues, agents, partners, and customers for their commitment and trust.
== FY25 key highlights ==" |
|---|
|
| id | "chq99br5nr-c8" |
|---|
| chunk | 8 |
|---|
| pages | |
|---|
| heading | "Gross written premiums & other revenues by lines of business" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at comparable basis
|-
| style="text-align:left" | Gross written premiums & other revenues{{fn ref|1|2=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.}}
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
| style="text-align:right" | +5%
| style="text-align:right" | +6%
|-
| style="text-align:left" | o/w Property & Casualty
| style="text-align:right" | 56,514
| style="text-align:right" | 58,038
| style="text-align:right" | +3%
| style="text-align:right" | +5%
|-
| style="text-align:left" | o/w Life & Health
| style="text-align:right" | 51,983
| style="text-align:right" | 56,512
| style="text-align:right" | +9%
| style="text-align:right" | +8%
|-
| style="text-align:left" | o/w Asset Management
| style="text-align:right" | 1,701
| style="text-align:right" | 875
| style="text-align:right" | n.m.
| style="text-align:right" | n.m.
|}
</div>" |
|---|
|
| id | "chq99br5nr-c9" |
|---|
| chunk | 9 |
|---|
| pages | |
|---|
| heading | "FY25 key highlights" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | Underlying earnings{{fn ref|2|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).}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
| style="text-align:right" | +4%
| style="text-align:right" | +6%
|-
| style="text-align:left" | Net income
| style="text-align:right" | 7,886
| style="text-align:right" | 9,797
| style="text-align:right" | +24%
| style="text-align:right" | +26%
|}
</div>" |
|---|
|
| id | "chq99br5nr-c10" |
|---|
| chunk | 10 |
|---|
| pages | |
|---|
| heading | "Solvency II ratio (%)" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Solvency II ratio (%){{fn ref|5|2=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.}}
| style="text-align:right" | 216%
| style="text-align:right" | 224%
| style="text-align:right" | +9 pts
| style="text-align:right" |
|}
</div>
=== Activity indicators ===" |
|---|
|
| id | "chq99br5nr-c11" |
|---|
| chunk | 11 |
|---|
| pages | |
|---|
| heading | "gross written premiums and other revenues by business line" |
|---|
| tags | |
|---|
| links | | "Gross written premiums" |
| "Other revenue" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Gross written premiums" |
| "Other revenue" |
|
|---|
| content | "* Total [[Definition:Gross written premiums|gross written premiums]] and [[Definition:Other revenue|other revenues]] were up 6%.
* Property & Casualty (P&C) premiums +5%.
** Commercial lines +4%, driven by 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, Asia & EME-LATAM).
** AXA XL Reinsurance +8%, supported by alternative capital.
* Life & Health premiums +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.
=== Earnings ===" |
|---|
|
| id | "chq99br5nr-c12" |
|---|
| chunk | 12 |
|---|
| pages | |
|---|
| heading | "Earnings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "=== Theme: Underlying earnings and EPS [¶1-¶ ===
== Balance sheet ==" |
|---|
|
| id | "chq99br5nr-c13" |
|---|
| chunk | 13 |
|---|
| pages | |
|---|
| heading | "Shareholders' equity" |
|---|
| tags | |
|---|
| links | | "Full year 2024" |
| "Dividend" |
| "Share buyback" |
| "AXA Investment Managers" |
| "Foreign exchange" |
|
|---|
| data_items | |
|---|
| effective_tags | | "AXA Investment Managers" |
| "Capital management" |
| "Dividend" |
| "Foreign exchange" |
| "Full year 2024" |
| "Share buyback" |
|
|---|
| content | "* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
* The decrease was due to: [[Definition:Full year 2024|FY24]] [[Definition:Dividend|dividend]] paid to shareholders (EUR -4.6bn), [[Definition:Share buyback|share buybacks]] in 2025 (EUR -4.7bn) including a EUR 3.5bn anti-dilutive buyback related to the [[Definition:AXA Investment Managers|AXA IM]] sale, and unfavorable [[Definition:Foreign exchange|foreign exchange]] impact (EUR -3.5bn) mainly from USD depreciation.
* These negative impacts more than offset positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn)." |
|---|
|
| id | "chq99br5nr-c14" |
|---|
| chunk | 14 |
|---|
| pages | |
|---|
| heading | "CSM and Solvency II ratio" |
|---|
| tags | |
|---|
| links | | "Foreign exchange" |
| "Dividend" |
| "Share buyback" |
| "AXA Investment Managers" |
| "Year 2026" |
|
|---|
| data_items | |
|---|
| effective_tags | | "AXA Investment Managers" |
| "Capital management" |
| "Dividend" |
| "Foreign exchange" |
| "Share buyback" |
| "Year 2026" |
|
|---|
| content | "* CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
* New business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), leading to +2% normalized growth in CSM.
* Favorable market conditions (EUR +0.6bn) from tightening government spreads and positive equity market performance were more than offset by unfavorable [[Definition:Foreign exchange|foreign exchange]] impacts (EUR -1.5bn), mainly from JPY and HKD depreciation, and negative operating variance (EUR -0.3bn) due to a reduction in Group Life business duration in Switzerland despite better margins and net flows.
* Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
* This increase was driven by: strong operating return (+28 points) net of [[Definition:Dividend|dividend]] provision and annual [[Definition:Share buyback|share buyback]] (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points).
* These positive impacts were partly offset by the net impact of Nobis and Prima acquisitions and the [[Definition:AXA Investment Managers|AXA IM]] disposal, including the associated EUR 3.8bn share buyback (-5 points).
* As of January 1, [[Definition:Year 2026|2026]], the Solvency II ratio decreased by -10 points to 215% due to capital instruments and subordinated debt subject to Solvency II transitional measures no longer qualifying as eligible own funds.
* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points." |
|---|
|
| id | "chq99br5nr-c15" |
|---|
| chunk | 15 |
|---|
| pages | |
|---|
| heading | "Financial metrics" |
|---|
| tags | |
|---|
| links | | "Underlying earnings" |
| "Year 2026" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Underlying earnings" |
| "Year 2026" |
|
|---|
| content | "* Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, due to higher [[Definition:Underlying earnings|underlying earnings]] and lower shareholders' equity.
* Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
* This increase was driven by lower shareholders' equity and CSM, and the 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).
* The Group's debt gearing was in line with its 19-23% plan guidance for 2024-[[Definition:Year 2026|2026]].
* Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.
* This reflected organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.
== Capital management and outlook ==
== Capital management ==" |
|---|
|
| id | "chq99br5nr-c16" |
|---|
| chunk | 16 |
|---|
| pages | |
|---|
| heading | "Shareholder returns" |
|---|
| tags | |
|---|
| links | | "Dividend" |
| "Full year 2024" |
| "Year 2026" |
| "Share buyback" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Capital management" |
| "Dividend" |
| "Full year 2024" |
| "Share buyback" |
| "Year 2026" |
|
|---|
| content | "* A [[Definition:Dividend|dividend]] of EUR 2.32 per share (+8% versus [[Definition:Full year 2024|FY24]]) will be proposed at the Shareholders' Annual General Meeting on April 30, [[Definition:Year 2026|2026]].
* The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.
* AXA's Board of Directors approved on February 25, 2026, the launch of an annual [[Definition:Share buyback|share buyback]] program for up to EUR 1.25bn.
* The share buyback program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.
* AXA intends to cancel all shares repurchased pursuant to this share buyback program.
* The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end.
== Outlook ==" |
|---|
|
| id | "chq99br5nr-c17" |
|---|
| chunk | 17 |
|---|
| pages | |
|---|
| heading | "'Unlock the Future' Plan Outlook" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* AXA is confident in achieving its main financial targets for the 2024-[[Definition:Year 2026|2026]] 'Unlock the Future' plan.
* Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.
* P&C Retail and SME & Mid-market: pricing remains favorable, with expected continued benefit from earnthrough of higher pricing and underwriting actions.
* AXA XL: pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.
* Normalized natural catastrophe load: Group guidance remains at ca. 4.5 points of combined ratio for 2026.
* Life & Health: earnings growth expected from short-term business due to disciplined pricing and claims management.
* Life & Health: strategy to rejuvenate sales in long-term business and improved persistency should generate positive net flows, driving CSM growth over time." |
|---|
|
| id | "chq99br5nr-c18" |
|---|
| chunk | 18 |
|---|
| pages | |
|---|
| heading | "Holdings and Financial Targets" |
|---|
| tags | |
|---|
| links | | "Year 2026" |
| "Underlying earnings per share" |
| "Target range" |
| "Capital management" |
| "Payout ratio" |
| "Dividend" |
| "Share buyback" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Capital management" |
| "Dividend" |
| "Payout ratio" |
| "Share buyback" |
| "Target range" |
| "Underlying earnings per share" |
| "Year 2026" |
|
|---|
| content | "* Holdings results: expected to remain similar in [[Definition:Year 2026|2026]] as in 2025.
* Management believes AXA is on track to deliver main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and following strong 2025 operating performance.
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth: expected at the upper end of the 6-8% CAGR [[Definition:Target range|target range]] for both 2023-2026E and for 2026.
* Underlying return on equity: expected between 14% and 16% between 2024 and 2026E.
* Cumulative organic cash upstream: expected in excess of EUR 21bn for 2024-2026E.
* [[Definition:Capital management|Capital management]] policy: Group targets a total [[Definition:Payout ratio|payout ratio]] of 75%.
* [[Definition:Dividend|Dividend]] payout ratio: 60%.
* Annual [[Definition:Share buyback|share buybacks]]: additional 15%.
* Proposed dividend per share: expected to be at least equal to the prior year's dividend per share.
=== Property & Casualty ===" |
|---|
|
| id | "chq99br5nr-c19" |
|---|
| chunk | 19 |
|---|
| pages | |
|---|
| heading | "Gross written premiums and other revenues by lines of business" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | FY25 Price effect{{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} (in %)
|-
| style="text-align:left" | Gross written premiums and other revenues
| style="text-align:right" | 56.5
| style="text-align:right" | 58.0
| style="text-align:right" | +5%
| style="text-align:right" | +2.9%
|-
| style="text-align:left" | o/w Commercial lines{{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}}
| style="text-align:right" | 34.9
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
| style="text-align:right" | +1.9%
|-
| style="text-align:left" | o/w Personal lines
| style="text-align:right" | 19.1
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
| style="text-align:right" | +5.2%
|-
| style="text-align:left" | o/w AXA XL Reinsurance
| style="text-align:right" | 2.5
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
| style="text-align:right" | +0.3%
|}
</div>" |
|---|
|
| id | "chq99br5nr-c20" |
|---|
| chunk | 20 |
|---|
| pages | |
|---|
| heading | "All-Year Combined ratio and Underlying earnings by FY" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | All-Year Combined ratio
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
| style="text-align:right" | -0.3 pt
|-
| style="text-align:left" | Underlying earnings
| style="text-align:right" | 5,510
| style="text-align:right" | 5,872
| style="text-align:right" | +9%
|}
</div>" |
|---|
|
| id | "chq99br5nr-c21" |
|---|
| chunk | 21 |
|---|
| pages | |
|---|
| heading | "Gross written premiums & other revenues" |
|---|
| tags | |
|---|
| links | | "Gross written premiums & other revenues" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Gross written premiums & other revenues" |
|
|---|
| content | "* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]] +5% to EUR 58.0bn.
* Commercial lines +4% to EUR 35.8bn.
** AXA XL Insurance +3% from growth in attractive margin lines (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 Mexico (favorable volume and price effects).
** France +6% from favorable price effects across 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 after 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 (direct business and proprietary agent networks) and 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." |
|---|
|
| id | "chq99br5nr-c22" |
|---|
| chunk | 22 |
|---|
| pages | |
|---|
| heading | "All-year combined ratio" |
|---|
| tags | |
|---|
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| content | "* All-year combined ratio improved by 0.3pts to 90.6%.
* Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from margin expansion in Commercial lines (-0.5pts), specifically SME & mid-market business (-0.9pts) in a favorable pricing environment, while AXA XL Insurance margins were stable (+0.1pts).
* Also driven by lower undiscounted current year loss ratio in Personal lines (-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%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%)." |
|---|
|
| id | "chq99br5nr-c23" |
|---|
| chunk | 23 |
|---|
| pages | |
|---|
| heading | "P&C underlying earnings" |
|---|
| tags | |
|---|
| links | |
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| data_items | |
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| effective_tags | |
|---|
| content | "* P&C [[Definition:Underlying earnings|underlying earnings]] +9% to EUR 5.9bn.
* Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin.
* Driven by a higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in the unwind of the discount of claims reserves.
* Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings.
=== Life & Health ===" |
|---|
|
| id | "chq99br5nr-c24" |
|---|
| chunk | 24 |
|---|
| pages | |
|---|
| heading | "Gross written premiums & other revenues by lines of business" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | Gross written premiums & other revenues
| style="text-align:right" | 52.0
| style="text-align:right" | 56.5
| style="text-align:right" | +8%
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 34.5
| style="text-align:right" | 37.5
| style="text-align:right" | +9%
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 17.5
| style="text-align:right" | 19.0
| style="text-align:right" | +5%
|-
| style="text-align:left" | PVEP{{fn ref|1,21}}
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
| style="text-align:right" | -2%
|-
| style="text-align:left" | NB CSM{{fn ref|1,21}}
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
| style="text-align:right" | +3%
|-
| style="text-align:left" | NBV (post-tax){{fn ref|1,21}}
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
| style="text-align:right" | 0%
|-
| style="text-align:left" | NBV margin{{fn ref|1,21}}
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:right" | +0.1 pt
|-
| style="text-align:left" | Net flows{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}
| style="text-align:right" | +1.5
| style="text-align:right" | +5.4
| style="text-align:right" |
|}
</div>" |
|---|
|
| id | "chq99br5nr-c25" |
|---|
| chunk | 25 |
|---|
| pages | |
|---|
| heading | "Underlying earnings by Life and Health" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change at constant forex
|-
| style="text-align:left" | Underlying earnings
| style="text-align:right" | 3,323
| style="text-align:right" | 3,501
| style="text-align:right" | +7%
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 2,636
| style="text-align:right" | 2,715
| style="text-align:right" | +4%
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 687
| style="text-align:right" | 787
| style="text-align:right" | +17%
|}
</div>
==== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ====" |
|---|
|
| id | "chq99br5nr-c26" |
|---|
| chunk | 26 |
|---|
| pages | |
|---|
| heading | "Life & Health GWP" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
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| effective_tags | |
|---|
| content | "* Life [[Definition:Gross written premiums|GWP]] grew by 9% to EUR 37.5bn.
** Unit-Linked GWP +13% driven by successful sales initiatives across all geographies.
** G/A GWP +4%, notably in France (+4%), and from elevated sales of a capital-light product in Italy.
** G/A GWP partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong.
** Protection GWP +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 grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes." |
|---|
|
| id | "chq99br5nr-c27" |
|---|
| chunk | 27 |
|---|
| pages | |
|---|
| heading | "Present value of expected premiums (PVEP)" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Present value of expected premiums (PVEP) decreased by 2% to EUR 49.4bn.
** Life PVEP +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums.
** Health PVEP -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions." |
|---|
|
| id | "chq99br5nr-c28" |
|---|
| chunk | 28 |
|---|
| pages | |
|---|
| heading | "NB CSM and NBV" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
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| effective_tags | |
|---|
| content | "* NB CSM increased by 3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.
* NBV (post-tax) was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.
* NBV margin (post tax) increased by 0.1 point to 4.5%." |
|---|
|
| id | "chq99br5nr-c29" |
|---|
| chunk | 29 |
|---|
| pages | |
|---|
| heading | "Net flows" |
|---|
| tags | |
|---|
| links | |
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| data_items | |
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| effective_tags | |
|---|
| content | "* Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024.
* Net flows in 2025 were driven by:
** Protection (EUR +4.9bn), mainly in Hong Kong, Japan, and France.
** Health (EUR +2.7bn), mainly in Germany, Japan, and France.
** Unit-Linked (EUR +1.5bn), primarily in France.
** Partly offset by G/A Savings (EUR -3.7bn).
*** Inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn)." |
|---|
|
| id | "chq99br5nr-c30" |
|---|
| chunk | 30 |
|---|
| pages | |
|---|
| heading | "Life & Health underlying earnings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
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| effective_tags | |
|---|
| content | "* Life & Health [[Definition:Underlying earnings|underlying earnings]] increased by 7% to EUR 3.5bn, driven by:
** Long-term technical result (EUR +0.2bn) driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business.
** Short-term technical result (EUR +0.1bn) driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies.
** Short-term technical result more than offset the impact of a legislative change on the 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 ==" |
|---|
|
| id | "chq99br5nr-c31" |
|---|
| chunk | 31 |
|---|
| pages | |
|---|
| heading | "Holdings underlying earnings" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "* Holdings [[Definition:Underlying earnings|underlying earnings]] remained broadly stable at EUR -1.2bn.
== Ratings and glossary ==
=== Ratings ===" |
|---|
|
| id | "chq99br5nr-c32" |
|---|
| chunk | 32 |
|---|
| pages | |
|---|
| heading | "Insurer financial strength ratings and AXA's credit ratings by Agency" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
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|---|
| content | "<div style="overflow-x:auto">
{| id="t8" class="wikitable"
|-
! style="text-align:left" |
! style="text-align:right" |
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! colspan="2" style="text-align:center" | AXA's credit ratings {{fn ref|22}}
|-
! style="text-align:left" | Agency
! style="text-align:right" | Date of last review
! style="text-align:left" | AXA SA
! style="text-align:left" | AXA's principal insurance subsidiaries
! style="text-align:left" | Outlook
! style="text-align:right" | Senior debt of the Company
! style="text-align:left" | Short-term debt of the Company
|-
| style="text-align:left" | S&P Global Ratings
| style="text-align:right" | October 3, 2025
| style="text-align:left" | A+
| style="text-align:left" | AA-
| style="text-align:left" | Positive
| style="text-align:right" | A+
| style="text-align:left" | A-1+
|-
| style="text-align:left" | Moody's Investor Service
| style="text-align:right" | October 8, 2025
| style="text-align:left" | Aa2
| style="text-align:left" | Aa2
| style="text-align:left" | Stable
| style="text-align:right" | Aa3
| style="text-align:left" | P-1
|-
| style="text-align:left" | AM Best
| style="text-align:right" | October 9, 2025
| style="text-align:left" | A+ Superior
| style="text-align:left" |
| style="text-align:left" | Stable
| style="text-align:right" | aa Superior
| style="text-align:left" |
|}
</div>
{{fn note|1=22|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}}
=== Glossary ===" |
|---|
|
| id | "chq99br5nr-c33" |
|---|
| chunk | 33 |
|---|
| pages | |
|---|
| heading | "Glossary of financial terms" |
|---|
| tags | |
|---|
| links | | "Gross written premiums" |
| "Other revenue" |
| "Underlying earnings" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Gross written premiums" |
| "Other revenue" |
| "Underlying earnings" |
|
|---|
| content | "* 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.
* [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|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 represent 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 (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.
* 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 the Group share.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|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) other long-term elements 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 ===" |
|---|
|
| id | "chq99br5nr-c34" |
|---|
| chunk | 34 |
|---|
| pages | |
|---|
| heading | "Scope of operations by geography and entity" |
|---|
| tags | |
|---|
| links | | "Underlying earnings" |
| "AXA Investment Managers" |
|
|---|
| data_items | |
|---|
| effective_tags | | "AXA Investment Managers" |
| "Underlying earnings" |
|
|---|
| content | "* France: includes insurance activities, banking activities, and holding.
* Europe: includes Switzerland (insurance activities); Germany (insurance activities and holding); Belgium and Luxembourg (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:
** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excluding bancassurance entity), China P&C, South Korea, and Asia Holdings are fully consolidated.
** Asia: 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) are consolidated under the equity method and contribute to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
** Other: AXA Mediterranean Holdings.
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]]: includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.
=== Exchange rates ===" |
|---|
|
| id | "chq99br5nr-c35" |
|---|
| chunk | 35 |
|---|
| pages | |
|---|
| heading | "Exchange rates" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|-
! style="text-align:left" | For 1 Euro
! colspan="2" style="text-align:center" | End of Period Exchange rate
! colspan="2" style="text-align:center" | Average Exchange rate
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | USD
| style="text-align:right" | 1.04
| style="text-align:right" | 1.17
| style="text-align:right" | 1.08
| style="text-align:right" | 1.13
|-
| style="text-align:left" | CHF
| style="text-align:right" | 0.94
| style="text-align:right" | 0.93
| style="text-align:right" | 0.95
| style="text-align:right" | 0.94
|-
| style="text-align:left" | GBP
| style="text-align:right" | 0.83
| style="text-align:right" | 0.87
| style="text-align:right" | 0.85
| style="text-align:right" | 0.86
|-
| style="text-align:left" | JPY
| style="text-align:right" | 163
| style="text-align:right" | 184
| style="text-align:right" | 164
| style="text-align:right" | 169
|-
| style="text-align:left" | HKD
| style="text-align:right" | 8.04
| style="text-align:right" | 9.14
| style="text-align:right" | 8.44
| style="text-align:right" | 8.82
|}
</div>
== Notes ==" |
|---|
|
| id | "chq99br5nr-c36" |
|---|
| chunk | 36 |
|---|
| pages | |
|---|
| heading | "Notes" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "{{fn note|1=1|2=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.}}
{{fn note|1=2|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).}}
{{fn note|1=3|2=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.}}
{{fn note|1=4|2=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.}}
{{fn note|1=5|2=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.}}
{{fn note|1=6|2=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.}}
{{fn note|1=7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}
{{fn note|1=8|2=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.}}
{{fn note|1=9|2=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.}}
{{fn note|1=10|2=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.}}
{{fn note|1=11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}}
{{fn note|1=12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}}
{{fn note|1=13|2=General account.}}
{{fn note|1=14|2=Including banking activities.}}
{{fn note|1=15|2=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.}}
{{fn note|1=16|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}}
{{fn note|1=17|2=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.}}
{{fn note|1=18|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}}
{{fn note|1=19|2=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.}}
{{fn note|1=20|2=Payout ratio is calculated based on underlying earnings per share.}}
{{fn note|1=21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}
{{fn note|1=22|2=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.}}
{{fn note|1=23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}
{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}" |
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| id | "chq99br5nr-c37" |
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| chunk | 37 |
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| heading | "Reporting Basis and Assumptions" |
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| content | "* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year." |
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|
| id | "chq99br5nr-c38" |
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| chunk | 38 |
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| pages | |
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| heading | "Financial Statement Approval" |
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| content | "* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, [[Definition:Year 2026|2026]].
* The financial statements are subject to completion of an audit procedure by AXA's statutory auditors.
== About the AXA group ==" |
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|
| id | "chq99br5nr-c39" |
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| chunk | 39 |
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| pages | |
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| heading | "AXA Group overview and financials" |
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| content | "* AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
* In 2025, IFRS17 revenues amounted to EUR 115.5bn.
* In 2025, IFRS17 [[Definition:Underlying earnings|underlying earnings]] amounted to EUR 8.4bn.
* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
* AXA Group is included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance.
* AXA is a signatory of the UN Principles for Responsible Investment.
* This press release and regulated information are available on the AXA Group website (axa.com)." |
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| id | "chq99br5nr-c40" |
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| chunk | 40 |
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| pages | |
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| heading | "Contact information" |
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| content | "* Investor Relations contact: +33.1.40.75.48.42; investor.relations@axa.com.
* Individual Shareholder Relations contact: +33.1.40.75.48.43.
* Media Relations contact: +33.1.40.75.46.74; ziad.gebran@axa.com; ahlem.girard@axa.com; sylwia.tulak@axa.com.
* Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments.
* SRI ratings information is available at 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 ==" |
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| id | "chq99br5nr-c41" |
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| chunk | 41 |
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| pages | |
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| heading | "Forward-looking statements and non-GAAP financial measures" |
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| tags | |
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| links | | "Underlying earnings per share" |
| "Year 2026" |
| "Underlying earnings" |
|
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| data_items | |
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| effective_tags | | "Underlying earnings" |
| "Underlying earnings per share" |
| "Year 2026" |
|
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| content | "* Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
* Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs such as “would” and “could”.
* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“UEPS”) growth for [[Definition:Year 2026|2026]] are forward-looking and provide one-off guidance for the last year of the Group’s current strategic plan.
* These statements are based on Management’s current views and intentions and are subject to change.
* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially.
* Each forward-looking statement is valid only at the date of the press release.
* For important factors, risks, and uncertainties, 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”).
* 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 position.
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.
* “[[Definition:Underlying earnings|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.
* AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements in its Activity Report as of December 31, 2025 (“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 of AXA’s 2025 Activity Report.
== Appendix 1: Gross written premiums et other revenues by geography and business line ==" |
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|
| id | "chq99br5nr-c42" |
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| chunk | 42 |
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| pages | |
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| heading | "Gross written premiums and other revenues by geography and business line" |
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| tags | |
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| links | |
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| effective_tags | |
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| content | "<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|-
! style="text-align:left" |
! colspan="4" style="text-align:center" | Gross Written Premiums and Other Revenues
! colspan="2" style="text-align:center" | o/w Property & Casualty
! colspan="2" style="text-align:center" | o/w Life & Health
! colspan="2" style="text-align:center" | o/w Asset Management
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | France{{fn ref|i}}
| style="text-align:right" | 28,996
| style="text-align:right" | 30,598
| style="text-align:right" | +6%
| style="text-align:right" | +6%
| style="text-align:right" | 9,648
| style="text-align:right" | +7%
| style="text-align:right" | 20,852
| style="text-align:right" | +5%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Europe
| style="text-align:right" | 39,298
| style="text-align:right" | 43,005
| style="text-align:right" | +9%
| style="text-align:right" | +6%
| style="text-align:right" | 21,257
| style="text-align:right" | +4%
| style="text-align:right" | 21,748
| style="text-align:right" | +8%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | AXA XL
| style="text-align:right" | 19,383
| style="text-align:right" | 19,277
| style="text-align:right" | -1%
| style="text-align:right" | +4%
| style="text-align:right" | 19,159
| style="text-align:right" | +4%
| style="text-align:right" | 118
| style="text-align:right" | -8%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| style="text-align:right" | 19,083
| style="text-align:right" | 19,925
| style="text-align:right" | +4%
| style="text-align:right" | +13%
| style="text-align:right" | 6,257
| style="text-align:right" | +13%
| style="text-align:right" | 13,668
| style="text-align:right" | +13%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Transversal
| style="text-align:right" | 1,856
| style="text-align:right" | 1,844
| style="text-align:right" | -1%
| style="text-align:right" | -1%
| style="text-align:right" | 1,718
| style="text-align:right" | -1%
| style="text-align:right" | 126
| style="text-align:right" | -8%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | AXA Investment Managers
| style="text-align:right" | 1,701
| style="text-align:right" | 875
| style="text-align:right" | -49%
| style="text-align:right" | +4%
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 875
| style="text-align:right" | +4%
|-
| style="text-align:left" | Total{{fn ref|i}}
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
| style="text-align:right" | +5%
| style="text-align:right" | +6%
| style="text-align:right" | 58,038
| style="text-align:right" | +5%
| style="text-align:right" | 56,512
| style="text-align:right" | +8%
| style="text-align:right" | 875
| style="text-align:right" | +4%
|}
</div>
{{fn note|1=i|2=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 ==" |
|---|
|
| id | "chq99br5nr-c43" |
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| chunk | 43 |
|---|
| pages | |
|---|
| heading | "Underlying earnings by geography and by business line" |
|---|
| tags | |
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| links | |
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| data_items | |
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| effective_tags | |
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| content | "<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|-
! style="text-align:left" |
! colspan="3" style="text-align:center" | Underlying earnings
! colspan="2" style="text-align:center" | o/w Property & Casualty
! colspan="2" style="text-align:center" | o/w Life & Health
! colspan="2" style="text-align:center" | o/w Asset Management
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | France
| style="text-align:right" | 2,071
| style="text-align:right" | 2,224
| style="text-align:right" | +7%
| style="text-align:right" | 1,237
| style="text-align:right" | +7%
| style="text-align:right" | 1,039
| style="text-align:right" | +8%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Europe
| style="text-align:right" | 3,187
| style="text-align:right" | 3,486
| style="text-align:right" | +9%
| style="text-align:right" | 2,216
| style="text-align:right" | +9%
| style="text-align:right" | 1,264
| style="text-align:right" | +14%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | AXA XL
| style="text-align:right" | 1,820
| style="text-align:right" | 1,893
| style="text-align:right" | +9%
| style="text-align:right" | 1,913
| style="text-align:right" | +9%
| style="text-align:right" | 12
| style="text-align:right" | -49%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| style="text-align:right" | 1,504
| style="text-align:right" | 1,493
| style="text-align:right" | +6%
| style="text-align:right" | 355
| style="text-align:right" | +24%
| style="text-align:right" | 1,165
| style="text-align:right" | 0%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Transversal
| style="text-align:right" | -907
| style="text-align:right" | -903
| style="text-align:right" | 0%
| style="text-align:right" | 151
| style="text-align:right" | -4%
| style="text-align:right" | 22
| style="text-align:right" | +16%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | AXA Investment Managers
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | -57%
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 175
| style="text-align:right" | -57%
|-
| style="text-align:left" | Total{{fn ref|i}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
| style="text-align:right" | +6%
| style="text-align:right" | 5,872
| style="text-align:right" | +9%
| style="text-align:right" | 3,501
| style="text-align:right" | +7%
| style="text-align:right" | 175
| style="text-align:right" | -57%
|}
</div>
{{fn note|1=i|2=Including underlying earnings of Holdings and Banking.}}
== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==" |
|---|
|
| id | "chq99br5nr-c44" |
|---|
| chunk | 44 |
|---|
| pages | |
|---|
| heading | "Total P&C by Commercial lines, Personal lines, and AXA XL Reinsurance" |
|---|
| tags | |
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| data_items | |
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| effective_tags | |
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| content | "<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|-
! style="text-align:left" |
! colspan="2" style="text-align:center" | Commercial lines
! colspan="4" style="text-align:center" | Personal lines
! colspan="4" style="text-align:center" | AXA XL Reinsurance
! colspan="2" style="text-align:center" | Total P&C
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | Personal Motor
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | Personal Non-Motor
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | Total Personal
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
|-
| style="text-align:left" | France
| style="text-align:right" | 5,077
| style="text-align:right" | +6%
| style="text-align:right" | 2,693
| style="text-align:right" | +9%
| style="text-align:right" | 1,877
| style="text-align:right" | +10%
| style="text-align:right" | 4,570
| style="text-align:right" | +9%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 9,648
| style="text-align:right" | +7%
|-
| style="text-align:left" | Europe
| style="text-align:right" | 9,179
| style="text-align:right" | +1%
| style="text-align:right" | 7,434
| style="text-align:right" | +6%
| style="text-align:right" | 4,644
| style="text-align:right" | +5%
| style="text-align:right" | 12,078
| style="text-align:right" | +5%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 21,257
| style="text-align:right" | +4%
|-
| style="text-align:left" | AXA XL
| style="text-align:right" | 16,604
| style="text-align:right" | +3%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 2,555
| style="text-align:right" | +8%
| style="text-align:right" | 19,159
| style="text-align:right" | +4%
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| style="text-align:right" | 3,193
| style="text-align:right" | +13%
| style="text-align:right" | 2,315
| style="text-align:right" | +14%
| style="text-align:right" | 749
| style="text-align:right" | +12%
| style="text-align:right" | 3,064
| style="text-align:right" | +14%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 6,257
| style="text-align:right" | +13%
|-
| style="text-align:left" | Transversal
| style="text-align:right" | 1,718
| style="text-align:right" | -1%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 1,718
| style="text-align:right" | -1%
|-
| style="text-align:left" | Total
| style="text-align:right" | 35,771
| style="text-align:right" | +4%
| style="text-align:right" | 12,443
| style="text-align:right" | +8%
| style="text-align:right" | 7,269
| style="text-align:right" | +7%
| style="text-align:right" | 19,712
| style="text-align:right" | +7%
| style="text-align:right" | 2,555
| style="text-align:right" | +8%
| style="text-align:right" | 58,038
| style="text-align:right" | +5%
|}
</div>
{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}" |
|---|
|
| id | "chq99br5nr-c45" |
|---|
| chunk | 45 |
|---|
| pages | |
|---|
| heading | "Interest Rates (5Y) For the Discounting of P&C Claims Reserves" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
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| content | "<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24{{fn ref|i}}
! class="col-s" style="text-align:right" | FY25{{fn ref|ii}}
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.8%
| style="text-align:right" | 2.6%
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.2%
|-
| style="text-align:left" | JPY
| style="text-align:right" | 0.4%
| style="text-align:right" | 1.0%
|-
| style="text-align:left" | GBP
| style="text-align:right" | 4.3%
| style="text-align:right" | 4.3%
|-
| style="text-align:left" | CHF
| style="text-align:right" | 0.8%
| style="text-align:right" | 0.2%
|-
| style="text-align:left" | HKD
| style="text-align:right" | 3.7%
| style="text-align:right" | 3.2%
|}
</div>
{{fn note|1=i|2=Calculated as monthly average from January 2024 to December 2024}}
{{fn note|1=ii|2=Average of monthly opening discount rates of 2025}}
== Appendix 4: Property & Casualty – price effect & 2026 market pricing trends ==" |
|---|
|
| id | "chq99br5nr-c46" |
|---|
| chunk | 46 |
|---|
| pages | |
|---|
| heading | "Price effects by country and business line" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
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| effective_tags | |
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| content | "<div style="overflow-x:auto">
{| id="t14" class="wikitable"
|-
! style="text-align:left" | FY25 (in %)
! style="text-align:right" | Commercial lines
! style="text-align:right" | Personal lines
! style="text-align:right" | AXA XL Reinsurance
! style="text-align:left" | 2026 Market pricing trends
|-
| style="text-align:left" | <strong>France</strong>
| style="text-align:right" | <strong>+4.0%</strong>
| style="text-align:right" | <strong>+3.3%</strong>
| style="text-align:right" |
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>Europe</strong>
| style="text-align:right" | <strong>+3.1%</strong>
| style="text-align:right" | <strong>+5.4%</strong>
| style="text-align:right" |
| style="text-align:left" |
|-
| style="text-align:left" | <em>Switzerland</em>
| style="text-align:right" | +3.0%
| style="text-align:right" | +5.0%
| style="text-align:right" |
| style="text-align:left" | Continued price increases both in Personal and Commercial lines
|-
| style="text-align:left" | <em>Germany</em>
| style="text-align:right" | +3.1%
| style="text-align:right" | +10.3%
| style="text-align:right" |
| style="text-align:left" | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation
|-
| style="text-align:left" | <em>Belgium & Luxembourg</em>
| style="text-align:right" | +2.5%
| style="text-align:right" | +4.4%
| style="text-align:right" |
| style="text-align:left" | Price increase broadly in line with 2025
|-
| style="text-align:left" | <em>UK & Ireland</em>
| style="text-align:right" | +1.4%
| style="text-align:right" | -2.6%
| style="text-align:right" |
| style="text-align:left" | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
|-
| style="text-align:left" | <em>Spain</em>
| style="text-align:right" | +8.8%
| style="text-align:right" | +8.6%
| style="text-align:right" |
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <em>Italy</em>
| style="text-align:right" | +5.2%
| style="text-align:right" | +5.3%
| style="text-align:right" |
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>AXA XL{{fn ref|ii}}</strong>
| style="text-align:right" | <strong>+0.2%</strong>
| style="text-align:right" |
| style="text-align:right" | <strong>+0.3%</strong>
| style="text-align:left" | Softening prices with conditions varying by lines
|-
| style="text-align:left" | <strong>Asia, Africa & EME-LATAM</strong>
| style="text-align:right" | <strong>+3.8%</strong>
| style="text-align:right" | <strong>+7.1%</strong>
| style="text-align:right" |
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>Total</strong>
| style="text-align:right" | <strong>+1.9%</strong>
| style="text-align:right" | <strong>+5.2%</strong>
| style="text-align:right" | <strong>+0.3%</strong>
| style="text-align:left" |
|}
</div>
{{fn note|1=i|2=i. Price effect calculated as a percentage of total gross written premiums in the prior year.}}
{{fn note|1=ii|2=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.}}
== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==" |
|---|
|
| id | "chq99br5nr-c47" |
|---|
| chunk | 47 |
|---|
| pages | |
|---|
| heading | "Gross written premiums & other revenues by geography and business line" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|-
! style="text-align:left" | Gross written premiums & other revenues
! colspan="2" style="text-align:center" | Total
! colspan="2" style="text-align:center" | o/w Protection
! colspan="2" style="text-align:center" | o/w G/A Savings
! colspan="2" style="text-align:center" | o/w Unit-Linked
! colspan="2" style="text-align:center" | o/w Health
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
|-
| style="text-align:left" | France
| style="text-align:right" | 20,852
| style="text-align:right" | +5%
| style="text-align:right" | 4,650
| style="text-align:right" | +6%
| style="text-align:right" | 5,483
| style="text-align:right" | +4%
| style="text-align:right" | 5,109
| style="text-align:right" | +10%
| style="text-align:right" | 5,611
| style="text-align:right" | +2%
|-
| style="text-align:left" | Europe
| style="text-align:right" | 21,748
| style="text-align:right" | +8%
| style="text-align:right" | 5,090
| style="text-align:right" | +4%
| style="text-align:right" | 4,444
| style="text-align:right" | +18%
| style="text-align:right" | 3,419
| style="text-align:right" | +10%
| style="text-align:right" | 8,795
| style="text-align:right" | +4%
|-
| style="text-align:left" | AXA XL
| style="text-align:right" | 118
| style="text-align:right" | -8%
| style="text-align:right" | 59
| style="text-align:right" | -6%
| style="text-align:right" | 59
| style="text-align:right" | -10%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| style="text-align:right" | 13,668
| style="text-align:right" | +13%
| style="text-align:right" | 7,454
| style="text-align:right" | +19%
| style="text-align:right" | 971
| style="text-align:right" | -31%
| style="text-align:right" | 761
| style="text-align:right" | +63%
| style="text-align:right" | 4,483
| style="text-align:right" | +11%
|-
| style="text-align:left" | Transversal
| style="text-align:right" | 126
| style="text-align:right" | -8%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 126
| style="text-align:right" | -8%
|-
| style="text-align:left" | Total
| style="text-align:right" | 56,512
| style="text-align:right" | +8%
| style="text-align:right" | 17,253
| style="text-align:right" | +11%
| style="text-align:right" | 10,957
| style="text-align:right" | +4%
| style="text-align:right" | 9,289
| style="text-align:right" | +13%
| style="text-align:right" | 19,014
| style="text-align:right" | +5%
|-
| style="text-align:left" | o/w short-term{{fn ref|ii}}
| style="text-align:right" | 17,651
| style="text-align:right" | +6%
| style="text-align:right" | 4,337
| style="text-align:right" | +6%
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 13,314
| style="text-align:right" | +6%
|}
</div>
{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
{{fn note|1=ii|2=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 ==" |
|---|
|
| id | "chq99br5nr-c48" |
|---|
| chunk | 48 |
|---|
| pages | |
|---|
| heading | "PVEP, NBV, and NBV margin by geography" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
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| effective_tags | |
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| content | "<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|-
! colspan="7" style="text-align:center" | Life New Business Metrics FY25
! colspan="6" style="text-align:center" | Health{{fn ref|i}} New Business Metrics FY25
! colspan="6" style="text-align:center" | Total{{fn ref|ii}} New Business Metrics FY25
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii}}
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii}}
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii}}
|-
| style="text-align:left" | France
| style="text-align:right" | 14,971
| style="text-align:right" | -4%
| style="text-align:right" | 519
| style="text-align:right" | 0%
| style="text-align:right" | 3.5%
| style="text-align:right" | +0.1 pt
| style="text-align:right" | 7,887
| style="text-align:right" | -20%
| style="text-align:right" | 177
| style="text-align:right" | +13%
| style="text-align:right" | 2.2%
| style="text-align:right" | +0.7pt
| style="text-align:right" | 22,858
| style="text-align:right" | -10%
| style="text-align:right" | 695
| style="text-align:right" | +3%
| style="text-align:right" | 3.0%
| style="text-align:right" | +0.4pts
|-
| style="text-align:left" | Europe
| style="text-align:right" | 10,102
| style="text-align:right" | +3%
| style="text-align:right" | 474
| style="text-align:right" | -11%
| style="text-align:right" | 4.7%
| style="text-align:right" | -0.7pt
| style="text-align:right" | 2,549
| style="text-align:right" | +16%
| style="text-align:right" | 104
| style="text-align:right" | +36%
| style="text-align:right" | 4.1%
| style="text-align:right" | +0.6pt
| style="text-align:right" | 12,651
| style="text-align:right" | +5%
| style="text-align:right" | 578
| style="text-align:right" | -5%
| style="text-align:right" | 4.6%
| style="text-align:right" | -0.5pts
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| style="text-align:right" | 12,029
| style="text-align:right" | +7%
| style="text-align:right" | 754
| style="text-align:right" | +5%
| style="text-align:right" | 6.3%
| style="text-align:right" | -0.1pt
| style="text-align:right" | 1,817
| style="text-align:right" | -6%
| style="text-align:right" | 205
| style="text-align:right" | -12%
| style="text-align:right" | 11.3%
| style="text-align:right" | -0.8pt
| style="text-align:right" | 13,847
| style="text-align:right" | +5%
| style="text-align:right" | 959
| style="text-align:right" | +1%
| style="text-align:right" | 6.9%
| style="text-align:right" | -0.3pts
|-
| style="text-align:left" | Total
| style="text-align:right" | 37,103
| style="text-align:right" | +1%
| style="text-align:right" | 1,747
| style="text-align:right" | -1%
| style="text-align:right" | 4.7%
| style="text-align:right" | -0.1pt
| style="text-align:right" | 12,254
| style="text-align:right" | -12%
| style="text-align:right" | 486
| style="text-align:right" | +4%
| style="text-align:right" | 4.0%
| style="text-align:right" | +0.6pt
| style="text-align:right" | 49,357
| style="text-align:right" | -2%
| style="text-align:right" | 2,233
| style="text-align:right" | 0%
| style="text-align:right" | 4.5%
| style="text-align:right" | +0.1pt
|}
</div>" |
|---|
|
| id | "chq99br5nr-c49" |
|---|
| chunk | 49 |
|---|
| pages | |
|---|
| heading | "NB CSM to NBV by Life, Health, Total" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
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| content | "<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|-
! colspan="4" style="text-align:center" | NB CSM to NBV
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health{{fn ref|i}}
! class="col-s" style="text-align:right" | Total{{fn ref|i}}
|-
| style="text-align:left" | NB CSM (pre-tax)
| style="text-align:right" | 1,822
| style="text-align:right" | 377
| style="text-align:right" | 2,199
|-
| style="text-align:left" | Other NBV (pre-tax)
| style="text-align:right" | 491
| style="text-align:right" | 266
| style="text-align:right" | 757
|-
| style="text-align:left" | Tax & Other
| style="text-align:right" | -567
| style="text-align:right" | -157
| style="text-align:right" | -724
|-
| style="text-align:left" | NBV
| style="text-align:right" | 1,747
| style="text-align:right" | 486
| style="text-align:right" | 2,233
|}
</div>
{{fn note|1=i|2=Includes Health business written predominantly in Life entities}}
{{fn note|1=ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
== Appendix 7: Life & Health – net flows ==" |
|---|
|
| id | "chq99br5nr-c50" |
|---|
| chunk | 50 |
|---|
| pages | |
|---|
| heading | "Total Life & Health net flows by business line" |
|---|
| tags | |
|---|
| links | |
|---|
| data_items | |
|---|
| effective_tags | |
|---|
| content | "<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|-
! style="text-align:left" | in Euro billion
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:left" | Health{{fn ref|i}}
| style="text-align:right" | +2.7
| style="text-align:right" | +2.7
|-
| style="text-align:left" | Protection
| style="text-align:right" | +3.2
| style="text-align:right" | +4.9
|-
| style="text-align:left" | G/A Savings
| style="text-align:right" | -3.6
| style="text-align:right" | -3.7
|-
| style="text-align:left" | <i>o/w capital light{{fn ref|ii}}</i>
| style="text-align:right" | <i>+2.2</i>
| style="text-align:right" | <i>+1.2</i>
|-
| style="text-align:left" | <i>o/w traditional G/A</i>
| style="text-align:right" | <i>-5.8</i>
| style="text-align:right" | <i>-5.0</i>
|-
| style="text-align:left" | Unit-Linked{{fn ref|iii|2=Including Investment contracts with no discretionary participation features ("DPF")}}
| style="text-align:right" | -0.8
| style="text-align:right" | +1.5
|-
| style="text-align:left" | Mutual Funds & Other
| style="text-align:right" | 0.0
| style="text-align:right" | 0.0
|-
! style="text-align:left" | Total Life & Health{{fn ref|i}} net flows
! class="col-m" style="text-align:right" | +1.5
! class="col-m" style="text-align:right" | +5.4
|}
</div>
{{fn note|1=i|2=Includes Health business written predominantly in Life entities}}
{{fn note|1=ii|2=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%}}
{{fn note|1=iii|2=Including Investment contracts with no discretionary participation features ("DPF")}}
== Appendix 8: Main transactions and next main investor events ==" |
|---|
|
| id | "chq99br5nr-c51" |
|---|
| chunk | 51 |
|---|
| pages | |
|---|
| heading | "Main transactions in 2025" |
|---|
| tags | |
|---|
| links | | "Share buyback" |
| "AXA Investment Managers" |
|
|---|
| data_items | |
|---|
| effective_tags | | "AXA Investment Managers" |
| "Capital management" |
| "Share buyback" |
|
|---|
| content | "* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement related to AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)
* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)
* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)
* Announced the execution of a share repurchase agreement related to AXA's Shareplan and certain stock-based compensation (June 2, 2025)
* Announced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas (July 1, 2025)
* Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (July 1, 2025)
* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)
* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)
* Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)
* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)
== Next main investor events ==" |
|---|
|
| id | "chq99br5nr-c52" |
|---|
| chunk | 52 |
|---|
| pages | |
|---|
| heading | "Investor event calendar" |
|---|
| tags | |
|---|
| links | | "Year 2026" |
| "Earnings release" |
|
|---|
| data_items | |
|---|
| effective_tags | | "Earnings release" |
| "Year 2026" |
|
|---|
| content | "* [[Definition:Year 2026|2026]] Shareholder’s Annual General Meeting: April 30, 2026
* First quarter 2026 Activity Indicators: May 5, 2026
* HY26 [[Definition:Earnings release|Earnings Release]]: July 31, 2026
* AXA Investor Day: September 21, 2026" |
|---|
|
|
|---|