AXA/2025/FY/Earnings presentation

Document info
Document info
Document ID	snjra2xp9r
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document category	Earnings presentation
Document name	AXA Full Year 2025 Results Presentation
Publication date	2026-02-26
Language	English
Pages	49
Source	original URL
Transcript	wiki page
Data	data page

This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).

Full Year 2025 Earnings Presentation

Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures

[c. 1; p. 2]

Forward-looking statements and non-GAAP measures

Certain statements in this document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and other non-historical information.
Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", or conditional verbs like "would" and "could".
Statements regarding expected underlying earnings per share (UEPS) growth for 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 this presentation.
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 affecting AXA’s business and/or results.
AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
This presentation 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 similarly labeled 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 and related notes 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.
AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements (and/or their calculation methodology) 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 in AXA’s 2025 Activity Report.
AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.

FY25 Highlights

[c. 3; p. 4]

Group CEO

Thomas Buberl is the Group CEO.

Full Year 2025 – Excellent performance

[c. 4; p. 5]

Financial performance and shareholder returns

Revenues: +6% vs. FY24
Underlying EPS: +8% vs. FY24
ROE: 16% in FY25
Solvency II ratio: 224% in FY25
Delivering value for shareholders via +8% DPS growth and EUR 1.25bn annual share buyback
Confident to deliver underlying EPS growth at the upper end of the 6%-8% target range for 2026

[c. 5; p. 5]

Full Year 2025 – Excellent performance

(1) Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.

(2) Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.

Executing the plan on growth, margin and efficiency

[c. 6; p. 6]

Underlying earnings (In Euro billion)

Period	Underlying earnings	Change
FY24	8.1
FY25	8.4	+6%
FY25 excluding AXA IM		+9%

[c. 7; p. 6]

Strategic priorities and performance

High organic growth: +6% top line growth, balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
Record profitability: Further margin expansion in P&C and L&H; improved efficiency
Scaling the business: Continued investments in growth and technology
Consistent earnings growth while enhancing reserve prudence

[c. 8; p. 6]

Executing the plan on growth, margin and efficiency

(1) Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.

Diversified franchise, well positioned in an attractive industry

Secular trends fueling demand across businesses

[c. 9; p. 7]

Secular trends fueling demand

Protection gaps and emerging corporate risks are driving demand.
Demographics are driving demand for private retirement and healthcare.

[c. 10; p. 7]

Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.

Business Segment	Share (%)
Life	33%
Health	17%
Large & Specialty	17%
SME & Mid-market	16%
Retail	17%

Our right to win

[c. 11; p. 7]

Competitive Advantages

Leading brand and high customer NPS
Strong and diversified distribution
Technical expertise in pricing and underwriting risks
Scale offering cost advantage

[c. 12; p. 7]

Our right to win

(1) Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.

Laying the foundation for the next plan

[c. 13; p. 8]

Strategic priorities

Clear tech and AI roadmap
Driving efficiency
Enhancing capital allocation discipline
Building resilience
Confidence in sustaining earnings growth

FY25 Business Performance

[c. 14; p. 9]

Guillaume Borie's role

Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.

Strong delivery across our businesses

[c. 15; p. 10]

Basis of reporting

Gross written premiums (GWP) and underlying earnings are reported at constant scope and FX.

[c. 16; p. 10]

Strong delivery across our businesses

	Gross written premiums	Underlying earnings
France (27% of total GWP¹)	+6% to €31bn	+7% to €2.2bn
Europe (38% of total GWP¹)	+6% to €43bn	+9% to €3.5bn
AXA XL (17% of total GWP¹)	+4% to €19bn	+9% to €1.9bn
Asia, Africa & EME-LATAM (18% of total GWP¹)	+13% to €20bn	+6% to €1.5bn

(1) FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.

P&C – Strong margins, confidence in sustaining growth

[c. 17; p. 11]

GWP and underlying earnings

GWP: EUR 58bn
GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty).
Underlying earnings: +9% to EUR 5.9bn.

2025 and Beyond 2025 Strategy

[c. 18; p. 11]

2025 and Beyond 2025 Strategy

Retail and SME & Mid-market: growing volumes while expanding margins in 2025; investing to improve customer retention and expanding distribution footprint beyond 2025.
AXA XL (Large & Specialty): profitable growth with stable margins in 2025; capitalizing on attractive growth opportunities and continued cycle management beyond 2025.

Key Drivers

[c. 19; p. 11]

Key drivers of performance

Continued progress on efficiency
Higher investment income
Data & AI to further enhance customer experience & technical excellence

[c. 20; p. 11]

Key Drivers

(1) Includes AXA XL Re premiums of €2.6bn.

(2) Change FY25 vs. FY24 at constant FX.

L&H – Good momentum, well positioned to capture growth opportunities

[c. 21; p. 12]

L&H GWP and earnings

GWP: EUR 57bn
- GWP mix includes Short-term and Long-term
Underlying earnings: +7% to EUR 3.5bn

Strategic Roadmap

[c. 22; p. 12]

Strategic Roadmap

	2025	Beyond 2025
Long-term business	Accelerating net flows in Savings at attractive margins	Capturing savings & retirement opportunity, sourcing best asset management products for our customers
Short-term business	Growing technical results while absorbing Mexico VAT impact	Capitalizing on demand for health & protection while further improving our margins

[c. 23; p. 12]

Strategic initiatives

Focus on cost reduction.
Increasing penetration of Protection riders in Savings offerings.
Leveraging AI to reduce claims leakage and improve customer outcomes in Health.

[c. 24; p. 12]

Strategic Roadmap

(1) 1. Change FY25 vs. FY24 at constant FX.

FY25 Financial Performance

[c. 25; p. 13]

Management roles

Alban de Mailly Nesle is the Group CFO.

P&C – Continued disciplined growth

[c. 26; p. 14]

P&C Gross Written Premiums

Gross Written Premiums (GWP) for P&C reached EUR 39.0bn in 2023, up from EUR 36.7bn in 2022, representing a +6% increase on a reported basis.
On a like-for-like (LFL) basis, GWP increased by +7%.
Commercial lines GWP grew by +9% LFL to EUR 26.0bn (reported: EUR 24.4bn in 2022).
Personal lines GWP increased by +3% LFL to EUR 13.0bn (reported: EUR 12.3bn in 2022).

GWP & Other Revenues

[c. 27; p. 14]

GWP & Other Revenues

in Euro billion	FY24	FY25	Change	o/w pricing¹	o/w volume²
Commercial lines		35.8	+4%	+2%	+2%
AXA XL Reinsurance		2.6	+8%	+0.3%	+7%
Retail lines		19.7	+7%	+5%	+2%
Total	56.5	58.0	+5%

[c. 28; p. 14]

Commercial lines growth drivers

Continued pricing momentum and volume growth in Mid-market and SME
Growth in lines of business with attractive margins, while maintaining focus on retention at AXA XL Insurance
Growth supported by alternative capital
Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)

[c. 29; p. 14]

GWP & Other Revenues

(1) Price effect.

(2) Includes exposure adjustments and mix & other effects.

P&C – Delivering further margin expansion while enhancing reserve prudence

Combined ratio

[c. 30; p. 15]

Combined ratio

	FY24	FY25
Undiscounted CY loss ratio (ex Nat Cat)	67.4%	67.0%
Expense ratio	25.0%	24.8%
Nat Cat	3.8%	3.4%
Prior year reserve development	-1.6%	-1.1%
Discount	-3.6%	-3.5%
Total Combined ratio	91.0%	90.6%

[c. 31; p. 15]

Undiscounted current year loss ratio drivers

Undiscounted current year loss ratio improved, excluding Natural Catastrophe (Nat Cat).
Margin expansion in Commercial lines SME & mid-market business and Personal lines reflected a favorable pricing environment.
AXA XL Insurance margins remained stable at attractive levels due to disciplined cycle management.
Expense ratio improved due to efficiency measures, while investments in growth initiatives and technology continued.
Nat Cat charges were below the normalized load.
Reliance on prior year reserve development was lower.
Reserve prudence was enhanced during a favorable year.

P&C – Earnings growth from higher underwriting and financial result

[c. 32; p. 16]

Currency notation

All figures are in EUR million.

[c. 33; p. 16]

Underlying Earnings (in Euro million)

Driver	Value
FY24	5,510
Volume growth ¹	+292
Margin improvement ¹	+189
Investment income (Financial result)	+435
Insurance finance expenses (Financial result)	-235
Tax	-169
Affiliates, FX & other	-150
FY25	5,872
Total Change at constant FX	+9%

[c. 34; p. 16]

P&C earnings drivers

Underwriting result improved due to strong volume growth and an enhanced all-year combined ratio, alongside increased reserve prudence.
Investment income increased, reflecting higher volumes and improved reinvestment yields on fixed income assets.
Unwind of discount of claims reserves was higher, consistent with guidance.
Forex impact was unfavorable, primarily due to USD depreciation against the EUR.

[c. 35; p. 16]

P&C – Earnings growth from higher underwriting and financial result

(1) Underwriting result includes expenses.

[c. 36; p. 16]

Reporting basis

Change is at constant FX.

Life & Health – Strong growth in premiums, positive net flows

[c. 37; p. 17]

Financial metrics

All financial figures are in Euro billion.

[c. 38; p. 17]

Life GWP & Other Revenues

in Euro billion	FY24	FY25	Change
Protection		17.3	+11%
Unit-linked		9.3	+13%
Capital light G/A		9.0	+7%
Traditional G/A		1.9	-7%
Total	34.5	37.5	+9%

[c. 39; p. 17]

Health GWP & Other Revenues

in Euro billion	FY24	FY25	Change
Individual		10.5	+6%
Group		8.5	+4%
Total	17.5	19.0	+5%

[c. 40; p. 17]

Employee Benefits premiums

Employee Benefits premiums: EUR 12.9bn in FY25 (+4% vs. FY24)

[c. 41; p. 17]

Net flows: €+5.4bn vs. €+1.5bn in FY24 (in Euro billion)

Protection	+4.9
Health	+2.7
Unit-Linked	+1.5
Capital light G/A	+1.2
Traditional G/A	-5.0

[c. 42; p. 17]

Reporting basis

Change at constant scope and FX.

[c. 43; p. 17]

Life & Health – Strong growth in premiums, positive net flows

(1) Including both short-term and long-term Employee Benefits GWP and other revenues.

Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

[c. 44; p. 18]

Life & Health Performance

PVEP impacted by higher interest rates on discounting despite strong growth in Life volumes
NB CSM driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
NBV broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France

[c. 45; p. 18]

PVEP

in Euro billion	FY24	FY25	Change at constant scope and FX
Protection & Health		31.4	-4%
Unit-Linked		8.5	+18%
Capital-light G/A		7.8	-10%
Traditional G/A		1.7	-10%
Total PVEP	50.9	49.4	-2%

[c. 46; p. 18]

NB CSM (pre-tax)

in Euro billion	FY24	FY25	Change at constant scope and FX
NB CSM (pre-tax)	2.2	2.2	+3%

[c. 47; p. 18]

NBV (post-tax)

in Euro billion	FY24	FY25	Change at constant scope and FX
NBV (post-tax)	2.3	2.2	stable
NBV margin	4.4%	4.5%

[c. 48; p. 18]

Reporting basis

Change at constant scope and FX.

Life & Health – Growth in new business driving Normalized CSM growth

[c. 49; p. 19]

Normalized CSM growth and variances

Normalized CSM growth was +2%.
Normalized CSM increased by +2%, reflecting better margins and new business CSM growth impacted by higher rates.
Economic variance reflected government spreads tightening and positive equity market returns.
Operating variance was driven by better margins and net flows, which were more than offset by a reduction in the duration of Group Life business in Switzerland.
FX impact was mainly from JPY and HKD depreciation.

Contractual Service Margin rollforward

[c. 50; p. 19]

Contractual Service Margin rollforward (in Euro billion)

Item	Value
FY24	33.6
New business CSM	+2.2
Underlying return on in-force	+1.3
CSM release	-3.0
Economic variance	+0.6
Operating variance	-0.3
Affiliates, FX & other	-1.4
FY25	33.0

[c. 51; p. 19]

CSM breakdown by segment (in Euro billion)

Segment	FY24	FY25
o/w Life	25.8	25.4
o/w Health	7.7	7.6

[c. 52; p. 19]

Constant scope and FX definition

Change at constant scope and FX refers to adjustments made for changes in the company's perimeter and foreign exchange rates.

Life & Health – Strong momentum in both short-term and long-term business

[c. 53; p. 20]

Underlying Earnings (in Euro million)

Component	FY24	Bridge	FY25
Short-term technical margin	415	+60	479
Long-term result incl. CSM release	2,680	+156	2,804
Financial result	975	-11	946
Tax & others / Tax, FX and others	-748	-27	-728
Total Underlying Earnings	3,323	+7%^*(footnote: Change at constant FX.)	3,501

[c. 54; p. 20]

Additional Metrics (in billions)

Metric	FY24	FY25	Change vs. FY24^*(footnote: Change at constant FX.)
o/w Life	2.6	2.7	+4%
o/w Health	0.7	0.8	+17%

[c. 55; p. 20]

Short-term and long-term business results

Strong short-term technical margin reflected underwriting and claims initiatives, which more than offset the impact of legislative change on the recoverability of value added tax in Mexico (-EUR 0.1bn).
Higher long-term results from an 8% increase in CSM release, reflecting growth in the reserve base, including from favorable equity market performance, and better margins.

[c. 56; p. 20]

Life & Health – Strong momentum in both short-term and long-term business

(*) Change at constant FX.

Growth in net income reflecting higher earnings & the gain from the sale of AXA IM

[c. 57; p. 21]

Underlying earnings & Net income by segment

	FY24	FY25	Change
Property & Casualty	5.5	5.9	+9%
Life & Health	3.3	3.5	+7%
Asset Management	0.4	0.2	-57%
Holdings & other	-1.2	-1.2	-
Underlying earnings	8.1	8.4	+6%
Non-financial flows	-0.5	+2.1
o/w capital gains from AXA IM disposal	-	+2.2
Financial flows (incl. RCG)	+0.3	-0.7
Net income	7.9	9.8	+26%

Underlying earnings per share

[c. 58; p. 21]

In Euro

	FY24	FY25	Change
Underlying earnings per share	3.59	3.86	+8%

[c. 59; p. 21]

Earnings growth drivers

Underlying earnings per share growth drivers: +6% from earnings growth; +3% from capital management; -2% from forex
Forex impact includes -1% from temporary earnings dilution due to the timing of the anti-dilutive share buyback related to the AXA IM sale.

[c. 60; p. 21]

Underlying earnings and net income performance

Underlying earnings showed strong performance from insurance businesses.
Holding cost was stable and is expected to remain at the current level in 2026.
Net Income was higher, mainly reflecting higher underlying earnings and the gain from the sale of AXA IM.
Lower financial flows reflected an unfavorable forex impact.
Change for underlying earnings and net income is at constant FX.
Change for underlying earnings per share is on a reported basis.

Shareholders’ Equity

[c. 61; p. 22]

Shareholders' equity

Shareholders' Equity is presented in EUR billion.

[c. 62; p. 22]

Shareholders’ equity

	FY24	HY25	FY25
Total Shareholders' equity	49.9	45.5	47.2
SHE (excl. OCI)	58.0	52.7	54.0
Net OCI	-8.1	-7.2	-6.8
SHE (excl. OCI & undated subordinated debt)	53.2	47.0	49.4
Debt gearing	20.6%	23.4%	22.3%
Underlying ROE	15.2%	17.5%	16.0%

[c. 63; p. 22]

Shareholders’ Equity

	FY24 to FY25	HY25 to FY25
Opening Shareholders' equity	49.9	45.5
Change in Net OCI	1.3	0.4
Net income for the period	9.8	5.9
Dividend	-4.6	-
Annual share buyback	-1.2	-
Anti-dilutive share buyback following the sale of AXA IM	-3.5	-3.5
Undated subordinated debt (including interest charges)	-0.3	-1.2
Forex	-3.5	-0.1
Other	-0.6	0.3
Closing Shareholders' equity	47.2	47.2

(1) Shareholders’ equity Group share.

Higher organic cash remittance and robust cash position at Holding

[c. 64; p. 23]

Currency notation

All figures are in EUR billion.

Net Cash Remittance

[c. 65; p. 23]

Net Cash Remittance

in Euro billion	FY24	FY25
Proceeds related to in-force treaties²	0.6
Ordinary cash remittance	7.1	7.5
Total Net Cash Remittance	7.7	7.5
Remittance ratio¹	82%	82%

[c. 66; p. 23]

Cash position bridge (in Euro billion)

FY25 Cash position	5.6
FY24 Cash position	4.0
Net cash remittance from subsidiaries	+7.5
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive share buyback following the sale of AXA IM	-3.5
Holding costs and interest expenses	-1.3
Change in net debt	+1.6
M&A and other	+3.1

(1) Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.

(2) €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.

Solvency II at 224%

[c. 67; p. 24]

Solvency II ratio

Solvency II ratio was 224% as of December 31, 2023.
The ratio was 215% as of September 30, 2023.
The ratio was 212% as of December 31, 2022.
The Solvency II ratio increased by 9pts from September 30, 2023, and by 12pts from December 31, 2022.
The Solvency II ratio was 200% at the lower end of the target operating range.
The Solvency II ratio was 230% at the upper end of the target operating range.
The Solvency II ratio was 224% at December 31, 2023, above the target operating range of 200%-230%.
The Solvency II ratio was 215% at September 30, 2023, within the target operating range of 200%-230%.
The Solvency II ratio was 212% at December 31, 2022, within the target operating range of 200%-230%.

[c. 68; p. 24]

Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio waterfall from FY24 to FY25

	FY24	Regulatory & model changes	Normalized capital generation	Operating variance	Economic variance & FX	Dividend & annual share buyback	Management actions, debt & other	FY25
Eligible Own Funds (EOF)	55.9	+0.2	+8.8	-0.4	-2.1	-6.0	-0.1	56.4
Solvency II ratio	216%	+0pt	+28pts	-1pt	+4pts	-24pts	+2pts	224%
Solvency Capital Requirement (SCR)	25.9	0.0	+0.6	0.0	-1.2	0.0	-0.2	25.2

[c. 69; p. 24]

Solvency II ratio components

Foreseeable dividends: EUR -4.8bn
Provision for annual share buyback for 2026: EUR -1.25bn

Key sensitivities

[c. 70; p. 24]

Key sensitivities

Ratio as of December 31, 2025	224%
Interest rate +50bps	+2 pts
Interest rate -50bps	-1 pt
Corporate spreads +50bps	-1 pt
Euro Sovereign spreads +50bps¹	-7 pts
Credit migration²	-4 pts
Listed Equity (excl. PE & Infra) +25%	-1 pt
Listed Equity (excl. PE & Infra) -25%	+2 pts
PE & Infra +25%	+14 pts
PE & Infra -25%	-19 pts
Inflation swap curve +50bps	-5 pts

(1) 1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).

(2) 2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).

Solvency II – impact of the end of grandfathering period and Solvency II revision

[c. 71; p. 25]

Solvency II Ratio Impacts

Metric / Event	Impact / Ratio
Ratio as of 31/12/2025	224%
Impact of the end of grandfathering period on January 1, 2026	-10pts to 215%
Impact of Solvency II revision to come into effect in 1Q27	+17pts¹

[c. 72; p. 25]

Solvency II capital impacts

EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, 2026.
No change is expected in organic capital generation.
Additional capital flexibility is anticipated.

[c. 73; p. 25]

Solvency II – impact of the end of grandfathering period and Solvency II revision

(1) Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.

Conclusion

[c. 74; p. 26]

Conclusion

Theme: Group CEO [

Conclusion

[c. 75; p. 27]

Business performance and outlook

Record results were achieved at the top end of the target range, while enhancing reserve prudence.
All businesses are in excellent shape, delivering strong growth and profitability.
The diversified franchise is well-positioned to capture future growth opportunities.
Foundations are being laid for the next plan, with confidence in delivering sustainable earnings growth.

Q&A

[c. 76; p. 28]

Full Year 2025 Earnings

Full Year 2025 Earnings

AXA Investor Relations – Keep in touch

Meet our management

[c. 77; p. 29]

Investor calendar

March: Roadshows in Europe and US
May 5: 1Q25 Activity Indicators in Paris
June 2: BNP Paribas Exane CEO Conference in Paris
June 2-4: Goldman Sachs European Financials Conference in Zurich
July 31: HY26 Earnings Release in Paris
September 21: AXA Investor Day in London

Contact us

[c. 78; p. 29]

Investor relations contact information

Investor Relations contact number: +33 1 40 75 48 42
Investor Relations email: investor.relations@axa.com

Follow us www.axa.com

[c. 79; p. 29]

social media links

YouTube
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Twitter
LinkedIn
AXA logo icon

Appendices

Gross financial debt and maturity breakdown as of December 31st, 2025

[c. 81; p. 32]

Gross financial debt and maturity breakdown

Gross financial debt and maturity breakdown is presented in EUR billion.

Gross financial debt

[c. 82; p. 32]

Debt gearing and gross financial debt

Debt gearing: 20.6% (FY24); 22.3% (FY25)
Gross financial debt (EUR bn):
- FY24: Tier 1 EUR 4.8bn; Tier 2 EUR 10.8bn; Senior debt EUR 3.5bn; Total EUR 19.2bn
- FY25: Tier 1 EUR 4.6bn; Tier 2 EUR 12.2bn; Senior debt EUR 3.5bn; Total EUR 20.3bn
- Jan 1st 2026: Tier 1 EUR 3.2bn; Tier 2 EUR 11.3bn; Senior debt EUR 5.8bn; Total EUR 20.3bn
EUR 0.4bn of Tier 2 debt redeemed in January 2026
End of the grandfathering period

Contractual maturity breakdown

[c. 83; p. 32]

Contractual maturity breakdown

	2025	2026	2027	2028	2029	2030	2031-2039	≥2040	Undated
Senior debt	0.5	-	-	0.5	-	0.9	1.5	-	0.7
Tier 2	-	-	-	-	-	0.7	-	10.8	4.6
Tier 1	-	-	-	-	-	-	-	-	-

o/w Grandfathered debt

o/w Grandfathered debt
	2025	2026	2027	2028	2029	2030	2031-2039	≥2040	Undated
Tier 1	-	-	-	-	-	-	-	-	1.4
Tier 2	-	-	-	-	-	0.7	-	0.2	-

Economic maturity breakdown

[c. 84; p. 32]

Economic maturity breakdown

	2025	2026	2027	2028	2029	2030	2031-2039	≥2040	Undated
Senior debt	-	-	-	0.5	-	0.9	1.5	0.5	-
Tier 2	-	-	2.4	-	2.0	0.7	6.4	-	0.7
Tier 1	0.1	-	-	0.1	-	-	0.4	-	4.0

o/w Grandfathered debt

o/w Grandfathered debt
	2025	2026	2027	2028	2029	2030	2031-2039	≥2040	Undated
Tier 1	-	0.1	-	0.1	-	-	0.4	-	0.8
Tier 2	-	-	-	-	-	0.7	0.2	-	-

(1) Nominal debt.

(2) In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.

(3) Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.

General Account Invested Assets

[c. 85; p. 33]

General Account invested assets

FY25 Total General Account invested assets
Duration gap at -0.4 year

[c. 86; p. 33]

FY25 Total General Account invested assets (Euro 450 billion)

Invested assets (100%) In Euro billion	FY25	%
Fixed income	345	77%
o/w Government bonds	167	37%
o/w Corporate bonds and loans	121	27%
o/w Other fixed income ¹	56	13%
Real estate	41	9%
Infrastructure equity	10	2%
Listed equities ²	10	2%
Private equity and hedge funds ³	23	5%
Cash	19	4%
Policy loans	2	0%
Total Insurance Invested Assets ⁴	450	100%

(1) Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).

(2) Includes hedges. Listed equities excluding hedges at Euro 14 billion.

(3) Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).

(4) Please refer to the financial supplement for more details.

Structured and Private Credit assets

[c. 87; p. 34]

Invested assets (100%) In Euro billion

	FY25	% of total G/A¹ portfolio	Comments
Residential Mortgages	16	4%

€6bn Dutch mortgages, NHG guaranteed
€10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)

CLO & ABS 25 6% - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA) Infrastructure debt 8 2% - Skewed towards resilient industries (Telecom, Utilities, Transport) CRE debt 8 2% - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV Mid-Market lending 10 2%

Strong diversification with €8m average ticket
Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation

Other 2 0% Total Structured and Private Credit Assets 69 15% o/w 54% participating

(1) G/A: General Account

Investment portfolio – Fixed Income reinvestment

FY25 Fixed Income Reinvestment

[c. 88; p. 35]

FY25 Fixed Income Reinvestment (Total: Euro 57 billion)

Government bonds & related (32%) – Average rating: AA
Investment grade credit (40%)- Average rating: A
ABS/CLO/IG fund financing (21%)
Below investment grade credit (7%)

FY25 Fixed Income Reinvestment Yield

[c. 89; p. 35]

FY25 Fixed Income Reinvestment Yield

Category	Yield
Public fixed income¹	3.5%
Private & Structured fixed income²	4.7%
Total fixed income	3.9%

[c. 90; p. 35]

Fixed income investment

EUR 57bn fixed income invested at 3.9%
Average duration of 9 years
Includes EUR 19.7bn of Private & Structured Credit invested at 4.7%
- Private & Structured Credit includes CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY
Gradual shift from alternative total return assets to Private & Structured credit

[c. 91; p. 35]

FY25 Fixed Income Reinvestment Yield

(1) Government and Corporate bonds and related.

(2) Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).

AXA XL Insurance – Large Commercial & Specialty business

[c. 93; p. 37]

Business diversification

Business is well diversified across lines of business and geographies.

[c. 94; p. 37]

$19bn FY25 GWP by line of business

Line of business	Share (%)
Casualty	35%
Property	29%
Specialty	19%
Professional lines¹	17%

[c. 95; p. 37]

$19bn FY25 GWP by geography

Geography	Share (%)
Americas	46%
Europe & APAC	35%
UK & Lloyds	19%

[c. 96; p. 37]

Market positions and profitability management

AXA XL Insurance holds leading market positions across its lines.
AXA XL Insurance is a Top 3 global player in Multinational Programs, Marine, and Fine Art & Specie.
The company manages the cycle to deliver consistent profitability.
Profitability versus ex-price growth (%) is analyzed by line, including Professional lines, Casualty, Specialty, and Property.
A chart indicates a positive correlation between ex-price growth and profitability for these lines.

[c. 97; p. 37]

AXA XL Insurance – Large Commercial & Specialty business

(1) Including Cyber

(2) Source: McKinsey

(3) Source: Aon, Guy Carpenter, and Global Market Insights

(4) Source: Industry Research Biz (January 2026)

P&C – Focus on Reserves

Claims reserves ratio

[c. 98; p. 38]

Claims reserves ratio definition

Claims reserves ratio is defined as Net undiscounted claims reserves divided by Net earned premiums.

[c. 99; p. 38]

Claims reserves ratio

IFRS4					IFRS17
FY18	FY19	FY20	FY21	FY22	FY22	FY23	FY24	FY25
179%	185%	193%	188%	189%	198%	195%	180%	175%

Technical reserves ratio

[c. 100; p. 38]

Net undiscounted technical reserves ratio

Net undiscounted technical reserves are presented as a ratio to Net earned premiums.

[c. 101; p. 38]

Technical reserves ratio

IFRS4					IFRS17
FY18	FY19	FY20	FY21	FY22	FY22	FY23	FY24	FY25
213%	227%	233%	226%	227%	234%	232%	216%	210%

(1) Includes net undiscounted claims reserves and unearned premium reserves.

P&C – 2026 Simplified Group Nat Cat Reinsurance Program

[c. 102; p. 39]

Currency basis

All figures are in EUR.

[c. 103; p. 39]

Insurance segment (occurrence protection)

Peril	Capacity	Retention
EU Windstorm	4.0bn	600m
Europe Flood	2.1bn	450m
Europe Earthquake	2.1bn	400m
NA Hurricane	1.2bn	600m²
NA Earthquake	1.2bn	600m²
Per other perils³		400m

[c. 104; p. 39]

2026 Simplified Group Nat Cat Reinsurance Program

Reinsurance segment is illustrative.
Includes Alternative Capital & Cat Bonds.
Stable retention levels maintained in 2026 as in 2025.

[c. 105; p. 39]

P&C – 2026 Simplified Group Nat Cat Reinsurance Program

(1) Excludes local reinsurance covers;

(2) Varying retention between MX and NA (400m MX, 600m NA);

(3) Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.

P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026

[c. 106; p. 40]

Nat Cat cost scenarios

Nat Cat cost scenarios are presented in EUR billion, net of reinsurance.

Group underlying earnings deviation to average Nat Cat charges in 2026

[c. 107; p. 40]

Nat Cat charges deviation

Net of reinsurance, post-tax.
More severe years show negative deviation in approximately 40% of cases.
Less severe years show positive deviation in approximately 60% of cases.

[c. 108; p. 40]

Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax)

Probability (Percentile)	Earnings Deviation
1/20y (95th)	€-1.2bn
1/10y (90th)	€-0.8bn
1/5y (80th)	€-0.4bn
Median (50th)	€+0.1bn
1/5y (20th)	€+0.5bn
1/10y (10th)	€+0.7bn
1/20y (5th)	€+0.8bn

Average Expected Nat Cat charges

[c. 109; p. 40]

Average expected natural catastrophe charges

Average expected natural catastrophe charges are net of reinsurance and pre-tax.

[c. 110; p. 40]

Average Expected Nat Cat charges (net of reinsurance, pre-tax)

	2025	2026
Average Expected Nat Cat charges (in Euro billion)	2.6	2.7
Estimated impact on GEP	ca. 4.5%	ca. 4.5%

(1) 1. Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).

P&C – Margin Analysis

Technical Result

[c. 112; p. 42]

In Euro million (pre-tax)

	FY25	Change
Current Accident Year Undiscounted Technical Margin	2,778	+707
Gross Earned Premiums	57,656	+6%
Current Accident Year Undiscounted Combined Ratio	95.2%	-1.0pt
o/w Nat Cats	3.4%	-0.4pt
Current Accident Year Discounting	2,009	+115
Discounting Ratio (in Combined Ratio points)	-3.5%	+0.0pt
Current Accident Year Net Claims reserves	€19.0bn
Duration	4.0 years
Current Accident Year Discount rate	2.8%
Prior Years' Reserve Development (PYD)	622	-341
PYD ratio	-1.1%	+0.7pt

Financial Result

[c. 113; p. 42]

In Euro million (pre-tax)

	FY25	Change
Investment Income	3,988	+435
FY25 Average Assets	€115bn
Asset book yield	3.5%
FY25 Reinvestment yield¹	4.3%
Insurance Finance Expenses	-1,358	-235
FY24 Reserves at locked-in rate	€71bn
Liability book yield	1.9%

[c. 114; p. 42]

Financial Result

	FY25	Change
Underlying Earnings before tax	8,040	+681
Tax	-2,060	-169
Affiliates, Minority interests & Other	-108	-10
Underlying Earnings	5,872	+501
Growth vs. FY24 (at constant FX)		+9%

[c. 115; p. 42]

Discount rate sensitivity

FY25 sensitivity to Current Accident Year discount rate changes: +25bps results in +EUR 0.2bn; -25bps results in -EUR 0.2bn.
2026e Insurance Finance Expenses (pre-tax): ~EUR -1.4bn.
Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount: +25bps results in ~EUR -50m; -25bps results in ~EUR +50m.
Changes are versus FY24 at constant FX.

L&H – Margin Analysis

[c. 116; p. 43]

Scope impact

Includes scope impact.

Technical Result

[c. 117; p. 43]

In Euro million, pre-tax

	FY25	Change
Short-term Technical Margin	479	+60
Gross Earned Premiums	17,416	+10%
All Year Combined Ratio	97.2%	-0.1pts
Long-term Technical Margin	2,804	+156
CSM release	2,954	+215
Technical experience	-150	-58

[c. 118; p. 43]

Laya recapture

Includes recapture of Laya.

Financial Result

[c. 119; p. 43]

In Euro million, pre-tax

	FY25	Change
Investment Income (non-VFA only)	2,484	-1
FY25 Average Assets	€98bn
Asset book yield	2.5%
FY25 Reinvestment yield¹	3.8%
Insurance Finance Expenses (non-VFA only)	-1,538	-9
FY24 Reserves at locked-in rate	€62bn
Liability book yield	2.5%

[c. 120; p. 43]

Financial Result

	FY25	Change
Underlying Earnings before tax	4,229	+205
Tax	-800	65
Affiliates, Minority interests & Other	72	-51
Underlying Earnings	3,501	+219
Growth vs. FY24 (at constant FX)		+7%

Life & Health FY25 CSM Key Sensitivities

[c. 121; p. 43]

(in Euro billion)

Baseline	33.3
Interest rates +50bps	-0.8
Interest rates -50bps	0.6
Sovereign spreads +50bps	-1.9
Sovereign spreads -50bps	1.9
Corporate spread +50bps	-0.8
Corporate spread -50bps	0.7
Equities +25%	1.8
Equities -25%	-2.2

(1) Reinvestment yield on fixed income assets.

Expanding AXA’s role in society: AXA for Progress Index

As a GLOBAL INVESTOR

[c. 123; p. 45]

As a GLOBAL INVESTOR

Target	2025 Result
€5bn² in climate transition financing per year	€6.4bn
>€500m² in community resilience financing per year	€1.4bn

As a GLOBAL INSURER

[c. 124; p. 45]

As a GLOBAL INSURER

Target	2025 Result
€6bn³ in P&C GWP to support transition underwriting (cumulative 2024-2026)	€4.6bn
>20,000⁴ climate adaptation solutions & services (cumulative 2024-2026) Target revised in 2025	19,698 Cumulative 2024-2025
>20m⁵(footnote: Low-income to mass market segments in emerging markets and modest income segments in mature markets.) inclusive insurance customers by 2026	20.6m

As a COMPANY

[c. 125; p. 45]

As a COMPANY

Target	2025 Result
>80,000⁶(footnote: Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.) AXA Group employees trained on climate adaptation by 2026	46,420
Contribute to Net-Zero -50%⁷(footnote: Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.) by 2030 in absolute carbon emissions and offset of residual emissions⁸(footnote: Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).)	-64% Reduction against 2019
50% Percentage of AXA Group employees engaged in volunteering activities by 2026	56%

(1) AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.

(2) Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.

(3) Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.

(4) Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.

(5) Low-income to mass market segments in emerging markets and modest income segments in mature markets.

(6) Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.

(7) Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.

(8) Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).

Sustainability Performance & Ratings

[c. 126; p. 46]

ESG ratings

S&P Global: 97th percentile in Dow Jones Best-in-Class Europe & World indices for 2025.
MSCI: AAA score for 2025.
CDP: B score for 2025.
Morningstar Sustainalytics: ESG Risk Rating of 17.0 (Low risk) for 2025.
FTSE Russell (an LSEG Business): 4.3/5 score in FTSE4Good Index Series for 2025.

[c. 127; p. 46]

Sustainability Performance & Ratings

(1) The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.

Scope

[c. 128; p. 47]

Scope definitions

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 holdings), 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:
- Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings (fully consolidated).
- Asia (equity method): 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, contributing only to NBV, PVEP, underlying earnings, and net income.
- Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) (fully consolidated).
- EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated).
- EME-LATAM (equity method): Russia (Reso) (insurance activities), contributing only to net income.
- AXA Mediterranean Holdings.
Transversal & Other includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings.
AXA Investment Managers (until July 1, 2025) includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method).
All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023, unless otherwise specified.
Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.

Glossary

[c. 129; p. 48]

Glossary of financial terms

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 asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders
CSM release: a 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: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force
Financial result: consists of investment income on assets backing BBA and 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 (GWP & Other Revenues): represent the 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 Value (NBV): the value of newly issued contracts during the current year
- It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (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 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 margin (NBV margin): 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 versus 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
- Operating variance is 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
- PVEP is discounted at the reference interest rate and PVEP is Group share
Technical experience: consists of the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of 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: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance

Thank you

[c. 130; p. 49]

Full Year 2025 Earnings

Full Year 2025 Earnings

AXA/2025/FY/Earnings presentation

Full Year 2025 Earnings Presentation

Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures

Forward-looking statements and non-GAAP measures

Contents

FY25 presentation agenda

FY25 Highlights

Group CEO

Full Year 2025 – Excellent performance

Financial performance and shareholder returns

Full Year 2025 – Excellent performance

Executing the plan on growth, margin and efficiency

Underlying earnings (In Euro billion)

Strategic priorities and performance

Executing the plan on growth, margin and efficiency

Diversified franchise, well positioned in an attractive industry

Secular trends fueling demand across businesses

Secular trends fueling demand

Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.

Our right to win

Competitive Advantages

Our right to win

Laying the foundation for the next plan

Strategic priorities

FY25 Business Performance

Guillaume Borie's role

Strong delivery across our businesses

Basis of reporting

Strong delivery across our businesses

P&C – Strong margins, confidence in sustaining growth

GWP and underlying earnings

2025 and Beyond 2025 Strategy

2025 and Beyond 2025 Strategy

Key Drivers

Key drivers of performance

Key Drivers

L&H – Good momentum, well positioned to capture growth opportunities

L&H GWP and earnings

Strategic Roadmap

Strategic Roadmap

Strategic initiatives

Strategic Roadmap

FY25 Financial Performance

Management roles

P&C – Continued disciplined growth

P&C Gross Written Premiums

GWP & Other Revenues

GWP & Other Revenues

Commercial lines growth drivers

GWP & Other Revenues

P&C – Delivering further margin expansion while enhancing reserve prudence

Combined ratio

Combined ratio

Undiscounted current year loss ratio drivers

P&C – Earnings growth from higher underwriting and financial result

Currency notation

Underlying Earnings (in Euro million)

P&C earnings drivers

P&C – Earnings growth from higher underwriting and financial result

Reporting basis

Life & Health – Strong growth in premiums, positive net flows

Financial metrics

Life GWP & Other Revenues

Health GWP & Other Revenues

Employee Benefits premiums

Net flows: €+5.4bn vs. €+1.5bn in FY24 (in Euro billion)

Reporting basis

Life & Health – Strong growth in premiums, positive net flows

Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

Life & Health Performance

PVEP

NB CSM (pre-tax)

NBV (post-tax)

Reporting basis

Life & Health – Growth in new business driving Normalized CSM growth

Normalized CSM growth and variances

Contractual Service Margin rollforward

Contractual Service Margin rollforward (in Euro billion)

CSM breakdown by segment (in Euro billion)

Constant scope and FX definition