Insurer Brain

Data:AXA/2025/FY/Earnings presentation.json

Revision as of 23:02, 22 July 2026 by Wikilah admin (talk | contribs) (Section records derived from the published summary page (130 sections))
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id"snjra2xp9r-c1"
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heading"Forward-looking statements and non-GAAP measures"
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"Underlying earnings per share"
"Year 2026"
"Underlying earnings"
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"Underlying earnings"
"Underlying earnings per share"
"Year 2026"
content"* 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 [[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 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. * "[[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 (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. === Contents ==="
id"snjra2xp9r-c2"
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heading"FY25 presentation agenda"
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"Full year 2025"
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"Full year 2025"
content"* [[Definition:Full year 2025|FY25]] Highlights are on p.04. * Thomas Buberl, Group CEO, will present. * FY25 Business Performance is on p.09. * Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, will present. * FY25 Financial Performance is on p.13. * Alban de Mailly Nesle, Group CFO, will present. == FY25 Highlights =="
id"snjra2xp9r-c3"
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heading"Group CEO"
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content"* Thomas Buberl is the Group CEO. === Full Year 2025 – Excellent performance ==="
id"snjra2xp9r-c4"
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heading"Financial performance and shareholder returns"
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"Full year 2024"
"Underlying earnings per share"
"Full year 2025"
"Share buyback"
"Target range"
"Year 2026"
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"Capital management"
"Full year 2024"
"Full year 2025"
"Share buyback"
"Target range"
"Underlying earnings per share"
"Year 2026"
content"* Revenues: +6% vs. [[Definition:Full year 2024|FY24]] * [[Definition:Underlying earnings per share|Underlying EPS]]: +8% vs. FY24 * ROE: 16% in [[Definition:Full year 2025|FY25]] * Solvency II ratio: 224% in FY25 * Delivering value for shareholders via +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]] * Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]"
id"snjra2xp9r-c5"
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heading"Full Year 2025 – Excellent performance"
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content"{{fn note|1=1|2=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.}} {{fn note|1=2|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 ==="
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heading"Underlying earnings (In Euro billion)"
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content"<div style="overflow-x:auto"> {| id="t1" class="wikitable fintable" |- ! style="text-align:left" | Period ! class="col-s" style="text-align:right" | Underlying earnings ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | FY24 | style="text-align:right" | 8.1 | style="text-align:right" | |- | style="text-align:left" | FY25 | style="text-align:right" | 8.4 | style="text-align:right" | +6% |- | style="text-align:left" | FY25 excluding AXA IM | style="text-align:right" | | style="text-align:right" | +9% |} </div>"
id"snjra2xp9r-c7"
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heading"Strategic priorities and performance"
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content"* 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"
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heading"Executing the plan on growth, margin and efficiency"
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content"{{fn note|1=1|2=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 ===="
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heading"Secular trends fueling demand"
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content"* Protection gaps and emerging corporate risks are driving demand. * Demographics are driving demand for private retirement and healthcare."
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heading"Pie chart represents FY25 gross written premium split excluding AXA IM and holdings."
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content"<div style="overflow-x:auto"> {| id="t2" class="wikitable fintable" |- ! style="text-align:left" | Business Segment ! class="col-s" style="text-align:right" | Share (%) |- | style="text-align:left" | Life | style="text-align:right" | 33% |- | style="text-align:left" | Health | style="text-align:right" | 17% |- | style="text-align:left" | Large &amp; Specialty | style="text-align:right" | 17% |- | style="text-align:left" | SME &amp; Mid-market | style="text-align:right" | 16% |- | style="text-align:left" | Retail | style="text-align:right" | 17% |} </div> ==== Our right to win ===="
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heading"Competitive Advantages"
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content"* Leading brand and high customer NPS * Strong and diversified distribution * Technical expertise in pricing and underwriting risks * Scale offering cost advantage"
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heading"Our right to win"
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content"{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}} === Laying the foundation for the next plan ==="
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heading"Strategic priorities"
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content"* Clear tech and AI roadmap * Driving efficiency * Enhancing capital allocation discipline * Building resilience * Confidence in sustaining earnings growth == FY25 Business Performance =="
id"snjra2xp9r-c14"
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heading"Guillaume Borie's role"
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content"* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology. === Strong delivery across our businesses ==="
id"snjra2xp9r-c15"
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heading"Basis of reporting"
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"Gross written premiums"
"Underlying earnings"
"Foreign exchange"
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content"* [[Definition:Gross written premiums|Gross written premiums]] (GWP) and [[Definition:Underlying earnings|underlying earnings]] are reported at constant scope and [[Definition:Foreign exchange|FX]]."
id"snjra2xp9r-c16"
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heading"Strong delivery across our businesses"
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content"<div style="overflow-x:auto"> {| id="t3" class="wikitable" |- ! style="text-align:left" | ! style="text-align:right" | Gross written premiums ! style="text-align:right" | Underlying earnings |- | style="text-align:left" | France (27% of total GWP{{fn ref|1}}) | style="text-align:right" | +6% to €31bn | style="text-align:right" | +7% to €2.2bn |- | style="text-align:left" | Europe (38% of total GWP{{fn ref|1}}) | style="text-align:right" | +6% to €43bn | style="text-align:right" | +9% to €3.5bn |- | style="text-align:left" | AXA XL (17% of total GWP{{fn ref|1}}) | style="text-align:right" | +4% to €19bn | style="text-align:right" | +9% to €1.9bn |- | style="text-align:left" | Asia, Africa &amp; EME-LATAM (18% of total GWP{{fn ref|1}}) | style="text-align:right" | +13% to €20bn | style="text-align:right" | +6% to €1.5bn |} </div> {{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}} === P&C – Strong margins, confidence in sustaining growth ==="
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heading"GWP and underlying earnings"
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"Gross written premiums"
"Underlying earnings"
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content"* [[Definition:Gross written premiums|GWP]]: EUR 58bn * GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty). * [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn. ==== 2025 and Beyond 2025 Strategy ===="
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heading"2025 and Beyond 2025 Strategy"
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content"* 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 ===="
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heading"Key drivers of performance"
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content"* Continued progress on efficiency * Higher investment income * Data & AI to further enhance customer experience & technical excellence"
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heading"Key Drivers"
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content"{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}} {{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}} === L&H – Good momentum, well positioned to capture growth opportunities ==="
id"snjra2xp9r-c21"
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heading"L&H GWP and earnings"
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"Gross written premiums"
"Underlying earnings"
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content"* [[Definition:Gross written premiums|GWP]]: EUR 57bn ** GWP mix includes Short-term and Long-term * [[Definition:Underlying earnings|Underlying earnings]]: +7% to EUR 3.5bn ==== Strategic Roadmap ===="
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heading"Strategic Roadmap"
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content"<div style="overflow-x:auto"> {| id="t4" class="wikitable" |- ! style="text-align:left" | ! style="text-align:left" | 2025 ! style="text-align:left" | Beyond 2025 |- | style="text-align:left" | Long-term business | style="text-align:left" | Accelerating net flows in Savings at attractive margins | style="text-align:left" | Capturing savings &amp; retirement opportunity, sourcing best asset management products for our customers |- | style="text-align:left" | Short-term business | style="text-align:left" | Growing technical results while absorbing Mexico VAT impact | style="text-align:left" | Capitalizing on demand for health &amp; protection while further improving our margins |} </div>"
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heading"Strategic initiatives"
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content"* Focus on cost reduction. * Increasing penetration of Protection riders in Savings offerings. * Leveraging AI to reduce claims leakage and improve customer outcomes in Health."
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heading"Strategic Roadmap"
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content"{{fn note|1=1|2=1. Change FY25 vs. FY24 at constant FX.}} == FY25 Financial Performance =="
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heading"Management roles"
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content"* Alban de Mailly Nesle is the Group CFO. === P&C – Continued disciplined growth ==="
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heading"P&C Gross Written Premiums"
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"Gross written premiums"
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content"* [[Definition: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 ===="
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heading"GWP &amp; Other Revenues"
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content"<div style="overflow-x:auto"> {| id="t5" 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 ! class="col-s" style="text-align:right" | o/w pricing{{fn ref|1}} ! class="col-s" style="text-align:right" | o/w volume{{fn ref|2}} |- | style="text-align:left" | Commercial lines | style="text-align:right" | | style="text-align:right" | 35.8 | style="text-align:right" | +4% | style="text-align:right" | +2% | style="text-align:right" | +2% |- | style="text-align:left" | AXA XL Reinsurance | style="text-align:right" | | style="text-align:right" | 2.6 | style="text-align:right" | +8% | style="text-align:right" | +0.3% | style="text-align:right" | +7% |- | style="text-align:left" | Retail lines | style="text-align:right" | | style="text-align:right" | 19.7 | style="text-align:right" | +7% | style="text-align:right" | +5% | style="text-align:right" | +2% |- | style="text-align:left" | Total | style="text-align:right" | 56.5 | style="text-align:right" | 58.0 | style="text-align:right" | +5% | style="text-align:right" | | style="text-align:right" | |} </div>"
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heading"Commercial lines growth drivers"
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"Full year 2025"
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content"* 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 [[Definition:Full year 2025|FY25]])"
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heading"GWP & Other Revenues"
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content"{{fn note|1=1|2=Price effect.}} {{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}} === P&C – Delivering further margin expansion while enhancing reserve prudence === ==== Combined ratio ===="
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heading"Combined ratio"
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content"<div style="overflow-x:auto"> {| id="t6" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat) | style="text-align:right" | 67.4% | style="text-align:right" | 67.0% |- | style="text-align:left" | Expense ratio | style="text-align:right" | 25.0% | style="text-align:right" | 24.8% |- | style="text-align:left" | Nat Cat | style="text-align:right" | 3.8% | style="text-align:right" | 3.4% |- | style="text-align:left" | Prior year reserve development | style="text-align:right" | -1.6% | style="text-align:right" | -1.1% |- | style="text-align:left" | Discount | style="text-align:right" | -3.6% | style="text-align:right" | -3.5% |- | style="text-align:left" | Total Combined ratio | style="text-align:right" | 91.0% | style="text-align:right" | 90.6% |} </div>"
id"snjra2xp9r-c31"
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heading"Undiscounted current year loss ratio drivers"
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content"* 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 ==="
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heading"Currency notation"
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content"* All figures are in EUR million."
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heading"Underlying Earnings (in Euro million)"
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content"<div style="overflow-x:auto"> {| id="t7" class="wikitable fintable" |- ! style="text-align:left" | Driver ! class="col-s" style="text-align:right" | Value |- | style="text-align:left" | FY24 | style="text-align:right" | 5,510 |- | style="text-align:left" | Volume growth {{fn ref|1}} | style="text-align:right" | +292 |- | style="text-align:left" | Margin improvement {{fn ref|1}} | style="text-align:right" | +189 |- | style="text-align:left" | Investment income (Financial result) | style="text-align:right" | +435 |- | style="text-align:left" | Insurance finance expenses (Financial result) | style="text-align:right" | -235 |- | style="text-align:left" | Tax | style="text-align:right" | -169 |- | style="text-align:left" | Affiliates, FX &amp; other | style="text-align:right" | -150 |- | style="text-align:left" | FY25 | style="text-align:right" | 5,872 |- | style="text-align:left" | Total Change at constant FX | style="text-align:right" | +9% |} </div>"
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heading"P&C earnings drivers"
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content"* 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."
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heading"P&C – Earnings growth from higher underwriting and financial result"
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content"{{fn note|1=1|2=Underwriting result includes expenses.}}"
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heading"Reporting basis"
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"Foreign exchange"
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content"* Change is at constant [[Definition:Foreign exchange|FX]]. === Life & Health – Strong growth in premiums, positive net flows ==="
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heading"Financial metrics"
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content"* All financial figures are in Euro billion."
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heading"Life GWP &amp; Other Revenues"
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content"<div style="overflow-x:auto"> {| id="t8" 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 |- | style="text-align:left" | Protection | style="text-align:right" | | style="text-align:right" | 17.3 | style="text-align:right" | +11% |- | style="text-align:left" | Unit-linked | style="text-align:right" | | style="text-align:right" | 9.3 | style="text-align:right" | +13% |- | style="text-align:left" | Capital light G/A | style="text-align:right" | | style="text-align:right" | 9.0 | style="text-align:right" | +7% |- | style="text-align:left" | Traditional G/A | style="text-align:right" | | style="text-align:right" | 1.9 | style="text-align:right" | -7% |- | style="text-align:left" | Total | style="text-align:right" | 34.5 | style="text-align:right" | 37.5 | style="text-align:right" | +9% |} </div>"
id"snjra2xp9r-c39"
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heading"Health GWP &amp; Other Revenues"
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content"<div style="overflow-x:auto"> {| id="t9" 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 |- | style="text-align:left" | Individual | style="text-align:right" | | style="text-align:right" | 10.5 | style="text-align:right" | +6% |- | style="text-align:left" | Group | style="text-align:right" | | style="text-align:right" | 8.5 | style="text-align:right" | +4% |- | style="text-align:left" | Total | style="text-align:right" | 17.5 | style="text-align:right" | 19.0 | style="text-align:right" | +5% |} </div>"
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heading"Employee Benefits premiums"
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"Full year 2025"
"Full year 2024"
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"Full year 2024"
"Full year 2025"
content"* Employee Benefits premiums: EUR 12.9bn in [[Definition:Full year 2025|FY25]] (+4% vs. [[Definition:Full year 2024|FY24]])"
id"snjra2xp9r-c41"
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heading"Net flows: €+5.4bn vs. €+1.5bn in FY24 (in Euro billion)"
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content"<div style="overflow-x:auto"> {| id="t10" class="wikitable fintable" |- | style="text-align:left" | Protection | style="text-align:right" | +4.9 |- | style="text-align:left" | Health | style="text-align:right" | +2.7 |- | style="text-align:left" | Unit-Linked | style="text-align:right" | +1.5 |- | style="text-align:left" | Capital light G/A | style="text-align:right" | +1.2 |- | style="text-align:left" | Traditional G/A | style="text-align:right" | -5.0 |} </div>"
id"snjra2xp9r-c42"
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heading"Reporting basis"
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content"* Change at constant scope and [[Definition:Foreign exchange|FX]]."
id"snjra2xp9r-c43"
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heading"Life & Health – Strong growth in premiums, positive net flows"
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content"{{fn note|1=1|2=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 ==="
id"snjra2xp9r-c44"
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heading"Life & Health Performance"
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content"* 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"
id"snjra2xp9r-c45"
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heading"PVEP"
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content"<div style="overflow-x:auto"> {| id="t11" 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 at constant scope and FX |- | style="text-align:left" | Protection &amp; Health | style="text-align:right" | | style="text-align:right" | 31.4 | style="text-align:right" | -4% |- | style="text-align:left" | Unit-Linked | style="text-align:right" | | style="text-align:right" | 8.5 | style="text-align:right" | +18% |- | style="text-align:left" | Capital-light G/A | style="text-align:right" | | style="text-align:right" | 7.8 | style="text-align:right" | -10% |- | style="text-align:left" | Traditional G/A | style="text-align:right" | | style="text-align:right" | 1.7 | style="text-align:right" | -10% |- | style="text-align:left" | Total PVEP | style="text-align:right" | 50.9 | style="text-align:right" | 49.4 | style="text-align:right" | -2% |} </div>"
id"snjra2xp9r-c46"
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heading"NB CSM (pre-tax)"
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content"<div style="overflow-x:auto"> {| id="t12" 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 ! style="text-align:left" | Change at constant scope and FX |- | style="text-align:left" | NB CSM (pre-tax) | style="text-align:right" | 2.2 | style="text-align:right" | 2.2 | style="text-align:left" | +3% |} </div>"
id"snjra2xp9r-c47"
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heading"NBV (post-tax)"
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content"<div style="overflow-x:auto"> {| id="t13" 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 ! style="text-align:left" | Change at constant scope and FX |- | style="text-align:left" | NBV (post-tax) | style="text-align:right" | 2.3 | style="text-align:right" | 2.2 | style="text-align:left" | stable |- | style="text-align:left" | NBV margin | style="text-align:right" | 4.4% | style="text-align:right" | 4.5% | style="text-align:left" | |} </div>"
id"snjra2xp9r-c48"
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heading"Reporting basis"
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content"* Change at constant scope and [[Definition:Foreign exchange|FX]]. === Life & Health – Growth in new business driving Normalized CSM growth ==="
id"snjra2xp9r-c49"
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heading"Normalized CSM growth and variances"
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content"* 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. * [[Definition:Foreign exchange|FX]] impact was mainly from JPY and HKD depreciation. ==== Contractual Service Margin rollforward ===="
id"snjra2xp9r-c50"
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heading"Contractual Service Margin rollforward (in Euro billion)"
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content"<div style="overflow-x:auto"> {| id="t14" class="wikitable fintable" |- ! style="text-align:left" | Item ! class="col-s" style="text-align:right" | Value |- | style="text-align:left" | FY24 | style="text-align:right" | 33.6 |- | style="text-align:left" | New business CSM | style="text-align:right" | +2.2 |- | style="text-align:left" | Underlying return on in-force | style="text-align:right" | +1.3 |- | style="text-align:left" | CSM release | style="text-align:right" | -3.0 |- | style="text-align:left" | Economic variance | style="text-align:right" | +0.6 |- | style="text-align:left" | Operating variance | style="text-align:right" | -0.3 |- | style="text-align:left" | Affiliates, FX &amp; other | style="text-align:right" | -1.4 |- | style="text-align:left" | FY25 | style="text-align:right" | 33.0 |} </div>"
id"snjra2xp9r-c51"
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heading"CSM breakdown by segment (in Euro billion)"
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content"<div style="overflow-x:auto"> {| id="t15" class="wikitable fintable" |- ! style="text-align:left" | Segment ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | o/w Life | style="text-align:right" | 25.8 | style="text-align:right" | 25.4 |- | style="text-align:left" | o/w Health | style="text-align:right" | 7.7 | style="text-align:right" | 7.6 |} </div>"
id"snjra2xp9r-c52"
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heading"Constant scope and FX definition"
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content"* Change at constant scope and [[Definition:Foreign exchange|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 ==="
id"snjra2xp9r-c53"
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heading"Underlying Earnings (in Euro million)"
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content"<div style="overflow-x:auto"> {| id="t16" class="wikitable fintable" |- ! style="text-align:left" | Component ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | Bridge ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | Short-term technical margin | style="text-align:right" | 415 | style="text-align:right" | +60 | style="text-align:right" | 479 |- | style="text-align:left" | Long-term result incl. CSM release | style="text-align:right" | 2,680 | style="text-align:right" | +156 | style="text-align:right" | 2,804 |- | style="text-align:left" | Financial result | style="text-align:right" | 975 | style="text-align:right" | -11 | style="text-align:right" | 946 |- | style="text-align:left" | Tax &amp; others / Tax, FX and others | style="text-align:right" | -748 | style="text-align:right" | -27 | style="text-align:right" | -728 |- ! style="text-align:left" | Total Underlying Earnings ! class="col-s" style="text-align:right" | 3,323 ! class="col-s" style="text-align:right" | +7%{{fn ref|*|2=Change at constant FX.}} ! class="col-s" style="text-align:right" | 3,501 |} </div>"
id"snjra2xp9r-c54"
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heading"Additional Metrics (in billions)"
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content"<div style="overflow-x:auto"> {| id="t17" class="wikitable fintable" |- ! style="text-align:left" | Metric ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change vs. FY24{{fn ref|*|2=Change at constant FX.}} |- | style="text-align:left" | o/w Life | style="text-align:right" | 2.6 | style="text-align:right" | 2.7 | style="text-align:right" | +4% |- | style="text-align:left" | o/w Health | style="text-align:right" | 0.7 | style="text-align:right" | 0.8 | style="text-align:right" | +17% |} </div>"
id"snjra2xp9r-c55"
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heading"Short-term and long-term business results"
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content"* 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."
id"snjra2xp9r-c56"
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heading"Life & Health – Strong momentum in both short-term and long-term business"
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content"{{fn note|1=*|2=Change at constant FX.}} === Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ==="
id"snjra2xp9r-c57"
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heading"Underlying earnings & Net income by segment"
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content"<div style="overflow-x:auto"> {| id="t18" 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 |- | style="text-align:left" | Property &amp; Casualty | style="text-align:right" | 5.5 | style="text-align:right" | 5.9 | style="text-align:right" | +9% |- | style="text-align:left" | Life &amp; Health | style="text-align:right" | 3.3 | style="text-align:right" | 3.5 | style="text-align:right" | +7% |- | style="text-align:left" | Asset Management | style="text-align:right" | 0.4 | style="text-align:right" | 0.2 | style="text-align:right" | -57% |- | style="text-align:left" | Holdings &amp; other | style="text-align:right" | -1.2 | style="text-align:right" | -1.2 | style="text-align:right" | - |- ! style="text-align:left" | Underlying earnings ! class="col-s" style="text-align:right" | 8.1 ! class="col-s" style="text-align:right" | 8.4 ! class="col-s" style="text-align:right" | +6% |- | style="text-align:left" | Non-financial flows | style="text-align:right" | -0.5 | style="text-align:right" | +2.1 | style="text-align:right" | |- | style="text-align:left" | o/w capital gains from AXA IM disposal | style="text-align:right" | - | style="text-align:right" | +2.2 | style="text-align:right" | |- | style="text-align:left" | Financial flows (incl. RCG) | style="text-align:right" | +0.3 | style="text-align:right" | -0.7 | style="text-align:right" | |- ! style="text-align:left" | Net income ! class="col-s" style="text-align:right" | 7.9 ! class="col-s" style="text-align:right" | 9.8 ! class="col-s" style="text-align:right" | +26% |} </div> ==== Underlying earnings per share ===="
id"snjra2xp9r-c58"
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heading"In Euro"
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content"<div style="overflow-x:auto"> {| id="t19" 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 |- | style="text-align:left" | Underlying earnings per share | style="text-align:right" | 3.59 | style="text-align:right" | 3.86 | style="text-align:right" | +8% |} </div>"
id"snjra2xp9r-c59"
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heading"Earnings growth drivers"
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"Underlying earnings per share"
"Capital management"
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"AXA Investment Managers"
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content"* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth drivers: +6% from earnings growth; +3% from [[Definition:Capital management|capital management]]; -2% from forex * Forex impact includes -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the timing of the anti-dilutive [[Definition:Share buyback|share buyback]] related to the [[Definition:AXA Investment Managers|AXA IM]] sale."
id"snjra2xp9r-c60"
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heading"Underlying earnings and net income performance"
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"Underlying earnings"
"Year 2026"
"AXA Investment Managers"
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content"* [[Definition:Underlying earnings|Underlying earnings]] showed strong performance from insurance businesses. * Holding cost was stable and is expected to remain at the current level in [[Definition:Year 2026|2026]]. * Net Income was higher, mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]]. * Lower financial flows reflected an unfavorable forex impact. * Change for underlying earnings and net income is at constant [[Definition:Foreign exchange|FX]]. * Change for [[Definition:Underlying earnings per share|underlying earnings per share]] is on a reported basis. === Shareholders’ Equity ==="
id"snjra2xp9r-c61"
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heading"Shareholders' equity"
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content"* Shareholders' Equity is presented in EUR billion."
id"snjra2xp9r-c62"
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heading"Shareholders’ equity"
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content"<div style="overflow-x:auto"> {| id="t20" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | HY25 ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | Total Shareholders' equity | style="text-align:right" | 49.9 | style="text-align:right" | 45.5 | style="text-align:right" | 47.2 |- | style="text-align:left" | SHE (excl. OCI) | style="text-align:right" | 58.0 | style="text-align:right" | 52.7 | style="text-align:right" | 54.0 |- | style="text-align:left" | Net OCI | style="text-align:right" | -8.1 | style="text-align:right" | -7.2 | style="text-align:right" | -6.8 |- | style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt) | style="text-align:right" | 53.2 | style="text-align:right" | 47.0 | style="text-align:right" | 49.4 |- | style="text-align:left" | Debt gearing | style="text-align:right" | 20.6% | style="text-align:right" | 23.4% | style="text-align:right" | 22.3% |- | style="text-align:left" | Underlying ROE | style="text-align:right" | 15.2% | style="text-align:right" | 17.5% | style="text-align:right" | 16.0% |} </div>"
id"snjra2xp9r-c63"
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heading"Shareholders’ Equity"
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content"<div style="overflow-x:auto"> {| id="t21" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 to FY25 ! class="col-s" style="text-align:right" | HY25 to FY25 |- | style="text-align:left" | Opening Shareholders' equity | style="text-align:right" | 49.9 | style="text-align:right" | 45.5 |- | style="text-align:left" | Change in Net OCI | style="text-align:right" | 1.3 | style="text-align:right" | 0.4 |- | style="text-align:left" | Net income for the period | style="text-align:right" | 9.8 | style="text-align:right" | 5.9 |- | style="text-align:left" | Dividend | style="text-align:right" | -4.6 | style="text-align:right" | - |- | style="text-align:left" | Annual share buyback | style="text-align:right" | -1.2 | style="text-align:right" | - |- | style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM | style="text-align:right" | -3.5 | style="text-align:right" | -3.5 |- | style="text-align:left" | Undated subordinated debt (including interest charges) | style="text-align:right" | -0.3 | style="text-align:right" | -1.2 |- | style="text-align:left" | Forex | style="text-align:right" | -3.5 | style="text-align:right" | -0.1 |- | style="text-align:left" | Other | style="text-align:right" | -0.6 | style="text-align:right" | 0.3 |- | style="text-align:left" | Closing Shareholders' equity | style="text-align:right" | 47.2 | style="text-align:right" | 47.2 |} </div> {{fn note|1=1|2=Shareholders’ equity Group share.}} === Higher organic cash remittance and robust cash position at Holding ==="
id"snjra2xp9r-c64"
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heading"Currency notation"
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content"* All figures are in EUR billion. ==== Net Cash Remittance ===="
id"snjra2xp9r-c65"
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heading"Net Cash Remittance"
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content"<div style="overflow-x:auto"> {| id="t22" 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 |- | style="text-align:left" | Proceeds related to in-force treaties{{fn ref|2}} | style="text-align:right" | 0.6 | style="text-align:right" | |- | style="text-align:left" | Ordinary cash remittance | style="text-align:right" | 7.1 | style="text-align:right" | 7.5 |- | style="text-align:left" | Total Net Cash Remittance | style="text-align:right" | 7.7 | style="text-align:right" | 7.5 |- | style="text-align:left" | Remittance ratio{{fn ref|1}} | style="text-align:right" | 82% | style="text-align:right" | 82% |} </div>"
id"snjra2xp9r-c66"
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heading"Cash position bridge (in Euro billion)"
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content"<div style="overflow-x:auto"> {| id="t23" class="wikitable fintable" |- | style="text-align:left" | FY24 Cash position | style="text-align:right" | 4.0 |- | style="text-align:left" | Net cash remittance from subsidiaries | style="text-align:right" | +7.5 |- | style="text-align:left" | Dividend | style="text-align:right" | -4.6 |- | style="text-align:left" | Annual share buyback | style="text-align:right" | -1.2 |- | style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM | style="text-align:right" | -3.5 |- | style="text-align:left" | Holding costs and interest expenses | style="text-align:right" | -1.3 |- | style="text-align:left" | Change in net debt | style="text-align:right" | +1.6 |- | style="text-align:left" | M&amp;A and other | style="text-align:right" | +3.1 |- ! style="text-align:left" | FY25 Cash position ! class="col-s" style="text-align:right" | 5.6 |} </div> {{fn note|1=1|2=Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}} {{fn note|1=2|2=€0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}} === Solvency II at 224% ==="
id"snjra2xp9r-c67"
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heading"Solvency II ratio"
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content"* 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%."
id"snjra2xp9r-c68"
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heading"Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio waterfall from FY24 to FY25"
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content"<div style="overflow-x:auto"> {| id="t24" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | Regulatory &amp; model changes ! class="col-s" style="text-align:right" | Normalized capital generation ! class="col-s" style="text-align:right" | Operating variance ! class="col-s" style="text-align:right" | Economic variance &amp; FX ! class="col-s" style="text-align:right" | Dividend &amp; annual share buyback ! class="col-s" style="text-align:right" | Management actions, debt &amp; other ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | Eligible Own Funds (EOF) | style="text-align:right" | 55.9 | style="text-align:right" | +0.2 | style="text-align:right" | +8.8 | style="text-align:right" | -0.4 | style="text-align:right" | -2.1 | style="text-align:right" | -6.0 | style="text-align:right" | -0.1 | style="text-align:right" | 56.4 |- | style="text-align:left" | Solvency II ratio | style="text-align:right" | 216% | style="text-align:right" | +0pt | style="text-align:right" | +28pts | style="text-align:right" | -1pt | style="text-align:right" | +4pts | style="text-align:right" | -24pts | style="text-align:right" | +2pts | style="text-align:right" | 224% |- | style="text-align:left" | Solvency Capital Requirement (SCR) | style="text-align:right" | 25.9 | style="text-align:right" | 0.0 | style="text-align:right" | +0.6 | style="text-align:right" | 0.0 | style="text-align:right" | -1.2 | style="text-align:right" | 0.0 | style="text-align:right" | -0.2 | style="text-align:right" | 25.2 |} </div>"
id"snjra2xp9r-c69"
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heading"Solvency II ratio components"
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content"* Foreseeable [[Definition:Dividend|dividends]]: EUR -4.8bn * Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: EUR -1.25bn ==== Key sensitivities ===="
id"snjra2xp9r-c70"
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heading"Key sensitivities"
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content"<div style="overflow-x:auto"> {| id="t25" class="wikitable fintable" |- | style="text-align:left" | Ratio as of December 31, 2025 | style="text-align:right" | 224% |- | style="text-align:left" | Interest rate +50bps | style="text-align:right" | +2 pts |- | style="text-align:left" | Interest rate -50bps | style="text-align:right" | -1 pt |- | style="text-align:left" | Corporate spreads +50bps | style="text-align:right" | -1 pt |- | style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1}} | style="text-align:right" | -7 pts |- | style="text-align:left" | Credit migration{{fn ref|2}} | style="text-align:right" | -4 pts |- | style="text-align:left" | Listed Equity (excl. PE &amp; Infra) +25% | style="text-align:right" | -1 pt |- | style="text-align:left" | Listed Equity (excl. PE &amp; Infra) -25% | style="text-align:right" | +2 pts |- | style="text-align:left" | PE &amp; Infra +25% | style="text-align:right" | +14 pts |- | style="text-align:left" | PE &amp; Infra -25% | style="text-align:right" | -19 pts |- | style="text-align:left" | Inflation swap curve +50bps | style="text-align:right" | -5 pts |} </div> {{fn note|1=1|2=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).}} {{fn note|1=2|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 ==="
id"snjra2xp9r-c71"
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heading"Solvency II Ratio Impacts"
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content"<div style="overflow-x:auto"> {| id="t26" class="wikitable fintable" |- ! style="text-align:left" | Metric / Event ! class="col-m" style="text-align:right" | Impact / Ratio |- | style="text-align:left" | Ratio as of 31/12/2025 | style="text-align:right" | 224% |- | style="text-align:left" | Impact of the end of grandfathering period on January 1, 2026 | style="text-align:right" | -10pts to 215% |- | style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27 | style="text-align:right" | +17pts{{fn ref|1}} |} </div>"
id"snjra2xp9r-c72"
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heading"Solvency II capital impacts"
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content"* EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, [[Definition:Year 2026|2026]]. * No change is expected in organic capital generation. * Additional capital flexibility is anticipated."
id"snjra2xp9r-c73"
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heading"Solvency II – impact of the end of grandfathering period and Solvency II revision"
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content"{{fn note|1=1|2=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 =="
id"snjra2xp9r-c74"
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heading"Conclusion"
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content"=== Theme: Group CEO [ === === Conclusion ==="
id"snjra2xp9r-c75"
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heading"Business performance and outlook"
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content"* Record results were achieved at the top end of the [[Definition:Target range|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 =="
id"snjra2xp9r-c76"
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heading"Full Year 2025 Earnings"
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content"* [[Definition:Full year 2025|Full Year 2025]] Earnings === AXA Investor Relations – Keep in touch === ==== Meet our management ===="
id"snjra2xp9r-c77"
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heading"Investor calendar"
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content"* 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 [[Definition:Earnings release|Earnings Release]] in Paris * September 21: AXA Investor Day in London ==== Contact us ===="
id"snjra2xp9r-c78"
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heading"Investor relations contact information"
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content"* Investor Relations contact number: +33 1 40 75 48 42 * Investor Relations email: investor.relations@axa.com ==== Follow us www.axa.com ===="
id"snjra2xp9r-c79"
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heading"social media links"
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content"* YouTube * Facebook * Instagram * Twitter * LinkedIn * AXA logo icon == Appendices == === Contents ==="
id"snjra2xp9r-c80"
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heading"Presentation contents"
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content"* Debt and Invested Assets are detailed on page 31. * Additional P&C disclosures are on page 36. * Additional IFRS17 disclosures are on page 41. === Gross financial debt and maturity breakdown as of December 31st, 2025 ==="
id"snjra2xp9r-c81"
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heading"Gross financial debt and maturity breakdown"
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content"* Gross financial debt and maturity breakdown is presented in EUR billion. ==== Gross financial debt ===="
id"snjra2xp9r-c82"
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heading"Debt gearing and gross financial debt"
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content"* Debt gearing: 20.6% ([[Definition:Full year 2024|FY24]]); 22.3% ([[Definition:Full year 2025|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 [[Definition:Year 2026|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 ===="
id"snjra2xp9r-c83"
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heading"Contractual maturity breakdown"
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content"<div style="overflow-x:auto"> {| id="t28" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | 2025 ! class="col-s" style="text-align:right" | 2026 ! class="col-s" style="text-align:right" | 2027 ! class="col-s" style="text-align:right" | 2028 ! class="col-s" style="text-align:right" | 2029 ! class="col-s" style="text-align:right" | 2030 ! class="col-s" style="text-align:right" | 2031-2039 ! class="col-s" style="text-align:right" | ≥2040 ! class="col-s" style="text-align:right" | Undated |- | style="text-align:left" | Senior debt | style="text-align:right" | 0.5 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.5 | style="text-align:right" | - | style="text-align:right" | 0.9 | style="text-align:right" | 1.5 | style="text-align:right" | - | style="text-align:right" | 0.7 |- | style="text-align:left" | Tier 2 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.7 | style="text-align:right" | - | style="text-align:right" | 10.8 | style="text-align:right" | 4.6 |- | style="text-align:left" | Tier 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" | - |} </div> * o/w Grandfathered debt <div style="overflow-x:auto"> {| id="t29" class="wikitable fintable" |+ o/w Grandfathered debt |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | 2025 ! class="col-s" style="text-align:right" | 2026 ! class="col-s" style="text-align:right" | 2027 ! class="col-s" style="text-align:right" | 2028 ! class="col-s" style="text-align:right" | 2029 ! class="col-s" style="text-align:right" | 2030 ! class="col-s" style="text-align:right" | 2031-2039 ! class="col-s" style="text-align:right" | ≥2040 ! class="col-s" style="text-align:right" | Undated |- | style="text-align:left" | Tier 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" | 1.4 |- | style="text-align:left" | Tier 2 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.7 | style="text-align:right" | - | style="text-align:right" | 0.2 | style="text-align:right" | - |} </div> ==== Economic maturity breakdown ===="
id"snjra2xp9r-c84"
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heading"Economic maturity breakdown"
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content"<div style="overflow-x:auto"> {| id="t30" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | 2025 ! class="col-s" style="text-align:right" | 2026 ! class="col-s" style="text-align:right" | 2027 ! class="col-s" style="text-align:right" | 2028 ! class="col-s" style="text-align:right" | 2029 ! class="col-s" style="text-align:right" | 2030 ! class="col-s" style="text-align:right" | 2031-2039 ! class="col-s" style="text-align:right" | ≥2040 ! class="col-s" style="text-align:right" | Undated |- | style="text-align:left" | Senior debt | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.5 | style="text-align:right" | - | style="text-align:right" | 0.9 | style="text-align:right" | 1.5 | style="text-align:right" | 0.5 | style="text-align:right" | - |- | style="text-align:left" | Tier 2 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 2.4 | style="text-align:right" | - | style="text-align:right" | 2.0 | style="text-align:right" | 0.7 | style="text-align:right" | 6.4 | style="text-align:right" | - | style="text-align:right" | 0.7 |- | style="text-align:left" | Tier 1 | style="text-align:right" | 0.1 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.1 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.4 | style="text-align:right" | - | style="text-align:right" | 4.0 |} </div> * o/w Grandfathered debt <div style="overflow-x:auto"> {| id="t31" class="wikitable fintable" |+ o/w Grandfathered debt |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | 2025 ! class="col-s" style="text-align:right" | 2026 ! class="col-s" style="text-align:right" | 2027 ! class="col-s" style="text-align:right" | 2028 ! class="col-s" style="text-align:right" | 2029 ! class="col-s" style="text-align:right" | 2030 ! class="col-s" style="text-align:right" | 2031-2039 ! class="col-s" style="text-align:right" | ≥2040 ! class="col-s" style="text-align:right" | Undated |- | style="text-align:left" | Tier 1 | style="text-align:right" | - | style="text-align:right" | 0.1 | style="text-align:right" | - | style="text-align:right" | 0.1 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.4 | style="text-align:right" | - | style="text-align:right" | 0.8 |- | style="text-align:left" | Tier 2 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.7 | style="text-align:right" | 0.2 | style="text-align:right" | - | style="text-align:right" | - |} </div> {{fn note|1=1|2=Nominal debt.}} {{fn note|1=2|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.}} {{fn note|1=3|2=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 ==="
id"snjra2xp9r-c85"
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heading"General Account invested assets"
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content"* [[Definition:Full year 2025|FY25]] Total General Account invested assets * Duration gap at -0.4 year"
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heading"FY25 Total General Account invested assets (Euro 450 billion)"
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content"<div style="overflow-x:auto"> {| id="t32" class="wikitable fintable" |- ! style="text-align:left" | Invested assets (100%)<br/>In Euro billion ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | % |- | style="text-align:left" | Fixed income | style="text-align:right" | 345 | style="text-align:right" | 77% |- | style="text-align:left" | o/w Government bonds | style="text-align:right" | 167 | style="text-align:right" | 37% |- | style="text-align:left" | o/w Corporate bonds and loans | style="text-align:right" | 121 | style="text-align:right" | 27% |- | style="text-align:left" | o/w Other fixed income {{fn ref|1}} | style="text-align:right" | 56 | style="text-align:right" | 13% |- | style="text-align:left" | Real estate | style="text-align:right" | 41 | style="text-align:right" | 9% |- | style="text-align:left" | Infrastructure equity | style="text-align:right" | 10 | style="text-align:right" | 2% |- | style="text-align:left" | Listed equities {{fn ref|2}} | style="text-align:right" | 10 | style="text-align:right" | 2% |- | style="text-align:left" | Private equity and hedge funds {{fn ref|3}} | style="text-align:right" | 23 | style="text-align:right" | 5% |- | style="text-align:left" | Cash | style="text-align:right" | 19 | style="text-align:right" | 4% |- | style="text-align:left" | Policy loans | style="text-align:right" | 2 | style="text-align:right" | 0% |- | style="text-align:left" | Total Insurance Invested Assets {{fn ref|4}} | style="text-align:right" | 450 | style="text-align:right" | 100% |} </div> {{fn note|1=1|2=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).}} {{fn note|1=2|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}} {{fn note|1=3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}} {{fn note|1=4|2=Please refer to the financial supplement for more details.}} === Structured and Private Credit assets ==="
id"snjra2xp9r-c87"
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heading"Invested assets (100%) In Euro billion"
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content"<div style="overflow-x:auto"> {| id="t33" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | % of total G/A{{fn ref|1}} portfolio ! class="col-s" style="text-align:right" | Comments |- | style="text-align:left" | Residential Mortgages | style="text-align:right" | 16 | style="text-align:right" | 4% | style="text-align:right" | |} </div> * €6bn Dutch mortgages, NHG guaranteed * €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) </td> </tr> <tr> <td>CLO & ABS</td> <td>25</td> <td>6%</td> <td>- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)</td> </tr> <tr> <td>Infrastructure debt</td> <td>8</td> <td>2%</td> <td>- Skewed towards resilient industries (Telecom, Utilities, Transport)</td> </tr> <tr> <td>CRE debt</td> <td>8</td> <td>2%</td> <td>- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV</td> </tr> <tr> <td>Mid-Market lending</td> <td>10</td> <td>2%</td> <td> * Strong diversification with €8m average ticket * Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation </td> </tr> <tr> <td>Other</td> <td>2</td> <td>0%</td> <td></td> </tr> <tr> <td>Total Structured and Private Credit Assets</td> <td>69</td> <td>15%</td> <td>o/w 54% participating</td> </tr> </table> {{fn note|1=1|2=G/A: General Account}} === Investment portfolio – Fixed Income reinvestment === ==== FY25 Fixed Income Reinvestment ===="
id"snjra2xp9r-c88"
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heading"FY25 Fixed Income Reinvestment (Total: Euro 57 billion)"
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content"<div style="overflow-x:auto"> {| id="t34" class="wikitable" |- | style="text-align:left" | Government bonds &amp; related (32%) – Average rating: AA |- | style="text-align:left" | Investment grade credit (40%)- Average rating: A |- | style="text-align:left" | ABS/CLO/IG fund financing (21%) |- | style="text-align:left" | Below investment grade credit (7%) |} </div> ==== FY25 Fixed Income Reinvestment Yield ===="
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heading"FY25 Fixed Income Reinvestment Yield"
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content"<div style="overflow-x:auto"> {| id="t35" class="wikitable fintable" |- ! style="text-align:left" | Category ! class="col-s" style="text-align:right" | Yield |- | style="text-align:left" | Public fixed income{{fn ref|1}} | style="text-align:right" | 3.5% |- | style="text-align:left" | Private &amp; Structured fixed income{{fn ref|2}} | style="text-align:right" | 4.7% |- | style="text-align:left" | Total fixed income | style="text-align:right" | 3.9% |} </div>"
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heading"Fixed income investment"
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content"* 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"
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heading"FY25 Fixed Income Reinvestment Yield"
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content"{{fn note|1=1|2=Government and Corporate bonds and related.}} {{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}} === Contents ==="
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heading"additional disclosures"
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content"* Debt and Invested Assets are detailed on p.31. * Additional P&C disclosures are on p.36. * Additional IFRS17 disclosures are on p.41. === AXA XL Insurance – Large Commercial & Specialty business ==="
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heading"Business diversification"
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content"* Business is well diversified across lines of business and geographies."
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heading"$19bn FY25 GWP by line of business"
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content"<div style="overflow-x:auto"> {| id="t36" class="wikitable fintable" |- ! style="text-align:left" | Line of business ! class="col-s" style="text-align:right" | Share (%) |- | style="text-align:left" | Casualty | style="text-align:right" | 35% |- | style="text-align:left" | Property | style="text-align:right" | 29% |- | style="text-align:left" | Specialty | style="text-align:right" | 19% |- | style="text-align:left" | Professional lines{{fn ref|1}} | style="text-align:right" | 17% |} </div>"
id"snjra2xp9r-c95"
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heading"$19bn FY25 GWP by geography"
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content"<div style="overflow-x:auto"> {| id="t37" class="wikitable fintable" |- ! style="text-align:left" | Geography ! class="col-s" style="text-align:right" | Share (%) |- | style="text-align:left" | Americas | style="text-align:right" | 46% |- | style="text-align:left" | Europe &amp; APAC | style="text-align:right" | 35% |- | style="text-align:left" | UK &amp; Lloyds | style="text-align:right" | 19% |} </div>"
id"snjra2xp9r-c96"
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heading"Market positions and profitability management"
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content"* 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."
id"snjra2xp9r-c97"
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heading"AXA XL Insurance – Large Commercial & Specialty business"
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content"{{fn note|1=1|2=Including Cyber}} {{fn note|1=2|2=Source: McKinsey}} {{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}} {{fn note|1=4|2=Source: Industry Research Biz (January 2026)}} === P&C – Focus on Reserves === ==== Claims reserves ratio ===="
id"snjra2xp9r-c98"
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heading"Claims reserves ratio definition"
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content"* Claims reserves ratio is defined as Net undiscounted claims reserves divided by Net earned premiums."
id"snjra2xp9r-c99"
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heading"Claims reserves ratio"
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content"<div style="overflow-x:auto"> {| id="t38" class="wikitable fintable" |- ! colspan="5" style="text-align:center" | IFRS4 ! colspan="4" style="text-align:center" | IFRS17 |- ! style="text-align:left" | FY18 ! class="col-s" style="text-align:right" | FY19 ! class="col-s" style="text-align:right" | FY20 ! class="col-s" style="text-align:right" | FY21 ! class="col-s" style="text-align:right" | FY22 ! class="col-s" style="text-align:right" | FY22 ! class="col-s" style="text-align:right" | FY23 ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | 179% | style="text-align:right" | 185% | style="text-align:right" | 193% | style="text-align:right" | 188% | style="text-align:right" | 189% | style="text-align:right" | 198% | style="text-align:right" | 195% | style="text-align:right" | 180% | style="text-align:right" | 175% |} </div> ==== Technical reserves ratio ===="
id"snjra2xp9r-c100"
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heading"Net undiscounted technical reserves ratio"
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content"* Net undiscounted technical reserves are presented as a ratio to Net earned premiums."
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heading"Technical reserves ratio"
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content"<div style="overflow-x:auto"> {| id="t39" class="wikitable fintable" |- ! colspan="5" style="text-align:center" | IFRS4 ! colspan="4" style="text-align:center" | IFRS17 |- ! style="text-align:left" | FY18 ! class="col-s" style="text-align:right" | FY19 ! class="col-s" style="text-align:right" | FY20 ! class="col-s" style="text-align:right" | FY21 ! class="col-s" style="text-align:right" | FY22 ! class="col-s" style="text-align:right" | FY22 ! class="col-s" style="text-align:right" | FY23 ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | 213% | style="text-align:right" | 227% | style="text-align:right" | 233% | style="text-align:right" | 226% | style="text-align:right" | 227% | style="text-align:right" | 234% | style="text-align:right" | 232% | style="text-align:right" | 216% | style="text-align:right" | 210% |} </div> {{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}} === P&C – 2026 Simplified Group Nat Cat Reinsurance Program ==="
id"snjra2xp9r-c102"
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heading"Currency basis"
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content"* All figures are in EUR."
id"snjra2xp9r-c103"
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heading"Insurance segment (occurrence protection)"
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content"<div style="overflow-x:auto"> {| id="t40" class="wikitable fintable" |- ! style="text-align:left" | Peril ! class="col-s" style="text-align:right" | Capacity ! class="col-s" style="text-align:right" | Retention |- | style="text-align:left" | EU Windstorm | style="text-align:right" | 4.0bn | style="text-align:right" | 600m |- | style="text-align:left" | Europe Flood | style="text-align:right" | 2.1bn | style="text-align:right" | 450m |- | style="text-align:left" | Europe Earthquake | style="text-align:right" | 2.1bn | style="text-align:right" | 400m |- | style="text-align:left" | NA Hurricane | style="text-align:right" | 1.2bn | style="text-align:right" | 600m{{fn ref|2}} |- | style="text-align:left" | NA Earthquake | style="text-align:right" | 1.2bn | style="text-align:right" | 600m{{fn ref|2}} |- | style="text-align:left" | Per other perils{{fn ref|3}} | style="text-align:right" | | style="text-align:right" | 400m |} </div>"
id"snjra2xp9r-c104"
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heading"2026 Simplified Group Nat Cat Reinsurance Program"
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content"* Reinsurance segment is illustrative. * Includes Alternative Capital & Cat Bonds. * Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025."
id"snjra2xp9r-c105"
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heading"P&C – 2026 Simplified Group Nat Cat Reinsurance Program"
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content"{{fn note|1=1|2=Excludes local reinsurance covers;}} {{fn note|1=2|2=Varying retention between MX and NA (400m MX, 600m NA);}} {{fn note|1=3|2=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 ==="
id"snjra2xp9r-c106"
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heading"Nat Cat cost scenarios"
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content"* Nat Cat cost scenarios are presented in EUR billion, net of reinsurance. ==== Group underlying earnings deviation to average Nat Cat charges in 2026 ===="
id"snjra2xp9r-c107"
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heading"Nat Cat charges deviation"
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content"* 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."
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heading"Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax)"
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content"<div style="overflow-x:auto"> {| id="t41" class="wikitable" |- ! style="text-align:left" | Probability (Percentile) ! style="text-align:right" | Earnings Deviation |- | style="text-align:left" | 1/20y (95th) | style="text-align:right" | €-1.2bn |- | style="text-align:left" | 1/10y (90th) | style="text-align:right" | €-0.8bn |- | style="text-align:left" | 1/5y (80th) | style="text-align:right" | €-0.4bn |- | style="text-align:left" | Median (50th) | style="text-align:right" | €+0.1bn |- | style="text-align:left" | 1/5y (20th) | style="text-align:right" | €+0.5bn |- | style="text-align:left" | 1/10y (10th) | style="text-align:right" | €+0.7bn |- | style="text-align:left" | 1/20y (5th) | style="text-align:right" | €+0.8bn |} </div> ==== Average Expected Nat Cat charges ===="
id"snjra2xp9r-c109"
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heading"Average expected natural catastrophe charges"
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content"* Average expected natural catastrophe charges are net of reinsurance and pre-tax."
id"snjra2xp9r-c110"
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heading"Average Expected Nat Cat charges (net of reinsurance, pre-tax)"
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content"<div style="overflow-x:auto"> {| id="t42" class="wikitable" |- ! style="text-align:left" | ! style="text-align:right" | 2025 ! style="text-align:right" | 2026 |- | style="text-align:left" | Average Expected Nat Cat charges (in Euro billion) | style="text-align:right" | 2.6 | style="text-align:right" | 2.7 |- | style="text-align:left" | Estimated impact on GEP | style="text-align:right" | ca. 4.5% | style="text-align:right" | ca. 4.5% |} </div> {{fn note|1=1|2=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).}} === Contents ==="
id"snjra2xp9r-c111"
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heading"Additional disclosures"
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content"* Debt and Invested Assets are detailed on p.31. * Additional P&C disclosures are on p.36. * Additional IFRS17 disclosures are on p.41. === P&C – Margin Analysis === ==== Technical Result ===="
id"snjra2xp9r-c112"
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heading"In Euro million (pre-tax)"
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content"<div style="overflow-x:auto"> {| id="t43" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Current Accident Year Undiscounted Technical Margin | style="text-align:right" | 2,778 | style="text-align:right" | +707 |- | style="text-align:left" | Gross Earned Premiums | style="text-align:right" | 57,656 | style="text-align:right" | +6% |- | style="text-align:left" | Current Accident Year Undiscounted Combined Ratio | style="text-align:right" | 95.2% | style="text-align:right" | -1.0pt |- | style="text-align:left" | o/w Nat Cats | style="text-align:right" | 3.4% | style="text-align:right" | -0.4pt |- | style="text-align:left" | Current Accident Year Discounting | style="text-align:right" | 2,009 | style="text-align:right" | +115 |- | style="text-align:left" | Discounting Ratio (in Combined Ratio points) | style="text-align:right" | -3.5% | style="text-align:right" | +0.0pt |- | style="text-align:left" | Current Accident Year Net Claims reserves | style="text-align:right" | €19.0bn | style="text-align:right" | |- | style="text-align:left" | Duration | style="text-align:right" | 4.0 years | style="text-align:right" | |- | style="text-align:left" | Current Accident Year Discount rate | style="text-align:right" | 2.8% | style="text-align:right" | |- | style="text-align:left" | Prior Years' Reserve Development (PYD) | style="text-align:right" | 622 | style="text-align:right" | -341 |- | style="text-align:left" | PYD ratio | style="text-align:right" | -1.1% | style="text-align:right" | +0.7pt |} </div> ==== Financial Result ===="
id"snjra2xp9r-c113"
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heading"In Euro million (pre-tax)"
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content"<div style="overflow-x:auto"> {| id="t44" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Investment Income | style="text-align:right" | 3,988 | style="text-align:right" | +435 |- | style="text-align:left" | FY25 Average Assets | style="text-align:right" | €115bn | style="text-align:right" | |- | style="text-align:left" | Asset book yield | style="text-align:right" | 3.5% | style="text-align:right" | |- | style="text-align:left" | FY25 Reinvestment yield{{fn ref|1}} | style="text-align:right" | 4.3% | style="text-align:right" | |- | style="text-align:left" | Insurance Finance Expenses | style="text-align:right" | -1,358 | style="text-align:right" | -235 |- | style="text-align:left" | FY24 Reserves at locked-in rate | style="text-align:right" | €71bn | style="text-align:right" | |- | style="text-align:left" | Liability book yield | style="text-align:right" | 1.9% | style="text-align:right" | |} </div>"
id"snjra2xp9r-c114"
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heading"Financial Result"
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content"<div style="overflow-x:auto"> {| id="t45" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Underlying Earnings before tax | style="text-align:right" | 8,040 | style="text-align:right" | +681 |- | style="text-align:left" | Tax | style="text-align:right" | -2,060 | style="text-align:right" | -169 |- | style="text-align:left" | Affiliates, Minority interests &amp; Other | style="text-align:right" | -108 | style="text-align:right" | -10 |- | style="text-align:left" | Underlying Earnings | style="text-align:right" | 5,872 | style="text-align:right" | +501 |- | style="text-align:left" | Growth vs. FY24 (at constant FX) | style="text-align:right" | | style="text-align:right" | +9% |} </div>"
id"snjra2xp9r-c115"
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heading"Discount rate sensitivity"
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content"* [[Definition:Full year 2025|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 [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]]. === L&H – Margin Analysis ==="
id"snjra2xp9r-c116"
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heading"Scope impact"
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content"* Includes scope impact. ==== Technical Result ===="
id"snjra2xp9r-c117"
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heading"In Euro million, pre-tax"
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content"<div style="overflow-x:auto"> {| id="t46" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Short-term Technical Margin | style="text-align:right" | 479 | style="text-align:right" | +60 |- | style="text-align:left" | Gross Earned Premiums | style="text-align:right" | 17,416 | style="text-align:right" | +10% |- | style="text-align:left" | All Year Combined Ratio | style="text-align:right" | 97.2% | style="text-align:right" | -0.1pts |- | style="text-align:left" | Long-term Technical Margin | style="text-align:right" | 2,804 | style="text-align:right" | +156 |- | style="text-align:left" | CSM release | style="text-align:right" | 2,954 | style="text-align:right" | +215 |- | style="text-align:left" | Technical experience | style="text-align:right" | -150 | style="text-align:right" | -58 |} </div>"
id"snjra2xp9r-c118"
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heading"Laya recapture"
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content"* Includes recapture of Laya. ==== Financial Result ===="
id"snjra2xp9r-c119"
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heading"In Euro million, pre-tax"
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content"<div style="overflow-x:auto"> {| id="t47" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Investment Income (non-VFA only) | style="text-align:right" | 2,484 | style="text-align:right" | -1 |- | style="text-align:left" | FY25 Average Assets | style="text-align:right" | €98bn | style="text-align:right" | |- | style="text-align:left" | Asset book yield | style="text-align:right" | 2.5% | style="text-align:right" | |- | style="text-align:left" | FY25 Reinvestment yield{{fn ref|1}} | style="text-align:right" | 3.8% | style="text-align:right" | |- | style="text-align:left" | Insurance Finance Expenses (non-VFA only) | style="text-align:right" | -1,538 | style="text-align:right" | -9 |- | style="text-align:left" | FY24 Reserves at locked-in rate | style="text-align:right" | €62bn | style="text-align:right" | |- | style="text-align:left" | Liability book yield | style="text-align:right" | 2.5% | style="text-align:right" | |} </div>"
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heading"Financial Result"
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content"<div style="overflow-x:auto"> {| id="t48" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Underlying Earnings before tax | style="text-align:right" | 4,229 | style="text-align:right" | +205 |- | style="text-align:left" | Tax | style="text-align:right" | -800 | style="text-align:right" | 65 |- | style="text-align:left" | Affiliates, Minority interests &amp; Other | style="text-align:right" | 72 | style="text-align:right" | -51 |- | style="text-align:left" | Underlying Earnings | style="text-align:right" | 3,501 | style="text-align:right" | +219 |- | style="text-align:left" | Growth vs. FY24 (at constant FX) | style="text-align:right" | | style="text-align:right" | +7% |} </div> ==== Life & Health FY25 CSM Key Sensitivities ===="
id"snjra2xp9r-c121"
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heading"(in Euro billion)"
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content"<div style="overflow-x:auto"> {| id="t49" class="wikitable fintable" |- | style="text-align:left" | Baseline | style="text-align:right" | 33.3 |- | style="text-align:left" | Interest rates +50bps | style="text-align:right" | -0.8 |- | style="text-align:left" | Interest rates -50bps | style="text-align:right" | 0.6 |- | style="text-align:left" | Sovereign spreads +50bps | style="text-align:right" | -1.9 |- | style="text-align:left" | Sovereign spreads -50bps | style="text-align:right" | 1.9 |- | style="text-align:left" | Corporate spread +50bps | style="text-align:right" | -0.8 |- | style="text-align:left" | Corporate spread -50bps | style="text-align:right" | 0.7 |- | style="text-align:left" | Equities +25% | style="text-align:right" | 1.8 |- | style="text-align:left" | Equities -25% | style="text-align:right" | -2.2 |} </div> {{fn note|1=1|2=Reinvestment yield on fixed income assets.}} === Contents ==="
id"snjra2xp9r-c122"
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heading"Additional disclosures"
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content"* Additional disclosures include: Debt and Invested Assets; Additional P&C disclosures; Additional IFRS17 disclosures. === Expanding AXA’s role in society: AXA for Progress Index === ==== As a GLOBAL INVESTOR ===="
id"snjra2xp9r-c123"
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heading"As a GLOBAL INVESTOR"
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content"<div style="overflow-x:auto"> {| id="t50" class="wikitable" |- ! style="text-align:left" | Target ! style="text-align:right" | 2025 Result |- | style="text-align:left" | €5bn{{fn ref|2}} in climate transition financing per year | style="text-align:right" | €6.4bn |- | style="text-align:left" | &gt;€500m{{fn ref|2}} in community resilience financing per year | style="text-align:right" | €1.4bn |} </div> ==== As a GLOBAL INSURER ===="
id"snjra2xp9r-c124"
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heading"As a GLOBAL INSURER"
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content"<div style="overflow-x:auto"> {| id="t51" class="wikitable" |- ! style="text-align:left" | Target ! style="text-align:right" | 2025 Result |- | style="text-align:left" | €6bn{{fn ref|3}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026) | style="text-align:right" | €4.6bn |- | style="text-align:left" | &gt;20,000{{fn ref|4}} climate adaptation solutions &amp; services (cumulative 2024-2026) Target revised in 2025 | style="text-align:right" | 19,698 Cumulative 2024-2025 |- | style="text-align:left" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026 | style="text-align:right" | 20.6m |} </div> ==== As a COMPANY ===="
id"snjra2xp9r-c125"
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heading"As a COMPANY"
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content"<div style="overflow-x:auto"> {| id="t52" class="wikitable fintable" |- ! style="text-align:left" | Target ! class="col-m" style="text-align:right" | 2025 Result |- | style="text-align:left" | &gt;80,000{{fn ref|6|2=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 | style="text-align:right" | 46,420 |- | style="text-align:left" | Contribute to Net-Zero -50%{{fn ref|7|2=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 emissions{{fn ref|8|2=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).}} | style="text-align:right" | -64% Reduction against 2019 |- | style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026 | style="text-align:right" | 56% |} </div> {{fn note|1=1|2=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.}} {{fn note|1=2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} {{fn note|1=3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} {{fn note|1=4|2=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 &amp; 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 &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}} {{fn note|1=5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} {{fn note|1=6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} {{fn note|1=7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} {{fn note|1=8|2=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 ==="
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heading"ESG ratings"
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content"* 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."
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heading"Sustainability Performance & Ratings"
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content"{{fn note|1=1|2=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 ==="
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heading"Scope definitions"
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"Underlying earnings"
"AXA Investment Managers"
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"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 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, [[Definition:Underlying earnings|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. * [[Definition:AXA Investment Managers|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 ==="
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heading"Glossary of financial terms"
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"Gross written premiums"
"Other revenue"
"Gross written premiums & other revenues"
"Underlying earnings"
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"Gross written premiums"
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"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 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 * [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums & 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 [[Definition:Underlying earnings|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 ==="
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heading"Full Year 2025 Earnings"
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"Full year 2025"
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"Full year 2025"
content"* [[Definition:Full year 2025|Full Year 2025]] Earnings"
title"AXA/2025/FY/Earnings presentation"
source_url"https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf"
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