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AXA/2025/FY/Earnings release

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Document IDchq99br5nr
OrganizationAXA
Year2025
PeriodFY
Period labelFY25
Document categoryEarnings release
Document nameAXA Full Year 2025 Earnings Press Release
Publication date2026-02-26
LanguageEnglish
Pages20
Sourceoriginal URL
Transcriptwiki page
Datadata page

This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).

[c. 1; p. 1] Document metadata

  • Paris, February 26th, 2026 (6:45am CET)

Full Year 2025 Earnings

[c. 2; p. 1] underlying EPS growth

Key FY25 highlights

[c. 3; p. 1] Gross written premiums and underlying earnings

  • Gross written premiums & other revenues1(footnote: Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.): EUR 116bn, up +6% vs. FY24
  • Underlying earnings2(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).): EUR 8.4bn, up +6% vs. FY24
  • Underlying earnings excluding AXA IM3(footnote: AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.): up +9% vs. FY24
  • Underlying earnings per share2(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).): EUR 3.86, up +8% vs. FY24
  • Underlying earnings per share was impacted by a -2% headwind from foreign exchange movements
  • Underlying earnings per share was impacted by a -1% temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback4(footnote: On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.)

[c. 4; p. 1] Solvency II ratio

  • Solvency II ratio5(footnote: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.): 224% at December 31, 2025, up +9 points vs. FY24
  • Solvency II ratio: 215% on January 1, 2026, reflecting the end of the grandfathering period6(footnote: Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.)

Capital Management

[c. 5; p. 1] Shareholder Returns and Buyback Programs

  • Dividend of EUR 2.32 per share, up +8% vs. FY247(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.)
  • Launch of an annual share buyback program8(footnote: As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.) of up to EUR 1.25bn
  • Completion of EUR 3.8bn additional share buyback related to AXA IM disposal4(footnote: On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.), executed between July 2, 2025, and January 20, 2026

Outlook

[c. 6; p. 1] 2026 outlook and strategic plan

  • Underlying earnings per share growth for 2026 is expected to be at the upper end of the 6-8% plan target range9(footnote: Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.)
  • Expected impact of Solvency II revision is +17 points10(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.)
  • AXA will present its new strategic plan for 2027-2029 on September 21, 2026

[c. 7; p. 1] 2025 performance commentary

  • In 2025, AXA delivered +9% earnings growth in core businesses excluding AXA IM
  • Reserve prudence was enhanced following excellent results
  • P&C franchise posted stellar results with a healthy balance between price and volume, best-in-class margins, a lower expense ratio, and higher investment income
  • AXA XL Insurance increased earnings with stable underlying margins
  • Life & Health earnings rose by 7%
  • Life earnings reflected early benefits of the strategy to rejuvenate the business
  • Health grew by 17% even after absorbing the adverse change on VAT treatment in Mexico
  • Investments in automation and Artificial Intelligence are driving efficiency gains
  • Solvency II ratio is at a very strong level
  • Thomas Buberl, CEO of AXA, stated that the results demonstrate the earnings power of the diversified franchise and reinforce confidence in AXA's ability to generate sustainable, long-term value

FY25 key highlights

[c. 8; p. 2]

Key figures – FY25 key highlights
in Euro million FY24 FY25 Change on a reported basis Change at comparable basis
Gross written premiums & other revenues 1(footnote: Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.) 110,316 115,524 +5% +6%
o/w Property & Casualty 56,514 58,038 +3% +5%
o/w Life & Health 51,983 56,512 +9% +8%
o/w Asset Management 1,701 875 n.m. n.m.
in Euro million FY24 FY25 Change on a reported basis Change at constant Forex
Underlying earnings 2(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) 8,078 8,368 +4% +6%
Net income 7,886 9,797 +24% +26%
in Euro million FY24 FY25 Change on a reported basis
Solvency II ratio (%) 5(footnote: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.) 216% 224% +9 pts —

Activity indicators

[c. 9; p. 2] Gross written premiums and other revenues

  • Total gross written premiums and other revenues1(footnote: Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.) were up 6%.
  • Property & Casualty: +5%.
    • Commercial lines11(footnote: 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.): +4% from higher volumes (notably at AXA XL Insurance) and favorable price effects12(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) across all geographies.
    • Personal lines: +7% driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, Asia & EME-LATAM.
    • AXA XL Reinsurance: +8% with growth supported by alternative capital.
  • Life & Health: +8%.
    • Life premiums: +9%.
      • Protection: +11% from strong sales in Hong Kong, Switzerland, and Japan.
      • Unit-Linked: +13% from higher volumes across all geographies.
      • G/A13(footnote: General account.): +4% from continued momentum in Italy and France.
    • Health premiums: +5% driven by price effects in all geographies.

[c. 10; p. 2] Underlying earnings and EPS

  • Underlying earnings2(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) increased by 6% to EUR 8.4bn.
  • Underlying earnings increased by +9% excluding AXA IM3(footnote: AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.).
  • Property & Casualty: +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income.
  • Life & Health: +7% from improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits from strategy to rejuvenate the business.
  • Holdings14(footnote: Including banking activities.) underlying earnings remained broadly stable at EUR -1.2bn.
  • Asset Management underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025.
  • Underlying earnings per share2(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) increased by 8% to EUR 3.86.
  • This increase was mainly driven by:
  • This was partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).
  • The sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to the timing of the associated share buyback.

[c. 11; p. 2] Net income

  • Net income increased by 26% to EUR 9.8bn.
  • This increase mainly reflects the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM.

Balance sheet

[c. 12; p. 3] Shareholders' equity and CSM

  • Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
  • The decrease in shareholders' equity was due to: FY24 dividend paid to shareholders (EUR -4.6bn), impact of share buybacks in 2025 (EUR -4.7bn) including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM, and an unfavorable foreign exchange impact (EUR -3.5bn) notably from USD depreciation.
  • These negative impacts on shareholders' equity were partly offset by positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).
  • CSM1(footnote: Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)15(footnote: Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.) was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
  • CSM saw +2% normalized growth, driven by new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn), which more than offset CSM release (EUR -3.0bn).
  • Market conditions had a favorable impact on CSM (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance.
  • These positive impacts on CSM were more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of JPY and HKD, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland despite better margins and net flows.

[c. 13; p. 3] Solvency II ratio

  • Solvency II ratio5(footnote: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.) was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
  • The increase in Solvency II ratio was due to: strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points).
  • These positive impacts were partly offset by the net impact of the acquisitions of Nobis and Prima, and the disposal of AXA IM including the associated EUR 3.8bn share buyback (-5 points).
  • As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.
  • The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points10(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.).

[c. 14; p. 3] Financial ratios and cash at holding

  • Underlying return on equity2(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, notably from higher underlying earnings and lower shareholders' equity.
  • Debt gearing2(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
  • The increase in debt gearing was driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).
  • The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.
  • Cash at Holding16(footnote: Including cash and liquid invested assets at AXA SA Holding and other central holdings.) amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.
  • This increase in cash at Holding reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.

Capital management and outlook

Capital management

[c. 15; p. 4] Shareholder returns

  • A dividend of EUR 2.32 per share (+8% vs FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 20267(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.).
  • The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.
  • AXA's Board of Directors approved on February 25, 2026, an annual share buyback program for up to EUR 1.25bn.
  • The share buyback program will be executed in accordance with the applicable Shareholders' Annual General Meeting authorization.
  • AXA intends to cancel all shares repurchased under this program.
  • The share buyback program is expected to commence as soon as practicable, subject to market conditions, and be completed by year-end.

Outlook

[c. 16; p. 4] 'Unlock the Future' plan targets and strategy

  • AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.
  • Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.
  • In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects to benefit from earnthrough of higher pricing and underwriting actions.
  • At AXA XL, pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.
  • The Group guidance for normalized natural catastrophe18(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at approximately 4.5 points of combined ratio for 2026.
  • In Life & Health, earnings growth is expected from the short-term business due to disciplined pricing and claims management.
  • The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time.

[c. 17; p. 4] Holdings results and financial targets

  • Results in Holdings in 2026 are expected to be similar to 2025 levels.
  • Assuming current operating conditions persist and given strong 2025 operating performance, AXA is on track to deliver the main financial targets of its 'Unlock the Future' plan.
  • Main financial targets include: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both 2023-2026E and 20269(footnote: Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.).
  • Main financial targets include: (ii) underlying return on equity between 14% and 16% between 2024 and 2026E.
  • Main financial targets include: (iii) cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E.
  • The Group is committed to its capital management policy19(footnote: Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.), targeting a total payout ratio of 75%20(footnote: Payout ratio is calculated based on underlying earnings per share.).
  • The total payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks.
  • The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.

Property & Casualty

[c. 18; p. 5]

Key figures – Property & Casualty
in Euro billion FY24 FY25 Change on a comparable basis FY25 Price effect12(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) (in %)
Gross written premiums and other revenues 56.5 58.0 +5% +2.9%
o/w Commercial lines11(footnote: 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.) 34.9 35.8 +4% +1.9%
o/w Personal lines 19.1 19.7 +7% +5.2%
o/w AXA XL Reinsurance 2.5 2.6 +8% +0.3%
in Euro million FY24 FY25 Change at constant Forex
All-Year Combined ratio 91.0% 90.6% -0.3 pt
Underlying earnings 5,510 5,872 +9%

[c. 19; p. 5] Gross written premiums & other revenues

  • Gross written premiums & other revenues +5% to EUR 58.0bn.
  • Commercial lines: +4% to EUR 35.8bn.
    • AXA XL Insurance: +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes); partly offset by lower pricing and volumes in Financial lines.
    • Asia, Africa & EME-LATAM: +13% mainly from Türkiye (higher average premiums) and Mexico (favorable volume and price effects).
    • France: +6% from favorable price effects across all lines and higher volumes.
  • Personal lines: +7% to EUR 19.7bn.
    • Europe: +5% from favorable price effects across geographies, except UK & Ireland Motor where pricing softened after strong repricing in 2024.
    • Asia, Africa & EME-LATAM: +14% from Türkiye (higher average premiums and volumes).
    • France: +9% from strong volume growth in all lines (direct business, proprietary agent networks) and favorable price effects in Motor.
  • AXA XL Reinsurance: +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by softening in other lines.

[c. 20; p. 5] Combined ratio

  • All-year combined ratio improved by 0.3pt to 90.6%.
  • Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pt) from margin expansion in Commercial lines (-0.5pt, driven by SME & mid-market business at -0.9pt) and Personal lines (-0.4pt).
  • AXA XL Insurance margins stable at attractive levels (+0.1pt).
  • Lower expense ratio (-0.3pt) primarily from lower non-commission expense ratio reflecting efficiency gains.
  • Lower natural catastrophe charges (-0.4pt to 3.4%) more than offset by lower prior years' reserve development (+0.7pt at -1.1%).

[c. 21; p. 6] P&C underlying earnings

  • P&C underlying earnings +9% to EUR 5.9bn.
  • Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin.
  • Driven by higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves.
  • Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings.

Life & Health

[c. 22; p. 6]

Key figures – Life & Health
in Euro billion FY24 FY25 Change on a comparable basis
Gross written premiums & other revenues 52.0 56.5 +8%
o/w Life 34.5 37.5 +9%
o/w Health 17.5 19.0 +5%
PVEP1,21 50.9 49.4 -2%
NB CSM1,21 2.2 2.2 +3%
NBV (post-tax)1,21 2.3 2.2 0%
NBV margin1,21 4.4% 4.5% +0.1 pt
Net flows21(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) +1.5 +5.4 —
in Euro million FY24 FY25 Change at constant forex
Underlying earnings 3,323 3,501 +7%
o/w Life 2,636 2,715 +4%
o/w Health 687 787 +17%

Gross written premiums & other revenues were up 8% to Euro 56.5 billion.

[c. 23; p. 6] Life & Health gross written premiums

  • Life grew +9% to EUR 37.5bn, mainly from:
    • Unit-Linked: +13% driven by successful sales initiatives across all geographies
    • G/A13(footnote: General account.): +4% notably in France (+4%) and from elevated sales of a capital-light product in Italy
    • G/A was partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong
    • Protection: +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland
  • Health grew +5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes.

[c. 24; p. 6] Present value of expected premiums (PVEP)

  • Present value of expected premiums (PVEP)1,21 decreased by 2% to EUR 49.4bn.

[c. 24; p. 7]

  • Life PVEP: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums.
  • Health PVEP: -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions.

[c. 25; p. 7] NB CSM and NBV

  • NB CSM1(footnote: Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)21(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) increased by 3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.
  • NBV (post-tax)1(footnote: Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)21(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.
  • NBV margin (post tax)1(footnote: Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)21(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) increased by 0.1pt to 4.5%.

[c. 26; p. 7] Net flows

  • Net flows21(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) were EUR +5.4bn compared to EUR +1.5bn in 2024.
  • Net flows in 2025 were driven by:
    • Protection: EUR +4.9bn, mainly in Hong Kong, Japan, and France
    • Health: EUR +2.7bn, mainly in Germany, Japan, and France
    • Unit-Linked: EUR +1.5bn, primarily in France
  • Net flows were partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn).

[c. 27; p. 7] Life & Health underlying earnings

  • Life & Health underlying earnings increased by 7% to EUR 3.5bn, driven by:
    • Long-term technical result: EUR +0.2bn driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business
    • Short-term technical result: EUR +0.1bn driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies
    • Short-term technical result more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn)
    • Lower income taxes: EUR +0.1bn reflecting favorable tax effects mainly in Germany, France and Mexico
    • Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders

Holdings

[c. 28; p. 7] Holdings underlying earnings

  • Holdings underlying earnings14(footnote: Including banking activities.) remained broadly stable at EUR -1.2bn.

Ratings and glossary

Ratings

[c. 29; p. 8]

Insurer financial strength ratings and AXA's credit ratings by Agency
Insurer financial strength ratings AXA's credit ratings 22(footnote: AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.)
Agency Date of last review AXA SA AXA's principal insurance subsidiaries Outlook Senior debt of the Company Short-term debt of the Company
S&P Global Ratings October 3, 2025 A+ AA- Positive A+ A-1+
Moody's Investor Service October 8, 2025 Aa2 Aa2 Stable Aa3 P-1
AM Best October 9, 2025 A+ Superior — Stable aa Superior —
(22) AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.

Glossary

[c. 30; p. 8] Glossary of financial terms

  • Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
  • Contractual service margin ("CSM"): a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
  • CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
  • Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
  • Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
  • Gross written premiums and other revenues: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).
  • New business contractual service margin ("NB CSM"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
  • New business value ("NBV"): the value of newly issued contracts during the current year.
    • It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.
  • New business value margin ("NBV Margin"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.

[c. 30; p. 9]

  • Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes.
    • Operating variance is net of reinsurance.
  • Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term.
    • PVEP is discounted at the reference interest rate and PVEP is Group share.
  • Technical experience: consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses.
  • Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.

Scope and exchange rates

Scope

[c. 31; p. 10] Scope of operations by geography

  • France: includes insurance activities, banking activities, and holding.
  • Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities)23(footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.), and AXA Life Europe (insurance activities).
  • AXA XL: includes insurance and reinsurance activities and holding.
  • Asia, Africa & EME-LATAM:
    • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excluding the bancassurance entity), China P&C, South Korea, and Asia Holdings are fully consolidated.
    • Asia: China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) are consolidated under the equity method and contribute to NBV, PVEP, underlying earnings, and net income.
    • Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.
    • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
    • EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
    • AXA Mediterranean Holdings is included.
  • Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.
  • AXA Investment Managers24(footnote: Disposal to BNP Paribas completed on July 1, 2025.): includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.

Exchange rates

[c. 32; p. 10]

Exchange rates
For 1 Euro End of Period Exchange rate Average Exchange rate
FY24 FY25 FY24 FY25
USD 1.04 1.17 1.08 1.13
CHF 0.94 0.93 0.95 0.94
GBP 0.83 0.87 0.85 0.86
JPY 163 184 164 169
HKD 8.04 9.14 8.44 8.82

Notes

[c. 33; p. 11] Notes

(1) Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.
(2) 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).
(3) AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.
(4) On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.
(5) The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.
(6) Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.
(7) Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.
(8) As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.
(9) Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.
(10) Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.
(11) 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.
(12) Price effects are calculated as a percentage of total gross written premiums of the prior year.
(13) General account.
(14) Including banking activities.
(15) Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.
(16) Including cash and liquid invested assets at AXA SA Holding and other central holdings.
(17) To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 2 4, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.
(18) Natural catastrophe charges include natural catastrophe losses regardless of event size.
(19) Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.
(20) Payout ratio is calculated based on underlying earnings per share.
(21) Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.
(22) Restricted Tier 1: 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's.
(23) AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.
(24) Disposal to BNP Paribas completed on July 1, 2025.

[c. 34; p. 11] Basis of reporting and financial statement approval

  • All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
  • Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.
  • AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026.
  • The financial statements are subject to completion of an audit procedure by AXA's statutory auditors.

[c. 35; p. 12] Company overview and legal information

  • The AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
  • In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 underlying earnings to EUR 8.4bn.
  • Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.
  • The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
  • AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
  • Individual Shareholder Relations contact: +33.1.40.75.48.43.
  • Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
  • The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
  • AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
  • This press release contains forward-looking statements, including those regarding expected underlying earnings per share (“UEPS”) growth for 2026, which are based on Management’s current views and intentions and are subject to risks and uncertainties.
  • AXA disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations.
  • The press release refers to non-GAAP financial measures (Alternative Performance Measures or APMs) used by Management, which may not be comparable to similarly labeled measures from other companies.
  • Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.
  • "Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement.
  • Reconciliations of APMs to IFRS financial statements and their calculation methodologies are provided in AXA’s Activity Report as of December 31, 2025.

Appendix 1: Gross written premiums et other revenues by geography and business line

[c. 36; p. 13]

Gross written premiums and other revenues by geography and business line
Gross Written Premiums and Other Revenues o/w Property & Casualty o/w Life & Health o/w Asset Management
In EUR million FY24 FY25 Change on a reported basis Change on a comparable basis FY25 Change on a comparable basis FY25 Change on a comparable basis FY25 Change on a comparable basis
Francei(footnote: Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.) 28,996 30,598 +6% +6% 9,648 +7% 20,852 +5% — —
Europe 39,298 43,005 +9% +6% 21,257 +4% 21,748 +8% — —
AXA XL 19,383 19,277 -1% +4% 19,159 +4% 118 -8% — —
Asia, Africa & EME-LATAM 19,083 19,925 +4% +13% 6,257 +13% 13,668 +13% — —
Transversal 1,856 1,844 -1% -1% 1,718 -1% 126 -8% — —
AXA Investment Managers 1,701 875 -49% +4% — — — — 875 +4%
Totali(footnote: Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.) 110,316 115,524 +5% +6% 58,038 +5% 56,512 +8% 875 +4%
(i) Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.

Appendix 2: Underlying earnings by geography and by business line

[c. 37; p. 14]

Underlying earnings by geography and by business line
Underlying earnings o/w Property & Casualty o/w Life & Health o/w Asset Management
In EUR million FY24 FY25 Change at constant Forex FY25 Change at constant Forex FY25 Change at constant Forex FY25 Change at constant Forex
France 2,071 2,224 +7% 1,237 +7% 1,039 +8% — —
Europe 3,187 3,486 +9% 2,216 +9% 1,264 +14% — —
AXA XL 1,820 1,893 +9% 1,913 +9% 12 -49% — —
Asia, Africa & EME-LATAM 1,504 1,493 +6% 355 +24% 1,165 0% — —
Transversal -907 -903 0% 151 -4% 22 +16% — —
AXA Investment Managers 402 175 -57% — — — — 175 -57%
Totali(footnote: Including underlying earnings of Holdings and Banking.) 8,078 8,368 +6% 5,872 +9% 3,501 +7% 175 -57%
(i) Including underlying earnings of Holdings and Banking.

Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates

[c. 38; p. 15]

Total P&C by geography and business line
Commercial lines Personal lines AXA XL Reinsurance Total P&C
In EUR million Total Commercial Changei Personal Motor Changei Personal Non-Motor Changei Total Personal Changei Total Reinsurance Changei FY25 Changei
France 5,077 +6% 2,693 +9% 1,877 +10% 4,570 +9% - - 9,648 +7%
Europe 9,179 +1% 7,434 +6% 4,644 +5% 12,078 +5% - - 21,257 +4%
AXA XL 16,604 +3% - - - - - - 2,555 +8% 19,159 +4%
Asia, Africa & EME-LATAM 3,193 +13% 2,315 +14% 749 +12% 3,064 +14% - - 6,257 +13%
Transversal 1,718 -1% - - - - - - - - 1,718 -1%
Total 35,771 +4% 12,443 +8% 7,269 +7% 19,712 +7% 2,555 +8% 58,038 +5%
(i) Changes are at comparable basis (constant forex, scope and methodology)
FY24i FY25ii(footnote: Average of monthly opening discount rates of 2025)
EUR 2.8% 2.6%
USD 4.4% 4.2%
JPY 0.4% 1.0%
GBP 4.3% 4.3%
CHF 0.8% 0.2%
HKD 3.7% 3.2%
(i) Calculated as monthly average from January 2024 to December 2024
(ii) Average of monthly opening discount rates of 2025

Appendix 4: Property & Casualty – price effect & 2026 market pricing trends

P&C: Price effects i by country and business line

[c. 39; p. 16]

P&C: Price effects by country and business line
FY25 (in %) Commercial lines Personal lines AXA XL Reinsurance 2026 Market pricing trends
France +4.0% +3.3% — Moderation of price increase
Europe +3.1% +5.4% — —
Switzerland +3.0% +5.0% — Continued price increases both in Personal and Commercial lines
Germany +3.1% +10.3% — Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation
Belgium & Luxembourg +2.5% +4.4% — Price increase broadly in line with 2025
UK & Ireland +1.4% -2.6% — In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
Spain +8.8% +8.6% — Moderation of price increase
Italy +5.2% +5.3% — Moderation of price increase
AXA XLii(footnote: ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.) +0.2% — +0.3% Softening prices with conditions varying by lines
Asia, Africa & EME-LATAM +3.8% +7.1% — Moderation of price increase
Total +1.9% +5.2% +0.3% —
(i) i. Price effect calculated as a percentage of total gross written premiums in the prior year.
(ii) ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.

Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line

[c. 40; p. 17]

Gross written premiums & other revenues by geography and business line
Gross written premiums & other revenues Total o/w Protection o/w G/A Savings o/w Unit-Linked o/w Health
In EUR million FY25 Changei(footnote: Changes are at comparable basis (constant forex, scope and methodology)) FY25 Changei(footnote: Changes are at comparable basis (constant forex, scope and methodology)) FY25 Changei(footnote: Changes are at comparable basis (constant forex, scope and methodology)) FY25 Changei(footnote: Changes are at comparable basis (constant forex, scope and methodology)) FY25 Changei(footnote: Changes are at comparable basis (constant forex, scope and methodology))
France 20,852 +5% 4,650 +6% 5,483 +4% 5,109 +10% 5,611 +2%
Europe 21,748 +8% 5,090 +4% 4,444 +18% 3,419 +10% 8,795 +4%
AXA XL 118 -8% 59 -6% 59 -10% - - - -
Asia, Africa & EME-LATAM 13,668 +13% 7,454 +19% 971 -31% 761 +63% 4,483 +11%
Transversal 126 -8% - - - - - - 126 -8%
Total 56,512 +8% 17,253 +11% 10,957 +4% 9,289 +13% 19,014 +5%
o/w short-termii(footnote: Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period) 17,651 +6% 4,337 +6% — — — — 13,314 +6%
(i) Changes are at comparable basis (constant forex, scope and methodology)
(ii) Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period

Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin

[c. 41; p. 18]

PVEP, NBV, and NBV margin by geography
Life New Business Metrics FY25 Healthi(footnote: Includes Health business written predominantly in Life entities) New Business Metrics FY25 Totalii(footnote: Changes are at comparable basis (constant forex, scope and methodology)) New Business Metrics FY25
in Euro million PVEP Changeii(footnote: Changes are at comparable basis (constant forex, scope and methodology)) NBV Changeii(footnote: Changes are at comparable basis (constant forex, scope and methodology)) NBV margin Changeii(footnote: Changes are at comparable basis (constant forex, scope and methodology)) PVEP Changeii(footnote: Changes are at comparable basis (constant forex, scope and methodology)) NBV Changeii(footnote: Changes are at comparable basis (constant forex, scope and methodology)) NBV margin Changeii(footnote: Changes are at comparable basis (constant forex, scope and methodology)) PVEP Changeii(footnote: Changes are at comparable basis (constant forex, scope and methodology)) NBV Changeii(footnote: Changes are at comparable basis (constant forex, scope and methodology)) NBV margin Changeii(footnote: Changes are at comparable basis (constant forex, scope and methodology))
France 14,971 -4% 519 0% 3.5% +0.1 pt 7,887 -20% 177 +13% 2.2% +0.7pt 22,858 -10% 695 +3% 3.0% +0.4pts
Europe 10,102 +3% 474 -11% 4.7% -0.7pt 2,549 +16% 104 +36% 4.1% +0.6pt 12,651 +5% 578 -5% 4.6% -0.5pts
Asia, Africa & EME-LATAM 12,029 +7% 754 +5% 6.3% -0.1pt 1,817 -6% 205 -12% 11.3% -0.8pt 13,847 +5% 959 +1% 6.9% -0.3pts
Total 37,103 +1% 1,747 -1% 4.7% -0.1pt 12,254 -12% 486 +4% 4.0% +0.6pt 49,357 -2% 2,233 0% 4.5% +0.1pt
NB CSM to NBV
in Euro million Life Healthi(footnote: Includes Health business written predominantly in Life entities) Totali(footnote: Includes Health business written predominantly in Life entities)
NB CSM (pre-tax) 1,822 377 2,199
Other NBV (pre-tax) 491 266 757
Tax & Other -567 -157 -724
NBV 1,747 486 2,233
(i) Includes Health business written predominantly in Life entities
(ii) Changes are at comparable basis (constant forex, scope and methodology)

Appendix 7: Life & Health – net flows

[c. 42; p. 19]

Net flows by business line
in Euro billion FY24 FY25
Healthi(footnote: Includes Health business written predominantly in Life entities) +2.7 +2.7
Protection +3.2 +4.9
G/A Savings -3.6 -3.7
o/w capital lightii(footnote: Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%) +2.2 +1.2
o/w traditional G/A -5.8 -5.0
Unit-Linkediii(footnote: Including Investment contracts with no discretionary participation features ("DPF")) -0.8 +1.5
Mutual Funds & Other 0.0 0.0
Total Life & Healthi(footnote: Includes Health business written predominantly in Life entities) net flows +1.5 +5.4
(i) Includes Health business written predominantly in Life entities
(ii) Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%
(iii) Including Investment contracts with no discretionary participation features ("DPF")

Appendix 8: Main transactions and next main investor events

[c. 43; p. 20] Main transactions in 2025

  • Announced the execution of a share repurchase agreement related to AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)
  • Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)
  • Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)
  • Announced the execution of a share repurchase agreement related to AXA's Shareplan and certain stock-based compensation (June 2, 2025)
  • Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025)
  • Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (July 1, 2025)
  • Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)
  • Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)
  • Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)
  • Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)

Next main investor events

[c. 44; p. 20] Upcoming investor events

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