| page | 8 |
|---|
| marker | "22" |
|---|
| host | "Insurer financial strength ratingsAXA's credit ratings⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 8 |
|---|
| marker | "22" |
|---|
| text | "AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings." |
|---|
| printed_on | 8 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 13 |
|---|
| marker | "i" |
|---|
| host | "France⟦⟧28,99630,598+6%+6%9,648+7%20,852+5%" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 13 |
|---|
| marker | "i" |
|---|
| text | "Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24." |
|---|
| printed_on | 13 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 13 |
|---|
| marker | "i" |
|---|
| host | "Total⟦⟧110,316115,524+5%+6%58,038+5%56,512+8%875+4%" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 13 |
|---|
| marker | "i" |
|---|
| text | "Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24." |
|---|
| printed_on | 13 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 14 |
|---|
| marker | "i" |
|---|
| host | "Total⟦⟧8,0788,368+6%5,872+9%3,501+7%175-57%" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 14 |
|---|
| marker | "i" |
|---|
| text | "Including underlying earnings of Holdings and Banking." |
|---|
| printed_on | 14 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionTotal CommercialChange⟦⟧Personal MotorChangePersonal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChangeFY25Change" |
|---|
| source | "model" |
|---|
| method | "position" |
|---|
| content | | page | 15 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionTotal CommercialChangePersonal MotorChange⟦⟧Personal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChangeFY25Change" |
|---|
| source | "model" |
|---|
| method | "position" |
|---|
| content | | page | 15 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChange⟦⟧Total PersonalChangeTotal ReinsuranceChangeFY25Change" |
|---|
| source | "model" |
|---|
| method | "position" |
|---|
| content | | page | 15 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChangeTotal PersonalChange⟦⟧Total ReinsuranceChangeFY25Change" |
|---|
| source | "model" |
|---|
| method | "position" |
|---|
| content | | page | 15 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChange⟦⟧FY25Change" |
|---|
| source | "model" |
|---|
| method | "position" |
|---|
| content | | page | 15 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionTotal CommercialChangePersonal MotorChangePersonal Non-MotorChangeTotal PersonalChangeTotal ReinsuranceChangeFY25Change⟦⟧" |
|---|
| source | "model" |
|---|
| method | "position" |
|---|
| content | | page | 15 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "i" |
|---|
| host | "FY24⟦⟧FY25" |
|---|
| source | "model" |
|---|
| method | "position" |
|---|
| content | | page | 15 |
|---|
| marker | "i" |
|---|
| text | "Calculated as monthly average from January 2024 to December 2024" |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "ii" |
|---|
| host | "FY24FY25⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 15 |
|---|
| marker | "ii" |
|---|
| text | "Average of monthly opening discount rates of 2025" |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 16 |
|---|
| marker | "i" |
|---|
| host | "P&C: Price effects⟦⟧i by country and business line" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 16 |
|---|
| marker | "i" |
|---|
| text | "Price effect calculated as a percentage of total gross written premiums in the prior year." |
|---|
| printed_on | 16 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 16 |
|---|
| marker | "i" |
|---|
| host | "P&C: Price effects⟦⟧by country and business line" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 16 |
|---|
| marker | "i" |
|---|
| text | "Price effect calculated as a percentage of total gross written premiums in the prior year." |
|---|
| printed_on | 16 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 16 |
|---|
| marker | "ii" |
|---|
| host | "AXA XL⟦⟧+0.2%+0.3%Softening prices with conditions varying by lines" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 16 |
|---|
| marker | "ii" |
|---|
| text | "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." |
|---|
| printed_on | 16 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 16 |
|---|
| marker | "i" |
|---|
| host | "" |
|---|
| source | "ink" |
|---|
| method | "page" |
|---|
| content | | page | 16 |
|---|
| marker | "i" |
|---|
| text | "Price effect calculated as a percentage of total gross written premiums in the prior year." |
|---|
| printed_on | 16 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionFY25Change⟦⟧FY25ChangeFY25ChangeFY25ChangeFY25Change" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionFY25ChangeFY25Change⟦⟧FY25ChangeFY25ChangeFY25Change" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionFY25ChangeFY25ChangeFY25Change⟦⟧FY25ChangeFY25Change" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionFY25ChangeFY25ChangeFY25ChangeFY25Change⟦⟧FY25Change" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionFY25ChangeFY25ChangeFY25ChangeFY25ChangeFY25Change⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "i" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "ii" |
|---|
| host | "o/w short-term⟦⟧17,651+6%4,337+6%13,314+6%" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "ii" |
|---|
| text | "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" |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "i" |
|---|
| host | "Life New Business Metrics FY25Health⟦⟧New Business Metrics FY25Total New Business Metrics FY25" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "i" |
|---|
| text | "Includes Health business written predominantly in Life entities" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "ii" |
|---|
| host | "Life New Business Metrics FY25Health New Business Metrics FY25Total⟦⟧New Business Metrics FY25" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "ii" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "ii" |
|---|
| host | "in Euro millionPVEPChange⟦⟧NBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "ii" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "ii" |
|---|
| host | "in Euro millionPVEPChangeNBVChange⟦⟧NBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "ii" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "ii" |
|---|
| host | "in Euro millionPVEPChangeNBVChangeNBV marginChange⟦⟧PVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "ii" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "ii" |
|---|
| host | "in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChange⟦⟧NBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "ii" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "ii" |
|---|
| host | "in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChange⟦⟧NBV marginChangePVEPChangeNBVChangeNBV marginChange" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "ii" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "ii" |
|---|
| host | "in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange⟦⟧PVEPChangeNBVChangeNBV marginChange" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "ii" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "ii" |
|---|
| host | "in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChange⟦⟧NBVChangeNBV marginChange" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "ii" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "ii" |
|---|
| host | "in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChange⟦⟧NBV marginChange" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "ii" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "ii" |
|---|
| host | "in Euro millionPVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChangePVEPChangeNBVChangeNBV marginChange⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "ii" |
|---|
| text | "Changes are at comparable basis (constant forex, scope and methodology)" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionLifeHealth⟦⟧Total" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "i" |
|---|
| text | "Includes Health business written predominantly in Life entities" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "i" |
|---|
| host | "in Euro millionLifeHealthTotal⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "i" |
|---|
| text | "Includes Health business written predominantly in Life entities" |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 19 |
|---|
| marker | "i" |
|---|
| host | "Health⟦⟧+2.7+2.7" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 19 |
|---|
| marker | "i" |
|---|
| text | "Includes Health business written predominantly in Life entities" |
|---|
| printed_on | 19 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 19 |
|---|
| marker | "ii" |
|---|
| host | "o/w capital light⟦⟧+2.2+1.2" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 19 |
|---|
| marker | "ii" |
|---|
| text | "Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%" |
|---|
| printed_on | 19 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 19 |
|---|
| marker | "iii" |
|---|
| host | "Unit-Linked⟦⟧-0.8+1.5" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 19 |
|---|
| marker | "iii" |
|---|
| text | "Including Investment contracts with no discretionary participation features ("DPF")" |
|---|
| printed_on | 19 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 19 |
|---|
| marker | "i" |
|---|
| host | "Total Life & Health⟦⟧net flows+1.5+5.4" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 19 |
|---|
| marker | "i" |
|---|
| text | "Includes Health business written predominantly in Life entities" |
|---|
| printed_on | 19 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "1" |
|---|
| host | "- Gross written premiums & other revenues⟦⟧at Euro 116 billion, up +6% vs" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "2" |
|---|
| host | "- Underlying earnings⟦⟧at Euro 8.4 billion, up 6% vs" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "2" |
|---|
| text | "'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)." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "3" |
|---|
| host | "FY24, up 9% excluding AXA IM⟦⟧" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "3" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "2" |
|---|
| host | "- Underlying earnings per share⟦⟧at Euro 3.86, up +8% vs" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "2" |
|---|
| text | "'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)." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "4" |
|---|
| host | "FY24 including -2% headwind from foreign exchange movements and -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback⟦⟧" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "4" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "5" |
|---|
| host | "- Solvency II ratio⟦⟧at 224% at December 31, 2025, up +9 points vs" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "5" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "6" |
|---|
| host | "FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period⟦⟧" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "6" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "7" |
|---|
| host | "FY24⟦⟧" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "7" |
|---|
| text | "Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "8" |
|---|
| host | "- Launch of an annual share buyback program⟦⟧of up to Euro 1.25 billion" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "8" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "4" |
|---|
| host | "- Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal⟦⟧, executed between July 2, 2025, and January 20, 2026" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "4" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "9" |
|---|
| host | "- Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range⟦⟧" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "9" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 1 |
|---|
| marker | "10" |
|---|
| host | "- Expected impact of Solvency II revision at +17 points⟦⟧" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "10" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "1" |
|---|
| host | "Gross written premiums & other revenues⟦⟧110,316115,524+5%+6%" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "2" |
|---|
| host | "Underlying earnings⟦⟧8,0788,368+4%+6%" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "2" |
|---|
| text | "'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)." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "5" |
|---|
| host | "Solvency II ratio (%)⟦⟧216%224%+9 pts" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "5" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "1" |
|---|
| host | "Total gross written premiums and other revenues⟦⟧were up 6%, driven by:" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "11" |
|---|
| host | "- Property & Casualty (+5%), with growth in (i) Commercial lines⟦⟧(+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "11" |
|---|
| text | "'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "12" |
|---|
| host | "- Property & Casualty (+5%), with growth in (i) Commercial lines (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects⟦⟧across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "12" |
|---|
| text | "Price effects are calculated as a percentage of total gross written premiums of the prior year." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "13" |
|---|
| host | "- Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A⟦⟧(+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven b" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "13" |
|---|
| text | "General account." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "2" |
|---|
| host | "Underlying earnings⟦⟧increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM , driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "2" |
|---|
| text | "'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)." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "3" |
|---|
| host | "Underlying earnings increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM⟦⟧, driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "3" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "14" |
|---|
| host | "(iii) Holdings⟦⟧underlying earnings remained broadly stable at Euro -1.2 billion" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "14" |
|---|
| text | "Including banking activities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "2" |
|---|
| host | "Underlying earnings per share⟦⟧increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the " |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "2" |
|---|
| text | "'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)." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 3 |
|---|
| marker | "1" |
|---|
| host | "CSM⟦⟧was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 3 |
|---|
| marker | "15" |
|---|
| host | "CSM⟦⟧was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "15" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 3 |
|---|
| marker | "5" |
|---|
| host | "Solvency II ratio⟦⟧was 224% as of December 31, 2025, up +9 points versus December 31, 2024 , with (i) a strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points), (ii) the positive impact from net subordinated debt issuance (+6 points), and (iii) fa" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "5" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 3 |
|---|
| marker | "10" |
|---|
| host | "In addition, the Group currently estimates that the Solvency II revision, to come into effect in the first quarter of 2027, would result in an increase of +17 points to our current Solvency II ratio⟦⟧." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "10" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 3 |
|---|
| marker | "2" |
|---|
| host | "Underlying return on equity⟦⟧was at 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024, notably from higher underlying earnings and lower shareholders ' equity." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "2" |
|---|
| text | "'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)." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 3 |
|---|
| marker | "2" |
|---|
| host | "Debt gearing⟦⟧was at 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024, driven by both lower shareholder s' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (Euro 3.5 billion) partly offset by redemption of outstanding grandfathered Tier 1" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "2" |
|---|
| text | "'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)." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 3 |
|---|
| marker | "16" |
|---|
| host | "Cash at Holding⟦⟧amounted to Euro 5.6 billion as of December 31, 2025, up Euro 1.6 billion versus December 31, 2024, reflecting organic cash remittance from subsidiaries of Euro 7.5 billion, up Euro 0.4 billion versus December 31, 2024." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "16" |
|---|
| text | "Including cash and liquid invested assets at AXA SA Holding and other central holdings." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 4 |
|---|
| marker | "7" |
|---|
| host | "A dividend of Euro 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026⟦⟧" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "7" |
|---|
| text | "Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 4 |
|---|
| marker | "18" |
|---|
| host | "The Group guidance for normalized natural catastrophe⟦⟧load remains at ca" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "18" |
|---|
| text | "Natural catastrophe charges include natural catastrophe losses regardless of event size." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 4 |
|---|
| marker | "9" |
|---|
| host | "Considering the strong overall operating performance delivered in 2025, and assuming current operating conditions persist, Management believes that AXA is on track to deliver the main financial targets of AXA's 'Unlock the Future' plan: (i) underlying earnings per share growth at the upper end of th" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "9" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 4 |
|---|
| marker | "19" |
|---|
| host | "The Group is committed to its capital management policy⟦⟧, targeting a total payout ratio of 75% , comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "19" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 4 |
|---|
| marker | "20" |
|---|
| host | "The Group is committed to its capital management policy , targeting a total payout ratio of 75%⟦⟧, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "20" |
|---|
| text | "Payout ratio is calculated based on underlying earnings per share." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 4 |
|---|
| marker | "17" |
|---|
| host | "" |
|---|
| source | "ink" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "17" |
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| text | "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." |
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| printed_on | 11 |
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| source | "block" |
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| page | 5 |
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| marker | "12" |
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| host | "FY24FY25Change on a comparable basisFY25 Price effect⟦⟧(in %)" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "12" |
|---|
| text | "Price effects are calculated as a percentage of total gross written premiums of the prior year." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
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|
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|
| page | 5 |
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| marker | "11" |
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| host | "o/w Commercial lines⟦⟧34.935.8+4%+1.9%" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "11" |
|---|
| text | "'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "1" |
|---|
| host | "PVEP⟦⟧50.949.4-2%" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
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| source | "block" |
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|
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|
| page | 6 |
|---|
| marker | "21" |
|---|
| host | "PVEP⟦⟧50.949.4-2%" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "1" |
|---|
| host | "NB CSM⟦⟧2.22.2+3%" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
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|
|---|
|
| page | 6 |
|---|
| marker | "21" |
|---|
| host | "NB CSM⟦⟧2.22.2+3%" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "1" |
|---|
| host | "NBV (post-tax)⟦⟧2.32.20%" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "21" |
|---|
| host | "NBV (post-tax)⟦⟧2.32.20%" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "1" |
|---|
| host | "NBV margin⟦⟧4.4%4.5%+0.1 pt" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "21" |
|---|
| host | "NBV margin⟦⟧4.4%4.5%+0.1 pt" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "21" |
|---|
| host | "Net flows⟦⟧+1.5+5.4" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "13" |
|---|
| host | "- G/A⟦⟧(+4%) notably in France (+4%) as well as from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong; and" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "13" |
|---|
| text | "General account." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "1" |
|---|
| host | "Present value of expected premiums (PVEP)⟦⟧decreased by 2% to Euro 49.4 billion driven by:" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "21" |
|---|
| host | "Present value of expected premiums (PVEP)⟦⟧decreased by 2% to Euro 49.4 billion driven by:" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 6 |
|---|
| marker | "21" |
|---|
| host | "" |
|---|
| source | "ink" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 7 |
|---|
| marker | "1" |
|---|
| host | "NB CSM⟦⟧increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 7 |
|---|
| marker | "21" |
|---|
| host | "NB CSM⟦⟧increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 7 |
|---|
| marker | "1" |
|---|
| host | "NBV (post-tax)⟦⟧was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of shortterm multinational business in France." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 7 |
|---|
| marker | "21" |
|---|
| host | "NBV (post-tax)⟦⟧was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of shortterm multinational business in France." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 7 |
|---|
| marker | "1" |
|---|
| host | "NBV margin (post tax)⟦⟧increased by 0.1 point to 4.5%." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 7 |
|---|
| marker | "21" |
|---|
| host | "NBV margin (post tax)⟦⟧increased by 0.1 point to 4.5%." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 7 |
|---|
| marker | "21" |
|---|
| host | "Net flows⟦⟧were Euro +5.4 billion compared to Euro +1.5 billion in 2024" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 7 |
|---|
| marker | "14" |
|---|
| host | "Holdings underlying earnings⟦⟧remained broadly stable at Euro -1.2 billion." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "14" |
|---|
| text | "Including banking activities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 7 |
|---|
| marker | "21" |
|---|
| host | "" |
|---|
| source | "ink" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "21" |
|---|
| text | "Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 10 |
|---|
| marker | "23" |
|---|
| host | "Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (ins" |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "23" |
|---|
| text | "AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 10 |
|---|
| marker | "24" |
|---|
| host | "AXA Investment Managers⟦⟧: includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method." |
|---|
| source | "model" |
|---|
| method | "global" |
|---|
| content | | page | 11 |
|---|
| marker | "24" |
|---|
| text | "Disposal to BNP Paribas completed on July 1, 2025." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|