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AXA/2025/FY/Earnings presentation

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This article summarizes AXA's full-year 2025 earnings presentation, published on 26 February 2026.

Document info
OrganizationAXA
Year2025
PeriodFY
Period labelFY25
Document categoryAnalyst presentation
Publication date2026-02-26
LanguageEnglish
Pages49
SourceOriginal URL

Front matter

Full Year 2025 earnings presentation

  • AXA Full Year 2025 earnings presentation delivered on February 26, 2026 p. 1

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

  • Forward-looking statements include predictions, trends, plans, expectations, or objectives based on Management's current views and subject to change p. 2.
  • Expected UEPS growth for 2026 is provided as one-off guidance in the context of the final year of the Group's current strategic plan p. 2.
  • Risk factors and uncertainties that may affect AXA's business are described in Part 5 "Risk Factors and Risk Management" of AXA's 2024 Universal Registration Document p. 2.
  • Alternative performance measures (APMs) used include "underlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" p. 2.
    • APMs are defined under ESMA guidelines and the AMF's 2015 position statement, with reconciliations provided in AXA's 2025 Activity Report p. 2.
  • Financial statements status: AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of audit procedures p. 2.

Table of contents

  • FY25 Highlights presented by Thomas Buberl, Group CEO p. 3, 4
  • FY25 Business Performance presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology p. 3, 9
  • FY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO p. 3, 13

FY25 Highlights

  • Section divider slide for FY25 Highlights, presented by Thomas Buberl, Group CEO p. 4.

Full Year 2025 | Excellent performance

Key financial highlights, FY25 p. 5
Metric Value
Revenues growth vs. FY24 +6%
Underlying EPS growth vs. FY24 +8%
Return on equity 16%
Solvency II ratio 224%
DPS growth +8%
Annual share buyback EUR 1.25bn
Underlying EPS outlook for 2026 Upper end of 6%-8% target range
  • Dividend proposal based on Board of Directors' recommendation on February 25, 2026, subject to Shareholders' Annual General Meeting approval on April 30, 2026
  • Share buyback approved by the Board of Directors on February 25, 2026, expected to commence as soon as reasonably practicable, subject to market conditions

Executing the plan on growth, margin and efficiency

Underlying earnings, FY24 vs FY25 p. 6
EUR billion unless otherwise mentioned FY24 FY25 Change (constant FX) Change (excluding AXA IM)
Underlying earnings 8.1 8.4 +6% +9%
  • High organic growth: +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
  • Record profitability: Further margin expansion in P&C and L&H; improvement in efficiency
  • Scaling the business: Continued investments in growth and technology
  • Consistent earnings growth while enhancing reserve prudence

Diversified franchise, well positioned in an attractive industry

Gross written premium split (FY25, excluding AXA IM and holdings) p. 7
Segment Share
Life 33%
Health 17%
Large & Specialty 17%
Retail 17%
SME & Mid-market 16%
  • Secular trends fuel demand across businesses, driven by protection gaps and emerging corporate risks, as well as demographics driving demand for private retirement and healthcare
  • Our right to win is supported by four strategic pillars:
    • Leading brand & high customer NPS
    • Strong and diversified distribution
    • Technical expertise to price & underwrite risks
    • Scale offering cost advantage

Laying the foundation for the next plan

  • Strategic pillars established to lay the foundation for the next plan:
    • Clear tech and AI roadmap p. 8
    • Driving efficiency across operations p. 8
    • Enhancing capital allocation discipline p. 8
    • Building resilience across the business p. 8
  • Earnings growth outlook supported by strong foundations, providing confidence in sustaining earnings growth p. 8

Business Performance

FY25 business performance

  • Section 2: FY25 Business Performance presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology p. 9.

Strong delivery across our businesses

  • Premium growth basis: change for gross written premiums is at constant scope and FX p. 10.
  • Earnings growth basis: change for underlying earnings is at constant FX p. 10.
  • Total GWP definition: FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers p. 10.
Gross written premiums and underlying earnings by region FY25 p. 10
Region (share of total GWP¹) Gross written premiums Underlying earnings
France (27% of total GWP¹) +6% to EUR 31bn +7% to EUR 2.2bn
Europe (38% of total GWP¹) +6% to EUR 43bn +9% to EUR 3.5bn
AXA XL (17% of total GWP¹) +4% to EUR 19bn +9% to EUR 1.9bn
Asia, Africa & EME-LATAM (18% of total GWP¹) +13% to EUR 20bn +6% to EUR 1.5bn

P&C | Strong margins, confidence in sustaining growth

  • Gross written premiums (GWP) reached EUR 58bn p. 11.
  • (donut) GWP mix: Retail, AXA XL (Large & Specialty), SME & Mid-market — shares not labeled p. 11.
    • AXA XL GWP includes AXA XL Re premiums of EUR 2.6bn p. 11.
  • Underlying earnings +9% at constant FX to EUR 5.9bn p. 11.
  • Retail and SME & Mid-market strategic outlook:
    • 2025: Growing volumes while expanding margins p. 11.
    • Beyond 2025: Investing to improve customer retention and expanding distribution footprint p. 11.
  • AXA XL (Large & Specialty) strategic outlook:
    • 2025: Profitable growth with stable margins p. 11.
    • Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management p. 11.
  • Earnings drivers supporting performance:
    • Continued progress on efficiency p. 11.
    • Higher investment income p. 11.
    • Data & AI to further enhance customer experience and technical excellence p. 11.

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

  • Gross written premiums (GWP) reached EUR 57bn p. 12.
  • (donut) GWP mix: Short-term and Long-term segments — shares not labeled p. 12.
  • Underlying earnings +7% LFL to EUR 3.5bn (change FY25 vs. FY24 at constant FX) p. 12.
  • Long-term business strategic priorities:
    • 2025: Accelerating net flows in Savings at attractive margins p. 12.
    • Beyond 2025: Capturing savings & retirement opportunity, sourcing best asset management products for our customers p. 12.
  • Short-term business strategic priorities:
    • 2025: Growing technical results while absorbing Mexico VAT impact p. 12.
    • Beyond 2025: Capitalizing on demand for health & protection while further improving our margins p. 12.
  • Strategic levers for growth and efficiency:
    • Focus on cost reduction p. 12.
    • Increasing penetration of Protection riders in Savings offerings p. 12.
    • Leveraging AI to reduce claims leakage & improve customer outcomes in Health p. 12.

Financial Performance

FY25 financial performance

  • Section 3: FY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO p. 13

P&C | Continued disciplined growth

P&C GWP & other revenues by segment, FY24 vs FY25 p. 14
EUR billion unless otherwise mentioned FY24 FY25 Change o/w pricing o/w volume
Commercial lines — 35.8 +4% +2% +2%
AXA XL Reinsurance — 2.6 +8% +0.3% +7%
Retail lines — 19.7 +7% +5% +2%
Total 56.5 58.0 +5% — —
  • Continued pricing momentum and volume growth in Mid-market and SME
  • Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance
  • Growth supported by alternative capital
  • Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)

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

Combined ratio bridge, FY24 vs FY25 p. 15
Combined ratio FY24 FY25
Undiscounted CY loss ratio (ex Nat Cat) 67.4% 67.0%
Expense ratio 25.0% 24.8%
Nat Cat 3.8% 3.4%
Prior year reserve development -1.6% -1.1%
Discount -3.6% -3.5%
Total combined ratio 91.0% 90.6%
  • Undiscounted CY loss ratio (ex Nat Cat) improved from:
    • Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
    • Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
  • Expense ratio improved reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
  • Nat Cat charges below normalized load
  • Prior year reserve development shows lower reliance
  • Reserve prudence enhanced by taking advantage of a good year

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

Underlying earnings bridge, FY24 to FY25 p. 16
EUR million Underlying earnings
FY24 5,510
Volume growth +292
Margin improvement +189
Investment income +435
Insurance finance expenses -235
Tax -169
Affiliates, FX & other -150
FY25 5,872
  • Underlying earnings grew +9% at constant FX to EUR 5,872m.
  • Underwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence.
  • Investment income increased reflecting higher volumes and better reinvestment yields on fixed income assets.
  • Insurance finance expenses impacted by higher unwind of discount of claims reserves, in line with guidance.
  • Forex impact was unfavorable, notably due to USD depreciation vs. EUR.

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

GWP and other revenues by line, FY24 vs FY25 p. 17
EUR billion unless otherwise mentioned FY24 FY25 LFL Change
Life GWP 34.5 37.5 +9%
Protection — 17.3 +11%
Unit-linked — 9.3 +13%
Capital light G/A — 9.0 +7%
Traditional G/A — 1.9 -7%
Health GWP 17.5 19.0 +5%
Individual — 10.5 +6%
Group — 8.5 +4%
Employee Benefits GWP — 12.9 +4%
Net flows by segment, FY24 vs FY25 p. 17
EUR billion FY24 FY25
Total 1.5 5.4
Protection — 4.9
Health — 2.7
Unit-Linked — 1.5
Capital light G/A — 1.2
Traditional G/A — -5.0

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

PVEP trend by segment, FY24 vs FY25 p. 18
EUR billion unless otherwise mentioned FY24 FY25 LFL Change
Total PVEP 50.9 49.4 -2%
Protection & Health — 31.4 -4%
Unit-Linked — 8.5 +18%
Capital-light G/A — 7.8 -10%
Traditional G/A — 1.7 -10%
NB CSM and NBV, FY24 vs FY25 p. 18
EUR billion FY24 FY25 LFL Change
NB CSM (pre-tax) 2.2 2.2 +3%
NBV (post-tax) 2.3 2.2 stable
  • PVEP impacted by higher interest rates on discounting despite strong growth in Life volumes p. 18.
  • NB CSM driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits p. 18.
  • NBV broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France p. 18.
  • NBV margin: 4.4% in FY24 → 4.5% in FY25 p. 18

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

Contractual Service Margin rollforward, FY24 to FY25 p. 19
EUR billion Value
FY24 33.6
New business CSM +2.2
Underlying return on in-force +1.3
CSM release -3.0
Economic variance +0.6
Operating variance -0.3
Affiliates, FX & other -1.4
FY25 33.0
  • Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates p. 19
  • Economic variance reflecting government spreads tightening and positive equity market returns p. 19
  • Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland p. 19
  • FX impact mainly from JPY and HKD depreciation p. 19
  • (waterfall) Contractual Service Margin rollforward (in EUR billion): FY24 EUR 33.6bn (o/w Life EUR 25.8bn, o/w Health EUR 7.7bn) → New business CSM +EUR 2.2bn → Underlying return on in-force +EUR 1.3bn → CSM release -EUR 3.0bn (Normalized CSM growth +2%) → Economic variance +EUR 0.6bn → Operating variance -EUR 0.3bn → Affiliates, FX & other -EUR 1.4bn → FY25 EUR 33.0bn (o/w Life EUR 25.4bn, o/w Health EUR 7.6bn) p. 19

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

Underlying earnings bridge, FY24 to FY25 p. 20
EUR million Underlying earnings
FY24 start 3,323
Short-term technical margin +60
Long-term result incl. CSM release +156
Financial result -11
Tax, FX and others -27
FY25 end 3,501
  • Underlying earnings +7% LFL to EUR 3,501m p. 20
  • Short-term technical margin: EUR 415m in FY24 to EUR 479m in FY25 p. 20
  • Long-term result incl. CSM release: EUR 2,680m in FY24 to EUR 2,804m in FY25 p. 20
  • Financial result: EUR 975m in FY24 to EUR 946m in FY25 p. 20
  • Tax & others: EUR -748m in FY24 to EUR -728m in FY25 p. 20
  • Life underlying earnings +4% to EUR 2.7bn (prior: EUR 2.6bn) p. 20
  • Health underlying earnings +17% to EUR 0.8bn (prior: EUR 0.7bn) p. 20
  • Short-term margin strong on underwriting and claims initiatives; more than offset legislative change on Mexico VAT recoverability of EUR -0.1bn p. 20
  • Long-term results higher from CSM release increase of +8% on reserve base growth, favorable equity markets, and better margins p. 20

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

Earnings and net income breakdown FY24 vs FY25 p. 21
EUR billion unless otherwise mentioned FY24 FY25 Change
Property & Casualty 5.5 5.9 +9%
Life & Health 3.3 3.5 +7%
Asset Management 0.4 0.2 -57%
Holdings & other -1.2 -1.2 -
Underlying earnings 8.1 8.4 +6%
Non-financial flows -0.5 +2.1 —
o/w capital gains from AXA IM disposal - +2.2 —
Financial flows (incl. RCG) +0.3 -0.7 —
Net income 7.9 9.8 +26%
Underlying earnings per share bridge, FY24 to FY25 p. 21
EUR Underlying earnings per share
FY24 3.59
Earnings growth +6%
Capital management +3%
Forex -2%
Temporary earnings dilution from AXA IM sale -1%
FY25 3.86
  • Underlying earnings drivers:
    • Strong performance from insurance businesses p. 21
    • Stable holding cost, expected to remain at current level in 2026 p. 21
  • Net income drivers:
    • Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM p. 21
    • Lower financial flows reflecting unfavorable forex impact p. 21
  • Change is at constant FX for underlying earnings and net income; change is on a reported basis for underlying earnings per share p. 21
  • (bar) Underlying earnings per share (In Euro): EUR 3.59 in FY24 to EUR 3.86 in FY25 (+8%) p. 21

Shareholders' equity

  • (stacked bar) Shareholders' equity Group share:
    • FY24: EUR 49.9bn total (comprising SHE excl. OCI EUR 58.0bn and Net OCI EUR -8.1bn) p. 22
    • HY25: EUR 45.5bn total (comprising SHE excl. OCI EUR 52.7bn and Net OCI EUR -7.2bn) p. 22
    • FY25: EUR 47.2bn total (comprising SHE excl. OCI EUR 54.0bn and Net OCI EUR -6.8bn) p. 22
  • SHE (excl. OCI & undated subordinated debt): EUR 53.2bn in FY24 → EUR 47.0bn in HY25 → EUR 49.4bn in FY25 p. 22
  • Debt gearing: 20.6% in FY24 → 23.4% in HY25 → 22.3% in FY25 p. 22
  • Underlying ROE: 15.2% in FY24 → 17.5% in HY25 → 16.0% in FY25 p. 22
Shareholders' equity roll-forward p. 22
EUR billion FY24 to FY25 HY25 to FY25
Opening Shareholders' equity 49.9 45.5
Change in Net OCI 1.3 0.4
Net income for the period 9.8 5.9
Dividend -4.6 -
Annual share buyback -1.2 -
Anti-dilutive share buyback following the sale of AXA IM -3.5 -3.5
Undated subordinated debt (including interest charges) -0.3 -1.2
Forex -3.5 -0.1
Other -0.6 0.3
Closing Shareholders' equity 47.2 47.2

Higher organic cash remittance and robust cash position at Holding

  • (bar) Net cash remittance trend:
    • FY24: EUR 7.7bn total, comprising EUR 7.1bn ordinary remittance and EUR 0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe p. 23
    • FY25: EUR 7.5bn total p. 23
  • Remittance ratio remained stable at 82% in FY24 and 82% in FY25, based on ordinary cash remittance of EUR 7.1bn in FY24 and EUR 7.5bn in FY25 p. 23
Holding cash position bridge FY24 to FY25 in Euro billion p. 23
EUR billion —
FY24 Cash position 4.0
Net cash remittance from subsidiaries +7.5
Dividend -4.6
Annual share buyback -1.2
Anti-dilutive share buyback following the sale of AXA IM -3.5
Holding costs and interest expenses -1.3
Change in net debt +1.6
M&A and other +3.1
FY25 Cash position 5.6

Solvency II at 224%

Solvency II walk, FY24 to FY25 p. 24
EUR billion unless otherwise mentioned EOF SCR Solvency II ratio (pts)
FY24 55.9 25.9 216
Regulatory & model changes +0.2 0.0 +0
Normalized capital generation +8.8 +0.6 +28
Operating variance -0.4 0.0 -1
Economic variance & FX -2.1 -1.2 +4
Dividend & annual share buyback -6.0 0.0 -24
Management actions, debt & other -0.1 -0.2 +2
FY25 56.4 25.2 224
  • Foreseeable dividends accounted for -EUR 4.8bn.
  • Provision for annual share buyback for 2026 accounted for -EUR 1.25bn.
Key sensitivities of Solvency II ratio as of December 31, 2025 (base 224%) p. 24
Sensitivity Impact (pts)
Interest rate +50bps +2
Interest rate -50bps -1
Corporate spreads +50bps -1
Euro Sovereign spreads +50bps -7
Credit migration -4
Listed Equity (excluding PE & Infra) +25% -1
Listed Equity (excluding PE & Infra) -25% +2
PE & Infra +25% +14
PE & Infra -25% -19
Inflation swap curve +50bps -5
  • Euro sovereign spreads sensitivity assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve, applied on sovereign and quasi-sovereign exposures.
  • Credit rating migration sensitivity assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).

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

Solvency II ratio impacts p. 25
Event Impact (pts)
Solvency II ratio as of December 31, 2025 224
Grandfathering end impact on January 1, 2026 -10
Solvency II revision impact to come into effect in 1Q27 +17
  • EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026.
  • No change is expected in organic capital generation.
  • Provides additional capital flexibility.
  • Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.
  • Grandfathering end impact on January 1, 2026 is -10pts to 215% p. 25.

Thomas Buberl, Group CEO conclusion

  • Section divider for the conclusion presentation by Thomas Buberl, Group CEO p. 26.

Conclusion

  • Record results achieved at the top end of the target range while enhancing reserve prudence p. 27.
  • All businesses in excellent shape, delivering strong growth and profitability p. 27.
  • Diversified franchise well-positioned to capture future growth opportunities p. 27.
  • Laying foundations for the next plan and confident in delivering sustainable earnings growth p. 27.

February 26, 2026 Q&A Full Year 2025 earnings

  • Q&A session for the Full Year 2025 Earnings presentation held on February 26, 2026 p. 28.

AXA Investor Relations | Keep in touch

  • Investor Relations contact: +33 1 40 75 48 42; investor.relations@axa.com p. 29
  • Follow us: www.axa.com p. 29
Meet our management event schedule p. 29
Date Event Location
March Roadshows Europe and US
May 5 1Q25 Activity Indicators Paris
June 2 BNP Paribas Exane CEO Conference Paris
June 2-4 Goldman Sachs European Financials Conference Zurich
July 31 HY26 Earnings Release Paris
September 21 AXA Investor Day London

Appendices

  • Section divider for Appendices p. 30

Table of contents

  • Debt and Invested Assets p. 31
  • Additional P&C disclosures p. 36
  • Additional IFRS17 disclosures p. 41
  • Sustainability p. 44

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

Gross financial debt p. 32
EUR billion unless otherwise mentioned FY24 FY25 Jan 1st 2026
Tier 1 4.8 4.6 3.2
Tier 2 10.8 12.2 11.3
Senior debt 3.5 3.5 5.8
Total 19.2 20.3 20.3
Debt gearing 20.6% 22.3% —
Contractual maturity breakdown p. 32
EUR billion Tier 1 Tier 2 Senior debt
2028 — — 0.5
2030 — 0.7 0.9
2031-2039 — — 1.5
≥2040 — 10.8 0.5
Undated 4.6 0.7 —
Grandfathered debt (contractual) — — —
Tier 1 Undated 1.4 — —
Tier 2 2030 — 0.7 —
Tier 2 ≥2040 — 0.2 —
Economic maturity breakdown p. 32
EUR billion Tier 1 Tier 2 Senior debt
2026 0.1 — —
2027 — 2.4 —
2028 0.1 — 0.5
2029 — 2.0 —
2030 — 0.7 0.9
2031-2039 0.4 6.4 1.5
≥2040 — — 0.5
Undated 4.0 0.7 —
Grandfathered debt (economic) — — —
Tier 1 2026 0.1 — —
Tier 1 2028 0.1 — —
Tier 1 2031-2039 0.4 — —
Tier 1 Undated 0.8 — —
Tier 2 2030 — 0.7 —
Tier 2 ≥2040 — 0.2 —
  • In January 2026, AXA called the remaining Tier 2 grandfathered GBP 139m due 2054 callable 2034 (5.625% issued January 2014) and the Tier 1 grandfathered EUR 250m perpetual callable 2010 floating (issued January 2005).
  • Economic maturity accounts for the first date of step-up calls on institutionally placed subordinated debt.
  • For Solvency II RT1 debt with no step-up, the undated nature of the instrument is retained for economic maturity.

General account invested assets

  • Total General Account invested assets at EUR 450bn p. 33.
  • Duration gap at -0.4 year p. 33.
  • (donut) FY25 General Account invested assets: EUR 450bn total; mix includes Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, and Policy loans p. 33.
  • Other fixed income includes Asset Backed Securities (EUR 25bn), Residential Loans (EUR 16bn), Commercial & Agricultural Loans (EUR 7bn), and Agency Pools (EUR 8bn) p. 33.
  • Listed equities includes hedges; listed equities excluding hedges at EUR 14bn p. 33.
  • Private equity and hedge funds includes Private Equity (EUR 17bn), Hedge Funds (EUR 5bn), and Non-listed Equities (EUR 1bn) p. 33.
Invested assets breakdown FY25 p. 33
EUR billion unless otherwise mentioned FY25 %
Fixed income 345 77%
o/w Government bonds 167 37%
o/w Corporate bonds and loans 121 27%
o/w Other fixed income 56 13%
Real estate 41 9%
Infrastructure equity 10 2%
Listed equities 10 2%
Private equity and hedge funds 23 5%
Cash 19 4%
Policy loans 2 0%
Total Insurance Invested Assets 450 100%

Structured and private credit assets

  • Total structured and private credit assets stood at EUR 69bn, representing 15% of the total General Account portfolio, with 54% participating p. 34.
Structured and private credit assets breakdown FY25 p. 34
Invested assets (100%) in EUR billion unless otherwise mentioned FY25 % of total G/A¹ portfolio Comments
Residential Mortgages 16 4% - EUR 6bn Dutch mortgages, NHG guaranteed - EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
CLO & ABS 25 6% - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
Infrastructure debt 8 2% - Skewed towards resilient industries (Telecom, Utilities, Transport)
CRE debt 8 2% - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
Mid-Market lending 10 2% - Strong diversification with EUR 8m average ticket - Investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales and sector allocation
Other 2 0% —
Total Structured and Private Credit Assets 69 15% o/w 54% participating
  • General Account (G/A) represents the investment portfolio p. 34.

Investment portfolio | Fixed income reinvestment

FY25 Fixed Income Reinvestment asset mix p. 35
Asset mix Share
Government bonds & related 32%
Investment grade credit 40%
ABS/CLO/IG fund financing 21%
Below investment grade credit 7%
FY25 Fixed Income Reinvestment Yield p. 35
Fixed Income Type Yield
Public fixed income 3.5%
Private & Structured fixed income 4.7%
Total fixed income 3.9%
  • Fixed income reinvestment totaled EUR 57bn in FY25 p. 35
  • Reinvestment yield achieved at 3.9% on EUR 57bn fixed income p. 35
    • Average duration of 9 years p. 35
    • Private & Structured Credit reinvestment of EUR 19.7bn at 4.7% yield, including CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY p. 35
    • Strategic shift characterized by a gradual transition from alternative total return assets to Private & Structured credit p. 35

Table of contents

  • Debt and Invested Assets on page 31 p. 36
  • Additional P&C disclosures on page 36 p. 36
  • Additional IFRS17 disclosures on page 41 p. 36
  • Sustainability on page 44 p. 36

AXA XL Insurance | Large Commercial & Specialty business

FY25 GWP by line of business p. 37
Line of business Share
Casualty 35%
Property 29%
Specialty 19%
Professional lines (including Cyber) 17%
FY25 GWP by geography p. 37
Geography Share
Americas 46%
Europe & APAC 35%
UK & Lloyds 19%
Profitability vs Ex-price growth (%) p. 37
Line of business Profitability Ex-price growth
Property high high
Specialty medium-high medium-high
Casualty medium medium
Professional lines lower lower
  • Business diversification is well balanced across lines of business and geographies p. 37
  • Market leadership positions AXA XL in the top 3 globally for p. 37:
    • Multinational Programs p. 37
    • Marine p. 37
    • Fine Art & Specie p. 37
  • Cycle management is utilized to deliver consistent profitability p. 37
  • Property: high profitability, high ex-price growth p. 37
  • Specialty: medium-high profitability, medium-high ex-price growth p. 37
  • Casualty: medium profitability, medium ex-price growth p. 37
  • Professional lines: lower profitability, lower ex-price growth p. 37

P&C | Focus on reserves

Claims and technical reserves ratios p. 38
% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Claims reserves ratio (IFRS4 basis) 179 185 193 188 189 — — —
Claims reserves ratio (IFRS17 basis) — — — — 198 195 180 175
Technical reserves ratio (IFRS4 basis) 213 227 233 226 227 — — —
Technical reserves ratio (IFRS17 basis) — — — — 234 232 216 210
  • Technical reserves definition includes net undiscounted claims reserves and unearned premium reserves p. 38.

P&C | 2026 Simplified Group Nat Cat reinsurance program 1

Insurance segment occurrence protection p. 39
EUR Retention Capacity
EU Windstorm 600m 4.0bn
Europe Flood 450m 2.1bn
Europe Earthquake 400m 2.1bn
NA Hurricane 600m 1.2bn
NA Earthquake 600m 1.2bn
Per other perils 400m Varies by peril type
  • Retention levels remained stable in 2026 compared to 2025 p. 39.
  • (diagram) Reinsurance segment (illustrative):
  • Covered via Alternative Capital & Cat Bonds p. 39

P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026

Group underlying earnings deviation to average Nat Cat charges in 2026 p. 40
Return period / probability percentile EUR billion
1/20y (95th percentile) -1.2
1/10y (90th percentile) -0.8
1/5y (80th percentile) -0.4
Median (50th percentile) +0.1
1/5y (20th percentile) +0.5
1/10y (10th percentile) +0.7
1/20y (5th percentile) +0.8
Average expected Nat Cat charges net of reinsurance, pre-tax p. 40
Year EUR billion Estimated impact on GEP
2025 2.6 ca. 4.5%
2026 2.7 ca. 4.5%
  • More severe years result in a negative deviation in ca. 40% of cases p. 40.
  • Less severe years result in a positive deviation in ca. 60% of cases p. 40.
  • Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance). p. 40

Table of contents

  • Debt and Invested Assets p. 31
  • Additional P&C disclosures p. 36
  • Additional IFRS17 disclosures p. 41
  • Sustainability p. 44

P&C | Margin analysis

P&C margin analysis and underlying earnings FY25 p. 42
EUR million FY25 Change
Current Accident Year Undiscounted Technical Margin 2,778 +707
Current Accident Year Discounting 2,009 +115
Prior Years' Reserve Development (PYD) 622 -341
Investment Income 3,988 +435
Insurance Finance Expenses -1,358 -235
Underlying Earnings before tax 8,040 +681
Tax -2,060 -169
Affiliates, Minority interests & Other -108 -10
Underlying Earnings 5,872 +501
  • Gross earned premiums EUR 57,656m (+6%) p. 42
  • Undiscounted combined ratio 95.2% (-1.0pt); of which Nat Cats was 3.4% (-0.4pt) p. 42
  • Discounting ratio -3.5% (+0.0pt in Combined Ratio points) p. 42
  • Net claims reserves for current accident year at EUR 19.0bn; duration of 4.0 years; discount rate of 2.8% p. 42
  • PYD ratio -1.1% (+0.7pt) p. 42
  • Average assets for FY25 at EUR 115bn; asset book yield at 3.5%; reinvestment yield on fixed income assets at 4.3% p. 42
  • Reserves at locked-in rate for FY24 at EUR 71bn; liability book yield at 1.9% p. 42
  • Underlying earnings growth +9% vs. FY24 at constant FX p. 42
  • Discount rate sensitivity: FY25 sensitivity to current accident year discount rate changes (parallel shift of the full-year average yield curve):
    • +25bps: +EUR 0.2bn p. 42
    • -25bps: -EUR 0.2bn p. 42
  • Insurance finance expenses: 2026e pre-tax expected at ~EUR -1.4bn p. 42
    • Sensitivity of 2026e expenses to changes in 2025 current AY discount: +25bps ~EUR -50m; -25bps ~EUR +50m p. 42

L&H | Margin analysis

  • L&H margin analysis includes scope impact p. 43.
  • Short-term technical margin +EUR 60m to EUR 479m, including the recapture of Laya p. 43.
  • Gross earned premiums +10% to EUR 17,416m p. 43.
  • All year combined ratio 97.2%, improved 0.1pts p. 43.
  • Long-term technical margin +EUR 156m to EUR 2,804m p. 43.
    • CSM release +EUR 215m to EUR 2,954m p. 43.
    • Technical experience decreased EUR 58m to EUR -150m p. 43.
  • Investment income (non-VFA only) decreased EUR 1m to EUR 2,484m p. 43.
    • Average assets (FY25) at EUR 98bn with an asset book yield of 2.5% and FY25 reinvestment yield on fixed income assets of 3.8% p. 43.
  • Insurance finance expenses (non-VFA only) increased EUR 9m to EUR -1,538m p. 43.
    • Reserves at locked-in rate (FY24) at EUR 62bn with a liability book yield of 2.5% p. 43.
Technical and financial results in Euro million, pre-tax p. 43
Technical and Financial Results FY25 Change
Short-term Technical Margin 479 +60
Long-term Technical Margin 2,804 +156
Investment Income (non-VFA only) 2,484 -1
Insurance Finance Expenses (non-VFA only) -1,538 -9
Underlying earnings bridge in Euro million p. 43
Underlying Earnings FY25 Change
Underlying Earnings before tax 4,229 +205
Tax -800 65
Affiliates, Minority interests & Other 72 -51
Underlying Earnings 3,501 +219
  • Underlying earnings growth +7% versus FY24 at constant FX p. 43.
Life & Health FY25 CSM key sensitivities in Euro billion p. 43
Sensitivity Impact
Baseline 33.3
Interest rates +50bps -0.8
Interest rates -50bps 0.6
Sovereign spreads +50bps -1.9
Sovereign spreads -50bps 1.9
Corporate spread +50bps -0.8
Corporate spread -50bps 0.7
Equities +25% 1.8
Equities -25% -2.2

Table of contents

  • Debt and Invested Assets p. 31
  • Additional P&C disclosures p. 36
  • Additional IFRS17 disclosures p. 41
  • Sustainability p. 44

Expanding AXA's role in society: AXA for Progress Index 1

ESG targets and achievements p. 45
Category Target Achieved in 2025
Climate transition financing EUR 5bn per year EUR 6.4bn
Community resilience financing >EUR 500m per year EUR 1.4bn
Transition underwriting (cumulative 2024-2026) EUR 6bn in P&C GWP EUR 4.6bn
Climate adaptation solutions (cumulative 2024-2026) >20,000 19,698 (cumulative 2024-2025)
Inclusive insurance customers >20m by 2026 20.6m
Climate adaptation training >80,000 employees by 2026 46,420
Carbon emissions reduction -50% by 2030 -64% against 2019
Employee volunteering 50% of employees by 2026 56%

Sustainability Performance & Ratings

ESG ratings p. 46
Rating Agency Score
S&P Global percentile 97th
MSCI AAA
CDP B
Morningstar Sustainalytics 17.0 - Low risk
FTSE Russell 4.3/5
  • The Corporate Sustainability Assessment (CSA) ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (specifically AXA Restricted Shares), with results as of February 6th, 2026 p. 46.
  • Morningstar Sustainalytics rating: 2025 ESG Risk Rating of 17.0 – Low risk p. 46
  • FTSE Russell score: 4.3/5 in FTSE4Good Index Series p. 46

Scope

  • France scope includes insurance activities, banking activities, and holding p. 47.
  • Europe scope includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities) p. 47.
  • AXA XL scope includes insurance and reinsurance activities and holding p. 47.
  • Asia, Africa & EME-LATAM scope includes:
    • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated; China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings, and net income p. 47.
    • Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), and Egypt (insurance activities and holding) which are fully consolidated p. 47.
    • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to net income p. 47.
    • AXA Mediterranean Holdings p. 47.
  • Transversal & Other scope includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings p. 47.
  • AXA Investment Managers (until July 1, 2025) scope 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 p. 47.
  • Accounting standards comparative figures going back to 2023 are under IFRS17/9 standards (effective January 1, 2023); figures prior to 2023 have not been restated and are presented under IFRS4 p. 47.

Glossary

  • 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% p. 48
  • Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders p. 48
  • CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period p. 48
  • Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force p. 48
  • Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow p. 48
  • Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) p. 48
  • New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests p. 48
  • 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 p. 48
  • New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP p. 48
  • Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance p. 48
  • 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 p. 48
  • Technical experience: consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses p. 48
  • Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance p. 48

February 26, 2026 Thank you Full Year 2025 earnings

  • Closing slide for the AXA Full Year 2025 Earnings presentation, dated February 26, 2026 p. 49.

Abbreviations

  • AA: Senior bond rating
  • AAA: Senior bond rating
  • ABS: Asset-Backed Securities
  • AEP: Aggregate Exceedance Probability
  • AI: Artificial Intelligence
  • AMF: Autorité des marchés financiers
  • APAC: Asia-Pacific
  • AXA IM: AXA Investment Managers
  • AXA XL: AXA Corporate Solutions and XL Catlin
  • AY: Accident Year
  • BBA: Benefit-Bearing Account
  • CDP: Carbon Disclosure Project
  • CLO: Collateralized Loan Obligation
  • CRE: Commercial Real Estate
  • CSA: Corporate Sustainability Assessment
  • CSM: Contractual Service Margin
  • CY: Calendar Year
  • DPS: Dividend Per Share
  • EME: Emerging Markets
  • EOF: Eligible Own Funds
  • EPS: Earnings Per Share
  • ESG: Environmental, Social, and Governance
  • ESMA: European Securities and Markets Authority
  • EU: European Union
  • EUR: Euro
  • FX: Foreign Exchange
  • GAAP: Generally Accepted Accounting Principles
  • GBP: Great British Pound
  • GEP: Gross Earned Premium
  • GWP: Gross Written Premiums
  • HKD: Hong Kong Dollar
  • HY: High Yield
  • IFE: Insurance Finance Expenses
  • IFRS: International Financial Reporting Standards
  • IG: Investment Grade
  • JPY: Japanese Yen
  • LATAM: Latin America
  • LFL: Like-for-Like
  • LTV: Loan-to-Value
  • MSCI: Morgan Stanley Capital International
  • NA: North America
  • NB CSM: New Business Contractual Service Margin
  • NBV: New Business Value
  • NHG: Nationale Hypotheek Garantie
  • NPS: Net Promoter Score
  • OCI: Other Comprehensive Income
  • PAA: Participating Account Agreement
  • PE: Private Equity
  • PVEP: Present Value of Expected Profits
  • PYD: Prior Years' Reserve Development
  • RCG: Reinsurance Capital Generation
  • ROE: Return on Equity
  • SCR: Solvency Capital Requirement
  • SHE: Shareholders' Equity
  • SME: Small and Medium-sized Enterprises
  • TVOG: Time Value of Options and Guarantees
  • UEPS: Underlying Earnings Per Share
  • UK: United Kingdom
  • US: United States
  • VAT: Value Added Tax
  • VFA: Variable Fee Approach
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