AXA/2025/Full-year earnings presentation

Source: Original URL. Original PDF: AXA_-_2025_-_Full-year_earnings_presentation.pdf. Published: 2026-02-26. 49 pages.

AXA — FY2025 Full-Year Earnings Presentation (Facts)

Source. Full-year earnings presentation, AXA. Published 2026-02-26, 49 slides. Period covered: 12 months ended December 31, 2025. Comparison period: 12 months ended December 31, 2024. All figures in EUR unless noted. "LFL" = like-for-like. Changes at constant scope and FX unless noted. Adverse variances shown in parentheses.

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Group results (FY2025 vs FY2024)

• Revenues: +6% ^{p. 5}
• Underlying earnings: EUR 8.4bn vs EUR 8.1bn (+6%) ^{p. 21}
  • Excluding AXA IM: +9% ^{p. 6}
• Underlying EPS: EUR 3.86 vs EUR 3.59 (+8%) ^{p. 5, 21}
  • +6% from earnings growth ^{p. 21}
  • +3% from capital management ^{p. 21}
  • -2% from forex ^{p. 21}
  • Including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback ^{p. 21}
• Net income: EUR 9.8bn vs EUR 7.9bn (+26%) ^{p. 21}
  • Non-financial flows: +EUR 2.1bn vs -EUR 0.5bn ^{p. 21}
    • o/w capital gains from AXA IM disposal: +EUR 2.2bn ^{p. 21}
  • Financial flows (incl. RCG): -EUR 0.7bn vs +EUR 0.3bn ^{p. 21}
• ROE: 16% ^{p. 5}
• Underlying ROE: 16.0% vs 15.2% ^{p. 22}
• Solvency II ratio: 224% vs 216% ^{p. 5, 24}
• DPS growth: +8% ^{p. 5}
• Annual share buyback: EUR 1.25bn ^{p. 5}
• Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 ^{p. 5}

Underlying earnings by segment

• Property & Casualty: EUR 5.9bn vs EUR 5.5bn (+9%) ^{p. 21}
• Life & Health: EUR 3.5bn vs EUR 3.3bn (+7%) ^{p. 21}
• Asset Management: EUR 0.2bn vs EUR 0.4bn (-57%) ^{p. 21}
• Holdings & other: -EUR 1.2bn vs -EUR 1.2bn (stable) ^{p. 21}

Geographic highlights

• France (27% of total GWP): GWP +6% to EUR 31bn; Underlying earnings +7% to EUR 2.2bn ^{p. 10}
• Europe (38% of total GWP): GWP +6% to EUR 43bn; Underlying earnings +9% to EUR 3.5bn ^{p. 10}
• AXA XL (17% of total GWP): GWP +4% to EUR 19bn; Underlying earnings +9% to EUR 1.9bn ^{p. 10}
• Asia, Africa & EME-LATAM (18% of total GWP): GWP +13% to EUR 20bn; Underlying earnings +6% to EUR 1.5bn ^{p. 10}

GWP split (FY25, excluding AXA IM and holdings)

• Life: 33% ^{p. 7}
• Health: 17% ^{p. 7}
• Large & Specialty: 17% ^{p. 7}
• SME & Mid-market: 16% ^{p. 7}
• Retail: 17% ^{p. 7}

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Property & Casualty (P&C)

Headline metrics

• Underlying earnings: EUR 5,872m vs EUR 5,510m (+9% at constant FX) ^{p. 11, 16}
• GWP & Other Revenues: EUR 58.0bn vs EUR 56.5bn (+5%) ^{p. 14}
• Combined ratio: 90.6% vs 91.0% ^{p. 15}

GWP & Other Revenues breakdown

• Commercial lines: EUR 35.8bn (+4%; pricing +2%, volume +2%) ^{p. 14}
  • Continued pricing momentum and volume growth in Mid-market and SME ^{p. 14}
  • Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ^{p. 14}
• AXA XL Reinsurance: EUR 2.6bn (+8%; pricing +0.3%, volume +7%) ^{p. 14}
  • Growth supported by alternative capital ^{p. 14}
• Retail lines: EUR 19.7bn (+7%; pricing +5%, volume +2%) ^{p. 14}
  • Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) ^{p. 14}

Combined ratio walk

• FY24 Total: 91.0% ^{p. 15}
  • Undiscounted CY loss ratio (ex Nat Cat): 67.4% ^{p. 15}
  • Expense ratio: 25.0% ^{p. 15}
  • Nat Cat: 3.8% ^{p. 15}
  • Prior year reserve development: -1.6% ^{p. 15}
  • Discount: -3.6% ^{p. 15}
• FY25 Total: 90.6% ^{p. 15}
  • Undiscounted CY loss ratio (ex Nat Cat): 67.0% ^{p. 15}
  • Expense ratio: 24.8% ^{p. 15}
  • Nat Cat: 3.4% ^{p. 15}
  • Prior year reserve development: -1.1% ^{p. 15}
  • Discount: -3.5% ^{p. 15}
• Better undiscounted current year loss ratio excluding Nat Cat from margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment, and stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management ^{p. 15}
• Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology ^{p. 15}
• Nat Cat charges below normalized load ^{p. 15}
• Lower reliance on prior year reserve development ^{p. 15}
• Taking advantage of a good year to enhance reserve prudence ^{p. 15}

Underlying earnings walk

• (waterfall) 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 ^{p. 16}
• Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence ^{p. 16}
• Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets ^{p. 16}
• Higher unwind of discount of claims reserves, in line with guidance ^{p. 16}
• Unfavorable forex impact notably due to USD depreciation vs. EUR ^{p. 16}

P&C Margin Analysis

• Current Accident Year Undiscounted Technical Margin: EUR 2,778m, Change +707 ^{p. 42}
• Gross Earned Premiums: EUR 57,656m, Change +10% ^{p. 42}
• Current Accident Year Undiscounted Combined Ratio: 95.2%, Change -1.0pt ^{p. 42}
  • o/w Nat Cats: 3.4%, Change -0.4pt ^{p. 42}
• Discounting Ratio (in Combined Ratio points): -3.5%, Change +0.0pt ^{p. 42}
• Current Accident Year Net Claims reserves: EUR 39.0bn ^{p. 42}
• Duration: 4.0 years ^{p. 42}
• Current Accident Year Discount rate: 2.8% ^{p. 42}
• PYD ratio: -1.1%, Change +0.7pt ^{p. 42}
• Underlying Earnings before tax: EUR 8,040m, Change +681 ^{p. 42}
• Tax: -EUR 2,060m, Change -169 ^{p. 42}
• Affiliates, Minority Interests & Other: -EUR 108m, Change -10 ^{p. 42}
• Investment Income: EUR 3,988m, Change +435 ^{p. 42}
• FY25 Average Assets: EUR 115bn ^{p. 42}
• Asset book yield: 3.5% ^{p. 42}
• FY25 Reinvestment yield: 4.3% ^{p. 42}
• Insurance Finance Expenses: -EUR 1,358m, Change -235 ^{p. 42}
• FY24 Reserves at locked-in rate: EUR 71bn ^{p. 42}
• Liability book yield: 1.9% ^{p. 42}
• 2025 Insurance Finance Expenses (pre-tax): ~EUR -1.4bn ^{p. 42}
• Sensitivity to Current Accident Year discount rate changes: +25bps: EUR +0.2bn; -25bps: EUR -0.2bn ^{p. 42}
• Sensitivity of 2025e Insurance Finance Expenses to changes in 2025 current AY Discount: +25bps: ~EUR -50m; -25bps: ~EUR +50m ^{p. 42}

AXA XL Insurance

• FY25 GWP: $19bn total ^{p. 37}
• GWP by line of business: Casualty 35%, Property 29%, Specialty 19%, Professional lines 17% ^{p. 37}
• GWP by geography: Americas 46%, Europe & APAC 35%, UK & Lloyds 19% ^{p. 37}
• Leading market positions across lines: Top 3 globally in Multinational Programs, Marine, Fine Art & Specie ^{p. 37}
• (scatter plot) Profitability vs. Ex-price growth: Property (high profitability, high ex-price growth); Specialty (mid-high profitability, mid ex-price growth); Casualty (mid profitability, mid-low ex-price growth); Professional lines (low profitability, low ex-price growth) ^{p. 37}

P&C Reserves

• Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) - IFRS17: FY22 198%, FY23 195%, FY24 180%, FY25 175% ^{p. 38}
• Technical reserves ratio (Net undiscounted technical reserves /Net earned premiums) - IFRS17: FY22 234%, FY23 232%, FY24 216%, FY25 210% ^{p. 38}

2026 Nat Cat Reinsurance Program

• Stable retention levels maintained in 2026 as in 2025 ^{p. 39}
• Insurance segment (occurrence protection) - Capacity and Retention:
  • EU Windstorm: Capacity EUR 4.0bn, Retention EUR 600m ^{p. 39}
  • Europe Flood: Capacity EUR 2.1bn, Retention EUR 450m ^{p. 39}
  • Europe Earthquake: Capacity EUR 2.1bn, Retention EUR 400m ^{p. 39}
  • NA Hurricane: Capacity EUR 1.2bn, Retention EUR 600m ^{p. 39}
  • NA Earthquake: Capacity EUR 1.2bn, Retention EUR 600m ^{p. 39}
  • Per other perils: Capacity EUR 1.0bn, Retention EUR 400m ^{p. 39}
• Average Expected Nat Cat charges net of reinsurance, pre-tax: 2025 EUR 2.6bn (Estimated impact on GEP ca. 4.5%); 2026 EUR 2.7bn (Estimated impact on GEP ca. 4.5%) ^{p. 40}
• Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax:
  • 1/20y (5%): EUR -1.2bn ^{p. 40}
  • 1/10y (10%): EUR -0.8bn ^{p. 40}
  • 1/5y (20%): EUR -0.4bn ^{p. 40}
  • Median (50%): EUR -0.1bn ^{p. 40}
  • 1/5y (20%): EUR +0.5bn ^{p. 40}
  • 1/10y (10%): EUR +0.7bn ^{p. 40}
  • 1/20y (5%): EUR +0.8bn ^{p. 40}

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Life & Health (L&H)

Headline metrics

• Underlying earnings: EUR 3,501m vs EUR 3,323m (+7% at constant FX) ^{p. 12, 20}
  • o/w Life: EUR 2.7bn vs EUR 2.6bn (+4%) ^{p. 20}
  • o/w Health: EUR 0.8bn vs EUR 0.7bn (+17%) ^{p. 20}
• Life GWP & Other Revenues: EUR 37.5bn vs EUR 34.5bn (+9%) ^{p. 17}
• Health GWP & Other Revenues: EUR 19.0bn vs EUR 17.5bn (+5%) ^{p. 17}
• Net flows: +EUR 5.4bn vs +EUR 1.5bn ^{p. 17}
• Employee Benefits GWP: EUR 12.9bn (+4% vs. FY24) ^{p. 17}

Life GWP & Other Revenues breakdown

• Protection: EUR 17.3bn (+11%) ^{p. 17}
• Unit-linked: EUR 9.3bn (+13%) ^{p. 17}
• Capital light G/A: EUR 9.0bn (+7%) ^{p. 17}
• Traditional G/A: EUR 1.9bn (-7%) ^{p. 17}

Health GWP & Other Revenues breakdown

• Individual: EUR 10.5bn (+6%) ^{p. 17}
• Group: EUR 8.5bn (+4%) ^{p. 17}

Net flows

• Protection: +EUR 4.9bn ^{p. 17}
• Health: +EUR 2.7bn ^{p. 17}
• Unit-Linked: +EUR 1.5bn ^{p. 17}
• Capital light G/A: +EUR 1.2bn ^{p. 17}
• Traditional G/A: -EUR 5.0bn ^{p. 17}

New business metrics

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

Contractual Service Margin (CSM) rollforward

• (waterfall) FY24: EUR 33.6bn (Life: 25.8, Health: 7.7) → 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: EUR 33.0bn (Life: 25.4, Health: 7.6) ^{p. 19}
• 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}

Underlying earnings walk

• (waterfall) FY24: 3,323 (Short-term technical margin: 415, Long-term result incl. CSM release: 2,680, Financial result: 975, Tax & others: -748) → Short-term technical margin: +60 → Long-term result incl. CSM release: +156 → Financial result: -11 → Tax, FX and others: -27 → FY25: 3,501 (Short-term technical margin: 479, Long-term result incl. CSM release: 2,804, Financial result: 946, Tax & others: -728) ^{p. 20}
• Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn) ^{p. 20}
• Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins ^{p. 20}

L&H Margin Analysis

• Short-term Technical Margin: EUR 479m, Change +60 ^{p. 43}
• Gross Earned Premiums: EUR 17,416m, Change +10% ^{p. 43}
• All Year Combined Ratio: 97.2%, Change -0.1pts (incl. recapture of Laya) ^{p. 43}
• Long-term Technical Margin: EUR 2,804m, Change +156 ^{p. 43}
  • CSM release: EUR 2,954m, Change +215 ^{p. 43}
  • Technical experience: -EUR 150m, Change -58 ^{p. 43}
• Underlying Earnings before tax: EUR 4,229m, Change +205 ^{p. 43}
• Tax: -EUR 800m, Change 65 ^{p. 43}
• Affiliates, Minority Interests & Other: EUR 72m, Change -51 ^{p. 43}
• Investment Income (non-VFA only): EUR 2,484m, Change -1 ^{p. 43}
• FY25 Average Assets: EUR 98bn ^{p. 43}
• Asset book yield: 2.5% ^{p. 43}
• FY25 Reinvestment yield: 3.8% ^{p. 43}
• Insurance Finance Expenses (non-VFA only): -EUR 1,538m, Change -9 ^{p. 43}
• FY24 Reserves at locked-in rate: EUR 62bn ^{p. 43}
• Liability book yield: 2.5% ^{p. 43}

L&H CSM Key Sensitivities

• Baseline: EUR 33.3bn ^{p. 43}
• Interest rates +50bps: -0.8 ^{p. 43}
• Interest rates -50bps: 0.6 ^{p. 43}
• Sovereign spreads +50bps: -1.9 ^{p. 43}
• Sovereign spreads -50bps: 1.9 ^{p. 43}
• Corporate spread +50bps: -0.8 ^{p. 43}
• Corporate spread -50bps: 0.7 ^{p. 43}
• Equities +25%: 1.8 ^{p. 43}
• Equities -25%: -2.2 ^{p. 43}

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Capital position

Solvency II

• Solvency II ratio: 224% vs 216% ^{p. 24}
• Eligible Own Funds (EOF): EUR 56.4bn vs EUR 55.9bn ^{p. 24}
• Solvency Capital Requirement (SCR): EUR 25.2bn vs EUR 25.9bn ^{p. 24}
• (waterfall) Solvency II ratio walk: FY24 216% → Regulatory & model changes: +0pt → Normalized capital generation: +28pts → Operating variance: -1pt → Economic & annual share buyback: +4pts → Dividend & FX: -24pts → Management actions, debt & other: +2pts → FY25 224% ^{p. 24}
• Foreseeable dividends: EUR 4.8bn ^{p. 24}
• Provision for annual Share buyback for 2026: EUR 1.25bn ^{p. 24}

Solvency II sensitivities (as of December 31, 2025)

• Interest rate +50bps: +2 pts ^{p. 24}
• Interest rate -50bps: -1 pt ^{p. 24}
• Corporate spreads +50bps: -1 pt ^{p. 24}
• Euro Sovereign spreads +50bps: -7 pts ^{p. 24}
• Credit migration: -4 pts ^{p. 24}
• Listed Equity (excl. PE & Infra) +25%: -1 pt ^{p. 24}
• Listed Equity (excl. PE & Infra) -25%: +2 pts ^{p. 24}
• PE & Infra +25%: +14 pts ^{p. 24}
• PE & Infra -25%: -19 pts ^{p. 24}
• Inflation swap curve +50bps: -5 pts ^{p. 24}

Solvency II — regulatory impacts

• Impact of the end of grandfathering period on January 1, 2026: -10pts to 215% ^{p. 25}
  • EUR 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026 ^{p. 25}
• Impact of Solvency II revision to come into effect in 1Q27: +17pts (estimated based on SCR and EOF as of January 1, 2026) ^{p. 25}
  • No change expected in organic capital generation ^{p. 25}
  • Additional capital flexibility ^{p. 25}

Shareholders' equity

• Shareholders' equity (Group share): EUR 47.2bn vs EUR 49.9bn ^{p. 22}
• SHE (excl. OCI): EUR 54.0bn vs EUR 58.0bn ^{p. 22}
• Net OCI: -EUR 6.8bn vs -EUR 8.1bn ^{p. 22}
• SHE (excl. OCI & undated subordinated debt): EUR 49.4bn vs EUR 53.2bn ^{p. 22}
• Debt gearing: 22.3% vs 20.6% ^{p. 22}
• Underlying ROE: 16.0% vs 15.2% ^{p. 22}

Shareholders' equity walk

• Opening Shareholders' equity: EUR 49.9bn ^{p. 22}
• Change in Net OCI: +1.3 ^{p. 22}
• Net income for the period: +9.8 ^{p. 22}
• Dividend: -4.6 ^{p. 22}
• Annual share buyback: -1.2 ^{p. 22}
• Anti-dilutive share buyback following the sale of AXA IM: -3.5 ^{p. 22}
• Undated subordinated debt (including interest charges): -0.3 ^{p. 22}
• Forex: -3.5 ^{p. 22}
• Other: -0.6 ^{p. 22}
• Closing Shareholders' equity: EUR 47.2bn ^{p. 22}

Cash remittance and Holding cash

• Net Cash Remittance: EUR 7.5bn vs EUR 7.7bn ^{p. 23}
• Remittance ratio: 82% vs 82% ^{p. 23}
• FY24 Cash position: EUR 4.0bn ^{p. 23}
• Net cash remittance from subsidiaries: +7.5 ^{p. 23}
• Dividend: -4.6 ^{p. 23}
• Annual share buyback: -1.2 ^{p. 23}
• Anti-dilutive share buyback following the sale of AXA IM: -3.5 ^{p. 23}
• Holding costs and interest expenses: -1.3 ^{p. 23}
• Change in net debt: +1.6 ^{p. 23}
• M&A and other: +3.1 ^{p. 23}
• FY25 Cash position: EUR 5.6bn ^{p. 23}

Gross financial debt

• FY25 Gross financial debt: EUR 20.3bn total ^{p. 32}
  • Tier 1: EUR 3.5bn ^{p. 32}
  • Tier 2: EUR 12.2bn ^{p. 32}
  • Senior debt: EUR 4.6bn ^{p. 32}
• Debt gearing: 22.3% ^{p. 32}
• Jan 1st 2026 End of the grandfathering period: EUR 20.3bn total ^{p. 32}
  • Tier 1: EUR 5.8bn (o/w EUR 0.4bn redeemed in Jan 2026) ^{p. 32}
  • Tier 2: EUR 11.3bn ^{p. 32}
  • Senior debt: EUR 3.2bn ^{p. 32}
• Contractual maturity breakdown: 2025: Senior EUR 0.5bn; 2026: Senior EUR 0.9bn; 2027: Senior EUR 0.9bn; 2028: Senior EUR 0.9bn; 2029: Senior EUR 0.7bn; 2030-2039: Senior EUR 0.9bn, Tier 2 EUR 0.7bn; >=2040: Senior EUR 10.8bn, Tier 2 EUR 0.2bn, Tier 1 EUR 1.4bn; Undated: Senior EUR 0.7bn, Tier 1 EUR 4.6bn ^{p. 32}
• Grandfathered debt (Contractual): 2030-2039: Tier 2 EUR 0.7bn; >=2040: Tier 2 EUR 0.2bn; Undated: Tier 1 EUR 4.6bn ^{p. 32}
• Economic maturity breakdown: 2025: Senior EUR 0.1bn; 2026: Senior EUR 2.4bn; 2027: Senior EUR 2.0bn; 2028: Senior EUR 0.9bn; 2029: Senior EUR 0.7bn; 2030-2039: Senior EUR 1.5bn, Tier 2 EUR 0.7bn; >=2040: Senior EUR 6.4bn, Tier 2 EUR 0.2bn, Tier 1 EUR 1.4bn; Undated: Senior EUR 0.7bn, Tier 1 EUR 4.0bn ^{p. 32}
• Grandfathered debt (Economic): 2030-2039: Tier 2 EUR 0.7bn; >=2040: Tier 2 EUR 0.2bn; Undated: Tier 1 EUR 4.0bn ^{p. 32}

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Investments

General Account Invested Assets

• FY25 Total General Account invested assets: EUR 450 billion ^{p. 33}
• Duration gap: -0.4 year ^{p. 33}
• Fixed income: EUR 345bn (77%) ^{p. 33}
  • o/w Government bonds: EUR 167bn (37%) ^{p. 33}
  • o/w Corporate bonds and loans: EUR 121bn (27%) ^{p. 33}
  • o/w Other fixed income: EUR 56bn (13%) ^{p. 33}
• Real estate: EUR 41bn (9%) ^{p. 33}
• Infrastructure equity: EUR 10bn (2%) ^{p. 33}
• Listed equities: EUR 10bn (2%) ^{p. 33}
• Private equity and hedge funds: EUR 23bn (5%) ^{p. 33}
• Cash: EUR 19bn (4%) ^{p. 33}
• Policy loans: EUR 2bn (0%) ^{p. 33}

Structured and Private Credit assets

• Residential Mortgages: EUR 16bn (4% of total G/A portfolio) ^{p. 34}
  • EUR 6bn Dutch mortgages, NHG guaranteed ^{p. 34}
  • EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) ^{p. 34}
• CLO & ABS: EUR 25bn (6%) ^{p. 34}
  • 93% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA) ^{p. 34}
• Infrastructure debt: EUR 8bn (2%) ^{p. 34}
  • Skewed towards resilient industries (Telecom, Utilities, Transport) ^{p. 34}
• CRE debt: EUR 8bn (2%) ^{p. 34}
  • Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV ^{p. 34}
• Mid-Market lending: EUR 10bn (2%) ^{p. 34}
  • Strong diversification with EUR 8m average ticket ^{p. 34}
  • Investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales and sector allocation ^{p. 34}
• Other: EUR 2bn (0%) ^{p. 34}
• Total Structured and Private Credit Assets: EUR 69bn (15%) ^{p. 34}
  • o/w 54% participating ^{p. 34}

Fixed Income Reinvestment

• FY25 Fixed Income Reinvestment: EUR 57 billion ^{p. 35}
• Government bonds & related (32%) - Average rating: AA ^{p. 35}
• Investment grade credit (40%) - Average rating: A ^{p. 35}
• ABS/CLO/IG fund financing (21%) ^{p. 35}
• Below investment grade credit (7%) ^{p. 35}
• Public fixed income reinvestment yield: 3.5% ^{p. 35}
• Private & Structured fixed income reinvestment yield: 4.7% ^{p. 35}
• Total fixed income reinvestment yield: 3.9% ^{p. 35}
• Average duration of 9 years ^{p. 35}
• Includes EUR 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY) ^{p. 35}
• Gradual shift from alternative total return assets to Private & Structured credit ^{p. 35}

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Sustainability

AXA for Progress Index

• As a Global INVESTOR:
  • Climate transition financing target: EUR 5bn per year; 2025 Result: EUR 6.4bn ^{p. 45}
  • Community resilience financing target: EUR 500m per year; 2025 Result: EUR 1.4bn ^{p. 45}
• As a Global INSURER:
  • P&C GWP to support transition underwriting target: EUR 6bn (cumulative 2024-2026); 2025 Result: EUR 4.6bn ^{p. 45}
  • Climate adaptation solutions & services target: >20,000 (cumulative 2024-2026, target revised in 2025); 2025 Result: 19,698 cumulative 2024-2025 ^{p. 45}
  • Inclusive insurance customers target: >20m by 2026; 2025 Result: 20.6m ^{p. 45}
• As a COMPANY:
  • Employees trained on climate adaptation target: >80,000 by 2026; 2025 Result: 46,420 ^{p. 45}
  • Net-Zero carbon emissions target: -50% by 2030; 2025 Result: -64% reduction against 2019 ^{p. 45}
  • Employee volunteering target: 50% by 2026; 2025 Result: 56% ^{p. 45}

Sustainability ratings

• S&P Global: 97th percentile in Dow Jones Best-in-Class Europe & World indices ^{p. 46}
• MSCI: AAA ^{p. 46}
• CDP: B ^{p. 46}
• Morningstar Sustainalytics: 17.0 - Low risk ^{p. 46}
• FTSE Russell: 4.3/5 in FTSE4Good Index Series ^{p. 46}

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Corporate calendar / upcoming events

• March: Roadshows in Europe and US ^{p. 29}
• May 5: 1Q25 Activity Indicators in Paris ^{p. 29}
• June 2: BNP Paribas Exane CEO Conference in Paris ^{p. 29}
• June 2-4: Goldman Sachs European Financials Conference in Zurich ^{p. 29}
• July 31: HY26 Earnings Release in Paris ^{p. 29}
• September 21: AXA Investor Day in London ^{p. 29}

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Company reference

• Investor Relations contact: +33 1 40 75 48 42 ^{p. 29}
• Email: investor.relations@axa.com ^{p. 29}
• Website: www.axa.com ^{p. 29}

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Scope definitions

• France: includes insurance activities, banking activities and holding. ^{p. 47}
• Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities). ^{p. 47}
• AXA XL: includes insurance and reinsurance activities and holding. ^{p. 47}
• Asia, Africa & EME-LATAM: (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (equity method). (ii) Africa: Morocco, Nigeria, Egypt (fully consolidated). (iii) EME-LATAM: Mexico, Colombia, Brazil, Türkiye (fully consolidated); Russia (Reso) (equity method). (iv) AXA Mediterranean Holdings. ^{p. 47}
• Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings. ^{p. 47}
• AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously Architas) and Capza (fully consolidated) and Asian joint ventures (equity method). ^{p. 47}

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Forward-looking statement disclaimer ^{p. 2}

Certain statements contained herein may be forward-looking statements, including predictions of or indications of future events, trends, plans, expectations or objectives, and other non-historical information. Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan,' 'target' or variations thereof, or conditional verbs such as 'would' and 'could'. Statements regarding expected underlying earnings per share ('UEPS') growth for 2026 are forward-looking statements providing one-off guidance for the last year of the Group's current strategic plan. These statements are based on Management's current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially. Each forward-looking statement speaks only at the date of this presentation. Refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2024 for a description of important factors, risks and uncertainties. AXA specifically disclaims and undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable laws and regulations. This presentation refers to certain non-GAAP financial measures, or alternative performance measures ('APMs'), used by Management for analyzing operating trends, financial performance, and position. These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labelled measures used by other companies. None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS. 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) in its Activity Report as of December 31, 2025. AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA's statutory auditors.

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Notes

• APM: Alternative performance measure ^{p. 2}
• 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}
• CSM (Contractual Service Margin): 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}
• G/A: General Account ^{p. 34}
• GWP & Other Revenues (Gross Written Premiums and 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}
• NB CSM (New Business Contractual Service Margin): 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}
• NBV (New Business Value): 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}
• NBV margin (New Business Value 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}
• PVEP (Present value of expected premiums): 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 the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses. ^{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}
• Unless otherwise specified, all comparative figures going back to 2023 are under IFRS17/9 accounting standards effective January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4. ^{p. 47}
• Changes at constant scope and FX unless noted. Price effect includes exposure adjustments and mix & other effects. ^{p. 14}