Web:AXA/results/FY25/activity report/summary

Operating highlights

Governance

• Thomas Buberl's mandate as director proposed for renewal (4-year term) at the 2026 Annual Shareholders' Meeting, with intention to reappoint him as CEO.
• Board changes at April 2025 AGM: Guillaume Faury and Ramon Fernandez renewed for 4 years; Ewout Steenbergen co-optation ratified; Ramon de Oliveira's term ended.
• Leadership reshuffle effective December 1, 2025, preparing the next strategic cycle:
  • Guillaume Borie appointed Global Head of Finance, Strategy, Underwriting, Risk and Technology (replacing Frédéric de Courtois).
  • Mathieu Godart appointed CEO of AXA France.
  • Karima Silvent appointed Deputy General Secretary (HR, Audit, Compliance, AXA EssentiALL, GIE AXA).
  • Matthieu Caillat appointed Group Chief Technology & AI Officer and CEO of AXA Group Operations.
• Ewout Steenbergen appointed Chair of the Audit Committee (December 11, 2025), succeeding Isabel Hudson who stepped down December 31, 2025.

Significant transactions

• Nobis Group acquisition completed April 1, 2025: upfront consideration €423 million, potential earn-out up to €55 million (conditional on revenue targets over 5 years). Solvency II impact: -1 point (Q2 2025).
• AXA Investment Managers sold to BNP Paribas, completed July 1, 2025: cash proceeds €5.1 billion (100% share capital, 98% owned by AXA Group), plus €0.3 billion from sale of Select to AXA IM, totaling €5.4 billion. One-off net income gain of ca. €2.2 billion; annualized underlying earnings reduction of ca. €0.4 billion. Solvency II impact: ca. +2 points (Q3 2025, including associated share buy-back). Long-term investment management partnership with BNP Paribas established. No material impact expected on key "Unlock the Future" financial targets.
• Majority stake (51%) in Prima (leading Italian direct insurance player) acquired November 28, 2025, for €0.5 billion. Call/put options for remaining stake expected to be exercised in 2029 or 2030. Solvency II impact: -3 points at closing (including NPV of remaining stake acquisition); additional -2 points expected over time from progressive re-capture of premiums currently underwritten by third-party carriers (recapture expected to start by end of 2026, subject to regulatory approval). Prima had €1.2 billion premiums, ca. 10% Italian Retail Motor market share, and 90% combined ratio in 2024.

Capital and debt operations

• €1.2 billion share buy-back completed May 19, 2025 (aligned with capital management policy, announced February 27, 2025). All shares cancelled.
• €724.6 million share buy-back (June 3–30, 2025) to eliminate dilution from Shareplan 2025 and cover stock-based compensation delivery. Shares cancelled or to be delivered to beneficiaries.
• €3.8 billion share buy-back (July 2, 2025 – January 19, 2026) to offset earnings dilution from AXA IM sale. Shares being progressively cancelled.
• Shareplan 2025: ca. 42,000 employees in 40 countries (>36% of eligible employees); ca. €411 million capital increase; ca. 13 million new shares issued (subscription prices: €31.66 Classic, €37.04 Guarantee Plus). Post-Shareplan total shares outstanding: 2,136,232,264. Employee ownership: 4.82% of share capital, 6.61% of voting rights.
• June 2025 debt issuance: €1 billion RT1 notes (5.750% fixed until December 2030, then 5Y Mid Swap + 359.9 bps; rated BBB+ / Baa1(hyb)) and €1 billion Tier 2 notes due 2055 (4.375% fixed until July 2035, then 3M EURIBOR + 290 bps; rated A- / A2(hyb)).
• October 2025 debt issuance: €750 million RT1 notes (5.125% fixed until March 2032, then 5Y Mid Swap + 278.4 bps; rated BBB+ / A3(hyb)) and €750 million Tier 2 notes due 2056 (4.125% fixed until July 2036, then 3M EURIBOR + 258 bps; rated A- / A1(hyb)).

Events subsequent to December 31, 2025

• Board approved (February 25, 2026) a new annual share buy-back program of up to €1.25 billion, expected to commence as soon as reasonably practicable and to be completed by year-end. All shares to be cancelled.

Market environment

Stock markets

📈 Main equity indices levels and YoY change, FY24–FY25

Index	Unit	FY25	FY25 YoY	FY24	FY24 YoY	Comments
CAC 40	pts	8,150	+10%	7,381	-2%	↑ Solid recovery but trailed global peers, reflecting lingering French fiscal uncertainties
Eurostoxx 50	pts	5,791	+18%	4,896	+8%	↑ Improved growth outlook and policy developments (notably Germany)
FTSE 100	pts	9,931	+22%	8,173	+6%	↑ Attractive valuations and supportive monetary environment
Nikkei	pts	50,339	+26%	39,895	+19%	↑ Global AI boom, weaker yen enhancing export competitiveness, U.S.-Japan trade deal
S&P 500	pts	6,846	+16%	5,882	+23%	↑ Resilient growth, strong corporate earnings, easing monetary policy expectations Tariff-driven volatility peaked in April then reversed
MSCI World	pts	4,430	+19%	3,708	+17%	↑ Easing financial conditions, sustained tech/AI investment
MSCI Emerging	pts	1,404	+31%	1,075	+5%	↑ Strong rebound after muted 2024

Source: Bloomberg.

Bond markets

📈 10-year government bond yields and YoY changes, FY23–FY25

Government bond	Unit	FY25	FY25 vs FY24	FY24	FY24 vs FY23	Comments
10Y French bond	%	3.56%	+37 bps	3.20%	+64 bps	↑ Protracted fiscal discussions in France
10Y German bond	%	2.86%	+49 bps	2.37%	+34 bps	↑ Expectations of higher public spending despite 4 ECB rate cuts (deposit rate to 2%)
10Y Swiss bond	%	0.32%	-1 bps	0.33%	-38 bps	Broadly stable
10Y Italian bond	%	3.55%	+3 bps	3.52%	-18 bps	Broadly stable around 3.55%
10Y UK bond	%	4.48%	-9 bps	4.57%	+103 bps	↓ Fiscal reforms and easing inflation
10Y Japanese bond	%	2.07%	+97 bps	1.10%	+49 bps	↑ Economy durably exited deflation; 2 BoJ rate hikes; fiscal stimulus expectations
10Y US bond	%	4.17%	-40 bps	4.57%	+69 bps	↓ Progressive shift to monetary easing (3 Fed rate cuts in Q4); long-term yields remained relatively resilient
Corporate spreads (US)	—	—	—	—	—	Narrowed to tightest levels since 1998; strong fundamentals and optimism
Corporate spreads (Europe)	—	—	—	—	—	Compressed sharply across both investment grade and high yield

Source: Bloomberg.

Exchange rates

📈 Foreign exchange rates per EUR, end of period and average, FY25 vs FY24

Currency (for €1)	Unit	EoP rate	EoP YoY	Avg rate	Avg YoY	Comments
US Dollar	USD/EUR	1.17	+13%	1.13	+5%	↑ EUR appreciated significantly; USD weakened by faster Fed easing, narrowing rate differentials, fiscal/monetary policy concerns
British Pound Sterling	GBP/EUR	0.87	+6%	0.86	+1%	↑ EUR strengthened as UK growth momentum softened and BoE adopted more accommodative stance
Swiss Franc	CHF/EUR	0.93	-1%	0.94	-2%	Mostly stable; Switzerland's safe-haven status
Japanese Yen	JPY/EUR	184	+13%	169	+3%	↑ EUR appreciated; JPY under pressure despite BoJ normalization; wide rate differentials

Source: WM/Refinitiv.

Insurance market conditions

Main developed markets

• France Savings: market up 10% to €192 billion; Unit-Linked +13%, General Account +8%; UL share 39% (vs 38% in 2024). Total outstanding Life insurance assets reached record €2,107 billion (+6%). PER (retirement plan) +16% to €20 billion. Saving ratio continued to increase, supported by favorable market conditions and decline in Livret A rates to 1.7%.
• France Protection & Health: medical inflation, rising absenteeism, and regulatory changes (IJSS) partly absorbed through average tariff increase of 6%.
• France Nat Cat: storms Garance (ca. €0.2 billion) and Benjamin (ca. €0.3 billion), plus droughts, floods, and hailstorms. Estimated insurer costs exceeded €10 billion in 2025 (vs €5 billion in 2024), reinforcing long-term upward trend of climate-related incidents.
• Europe P&C: benign nat cat losses; profitability at favorable levels following recent pricing measures. Economic and geopolitical uncertainties persisted but Europe showed resilience with moderate growth.
• Europe Life: strong demand for Unit-Linked savings; traditional savings with guarantees maintained momentum. Favorable equity markets and persistently high long-term rates supported demand.
• Europe Health: aging population, rising claims costs, pressure on national healthcare systems prompting price increases. Private insurers differentiating through services, vertical integration, and digital transformation.
• Japan Life: market declined 2.4% in GWP, mainly from lower foreign-currency single-premium product sales; Unit-Linked segment continued to grow. P&C market improved 4%, driven by Motor and Fire price increases.
• Hong Kong Life: GWP +37%; new business +56% (GA +55%, UL +76%). P&C direct GWP +9.3%.
• US Commercial: transition toward more competitive environment; moderating pricing in short-tail lines; persistent casualty pressure from social inflation. Overall profitability remained robust.
• Industry trends: growth opportunities from unmet demand, underinsured segments, emerging risks. Insurers investing in AI, data foundations, modernization. Climate change, casualty trends, AI adoption, and demographic shifts generating new market opportunities.
• Reinsurance: additional market softening projected for 2026, but profitability expected to remain strong with ROE exceeding cost of capital.

Main emerging markets

• Asia Emerging: P&C benefited from growth across most geographies (Motor in China and Philippines; Property in Thailand and Philippines). Life showing good trends: Thailand new business +5% (migration to Endowment products); Philippines +15% (Endowment and Corporate Solutions); Indonesia low Unit-Linked persistency, partly offset by new Endowment and Protection launches.
• Mexico: market grew 12%, mainly Non-Motor (+17%, driven by federal catastrophe risk assignment to private sector) and Life (+10%, Bancassurance). Health +11% (Group business). Significant legislative change in October 2025 removed VAT recoverability on claims (hospitals, Motor repair), pressuring profitability with expected material impacts on pricing and product offerings.
• Colombia: market grew 8%, driven by Workers' Compensation, Group Life, and Health; partly offset by softening Motor and Liability.
• Türkiye: P&C market grew 43% (30% inflation-driven); ex-inflation growth from higher Motor volumes and Health demand.

Rankings and market shares

📈 AXA market ranking and share by country, Property & Casualty and Life segments

Country	Unit	P&C ranking	P&C mkt share	Life ranking	Life mkt share	Comments
France	%	2	13.2%	6	7.4%	Source: France Assureurs as of December 31, 2025
Switzerland	%	1	13.3%	3	10.0%	Source: SIA (Swiss Insurance Association) as of February 5, 2026
Germany	%	4	5.2%	7	3.4%	Source: GDV as of December 31, 2024
Belgium	%	2	16.7%	5	6.8%	Source: Assuralia as of December 31, 2024, extrapolated to December 31, 2025
United Kingdom	%	6	6.0%	—	—	Source: ABI (retail) & GlobalData (commercial)
Ireland	%	1	17.2%	—	—	Source: Insuranceireland.eu FactFile 2024
Spain	%	6	5.7%	8	3.0%	Source: ICEA as of December 31, 2025
Italy	%	4	7.2%	10	3.1%	Source: ANIA as of December 31, 2024
Japan	%	14	0.5%	10	4.1%	Source: Disclosed financial reports (excl. KampoLife) for 12 months ended September 30, 2025
Hong Kong	%	2	9.2%	9	5.0%	Source: Insurance Authority; Life GWP as of September 30, 2025; P&C GWP as of December 31, 2024
XL Insurance (US)	%	16	1.5%	—	—	Source: AMBest 2024 (Bestlink US Commercial Group Ranking)
Thailand	%	13	2.2%	5	7.2%	Source: TGIA / TLAA as of October 31, 2025
Indonesia	%	—	—	5	7.0%	Source: AAJI (Weighted New Business Premiums) as of September 30, 2025
Philippines	%	8	3.0%	6	20.0% (TPI) / 27.3% (NBAPE)	Source: Life Insurance Commission / P&C GWP as of September 30, 2025
China	%	—	0.3%	—	—	Source: NFRA as of December 31, 2025. NFRA did not disclose P&C ranking or Life ranking/share
Mexico	%	4	7.9%	11	1.6%	Source: AMIS as of September 30, 2025
Brazil	%	11	2.7%	—	—	Source: SUSEP as of October 31, 2025
Colombia	%	3	9.4%	12	1.0%	Source: Fasecolda as of November 30, 2025
Türkiye	%	4	83.0%	—	—	Source: Insurers association as of November 30, 2025

Activity and earnings indicators

Activity indicators

📈 GWP and other revenues, NBV, PVEP, NB CSM and net flows by segment, FY24–FY25

Metric	Unit	FY25	FY24	Change (comparable)	Comments
GWP & other revenues	€m	115,524	110,316	+6.5%	↑ +4.7% reported; comparable basis restatements €+2.0bn (+1.8 pts) from scope (Nobis, Laya on AXA Ireland, AXA IM sale) and FX (EUR appreciation vs USD, TRY, MXN, HKD; partly offset by CHF)
Property & Casualty	€m	58,038	56,514	+5.2%	↑ Commercial lines +4%: AXA XL Insurance +3% (Property, Casualty price/volume; lower Financial lines), Asia/Africa/EME-LATAM +13% (Türkiye, Mexico), France +6% (price + volume) ↑ Personal lines +7%: Europe +5% (price effects except UK&Ireland Motor softening), Asia/Africa/EME-LATAM +14% (Türkiye), France +9% (volume + Motor pricing) ↑ AXA XL Reinsurance +8%: alternative capital growth, Casualty pricing; offset by softening in other lines
Life & Health	€m	56,512	51,983	+8.0%	↑ Life +9%: UL +13% (successful sales across all geographies), GA +4% (France, Italy capital-light; offset by Japan non-repeat, lower HK), Protection +11% (HK campaign, JP and CH UL-linked Protection) ↑ Health +5%: favorable price effects in Group and Individual across most geographies; partly offset by lower volumes
o/w Life	€m	37,499	34,497	+9.5%	See Life & Health row above
o/w Health	€m	19,014	17,486	+5.2%	See Life & Health row above
Asset Management	€m	875	1,701	n.m.	AXA IM consolidated only until July 1, 2025 (sale to BNP Paribas)
Banking	€m	99	118	-16.2%	↓ Market slowdown and higher funding costs
NBV	€m	2,233	2,264	-0.2%	Stable on comparable basis (-1% reported); NB CSM growth offset by decrease in short-term multinational business contribution in France
PVEP	€m	49,357	50,896	-2.4%	↓ Life +1% (higher volumes in HK, France, Switzerland; offset by higher interest rate discounting). Health -12% (higher rate discounting + lower France volumes from underwriting/pruning)
NBV margin	%	4.5%	4.4%	+0.1 pt	↑ +0.1 pt on both reported and comparable basis
NB CSM	€m	2,199	2,169	+2.7%	↑ +1% reported, +3% comparable; strong Savings and Protection sales; partly offset by higher interest rate discounting of future profits
Net flows	€m	5,397	1,483	n.m.	↑ Protection €+4.9bn (HK, JP, France), Health €+2.7bn (Germany, JP, France), UL €+1.5bn (France) ↓ GA Savings €-3.7bn (capital-light inflows €+1.2bn more than offset by traditional GA outflows €-5bn)

📈 Gross written premiums and other revenues by geography, FY24–FY25

Segment	Unit	FY25	FY24	Change (comparable)	Comments
GWP & other revenues	€m	115,524	110,316	+6.5%	See activity indicators table above for Group-level drivers
France	€m	30,598	28,996	+5.9%	↑ P&C Commercial +6% (price + volume), Personal +9% (volume + Motor pricing); Life GA +4%, UL strong; Health price effects
Europe	€m	43,005	39,298	+5.6%	↑ P&C Personal +5% (price effects across geographies except UK&Ireland Motor softening); Life UL strong; Health pricing
AXA XL	€m	19,277	19,383	+3.8%	↑ Insurance +3% (Property, Casualty price/volume; lower Financial lines); Reinsurance +8% (alternative capital, Casualty pricing). Reported decline reflects FX headwind
Asia, Africa & EME-LATAM	€m	19,925	19,083	+12.8%	↑ P&C Commercial +13% (Türkiye, Mexico), Personal +14% (Türkiye); Life Protection +11% (HK, JP, CH); Health pricing
AXA IM	€m	875	1,701	n.m.	Consolidated only until July 1, 2025
Transversal & Other	€m	1,844	1,856	-1.3%	↓ Slight decline

Underlying earnings and net income Group share

Underlying earnings by segment (P&C / Life & Health / Asset Management / Holdings), FY25 vs FY24

📈 Underlying earnings by segment (P&C / Life & Health / Asset Management / Holdings), FY25 vs FY24

Metric	Unit	FY25	FY24	Change (reported)	Comments
Short-term revenues	€m	75,071	72,104	+4%	↑ P&C €57,656m (vs €55,898m); L&H €17,416m (vs €16,207m)
P&C combined ratio	%	90.6%	91.0%	-0.4 pt	↓ Improved by 0.3 pt on constant FX; lower current-year losses ex-nat cat (-0.3 pt), lower expense ratio (-0.3 pt), lower nat cat charges (-0.4 pt to 3.4%); partly offset by lower prior-year reserve releases (+0.7 pt to -1.1%)
L&H short-term combined ratio	%	97.2%	97.4%	-0.2 pt	↓ Pricing, underwriting and claims management actions; partly offset by Mexico VAT legislative change (€-114m impact)
Short-term technical margin	€m	5,888	5,421	+9%	↑ P&C €5,409m (+€403m); L&H €479m (+€64m)
CSM release	€m	2,954	2,775	+6%	↑ Business growth in reserves and better margins in long-term business
Technical experience	€m	(150)	(95)	-€55m	↓ Worsened, mainly Life (€-139m vs €-98m)
Financial results	€m	4,013	3,971	+1%	↑ Higher volumes and reinvestment yields on fixed-income; partly offset by higher unwind of discount on claims reserves
Other revenues	€m	2,167	3,054	-29%	↓ AXA IM consolidated only H1 2025 (€1,018m vs €2,004m)
Other expenses	€m	(2,900)	(3,479)	-17%	↓ AXA IM consolidated only H1 2025 (€-793m vs €-1,493m)
Debt financing charges	€m	(928)	(948)	-2%	Broadly stable
Underlying earnings before tax	€m	11,044	10,700	+3%	↑ P&C €8,040m (+6%), L&H €4,229m (+4%), AXA IM €239m (-56%), Holdings €-1,464m (broadly stable)
Income tax	€m	(2,644)	(2,662)	-1%	Broadly stable; favorable tax effects in Germany, France, Mexico partly offset by higher P&C pre-tax earnings
Minority interests, affiliates & other	€m	(32)	39	-€71m	↓ Lower contribution from affiliates (notably ICBC-AXA); higher minority interests from improved AXA MPS results
Underlying earnings Group share	€m	8,368	8,078	+4%	↑ +6% on constant FX (+€469m): P&C +€501m (+9%), L&H +€219m (+7%), AXA IM -€228m, Holdings -€24m
P&C underlying earnings	€m	5,872	5,510	+7%	↑ +9% constant FX; technical result +€482m (volume growth + margin improvement), financial results +€200m (reinvestment yields); partly offset by higher taxes -€169m
Life & Health underlying earnings	€m	3,501	3,323	+5%	↑ +7% constant FX; long-term technical +€156m (CSM release growth), short-term technical +€60m (pricing/underwriting actions; offset by Mexico VAT -€114m), lower taxes +€65m; partly offset by lower affiliate contributions and higher minority interests
Asset Management underlying earnings	€m	175	402	-56%	↓ AXA IM consolidated only until July 1, 2025
Holdings underlying earnings	€m	(1,180)	(1,157)	-€23m	Broadly stable on reported and constant FX basis
CSM (end of period)	€m	33,253	33,853	-2%	P&C €261m (vs €282m); L&H €32,991m (vs €33,571m)

Underlying earnings by geography, FY25 vs FY24

📈 Underlying earnings Group share by geography, FY25 vs FY24

Segment	Unit	FY25	FY24	Change (reported)	Comments
Underlying earnings Group share	€m	8,368	8,078	+4%	↑ +6% on constant FX
France	€m	2,224	2,071	+7%	↑ P&C UEBT €1,688m (vs €1,633m); L&H UEBT €1,276m (vs €1,176m)
Europe	€m	3,486	3,187	+9%	↑ P&C UEBT €3,002m (vs €2,757m); L&H UEBT €1,622m (vs €1,529m)
AXA XL	€m	1,893	1,820	+4%	↑ P&C UEBT €2,560m (vs €2,417m); COR improved to 89.7% (vs 90.2%); Insurance COR 91.0% (vs 91.7%)
Asia, Africa & EME-LATAM	€m	1,493	1,504	-1%	↓ P&C UEBT €579m (vs €539m); L&H UEBT €1,291m (vs €1,322m); FX headwinds; Mexico VAT impact
AXA IM	€m	175	402	-56%	↓ Consolidated only until July 1, 2025
Transversal & Other	€m	(903)	(907)	+€4m	Broadly stable

Alternative performance measures

P&C short-term business underlying earnings by line, FY25 vs FY24

📈 P&C short-term business underlying earnings by line, FY25 vs FY24

Metric	Unit	FY25	FY24	Change (reported)	Comments
Revenues	€m	57,656	55,898	+3%	Commercial €39,090m (vs €38,019m), Personal €19,276m (vs €18,705m), XL Re €2,493m (vs €2,394m)
Combined ratio	%	90.6%	91.0%	-0.4 pt	Commercial 90.7% (vs 91.1%), Personal 92.8% (vs 93.9%), XL Re 81.4% (vs 79.7%)
Technical margin	€m	5,409	5,006	+8%	Commercial €3,616m (+€244m), Personal €1,392m (+€256m), XL Re €464m (-€22m)
Financial results & other	€m	2,631	2,559	+3%	Commercial €1,941m (+€110m), Personal €523m (-€15m), XL Re €186m (-€24m)
Underlying earnings before tax	€m	8,040	7,565	+6%	Commercial €5,557m (+7%), Personal €1,914m (+14%), XL Re €650m (-7%)
Income tax	€m	(2,060)	(1,952)	+6%	Higher pre-tax earnings
Minority interests, affiliates & other	€m	(108)	(103)	-€5m	Broadly stable
P&C underlying earnings Group share	€m	5,872	5,510	+7%	↑ +9% on constant FX
P&C CSM (end of period)	€m	261	282	-7%	Small P&C CSM base

Life & Health underlying earnings breakdown (Life vs Health), FY25 vs FY24

📈 Life & Health underlying earnings breakdown (Life vs Health), FY25 vs FY24

Metric	Unit	FY25	FY24	Change (reported)	Comments
Short-term revenues	€m	17,416	16,207	+7%	Life €4,444m (vs €4,247m); Health €12,972m (vs €11,960m)
Short-term COR	%	97.2%	97.4%	-0.2 pt	Life 95.4% (vs 95.5%), Health 97.9% (vs 98.1%)
Short-term technical margin	€m	479	415	+15%	Life €206m (+€15m); Health €273m (+€49m)
CSM release	€m	2,954	2,775	+6%	Life €2,415m (+€162m); Health €539m (+€17m)
Technical experience	€m	(150)	(95)	-€55m	Life €-139m (vs €-98m); Health €-11m (vs €+3m)
Financial result	€m	946	975	-3%	Life €738m (-€61m); Health €209m (+€33m)
Underlying earnings before tax	€m	4,229	4,070	+4%	Life €3,219m (+€74m); Health €1,010m (+€85m)
Income tax	€m	(800)	(874)	-8%	↓ Favorable tax effects in Germany, France, Mexico
Minority interests, affiliates & other	€m	72	126	-€54m	↓ Lower ICBC-AXA contribution; higher minority interests from AXA MPS improved results
L&H underlying earnings Group share	€m	3,501	3,323	+5%	↑ +7% on constant FX; Life €2,715m (+3%), Health €787m (+15%)
L&H CSM (end of period)	€m	32,991	33,571	-2%	Life €25,442m (vs €25,826m); Health €7,550m (vs €7,744m)

Net income

📈 Net income Group share bridge, FY25 vs FY24

Metric	Unit	FY25	FY24	Change (reported)	Comments
Underlying earnings Group share	€m	8,368	8,078	+4%	↑ +6% on constant FX (+€469m)
Net realized capital gains & losses	€m	138	195	-€59m	↓ Lower gains primarily on investment properties (notably France)
Fair value of funds & derivatives	€m	(813)	83	-€904m	↓ Unfavorable FV of foreign assets/liabilities (€-467m, USD depreciation vs EUR), unfavorable derivatives (€-243m: equity hedging €-120m, interest rate derivatives €-106m), unfavorable mutual funds (€-102m: Private Equity, Fixed Income; partly offset by Hedge funds)
Amortization of intangibles	€m	(86)	(131)	+€40m	↓ Lower amortization, mainly AXA XL and Switzerland
Integration & restructuring costs	€m	(197)	(240)	+€40m	↓ Operational efficiency programs (€-146m: IT productivity, automation at AXA XL and UK&Ireland) + integration costs (€-51m: recent acquisitions)
Exceptional items	€m	2,386	(99)	+€2,483m	↑ Mainly gain from AXA IM disposal (€2,227m)
Net income Group share	€m	9,797	7,886	+24%	↑ +26% on constant FX (+€2,069m)

Shareholders' equity Group share

📈 Shareholders' equity Group share roll-forward, FY24–FY25

Metric	Unit	Amount	Comments
At December 31, 2024	€m	49,943
Paid-in capital	€m	(4,863)	Share buy-backs (€1.2bn + €0.7bn + €3.8bn) net of Shareplan 2025 issuance (€411m)
Treasury shares	€m	(97)
OCI from defined benefit plans	€m	(350)
Fair value recorded in shareholders' equity	€m	1,282
OCI related to invested assets	€m	(4,161)
OCI related to (re)insurance contracts	€m	5,443
Impact of currency fluctuations	€m	(3,549)	Significant EUR appreciation vs USD, JPY, and other currencies
Realized gains on equity through retained earnings	€m	111
Undated subordinated debt (incl. interest charges)	€m	(300)
Dividends	€m	(4,629)
Net income for the period	€m	9,797
Other	€m	(174)
At December 31, 2025	€m	47,171	↓ €-2,772m YoY, driven by share buy-backs, dividends, and FX; partly offset by net income and OCI on insurance contracts

Solvency information

📈 Solvency II key metrics, FY24–FY25

Metric	Unit	FY25	FY24	Change (reported)	Comments
Eligible Own Funds	€bn	56.4	55.9	+€0.5bn	↑ Modest increase
Solvency II ratio	%	224%	216%	+8 pts	↑ AXA IM sale and associated buy-back ca. +2 pts (Q3); Nobis -1 pt (Q2); Prima -3 pts at closing (additional -2 pts expected over time from premium recapture)

Shareholder value

Earnings per share

📈 Earnings per share, basic vs fully diluted, FY24–FY25

Metric	Unit	FY25 basic	FY25 fully diluted	FY24 basic	FY24 fully diluted	YoY fully diluted	Comments
Wtd avg number of shares	m	2,118	2,124	2,191	2,197	-3%	↓ Share buy-backs reduced share count
Net income per share	€/share	4.54	4.53	3.51	3.50	+30%	↑ Driven by AXA IM disposal gain and underlying earnings growth
Underlying earnings per share	€/share	3.87	3.86	3.60	3.59	+8%	↑ Underlying earnings growth (+4%) amplified by lower share count (-3%)

Return on equity

📈 Return on equity breakdown, FY24–FY25

Metric	Unit	FY25	FY24	Change (reported)	Comments
Net income ROE	%	18.8%	14.8%	+3.9 pts	↑ Driven by AXA IM disposal gain boosting net income
Net income (adj.)	€bn	9.6	7.7	+€1.9bn	Adjusted for undated subordinated debt charges
Avg adj. shareholders' equity	€bn	51.3	51.8	-€0.5bn	Excludes FV reserves on invested assets/derivatives, insurance contracts, and undated subordinated debt
Underlying ROE	%	16.0%	15.2%	+0.8 pts	↑ Within 14%–16% "Unlock the Future" target range
Underlying earnings (adj.)	€bn	8.2	7.9	+€0.3bn	Adjusted for undated subordinated debt charges
Avg adj. shareholders' equity	€bn	51.3	51.8	-€0.5bn	Same basis as above

Outlook

• AXA entering final year of 2024–2026 "Unlock the Future" plan; confident in achieving main financial targets, underpinned by profitable organic growth, scaling technical capabilities, and reinforced cost management.
• P&C Retail and SME & mid-market: pricing remains favorable; Group expects continued earn-through of higher pricing and underwriting actions. AXA XL: pricing conditions vary by line; disciplined cycle management and capital allocation, growing where returns exceed cost of capital. Normalized nat cat load guidance: ca. 4.5 pts of combined ratio for 2026.
• Life & Health: earnings growth expected from short-term business (disciplined pricing and claims management). Long-term business strategy to rejuvenate sales and improve persistency should drive positive net flows and CSM growth over time.
• Holdings: 2026 results expected at similar level to 2025.
• Management believes AXA is on track to deliver:
  • UEPS growth at the upper end of 6%–8% CAGR target range for both the 2023–2026E plan period and for 2026.
  • Underlying ROE between 14% and 16% over 2024–2026E.
  • Cumulative organic cash upstream in excess of €21 billion for 2024–2026.
• Capital management policy: total payout ratio target of 75% (60% dividend payout + 15% annual share buy-backs). Proposed DPS in a given year expected to be at least equal to prior year's DPS.

Glossary

Scope

• France (insurance, banking, holding)
• Europe: Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain, Italy, AXA Life Europe, Prima (no P&L consolidation in FY25)
• AXA XL (insurance, reinsurance, holding)
• Asia, Africa & EME-LATAM: Japan, Hong Kong, Thailand (equity method), Indonesia (equity method), China (equity method), Philippines (equity method), South Korea, India (disposed March 2024), Asia Holdings; Brazil, Colombia, Mexico, Russia/Reso (equity method), Türkiye; Egypt, Morocco, Nigeria; AXA Mediterranean Holdings
• AXA Investment Managers (P&L accrued until H1 2025; disposal to BNP Paribas completed July 1, 2025)
• Transversal & Other: AXA Assistance, AXA Liabilities Managers, AXA SA, Other Central Holdings