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FY25 key highlights
| Metric | FY24 | FY25 | Change (reported) | Change (comparable) |
|---|---|---|---|---|
| Gross written premiums & other revenues | 110,316 | 115,524 | +5% | +6% |
| o/w Property & Casualty | 56,514 | 58,038 | +3% | +5% |
| o/w Life & Health | 51,983 | 56,512 | +9% | +8% |
| o/w Asset Management | 1,701 | 875 | n.m. | n.m. |
| Underlying earnings | 8,078 | 8,368 | +4% | +6% |
| Net income | 7,886 | 9,797 | +24% | +26% |
| Solvency II ratio (%) | 216% | 224% | +9 pts | — |
Activity indicators
Total gross written premiums and other revenues 1 were up 6%, driven by:
- Property & Casualty (+5%), with growth in (i) Commercial lines 11 (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects 12 across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at (iii) AXA XL Reinsurance (+8%), with growth supported by alternative capital; and
- Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A 13 (+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven by price effects in all geographies.
Earnings
Underlying earnings 2 increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM 3 , driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. (iii) Holdings 14 underlying earnings remained broadly stable at Euro -1.2 billion. (iv) As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by Euro 0.2 billion.
Underlying earnings per share 2 increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM, partially offset by the unfavorable impact of (iii) foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).
The sale of AXA IM resulted in a temporary dilution of underlying earnings per share due to the timing of the associated share buyback (-1%).
Net income increased by 26% to Euro 9.8 billion, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM.
Balance sheet
Shareholders' equity was Euro 47.2 billion as of December 31, 2025, down by Euro 2.8 billion versus December 31, 2024, as (i) the positive contribution from net income (Euro +9.8 billion) and net OCI (Euro +1.3 billion) were more than offset by (ii) the FY24 dividend paid to shareholders (Euro -4.6 billion), (iii) the impact of share buybacks executed in 2025 (Euro -4.7 billion) including the Euro 3.5 billion anti-dilutive share buyback related to the sale of AXA IM, and (iv) an unfavorable foreign exchange impact (Euro -3.5 billion), notably due to the depreciation of the U.S. dollar.
CSM 1,15 was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024. New business contribution (Euro +2.2 billion), combined with underlying return on in-force (Euro +1.3 billion), more than offset CSM release (Euro -3.0 billion), resulting in +2% normalized growth in CSM. Market conditions had a favorable impact, mainly driven by the tightening of government spreads and positive equity market performance (Euro +0.6 billion).This was more than offset by unfavorable foreign exchange impacts (Euro -1.5 billion), mainly from the depreciation of Japanese yen and the Hong Kong dollar, as well as a negative operating variance (Euro -0.3 billion) as better margins and net flows were more than offset by a reduction in the duration of Group Life business in Switzerland.
Solvency II ratio 5 was 224% as of December 31, 2025, up +9 points versus December 31, 2024 , with (i) a strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points), (ii) the positive impact from net subordinated debt issuance (+6 points), and (iii) favorable impacts from financial markets (+4 points), which were partly offset by (iv) the net impact of the acquisitions of Nobis and Prima, and the disposal of AXA IM including the associated Euro 3.8 billion share buyback (-5 points).
As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures (' grandfathered debt') no longer qualified as eligible own funds. The impact of this change results in a -10 point decrease in our Solvency II ratio to 215% on January 1, 2026. In addition, the Group currently estimates that the Solvency II revision, to come into effect in the first quarter of 2027, would result in an increase of +17 points to our current Solvency II ratio 10 .
Underlying return on equity 2 was at 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024, notably from higher underlying earnings and lower shareholders ' equity.
Debt gearing 2 was at 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024, driven by both lower shareholder s' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (Euro 3.5 billion) partly offset by redemption of outstanding grandfathered Tier 1 debt (Euro -1.9 billion). The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.
Cash at Holding 16 amounted to Euro 5.6 billion as of December 31, 2025, up Euro 1.6 billion versus December 31, 2024, reflecting organic cash remittance from subsidiaries of Euro 7.5 billion, up Euro 0.4 billion versus December 31, 2024.
Capital management and outlook
Capital management
A dividend of Euro 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 7 . The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.
AXA's Board of Directors approved , on February 25, 2026, the launch of an annual share buyback program for up to Euro 1.25 billion, to be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorizatio n 17 . AXA intends to cancel all shares repurchased pursuant to this share buyback program.
The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and it is expected to be completed by year-end. Further details will be communicated regarding the execution of the share buyback program.
Outlook
Entering the final year of its 2024-2026 'Unlock the Future' plan, AXA is confident in its ability to achieve its main financial targets, underpinned by (i) profitable organic growth, (ii) scaling technical capabilities across its businesses, and (iii) driving operational efficiency across the organization through reinforced cost management.
In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects to continue benefiting from the earnthrough of higher pricing and underwriting actions. At AXA XL, pricing conditions vary by line; the Group will continue to ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital. The Group guidance for normalized natural catastrophe 18 load remains at ca. 4.5 points of combined ratio for 2026.
In Life & Health, earnings growth is expected to be driven by the short-term business reflecting disciplined pricing and claims management initiatives. The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should continue to generate positive net flows that are expected to drive CSM growth over time.
Results in Holdings in 2026 are expected to remain at a similar level as in 2025.
Considering the strong overall operating performance delivered in 2025, and assuming current operating conditions persist, Management believes that AXA is on track to deliver the main financial targets of AXA's 'Unlock the Future' plan: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both the plan period 2023-2026E and for 2026 9 , (ii) underlying return on equity between 14% and 16% between 2024 and 2026E, and (iii) cumulative organic cash upstream in excess of Euro 21 billion for 2024-2026E. The Group is committed to its capital management policy 19 , targeting a total payout ratio of 75% 20 , comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks. The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.