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Web:AXA/FY25/Earnings press release/summary

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📈 AXA FY25 key financial metrics (€m unless noted)
Metric Unit FY24 FY25 Change (comparable) Comments
GWP & other revenues €m 110,316 115,524 +6%
  • +5% on reported basis
  • ↑ P&C Commercial lines (+4%): higher volumes (notably AXA XL Insurance) + favorable pricing across all geographies
  • ↑ P&C Personal lines (+7%): favorable pricing + strong net new contracts in France, Europe, Asia & EME-LATAM
  • ↑ AXA XL Reinsurance (+8%): growth supported by alternative capital
  • ↑ Life (+9%): Protection +11% (HK, CH, JP), Unit-Linked +13% (all geographies), G/A +4% (Italy, France)
  • ↑ Health (+5%): price effects across all geographies
   o/w Property & Casualty €m 56,514 58,038 +5%
  • +3% on reported basis
   o/w Life & Health €m 51,983 56,512 +8%
  • +9% on reported basis
   o/w Asset Management €m 1,701 875 n.m.
  • ↓ Disposal of AXA IM completed July 1, 2025; only H1 contribution included
Underlying earnings €m 8,078 8,368 +6%
  • +4% on reported basis; +9% excluding AXA IM
  • ↑ P&C (+9%): higher volumes, underwriting margin expansion, higher investment income
  • ↑ Life & Health (+7%): improved short-term technical results in Health & Protection; higher long-term earnings from strategy to rejuvenate the business; Health +17% after absorbing adverse Mexico VAT change
  • ↔ Holdings broadly stable at €-1.2bn
  • ↓ Asset Management: €0.2bn decrease from AXA IM disposal
Underlying EPS €/share 3.57 3.86 +8%
  • Change shown on reported basis (no separate comparable basis disclosed)
  • ↑ Underlying earnings growth (+6%) + lower interest expense on subordinated debt
  • ↑ Share buyback accretion (+3 pts): annual program + AXA IM anti-dilutive buyback
  • ↓ FX headwind (-2 pts): mainly USD depreciation vs EUR
  • ↓ Temporary dilution (-1 pt) from timing of AXA IM-related buyback
Net income €m 7,886 9,797 +26%
  • +24% on reported basis
  • ↑ Higher underlying earnings + significantly positive exceptional items, includes one-off gain from AXA IM disposal
Solvency II ratio % 216 224 +9 pts
  • Change shown on reported basis (no comparable basis applicable)
  • ↑ Operating return (+28 pts) net of dividend & annual buyback provision (-24 pts)
  • ↑ Net subordinated debt issuance (+6 pts)
  • ↑ Favorable financial markets (+4 pts)
  • ↓ Net impact of Nobis/Prima acquisitions + AXA IM disposal incl. €3.8bn buyback (-5 pts)
  • Post-period: ratio falls to 215% on Jan 1, 2026, after grandfathered debt de-recognition (-10 pts)
Shareholders' equity €bn 50.0 47.2 -€2.8bn
  • Change shown as absolute movement (no comparable basis disclosed)
  • ↑ Net income (+€9.8bn) + net OCI (+€1.3bn)
  • ↓ FY24 dividend paid (-€4.6bn)
  • ↓ Share buybacks in 2025 (-€4.7bn), incl. €3.5bn AXA IM anti-dilutive buyback
  • ↓ Unfavorable FX (-€3.5bn), mainly USD depreciation
CSM €bn 33.9 33.3 -€0.6bn
  • Change shown as absolute movement; normalized growth +2%
  • ↑ New business contribution (+€2.2bn) + underlying return on in-force (+€1.3bn)
  • ↓ CSM release (-€3.0bn)
  • ↑ Market conditions (+€0.6bn): tighter government spreads, positive equity markets
  • ↓ FX (-€1.5bn): JPY and HKD depreciation
  • ↓ Operating variance (-€0.3bn): better margins/net flows offset by shorter Group Life duration in Switzerland
Underlying RoE % 15.2 16.0 +0.8 pts
  • ↑ Higher underlying earnings + lower shareholders' equity base
Debt gearing % 20.6 22.3 +1.7 pts
  • ↑ Lower shareholders' equity and CSM
  • ↑ RT1 and Tier 2 subordinated debt issuance (€3.5bn), partly offset by redemption of grandfathered Tier 1 debt (-€1.9bn)
  • Within plan guidance of 19-23%
Cash at Holding €bn 4.0 5.6 +€1.6bn
  • ↑ Organic cash remittance from subsidiaries of €7.5bn (up €0.4bn vs FY24)
Dividend per share €/share 2.15 2.32 +8%
  • Subject to approval at AGM on April 30, 2026
Annual share buyback €bn — 1.25 —
  • Approved Feb 25, 2026; expected completion by year-end
  • All repurchased shares to be cancelled

Shareholder returns

  • Dividend ex-date May 11, 2026; payment date May 13, 2026.
  • AXA IM-related anti-dilutive buyback of €3.8bn completed between July 2, 2025, and January 20, 2026.
  • Capital management policy targets 75% total payout (60% dividend + 15% annual buyback); dividend per share in any year expected to be at least equal to the prior year.

Forward-looking items

  • FY26 underlying EPS growth expected at the upper end of the 6-8% plan target range.
  • Solvency II revision (effective Q1 2027) estimated to add +17 pts to the current ratio.
  • 2024-2026 plan targets: (i) underlying EPS CAGR at upper end of 6-8%, (ii) underlying RoE between 14% and 16%, (iii) cumulative organic cash upstream in excess of €21bn.
  • Normalized natural catastrophe load guidance remains at ca. 4.5 pts of combined ratio for 2026.
  • P&C pricing remains favorable; AXA XL to maintain disciplined cycle management. Life & Health earnings growth driven by disciplined pricing, claims management, and rejuvenation of long-term business driving CSM growth over time. Holdings expected at a similar level to 2025.
  • New strategic plan for 2027-2029 to be presented on September 21, 2026.
  • Investments in automation and AI cited as driving efficiency gains.

Notable events

  • AXA IM disposal completed July 1, 2025, generating a significant one-off gain booked in net income. The sale triggered a €3.8bn anti-dilutive share buyback and a temporary -1 pt dilution to underlying EPS due to buyback timing.
  • Acquisitions of Nobis and Prima completed during FY25 (-5 pts Solvency II impact combined with AXA IM disposal effects).
  • Adverse VAT treatment change in Mexico absorbed within Health earnings growth of +17%.
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