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AXA/2025/FY/Earnings release

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This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).

Document info
OrganizationAXA
Year2025
PeriodFY
Period labelFY25
Document categoryEarnings release
Document nameAXA Full Year 2025 Earnings Press Release
Publication date2026-02-26
LanguageEnglish
Pages20
SourceOriginal URL

Press release

  • Paris, February 26th, 2026 (6:45am CET) p. 1

Full Year 2025 Earnings

AXA reports record results with underlying EPS growth at the top end of the target range

Key FY25 highlights

  • Gross written premiums & other revenues at EUR 116bn, +6% vs. FY24 p. 1
    • (footnote: • Change in gross written premiums & other revenues, new business value ("NBV"), and present value of expected premiums ("PVEP") is on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated. • Terms, including contractual service margin ("CSM") and new business contractual service margin ("NB CSM"), are defined in the glossary section of this press release.) p. 1
  • Underlying earnings at EUR 8.4bn, +6% vs. FY24, or +9% excluding AXA IM p. 1
    • (footnote: • "Underlying earnings", "underlying earnings per share", "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. • 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, as applicable) in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report"), on the pages indicated under "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES". • For further information on the above-mentioned and other non-GAAP financial measures, see the Glossary in AXA's 2025 Activity Report, available on AXA's website (www.axa.com).) p. 1
    • (footnote: AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are at constant foreign exchange rates.) p. 1
  • Underlying earnings per share at EUR 3.86, +8% vs. FY24 p. 1
    • This includes a -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of anti-dilutive share buyback related to the sale of AXA IM. p. 1
    • (footnote: On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider to buyback its own shares for a maximum of Euro 3.8 billion to offset earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in temporary earnings dilution as of December 31, 2025.) p. 1
  • Solvency II ratio at 224% as of December 31, 2025, +9 points vs. FY24 p. 1
    • The ratio was 215% on January 1, 2026, reflecting the end of the grandfathering period. p. 1
    • (footnote: • Solvency II ratio is estimated primarily using AXA's internal model calibrated on an adverse 1/200 year shock. • For information on AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). • The Solvency II ratio as of December 31, 2025, is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.) p. 1
    • (footnote: Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.) p. 1

Capital Management

  • Dividend of EUR 2.32 per share, +8% vs. FY24. p. 1
    • (footnote: Subject to approval by the Shareholders' Annual General Meeting on April 30, 2026.) p. 1
  • Launch of an annual share buyback program of up to EUR 1.25bn. p. 1
    • (footnote: As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.) p. 1
  • Completion of EUR 3.8bn additional share buyback related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026. p. 1

Outlook

  • Underlying earnings per share growth for 2026 is expected to be at the upper end of the 6-8% plan target range. p. 1
    • (footnote: Expected underlying earnings per share ("UEPS") growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements.) p. 1
  • Expected impact of Solvency II revision at +17 points. p. 1
    • (footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.) p. 1
  • AXA will present its new strategic plan for 2027-2029 on September 21, 2026. p. 1

"In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence." (Thomas Buberl, Chief Executive Officer of AXA p. 1)

"Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins. In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level." (Thomas Buberl, Chief Executive Officer of AXA p. 1)

"These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA's ability to generate sustainable, long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," (Thomas Buberl, Chief Executive Officer of AXA p. 1)

FY25 key highlights

FY25 key highlights: gross written premiums & other revenues p. 2
Key figures (in Euro million, unless otherwise noted) FY24 FY25 Change on a reported basis Change at comparable basis
Gross written premiums & other revenues (1) 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.
FY25 key highlights: underlying earnings and net income p. 2
— FY24 FY25 Change on a reported basis Change at constant Forex
Underlying earnings (2) 8,078 8,368 +4% +6%
Net income 7,886 9,797 +24% +26%
FY25 key highlights: solvency II ratio p. 2
— FY24 FY25 Change on a reported basis —
Solvency II ratio (%) (5) 216% 224% +9 pts —

Activity indicators

  • Total gross written premiums and other revenues were up 6%. p. 2
    • Property & Casualty +5%. p. 2
      • Commercial lines (footnote: "Commercial lines" refers to P&C Commercial lines excluding AXA XL Reinsurance.) +4%, driven by higher volumes at AXA XL Insurance and favorable price effects across all geographies. p. 2
      • Personal lines +7%, driven by favorable price effects and strong growth in net new contracts in France, Europe, and Asia & EME-LATAM. p. 2
      • AXA XL Reinsurance +8%, with growth supported by alternative capital. p. 2
    • Life & Health +8%. p. 2
      • Life premiums +9%. p. 2
        • Protection +11%, from strong sales in Hong Kong, Switzerland, and Japan. p. 2
        • Unit-Linked +13%, from higher volumes across all geographies. p. 2
        • G/A (footnote: General account.) +4%, from continued momentum in Italy and France. p. 2
      • Health premiums +5%, driven by price effects in all geographies. p. 2

Earnings

  • Underlying earnings increased by 6% to EUR 8.4bn, or +9% excluding AXA IM. p. 2
    • Property & Casualty +9%, from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income. p. 2
    • Life & Health +7%, from improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits of business rejuvenation strategy. p. 2
    • Holdings (footnote: Including banking activities.) underlying earnings remained broadly stable at EUR -1.2bn. p. 2
    • Asset Management underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025. p. 2
  • Underlying earnings per share increased by 8% to EUR 3.86. p. 2
    • This was mainly driven by the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt. p. 2
    • Also impacted by share buybacks (+3%), including the annual share buyback program and the anti-dilutive share buyback from the AXA IM sale. p. 2
    • Partially offset by unfavorable foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%). p. 2
  • The sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to the timing of the associated share buyback. p. 2
  • Net income increased by 26% to EUR 9.8bn, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, including the gain from the sale of AXA IM. p. 2

Balance sheet

  • Shareholders' equity was EUR 47.2bn as of December 31, 2025, down by EUR 2.8bn vs. December 31, 2024. p. 3
    • Positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) were more than offset by: p. 3
      • FY24 dividend paid to shareholders (EUR -4.6bn). p. 3
      • Impact of share buybacks executed in 2025 (EUR -4.7bn), including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM. p. 3
      • Unfavorable foreign exchange impact (EUR -3.5bn), notably due to the depreciation of the U.S. dollar. p. 3
  • CSM was EUR 33.3bn at December 31, 2025, down by EUR 0.6bn vs. December 31, 2024. p. 3
    • New business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM. p. 3
    • Market conditions had a favorable impact (EUR +0.6bn), mainly driven by tightening government spreads and positive equity market performance. p. 3
    • This was more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of the Japanese yen and Hong Kong dollar, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland. p. 3
  • Solvency II ratio was 224% as of December 31, 2025, up +9 points vs. December 31, 2024. p. 3
    • Driven by a strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points). p. 3
    • Positive impact from net subordinated debt issuance (+6 points). p. 3
    • Favorable impacts from financial markets (+4 points). p. 3
    • Partially offset by the net impact of acquisitions of Nobis and Prima, and the disposal of AXA IM including the associated EUR 3.8bn share buyback (-5 points). p. 3
  • 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, resulting in a -10 point decrease in the Solvency II ratio to 215%. p. 3
  • The Group estimates the Solvency II revision (effective Q1 2027) would result in an increase of +17 points to the current Solvency II ratio. p. 3
  • Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 point vs. December 31, 2024, notably from higher underlying earnings and lower shareholders' equity. p. 3
  • Debt gearing was 22.3% as of December 31, 2025, up 1.7 points vs. December 31, 2024. p. 3
    • Driven by lower shareholders' equity and CSM, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn). p. 3
    • Partially offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn). p. 3
    • The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026. p. 3
  • Cash at Holding (footnote: Including cash and liquid invested assets at AXA SA Holding and other central holdings.) amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024. p. 3
    • This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024. p. 3

Capital management and outlook

Capital management

  • A dividend of EUR 2.32 per share (+8% vs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026. p. 4
    • The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026. p. 4
  • AXA's Board of Directors approved on February 25, 2026, the launch of an annual share buyback program for up to EUR 1.25bn. p. 4
    • (footnote: To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.) p. 4
    • AXA intends to cancel all shares repurchased under this program. p. 4
    • The program is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end. p. 4

Outlook

  • AXA is confident in achieving its main financial targets for its 2024-2026 'Unlock the Future' plan, supported by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management. p. 4
  • In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects to benefit from higher pricing and underwriting actions. p. 4
  • At AXA XL, pricing conditions vary, and the Group will continue effective cycle management and disciplined capital allocation. p. 4
  • The Group guidance for normalized natural catastrophe (footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at approximately 4.5 points of combined ratio for 2026. p. 4
  • In Life & Health, earnings growth is expected from short-term business due to disciplined pricing and claims management. p. 4
  • The strategy to rejuvenate sales in long-term business and improved persistency should drive positive net flows and CSM growth. p. 4
  • Holdings results in 2026 are expected to be similar to 2025. p. 4
  • Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan: p. 4
    • Underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both 2023-2026E and for 2026. p. 4
    • Underlying return on equity between 14% and 16% between 2024 and 2026E. p. 4
    • Cumulative organic cash upstream in excess of EUR 21bn for 2024-2026E. p. 4
  • The Group is committed to its capital management policy (footnote: Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions, and the general economic environment.), targeting a total payout ratio of 75% (footnote: Payout ratio is calculated based on underlying earnings per share.). p. 4
    • This comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks. p. 4
    • 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. p. 4

Property & Casualty

Property & casualty key figures p. 5
Key figures (in Euro billion, unless otherwise noted)
— FY24 FY25 Change on a comparable basis FY25 Price effect (12) (in %)
Gross written premiums and other revenues 56.5 58.0 +5% +2.9%
o/w Commercial lines (11) 34.9 35.8 +4% +1.9%
o/w Personal lines 19.1 19.7 +7% +5.2%
o/w AXA XL Reinsurance 2.5 2.6 +8% +0.3%
Earnings (in Euro million, unless otherwise noted) Earnings (in Euro million, unless otherwise noted) Earnings (in Euro million, unless otherwise noted) Earnings (in Euro million, unless otherwise noted) Earnings (in Euro million, unless otherwise noted)
All-Year Combined ratio 91.0% 90.6% -0.3 pt —
Underlying earnings 5,510 5,872 +9% —
  • Gross written premiums & other revenues were up 5% to EUR 58.0bn. p. 5
    • Commercial lines grew by 4% to EUR 35.8bn. p. 5
      • AXA XL Insurance +3%, from growth in attractive margin lines (Property, Casualty) due to favorable price effects and higher volumes, partly offset by lower pricing and volumes in Financial lines. p. 5
      • Asia, Africa & EME-LATAM +13%, mainly driven by Türkiye (higher average premiums) and Mexico (favorable volume and price effects). p. 5
      • France +6%, from favorable price effects in all lines and higher volumes. p. 5
    • Personal lines grew by 7% to EUR 19.7bn. p. 5
      • Europe +5%, from favorable price effects across geographies, except in UK & Ireland Motor where pricing softened after strong repricing in 2024. p. 5
      • Asia, Africa & EME-LATAM +14%, driven by Türkiye (higher average premiums and volumes). p. 5
      • France +9%, with strong volume growth in all lines (direct business and proprietary agent networks) and favorable price effects in Motor. p. 5
    • AXA XL Reinsurance grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by softening in other lines. p. 5
  • The all-year combined ratio improved by 0.3 point to 90.6%. p. 5
    • Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) from margin expansion in Commercial lines (-0.5 point, driven by SME & mid-market -0.9 point) and Personal lines (-0.4 point). p. 5
    • Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio due to efficiency gains. p. 5
    • Lower natural catastrophe charges (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%). p. 5

P&C underlying earnings were up 9% to Euro 5.9 billion driven by:

  • Technical result increased by EUR +0.5bn, reflecting strong volume growth and improved technical margin. p. 6
  • Financial result increased by EUR +0.2bn due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in the unwind of the discount of claims reserves. p. 6
  • Partially offset by higher income taxes (EUR -0.2bn) mainly due to higher pre-tax underlying earnings. p. 6

Life & Health

Life & health key figures p. 6
Key figures (in Euro billion, unless otherwise noted)
— FY24 FY25 Change on a comparable basis
Gross written premiums & other revenues 52.0 56.5 +8%
o/w Life 34.5 37.5 +9%
o/w Health 17.5 19.0 +5%
PVEP (1,21) 50.9 49.4 -2%
NB CSM (1,21) 2.2 2.2 +3%
NBV (post-tax) (1,21) 2.3 2.2 0%
NBV margin (1,21) 4.4% 4.5% +0.1 pt
Net flows (21) +1.5 +5.4 —
Life & health earnings p. 6
Earnings (in Euro million)
— FY24 FY25 Change at constant forex
Underlying earnings 3,323 3,501 +7%
o/w Life 2,636 2,715 +4%
o/w Health 687 787 +17%

Gross written premiums & other revenues were up 8% to Euro 56.5 billion.

  • Life grew by 9% to EUR 37.5bn. p. 6
    • Unit-Linked +13%, driven by successful sales initiatives across all geographies. p. 6
    • G/A +4%, notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong. p. 6
    • Protection +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland. p. 6
  • Health grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes. p. 6
  • Present value of expected premiums (PVEP) decreased by 2% to EUR 49.4bn. p. 6
    • Life +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums. p. 7
    • Health -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions. p. 7
  • NB CSM increased by 3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits. p. 7
  • NBV (post-tax) was stable at EUR 2.2bn, as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France. p. 7
  • NBV margin (post tax) increased by 0.1 point to 4.5%. p. 7
  • Net flows (footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) were EUR +5.4bn compared to EUR +1.5bn in 2024. p. 7
    • Driven by Protection (EUR +4.9bn), mainly in Hong Kong, Japan, and France. p. 7
    • Health (EUR +2.7bn), mainly in Germany, Japan, and France. p. 7
    • Unit-Linked (EUR +1.5bn), primarily in France. p. 7
    • Partially offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn). p. 7
  • Life & Health underlying earnings increased by 7% to EUR 3.5bn. p. 7
    • Long-term technical result (EUR +0.2bn) driven by an increase in CSM release, following growth in reserves and better margins. p. 7
    • Short-term technical result (EUR +0.1bn) driven by expansion of technical margin reflecting pricing, underwriting, and claims management actions, which more than offset the impact of a legislative change on VAT recoverability in Mexico (EUR -0.1bn). p. 7
    • Lower income taxes (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, France, and Mexico. p. 7
    • Lower contribution from affiliates, notably ICBC-AXA, and improved results at AXA MPS, leading to an increase in earnings of minority shareholders. p. 7

Holdings

  • Holdings underlying earnings remained broadly stable at EUR -1.2bn. p. 7

Ratings

Insurer financial strength and AXA's credit ratings p. 8
Agency Date of last review Insurer financial strength ratings AXA's credit ratings (22)
Agency Date of last review AXA SA AXA's principal insurance subsidiaries Outlook Senior debt of the Company Short-term debt of the Company
S&P Global Ratings October 3, 2025 A+ AA- Positive A+ A-1+
Moody's Investor Service October 8, 2025 Aa2 Aa2 Stable Aa3 P-1
AM Best October 9, 2025 A+ Superior — Stable aa Superior —

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. 8
  • Contractual service margin ("CSM") is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders. p. 8
  • CSM release is the 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. 8
  • Economic variance is the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force. p. 8
  • Financial result is investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (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. 8
  • Gross written premiums and other revenues are 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. 8
  • New business contractual service margin ("NB CSM") is 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. 8
  • New business value ("NBV") is the value of newly issued contracts during the current year. p. 8
    • It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (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. 8
  • New business value margin ("NBV Margin") is the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP. p. 8
  • Operating variance is the variation of the year-end CSM vs. the expected at opening due to (i) differences between realized and expected operational assumptions, (ii) changes in assumptions (mortality, longevity, lapses, expenses), and (iii) impact of model changes. Operating variance is net of reinsurance. p. 9
  • Present value of expected premiums ("PVEP") is 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 is Group share. p. 9
  • Technical experience consists of the impacts on the underlying earnings of (i) the difference between expected and incurred cash-flows in the defined period, (ii) the risk adjustment release, (iii) changes in onerous contracts, and (iv) other long-term elements mainly composed of non-attributable expenses. p. 9
  • Underlying return on in-force is the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance. p. 9

Scope

  • France includes insurance activities, banking activities, and holding. p. 10
  • 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 holding), Italy (insurance activities), Prima (insurance activities) (footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.), and AXA Life Europe (insurance activities). p. 10
  • AXA XL includes insurance and reinsurance activities and holding. p. 10
  • Asia, Africa & EME-LATAM includes: p. 10
    • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated). China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income. p. 10
    • Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) (fully consolidated). p. 10
    • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated). Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income. p. 10
    • AXA Mediterranean Holdings. p. 10
  • Transversal & Other includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity), and other Central Holdings. p. 10
  • AXA Investment Managers (footnote: Disposal to BNP Paribas completed on July 1, 2025.) includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method). p. 10

Exchange rates

End of period and average exchange rates for 1 euro p. 10
For 1 Euro End of Period Exchange rate Average Exchange rate
— FY24 FY25 FY24 FY25
USD 1.04 1.17 1.08 1.13
CHF 0.94 0.93 0.95 0.94
GBP 0.83 0.87 0.85 0.86
JPY 163 184 164 169
HKD 8.04 9.14 8.44 8.82

Notes

  • (footnote: • Including P&C. • See Appendices of the FY25 earnings presentation at www.axa.com for indicative sensitivities impacting CSM. • These sensitivities, and any other sensitivities in the Appendices, are based on management's current assessment in connection with the full-year 2025 annual results. • These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward-looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.) p. 11
  • (footnote: Restricted Tier 1: "BBB+" by Standard & Poor's and "Baa1(hyb)" by Moody's. Tier 2: "A-/Stable" by Standard & Poor's and "A2(hyb)/Stable" by Moody's.) p. 11
  • All comments and changes are on a comparable basis for activity indicators (constant forex, scope, and methodology). p. 11
  • Actuarial and financial assumptions for NBV and PVEP calculation are updated semi-annually at half-year and full-year. p. 11
  • 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. p. 11

About the AXA group

Press release

Caption: Press release p. 12

| | | --- |

  • The AXA Group is a worldwide leader in insurance, with 156,000 employees serving over 92 million clients in 52 countries. p. 12
  • In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 underlying earnings to EUR 8.4bn. p. 12
  • The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). p. 12
  • AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY. p. 12
  • The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. p. 12
  • It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. p. 12
  • This press release and regulated information are available on the AXA Group website (axa.com). p. 12

FOR MORE INFORMATION:

Investor Relations:

  • investor.relations@axa.com p. 12
  • +33.1.40.75.48.42 p. 12
  • Individual Shareholder Relations: +33.1.40.75.48.43 p. 12

Media Relations:

  • ziad.gebran@axa.com p. 12
  • ahlem.girard@axa.com p. 12
  • sylwia.tulak@axa.com p. 12
  • +33.1.40.75.46.74 p. 12

Corporate Responsibility strategy:

  • axa.com/en/about-us/strategy-commitments p. 12

SRI ratings:

  • axa.com/en/investor/sri-ratings-ethical-indexes p. 12

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

  • Certain statements in this document are forward-looking statements, identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs. p. 12
  • Statements regarding expected underlying earnings per share (‘UEPS’) growth for 2026 are one-off guidance for the last year of the current strategic plan. p. 12
  • These statements are based on Management’s current views and intentions and are subject to change, risks, and uncertainties outside AXA’s control. p. 12
  • AXA disclaims any obligation to update or revise these forward-looking statements, except as required by law. p. 12
  • This press release refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position. p. 12
  • These APMs, including ‘Underlying earnings’, UEPS, ‘underlying return on equity’, ‘combined ratio’, and ‘debt gearing’, generally have no standardized meaning and may not be comparable to measures used by other companies. p. 12
  • APMs should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS. p. 12
  • Reconciliations of APMs to financial statements are provided in AXA’s 2025 Activity Report. p. 12

APPENDIX 1: Gross written premiums et other revenues by geography and business line

Gross written premiums and other revenues by geography and business line p. 13
Gross Written Premiums and Other Revenues o/w Property & Casualty o/w Life & Health o/w Asset Management
in Euro million FY24 FY25 Change on a reported basis Change on a comparable basis FY25 Change on a comparable basis FY25 Change on a comparable basis FY25 Change on a comparable basis
France (i) 28,996 30,598 +6% +6% 9,648 +7% 20,852 +5% — —
Europe 39,298 43,005 +9% +6% 21,257 +4% 21,748 +8% — —
AXA XL 19,383 19,277 -1% +4% 19,159 +4% 118 -8% — —
Asia, Africa & EME-LATAM 19,083 19,925 +4% +13% 6,257 +13% 13,668 +13% — —
Transversal 1,856 1,844 -1% -1% 1,718 -1% 126 -8% — —
AXA Investment Managers 1,701 875 -49% +4% — — — — 875 +4%
Total (i) 110,316 115,524 +5% +6% 58,038 +5% 56,512 +8% 875 +4%
  • (footnote: Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.) p. 13
Underlying earnings by geography and business line p. 14
— Underlying earnings o/w Property & Casualty o/w Life & Health o/w Asset Management
in Euro million FY24 FY25 Change at constant Forex FY25 Change at constant Forex FY25 Change at constant Forex FY25 Change at constant Forex
France 2,071 2,224 +7% 1,237 +7% 1,039 +8% — —
Europe 3,187 3,486 +9% 2,216 +9% 1,264 +14% — —
AXA XL 1,820 1,893 +9% 1,913 +9% 12 -49% — —
Asia, Africa & EME-LATAM 1,504 1,493 +6% 355 +24% 1,165 0% — —
Transversal -907 -903 0% 151 -4% 22 +16% — —
AXA Investment Managers 402 175 -57% — — — — 175 -57%
Total (i) 8,078 8,368 +6% 5,872 +9% 3,501 +7% 175 -57%
  • (footnote: Including underlying earnings of Holdings and Banking.) p. 14

APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & Other revenues by business line and discount rates

Property & casualty gross written premiums & other revenues by business line p. 15
Commercial lines Personal lines AXA XL Reinsurance Total P&C
in Euro million Total Commercial Change (i) Personal Motor Change (i) Personal Non-Motor Change (i) Total Personal Change (i) Total Reinsurance Change (i) FY25 Change (i)
France 5,077 +6% 2,693 +9% 1,877 +10% 4,570 +9% - - 9,648 +7%
Europe 9,179 +1% 7,434 +6% 4,644 +5% 12,078 +5% - - 21,257 +4%
AXA XL 16,604 +3% - - - - - - 2,555 +8% 19,159 +4%
Asia, Africa & EME-LATAM 3,193 +13% 2,315 +14% 749 +12% 3,064 +14% - - 6,257 +13%
Transversal 1,718 -1% - - - - - - - - 1,718 -1%
Total 35,771 +4% 12,443 +8% 7,269 +7% 19,712 +7% 2,555 +8% 58,038 +5%
  • (footnote: Changes are at comparable basis (constant forex, scope, and methodology).) p. 15
Interest rates for the discounting of P&C claims reserves p. 15
Interest Rates (5Y) For the Discounting of P&C Claims Reserves
— FY24 (i) FY25 (ii)
EUR 2.8% 2.6%
USD 4.4% 4.2%
JPY 0.4% 1.0%
GBP 4.3% 4.3%
CHF 0.8% 0.2%
HKD 3.7% 3.2%
  • (footnote: Calculated as monthly average from January 2024 to December 2024.) p. 15
  • (footnote: Average of monthly opening discount rates of 2025.) p. 15

P&C: Price effects i by country and business line

P&C: Price effects (i) by country and business line
FY25 (in %) Commercial lines Personal lines AXA XL Reinsurance 2026 Market pricing trends
France +4.0% +3.3% — Moderation of price increase
Europe +3.1% +5.4% — —
Switzerland +3.0% +5.0% — Continued price increases both in Personal and Commercial lines
Germany +3.1% +10.3% — Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation
Belgium & Luxembourg +2.5% +4.4% — Price increase broadly in line with 2025
UK & Ireland +1.4% -2.6% — In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
Spain +8.8% +8.6% — Moderation of price increase
Italy +5.2% +5.3% — Moderation of price increase
AXA XL (ii) +0.2% — +0.3% Softening prices with conditions varying by lines
Asia, Africa & EME-LATAM +3.8% +7.1% — Moderation of price increase
Total +1.9% +5.2% +0.3% —
  • (footnote: Price effect calculated as a percentage of total gross written premiums in the prior year.) p. 16
  • (footnote: Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.) p. 16

APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & Other revenues and growth by business line

Life and health new business metrics FY25 p. 17
Gross written premiums & other revenues Total o/w Protection o/w G/A Savings o/w Unit-Linked o/w Health
in Euro million FY25 Change (i) FY25 Change (i) FY25 Change (i) FY25 Change (i) FY25 Change (i)
France 20,852 +5% 4,650 +6% 5,483 +4% 5,109 +10% 5,611 +2%
Europe 21,748 +8% 5,090 +4% 4,444 +18% 3,419 +10% 8,795 +4%
AXA XL 118 -8% 59 -6% 59 -10% - - - -
Asia, Africa & EME-LATAM 13,668 +13% 7,454 +19% 971 -31% 761 +63% 4,483 +11%
Transversal 126 -8% - - - - - - 126 -8%
Total 56,512 +8% 17,253 +11% 10,957 +4% 9,289 +13% 19,014 +5%
o/w short-term (ii) 17,651 +6% 4,337 +6% — — — — 13,314 +6%
  • p. 17
  • (footnote: • Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). • Short-term business margin is analyzed using the Combined Ratio. • Short-term business refers here to Life Pure Protection and Health when measured using the PAA period.) p. 17

APPENDIX 6: New business volume (PVEP), new business value (NBV), and NBV margin

NB CSM to NBV p. 18
Life New Business Metrics FY25 Health (i) New Business Metrics FY25 Total (ii) New Business Metrics FY25
in Euro million PVEP Change (ii) NBV Change (ii) NBV margin Change (ii) PVEP Change (ii) NBV Change (ii) NBV margin Change (ii) PVEP Change (ii) NBV Change (ii) NBV margin Change (ii)
France 14,971 -4% 519 0% 3.5% +0.1 pt 7,887 -20% 177 +13% 2.2% +0.7pt 22,858 -10% 695 +3% 3.0% +0.4pts
Europe 10,102 +3% 474 -11% 4.7% -0.7pt 2,549 +16% 104 +36% 4.1% +0.6pt 12,651 +5% 578 -5% 4.6% -0.5pts
Asia, Africa & EME-LATAM 12,029 +7% 754 +5% 6.3% -0.1pt 1,817 -6% 205 -12% 11.3% -0.8pt 13,847 +5% 959 +1% 6.9% -0.3pts
Total 37,103 +1% 1,747 -1% 4.7% -0.1pt 12,254 -12% 486 +4% 4.0% +0.6pt 49,357 -2% 2,233 0% 4.5% +0.1pt
Net flows by business line p. 18
NB CSM to NBV
in Euro million Life Health (i) Total (i)
NB CSM (pre-tax) 1,822 377 2,199
Other NBV (pre-tax) 491 266 757
Tax & Other -567 -157 -724
NBV 1,747 486 2,233
  • (footnote: Includes Health business written predominantly in Life entities.) p. 18
  • p. 18
Net flows by business line
in Euro billion FY24 FY25
Health (i) +2.7 +2.7
Protection +3.2 +4.9
G/A Savings -3.6 -3.7
o/w capital light (ii) +2.2 +1.2
o/w traditional G/A -5.8 -5.0
Unit-Linked (iii) -0.8 +1.5
Mutual Funds & Other 0.0 0.0
Total Life & Health (i) net flows +1.5 +5.4
  • p. 19
  • (footnote: Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.) p. 19
  • (footnote: Including Investment contracts with no discretionary participation features ("DPF").) p. 19

Main transactions in 2025:

  • Announced the execution of a share repurchase agreement for up to EUR 1.2bn (February 28, 2025). p. 20
  • Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025). p. 20
  • Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025). p. 20
  • Announced the execution of a share repurchase agreement for Shareplan and stock-based compensation (June 2, 2025). p. 20
  • Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025). p. 20
  • Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (July 1, 2025). p. 20
  • Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025). p. 20
  • Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025). p. 20
  • Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025). p. 20
  • Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025). p. 20

Next main investor events

  • 2026 Shareholder's Annual General Meeting (April 30, 2026). p. 20
  • First quarter 2026 Activity Indicators (May 5, 2026). p. 20
  • HY26 Earnings Release (July 31, 2026). p. 20
  • AXA Investor Day (September 21, 2026). p. 20

Abbreviations (generated)

  • AA: AM Best Rating
  • AM: AM Best
  • AMF: Autorité des Marchés Financiers
  • APM: Alternative Performance Measure
  • BBA: Building Block Approach
  • CAGR: Compound Annual Growth Rate
  • CSM: Contractual Service Margin
  • DJSI: Dow Jones Sustainability Index
  • DPF: Discretionary Participation Features
  • EME: Europe, Middle East, and Africa
  • EPS: Earnings Per Share
  • ESMA: European Securities and Markets Authority
  • FY: Fiscal Year
  • GAAP: Generally Accepted Accounting Principles
  • IFRS: International Financial Reporting Standards
  • IM: Investment Managers
  • NB: New Business
  • NBV: New Business Value
  • OCI: Other Comprehensive Income
  • P&C: Property & Casualty
  • PAA: Premium Allocation Approach
  • PVEP: Present Value of Expected Premiums
  • SCR: Solvency Capital Requirement
  • SFCR: Solvency and Financial Condition Report
  • SME: Small and Medium-sized Enterprises
  • SRI: Socially Responsible Investing
  • UEPS: Underlying Earnings Per Share
  • UN: United Nations
  • UNEP FI: United Nations Environment Programme Finance Initiative
  • VAT: Value Added Tax
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