AXA/2025/FY/Earnings release

Document info
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document category	Earnings release
Document name	AXA Full Year 2025 Earnings Press Release
Publication date	2026-02-26
Language	English
Pages	20
Source	Original URL
Archive file	.md file

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

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: EUR 116bn, up +6% vs. FY24 ^{p. 1}
• Underlying earnings: EUR 8.4bn, up 6% vs. FY24, or +9% excluding AXA IM ^{p. 1}
• Underlying earnings per share: EUR 3.86, up +8% vs. FY24 ^{p. 1}
  • Includes -2% headwind from foreign exchange movements ^{p. 1}
  • Includes -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback ^{p. 1}
• Solvency II ratio: 224% at December 31, 2025, up +9 points vs. FY24 ^{p. 1}
  • 215% on January 1, 2026, reflecting the end of the grandfathering period ^{p. 1}

Capital Management

• Dividend: EUR 2.32 per share, up +8% vs. FY24 ^{p. 1}
• Launch of an annual share buyback program of up to EUR 1.25bn ^{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: expected to be at the upper end of the 6-8% plan target range ^{p. 1}
• Expected impact of Solvency II revision: +17 points ^{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." ^{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." ^{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 ^{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.
Underlying earnings (2)	8,078	8,368	+4%	+6%
Net income	7,886	9,797	+24%	+26%
—	FY24	FY25	Change on a reported basis	—
Solvency II ratio (%) (5)	216%	224%	+9 pts	—

Activity indicators

• Total gross written premiums and other revenues: up 6% ^{p. 2}
  • Property & Casualty: +5% ^{p. 2}
    • Commercial lines: +4%, driven by higher volumes (notably 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%, 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: +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 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}
  • Mainly driven by the 6% increase in underlying earnings and a decrease in interest expense on undated and deeply-subordinated debt ^{p. 2}
  • Impact of share buybacks: +3%, including annual share buyback program and anti-dilutive share buyback from AXA IM sale ^{p. 2}
  • Partially offset by unfavorable impact of foreign exchange rate movements: -2%, notably due to U.S. dollar depreciation against the Euro ^{p. 2}
• 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 increased underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM ^{p. 2}

Balance sheet

• Shareholders’ equity: EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs. December 31, 2024 ^{p. 3}
  • Positive contribution from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) ^{p. 3}
  • Offset by FY24 dividend paid (EUR -4.6bn) ^{p. 3}
  • Offset by impact of share buybacks in 2025 (EUR -4.7bn), including EUR 3.5bn anti-dilutive share buyback for AXA IM sale ^{p. 3}
  • Offset by unfavorable foreign exchange impact (EUR -3.5bn), mainly due to U.S. dollar depreciation ^{p. 3}
• CSM: EUR 33.3bn at December 31, 2025, down 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 from tightening government spreads and positive equity market performance ^{p. 3}
  • Offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from depreciation of Japanese yen and Hong Kong dollar ^{p. 3}
  • Offset by negative operating variance (EUR -0.3bn) due to better margins and net flows being offset by reduced duration of Group Life business in Switzerland ^{p. 3}
• Solvency II ratio: 224% as of December 31, 2025, up +9 points vs. December 31, 2024 ^{p. 3}
  • Strong operating return: +28 points, net of provision for dividend 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}
  • Partly offset by net impact of acquisitions of Nobis and Prima, and disposal of AXA IM including 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 Solvency II ratio to 215% ^{p. 3}
• Group estimates Solvency II revision, effective Q1 2027, would increase current Solvency II ratio by +17 points ^{p. 3}
• Underlying return on equity: 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: 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 issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn) ^{p. 3}
  • Partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn) ^{p. 3}
  • In line with 19-23% plan guidance for 2024-2026 ^{p. 3}
• Cash at Holding: EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024 ^{p. 3}
  • Reflecting 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 (up 8% vs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 ^{p. 4}
  • 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}
  • AXA intends to cancel all shares repurchased ^{p. 4}
  • Expected to commence as soon as reasonably practicable, subject to market conditions, and completed by year-end ^{p. 4}

Outlook

• AXA is confident in achieving its main financial targets for the 2024-2026 "Unlock the Future" plan, supported by profitable organic growth, scaling technical capabilities, and driving operational efficiency through cost management ^{p. 4}
• In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects continued benefits from earn-through of higher pricing and underwriting actions ^{p. 4}
• At AXA XL, pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital ^{p. 4}
• Group guidance for normalized natural catastrophe 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}
• Strategy to rejuvenate sales in long-term business and improved persistency should generate positive net flows, driving CSM growth over time ^{p. 4}
• Results in Holdings in 2026 are expected to remain similar to 2025 ^{p. 4}
• Management believes AXA is on track to deliver main financial targets of "Unlock the Future" plan, assuming current operating conditions persist ^{p. 4}
  • Underlying earnings per share growth: upper end of 6-8% CAGR target range for 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}
• Group is committed to its capital management policy, targeting a total payout ratio of 75% ^{p. 4}
  • Comprising a 60% dividend payout ratio ^{p. 4}
  • Additional 15% from annual share buybacks ^{p. 4}
• 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%

Property & Casualty earnings ^{p. 5}

Earnings (in Euro million, unless otherwise noted)
—	FY24	FY25	Change at constant Forex	—
All-Year Combined ratio	91.0%	90.6%	-0.3 pt	—
Underlying earnings	5,510	5,872	+9%	—

• Gross written premiums & other revenues: 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) and Casualty (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}
• 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 ^{p. 5}
    • Commercial lines: -0.5 point, driven by SME & mid-market business (-0.9 point) in favorable pricing environment, while AXA XL Insurance margins stable at attractive levels (+0.1 point) ^{p. 5}
    • Personal lines: -0.4 point in conducive pricing environment ^{p. 5}
  • Lower expense ratio: -0.3 point, primarily from lower non-commission expense ratio reflecting efficiency gains ^{p. 5}
  • Lower natural catastrophe charges: -0.4 point to 3.4% ^{p. 5}
  • 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 increased unwind of discount of claims reserves ^{p. 6}
• Partly 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 ^{p. 6}
    • 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 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 impact of higher interest rates on discounting of future premiums ^{p. 7}
  • Health: -12%, mainly from 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 impact of higher interest rates on discounting of future profits ^{p. 7}
• NBV (post-tax): stable at EUR 2.2bn, as growth in NB CSM was offset by decreased 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: EUR +5.4bn compared to EUR +1.5bn in 2024 ^{p. 7}
  • 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}
  • Partly 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 increased CSM release following reserve growth and better margins in long-term business ^{p. 7}
  • Short-term technical result: EUR +0.1bn, driven by technical margin expansion reflecting pricing, underwriting, and claims management actions ^{p. 7}
    • 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, resulting in increased earnings of minority shareholders ^{p. 7}

Holdings

• Holdings underlying earnings: remained broadly stable at EUR -1.2bn ^{p. 7}

Ratings

Insurer financial strength and 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"): a component of the carrying amount of an asset or liability for a group of insurance contracts representing unearned profit to be recognized as services are provided ^{p. 8}
• CSM release: portion of CSM stock net of reinsurance at period end flowing through profit and loss, representing estimated profit earned for providing insurance services ^{p. 8}
• Economic variance: variance of year-end CSM from changes in market conditions, net of underlying return on in-force ^{p. 8}
• Financial result: investment income on assets backing BBA and PAA contracts and shareholder's equity, net of insurance finance expenses (IFE) defined as unwind of present value of future cash flow ^{p. 8}
• Gross written premiums and other revenues: insurance premiums collected (including risk premiums, pure investment contracts with no DPF, fees, and revenues, net of commissions on assumed reinsurance) and other revenues from non-insurance activities (banking, services, asset management) ^{p. 8}
• New business contractual service margin ("NB CSM"): component of carrying amount for newly issued insurance contracts, representing unearned profit to be recognized as services are provided ^{p. 8}
• New business value ("NBV"): value of newly issued contracts during the current year ^{p. 8}
  • Consists of NB CSM, present value of future profits of newly issued Short-Term Business contracts (carried by Life entities, considering renewals), and present value of future profits of pure investment contracts (IFRS 9) ^{p. 8}
  • Net of cost of reinsurance, taxes, and minority interests ^{p. 8}
• New business value margin ("NBV Margin"): ratio of NBV to PVEP ^{p. 8}

RATINGS AND GLOSSARY

Press release

• Operating variance: variation of year-end CSM vs. expected at opening due to differences between realized and expected operational assumptions, changes in assumptions (mortality, longevity, lapses, expenses), and impact of model changes, net of reinsurance ^{p. 9}
• Present value of expected premiums ("PVEP"): new business volume, equal to present value at issue of total premiums expected over policy term, discounted at reference interest rate, and Group share ^{p. 9}
• Technical experience: impacts on underlying earnings from differences between expected and incurred cash-flows, risk adjustment release, changes in onerous contracts, and other long-term elements (mainly non-attributable expenses) ^{p. 9}
• Underlying return on in-force: release of time value of options & guarantees plus unwind of CSM at reference rate plus underlying financial over-performance ^{p. 9}

Scope

• France: includes insurance activities, banking activities, and holding ^{p. 10}
• Europe: includes Switzerland (insurance), Germany (insurance and holding), Belgium and Luxemburg (insurance and holding), UK and Ireland (insurance and holding), Spain (insurance and holding), Italy (insurance), Prima (insurance), and AXA Life Europe (insurance) ^{p. 10}
• AXA XL: includes insurance and reinsurance activities and holding ^{p. 10}
• Asia, Africa & EME-LATAM: ^{p. 10}
  • Asia: Japan (insurance and holding), Hong Kong (insurance), Thailand P&C, Indonesia L&S (excl. bancassurance), China P&C, South Korea, and Asia Holdings are fully consolidated ^{p. 10}
  • China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed March 11, 2024, and holding) are consolidated under equity method, contributing to NBV, PVEP, underlying earnings, and net income ^{p. 10}
  • Africa: Egypt (insurance and holding), Morocco (insurance and holding), and Nigeria (insurance and holding) are fully consolidated ^{p. 10}
  • EME-LATAM: Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) are fully consolidated ^{p. 10}
  • Russia (Reso) (insurance) is consolidated under equity method, contributing 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), and other Central Holdings ^{p. 10}
• AXA Investment Managers: includes AXA Investment Managers, Select (formerly Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under equity method) ^{p. 10}

Exchange rates

• Exchange rates ^{p. 10}

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

• 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 ^{p. 11}
• "Underlying earnings", "underlying earnings per share", "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA's guidelines and AMF's related position statement (2015) ^{p. 11}
• AXA provides reconciliation of APMs in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report") ^{p. 11}
• AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025 ^{p. 11}
• All figures excluding AXA IM are given at constant foreign exchange rates ^{p. 11}
• On July 1, 2025, AXA executed a share repurchase agreement for up to EUR 3.8bn to offset earnings dilution from AXA IM sale ^{p. 11}
  • Buyback commenced July 2, 2025, and ended January 20, 2026, resulting in temporary earnings dilution as of December 31, 2025 ^{p. 11}
• Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock ^{p. 11}
• Solvency II ratio as of December 31, 2025, is adjusted to give effect to the full up to EUR 1.25bn annual share buyback program and proposed EUR 2.32 per share dividend ^{p. 11}
• Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, when they ceased to qualify as capital ^{p. 11}
• Dividend proposal is subject to approval by Shareholders' Annual General Meeting on April 30, 2026 ^{p. 11}
• Share buyback program approved by AXA's Board on February 25, 2026, and expected to commence as soon as practicable, subject to market conditions ^{p. 11}
• Expected underlying earnings per share ("UEPS") growth for 2026 is a forward-looking statement providing one-off guidance for the last year of the current strategic plan ^{p. 11}
• Estimated Solvency II revision impact based on SCR and capital as of January 1, 2026, as if revision was in force ^{p. 11}
• "Commercial lines" refers to P&C Commercial lines excluding AXA XL Reinsurance ^{p. 11}
• Price effects are calculated as a percentage of total gross written premiums of the prior year ^{p. 11}
• G/A refers to General account ^{p. 11}
• "Including banking activities" ^{p. 11}
• "Including P&C" ^{p. 11}
• "Including cash and liquid invested assets at AXA SA Holding and other central holdings" ^{p. 11}
• Share buyback execution is in accordance with Shareholders' Annual General Meeting authorization granted April 24, 2025, or expected April 30, 2026 ^{p. 11}
• Natural catastrophe charges include natural catastrophe losses regardless of event size ^{p. 11}
• Payout ratio is calculated based on underlying earnings per share ^{p. 11}
• Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities ^{p. 11}
• Restricted Tier 1 ratings: "BBB+" by Standard & Poor's and "Baa1(hyb)" by Moody's ^{p. 11}
• Tier 2 ratings: "A-/Stable" by Standard & Poor's and "A2(hyb)/Stable" by Moody's ^{p. 11}
• AXA completed acquisition of majority stake in Prima in Italy on November 28, 2025 ^{p. 11}
• Disposal to BNP Paribas completed on July 1, 2025 ^{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 are updated semi-annually ^{p. 11}
• AXA's consolidated financial statements for FY25 were examined by the Board on February 25, 2026, and are subject to audit completion ^{p. 11}

About the AXA group

• 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: EUR 115.5bn ^{p. 12}
• In 2025, IFRS17 underlying earnings: EUR 8.4bn ^{p. 12}
• 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}
• AXA Group is included in main international SRI indexes (Dow Jones Sustainability Index (DJSI) and FTSE4GOOD) ^{p. 12}
• Founding member of UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and signatory of UN Principles for Responsible Investment ^{p. 12}
• Press release and regulated information are available on AXA Group website (axa.com) ^{p. 12}

FOR MORE INFORMATION:

Investor Relations:

• Investor Relations: +33.1.40.75.48.42, investor.relations@axa.com ^{p. 12}
• Individual Shareholder Relations: +33.1.40.75.48.43 ^{p. 12}

Media Relations:

• Media Relations: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com ^{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

• This press release contains forward-looking statements subject to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially ^{p. 12}
• AXA disclaims any obligation to publicly update or revise these 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 non-GAAP measures have no standardized meaning and may not be comparable to other companies' measures ^{p. 12}
• Non-GAAP measures should not be considered in isolation from, or as a substitute for, consolidated financial statements prepared in accordance with IFRS ^{p. 12}
• "Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined by ESMA's guidelines and AMF's position statement (2015) ^{p. 12}
• Reconciliation of APMs is 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%

• Banking revenues amounted to EUR 99m in FY25 and EUR 118m 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%

• Includes 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 and 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%

• Changes are on a comparable basis (constant forex, scope, and methodology) ^{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%

• Calculated as monthly average from January 2024 to December 2024 ^{p. 15}
• 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%	—

• Price effect calculated as a percentage of total gross written premiums in the prior year ^{p. 16}
• Price increase on renewals: +0.3% in Insurance and +0.2% in Reinsurance, calculated as a percentage of renewed premiums ^{p. 16}

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

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%

• Changes are on a comparable basis (constant forex, scope, and methodology) ^{p. 17}
• Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA') ^{p. 17}
• Short-term business margin is analyzed using the Combined Ratio ^{p. 17}
• Short-term business here refers 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

Net flows by business line ^{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

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

• Includes Health business written predominantly in Life entities ^{p. 18}
• Changes are on a comparable basis (constant forex, scope, and methodology) ^{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

• Includes Health business written predominantly in Life entities ^{p. 19}
• 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}
• Includes Investment contracts with no discretionary participation features ("DPF") ^{p. 19}

Main transactions in 2025:

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