AXA/2025/FY/Earnings release

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

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

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 (comparable basis: constant forex, scope, and methodology) ^{p. 1}
• Underlying earnings at EUR 8.4bn, +6% vs. FY24 ^{p. 1}
  • Excluding AXA IM, underlying earnings +9% (at constant foreign exchange rates) ^{p. 1}
• Underlying earnings per share at EUR 3.86, +8% vs. FY24 ^{p. 1}
  • Includes -2% headwind from foreign exchange movements. ^{p. 1}
  • Includes -1% temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback. ^{p. 1}
  • The share buyback related to AXA IM disposal commenced on July 2, 2025, and ended on January 20, 2026. ^{p. 1}
• Solvency II ratio at 224% as of December 31, 2025, +9 points vs. FY24 ^{p. 1}
  • Solvency II ratio at 215% on January 1, 2026, reflecting the end of the grandfathering period for capital instruments and subordinated debt. ^{p. 1}

Capital Management

• Dividend of EUR 2.32 per share, +8% vs. FY24 (subject to shareholder approval on April 30, 2026) ^{p. 1}
• Launch of an annual share buyback program of up to EUR 1.25bn (approved February 25, 2026, expected to commence soon, 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 expected to be at the upper end of the 6-8% plan target range. ^{p. 1}
• Expected impact of Solvency II revision at +17 points (estimated based on SCR and capital as of January 1, 2026, assuming revision effective then). ^{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 +6% ^{p. 2}
  • Property & Casualty +5% ^{p. 2}
    • Commercial lines +4%, from 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 +6% to EUR 8.4bn ^{p. 2}
  • Excluding AXA IM, underlying earnings +9%. ^{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. ^{p. 2}
  • Holdings underlying earnings remained 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 +8% to EUR 3.86 ^{p. 2}
  • Driven by increased underlying earnings (+6%) and decreased interest expense on undated and deeply-subordinated debt. ^{p. 2}
  • Impact of share buybacks (+3%), including annual and anti-dilutive buybacks. ^{p. 2}
  • Partially offset by unfavorable foreign exchange rate movements (-2%), mainly due to U.S. dollar depreciation against the Euro. ^{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 +26% to EUR 9.8bn, reflecting increased underlying earnings and significant 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 EUR 2.8bn vs. December 31, 2024. ^{p. 3}
  • Positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) were offset by: ^{p. 3}
    • FY24 dividend paid (EUR -4.6bn). ^{p. 3}
    • Share buybacks executed in 2025 (EUR -4.7bn), including the EUR 3.5bn anti-dilutive buyback for AXA IM sale. ^{p. 3}
    • Unfavorable foreign exchange impact (EUR -3.5bn), mainly from U.S. dollar depreciation. ^{p. 3}
• CSM was 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) offset CSM release (EUR -3.0bn), resulting in +2% normalized growth. ^{p. 3}
  • Market conditions had a favorable impact (EUR +0.6bn), driven by tightening government spreads and positive equity market performance. ^{p. 3}
  • This was offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from Japanese yen and Hong Kong dollar depreciation, and a negative operating variance (EUR -0.3bn). ^{p. 3}
• Solvency II ratio was 224% as of December 31, 2025, +9 points vs. December 31, 2024. ^{p. 3}
  • 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 net impact of acquisitions (Nobis and Prima) and AXA IM disposal including EUR 3.8bn share buyback (-5 points). ^{p. 3}
• As of January 1, 2026, grandfathered debt no longer qualified as eligible own funds, resulting in a -10 point decrease in Solvency II ratio to 215%. ^{p. 3}
• The Group estimates the Solvency II revision (effective Q1 2027) would increase the current Solvency II ratio by +17 points. ^{p. 3}
• Underlying return on equity was 16.0% as of December 31, 2025, +0.8 point vs. December 31, 2024, due to higher underlying earnings and lower shareholders' equity. ^{p. 3}
• Debt gearing was 22.3% as of December 31, 2025, +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}
  • Partially offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn). ^{p. 3}
  • Debt gearing was in line with the 19-23% plan guidance for 2024-2026. ^{p. 3}
• Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024. ^{p. 3}
  • 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 an annual share buyback program for up to EUR 1.25bn on February 25, 2026. ^{p. 4}
• AXA intends to cancel all shares repurchased under this program. ^{p. 4}
• The share buyback program is expected to commence as soon as practicable and be completed by year-end. ^{p. 4}

Outlook

• AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan. ^{p. 4}
  • Underpinned 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 earnthrough of higher pricing and underwriting actions. ^{p. 4}
• At AXA XL, pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation. ^{p. 4}
• The 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}
• The strategy to rejuvenate sales in long-term business and improved persistency should generate positive net flows and drive 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 2023-2026E and for 2026. ^{p. 4}
  • Underlying return on equity between 14% and 16% for 2024-2026E. ^{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, targeting a total payout ratio of 75%. ^{p. 4}
  • Comprising 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 prior year's dividend per share. ^{p. 4}

Property & Casualty

Property & Casualty: gross written premiums and other revenues ^{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 +5% to EUR 58.0bn. ^{p. 5}
  • Commercial lines +4% to EUR 35.8bn, driven by: ^{p. 5}
    • AXA XL Insurance +3% from growth in attractive margin lines (Property, Casualty) partly offset by lower pricing and volumes in Financial lines. ^{p. 5}
    • Asia, Africa & EME-LATAM +13%, mainly from Türkiye (higher average premiums) and Mexico (favorable volume and price effects). ^{p. 5}
    • France +6% from favorable price effects and higher volumes. ^{p. 5}
  • Personal lines +7% to EUR 19.7bn, driven by: ^{p. 5}
    • Europe +5% from favorable price effects across geographies, except UK & Ireland Motor where pricing softened. ^{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 and favorable price effects in Motor. ^{p. 5}
  • AXA XL Reinsurance +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}
  • Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point). ^{p. 5}
    • Commercial lines (-0.5 point), specifically SME & mid-market business (-0.9 point). ^{p. 5}
    • Personal lines (-0.4 point). ^{p. 5}
    • AXA XL Insurance margins stable (+0.1 point). ^{p. 5}
  • Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio. ^{p. 5}
  • Lower natural catastrophe charges (-0.4 point to 3.4%) 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}
• Partially offset by higher income taxes (EUR -0.2bn) 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, mainly from: ^{p. 6}
  • Unit-Linked (+13%) due to successful sales initiatives across all geographies. ^{p. 6}
  • G/A (+4%), notably in France (+4%) and elevated sales of a capital-light product in Italy, partly offset by non-repeat of single premium whole-life product sales in Japan and lower sales in Hong Kong. ^{p. 6}
  • Protection (+11%), notably from a commercial campaign in Hong Kong and good sales 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. 7}
  • Life (+1%), from higher volumes in Hong Kong, France, and Switzerland, partly offset by higher interest rates impacting discounting. ^{p. 7}
  • Health (-12%), mainly from higher interest rates impacting discounting and lower volumes in France due to 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 higher interest rates impacting discounting. ^{p. 7}
• NBV (post-tax) was stable at EUR 2.2bn, as NB CSM growth was offset by decreased contribution from short-term multinational business in France. ^{p. 7}
• NBV margin (post tax) increased by 0.1 point to 4.5%. ^{p. 7}
• Net flows 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), where 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, growth in reserves, and better margins. ^{p. 7}
  • Short-term technical result (EUR +0.1bn) driven by technical margin expansion from pricing, underwriting, and claims management actions, offsetting the impact of legislative change on VAT recoverability in Mexico (EUR -0.1bn). ^{p. 7}
  • Lower income taxes (EUR +0.1bn) reflecting favorable tax effects in Germany, France, and Mexico. ^{p. 7}
  • Lower contribution from affiliates (ICBC-AXA) and improved results at AXA MPS led to increased earnings of minority shareholders. ^{p. 7}

Holdings

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

Ratings

Insurer financial strength and AXA's credit ratings ^{p. 8}

		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	—

• AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings. ^{p. 8}

Glossary

• Capital-light G/A products encompass products with no guarantees, or guarantees at maturity only, or guarantees equal to or lower than 0%. ^{p. 8}
• Contractual service margin ("CSM") is a component of the carrying amount for a group of insurance contracts representing unearned profit. ^{p. 8}
• CSM release is the portion of CSM stock (net of reinsurance) flowing through profit and loss, representing estimated profit earned for providing insurance services. ^{p. 8}
• Economic variance is the year-end CSM variance from changes in market conditions, net of underlying return on in-force. ^{p. 8}
• Financial result is investment income on assets backing BBA and PAA contracts and shareholder's equity, net of insurance finance expenses (unwind of present value of future cash flow). ^{p. 8}
• Gross written premiums and other revenues include insurance premiums, risk premiums, premiums from pure investment contracts, fees and revenues (net of commissions on assumed reinsurance), and revenues from non-insurance activities (banking, services, asset management). ^{p. 8}
• New business contractual service margin ("NB CSM") is a component of the carrying amount for newly issued insurance contracts, representing unearned profit. ^{p. 8}
• New business value ("NBV") is the value of newly issued contracts, comprising NB CSM, present value of future profits of Short-Term Business, present value of future profits of IFRS 9 investment contracts, net of reinsurance cost, taxes, and minority interests. ^{p. 8}
• New business value margin ("NBV Margin") is the ratio of NBV to PVEP. ^{p. 8}

RATINGS AND GLOSSARY

Press release

• Operating variance is the year-end CSM variation from expected due to differences in realized vs. expected operational assumptions, changes in assumptions (mortality, longevity, lapses, expenses), and model changes, net of reinsurance. ^{p. 9}
• Present value of expected premiums ("PVEP") is the new business volume, equal to the present value of total premiums expected over the policy term, discounted at the reference interest rate, and is Group share. ^{p. 9}
• Technical experience consists of 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 is the release of 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, Germany, Belgium and Luxemburg, United Kingdom and Ireland, Spain, Italy (including Prima acquisition on November 28, 2025), and AXA Life Europe. ^{p. 10}
• AXA XL includes insurance and reinsurance activities and holding. ^{p. 10}
• Asia, Africa & EME-LATAM includes: ^{p. 10}
  • Asia: Japan, Hong Kong, Thailand P&C, Indonesia L&S (excl. bancassurance), 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 March 11, 2024) (equity method, contributing to NBV, PVEP, underlying earnings, net income). ^{p. 10}
  • Africa: Egypt, Morocco, and Nigeria (fully consolidated). ^{p. 10}
  • EME-LATAM: Mexico, Colombia, Brazil, and Türkiye (fully consolidated); Russia (Reso) (equity method, contributing to net income). ^{p. 10}
  • AXA Mediterranean Holdings. ^{p. 10}
• Transversal & Other includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance), and other Central Holdings. ^{p. 10}
• AXA Investment Managers (disposal to BNP Paribas completed July 1, 2025) included AXA Investment Managers, Select (formerly Architas), Capza (fully consolidated), and Asian joint ventures (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

• All comments and changes for activity indicators are on a comparable basis (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. ^{p. 11}

About the AXA group

• 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 (Dow Jones Sustainability Index, 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 contact: +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 contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com ^{p. 12}

Corporate Responsibility strategy:

• Additional information available at axa.com/en/about-us/strategy-commitments ^{p. 12}

SRI ratings:

• Additional information available at axa.com/en/investor/sri-ratings-ethical-indexes ^{p. 12}
• This press release is available on the AXA Group website axa.com. ^{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, including predictions of future events, trends, plans, expectations, or objectives. ^{p. 12}
• Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking guidance for the last year of the current strategic plan. ^{p. 12}
• Forward-looking statements are 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 APMs (Underlying earnings, UEPS, underlying return on equity, combined ratio, debt gearing) have no standardized meaning and may not be comparable to other companies' measures. ^{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 and methodologies for APMs 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%

• Banking revenues amounted to EUR 99m in FY25 and EUR 118m in FY24. ^{p. 13}

APPENDIX 2: Underlying earnings by geography and by business line

Underlying earnings by geography and by 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%

• Underlying earnings include those 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 and discount rates ^{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%

• 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 is calculated as a percentage of total gross written premiums in the prior year. ^{p. 16}
• Price increase on renewals was +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 includes 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 predominantly written 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 predominantly written 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}

APPENDIX 8: Main transactions and next main investor events

• Press release ^{p. 20}

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 AXA's 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 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}