Document:AXA/2025/FY/Earnings presentation
| Document info | |
|---|---|
| Document ID | snjra2xp9r |
| Organization | AXA |
| Year | 2025 |
| Period | FY |
| Period label | FY25 |
| Document category | Earnings presentation |
| Document name | AXA Full Year 2025 Results Presentation |
| Publication date | 2026-02-26 |
| Language | English |
| Pages | 49 |
| Source | original URL |
| Summary | wiki page |
Full Year 2025 Earnings Presentation
IMPORTANTLEGALINFORMATIONANDCAUTIONARYSTATEMENTSCONCERNINGFORWARD-LOOKINGSTATEMENTSANDTHEUSEOF NON-GAAPFINANCIALMEASURES
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES
Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as "expects", "anticipates", "may", "plan," "target" or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, "would" and "could". In particular, the statements in this presentation regarding expected underlying earnings per share ("UEPS") growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group's current strategic plan. These statements in this presentation are based on Management's current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA's control, and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this presentation. Please refer to Part 5 - "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 (the "2024 Universal Registration Document") for a description of certain important factors, risks and uncertainties that may affect AXA's business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management in analyzing AXA's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA's results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS. "Underlying earnings", UEPS ("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 the heading "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES". For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA's 2025 Activity Report.
AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
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.
[Chart/image description:] A small blue square logo with the word "AXA" in white text, where the "X" is stylized with a red slash.
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1. FY25 Highlights p.04 Thomas Buberl, Group CEO
2. FY25 Business Performance p.09 Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology
3. FY25 Financial Performance p.13 Alban de Mailly Nesle, Group CFO
1 FY25 Highlights
Thomas Buberl, Group CEO
Full Year 2025 | Excellent performance
+6% Revenues vs. FY24 16% ROE FY25 +8% Underlying EPS vs. FY24 224% Solvency II ratio FY25
Delivering value for shareholders +8% DPS1(footnote: Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.) growth and €1.25bn annual share buy back2(footnote: Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.)
Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026
Executing the plan on growth, margin and efficiency
[Chart/image description:] Bar chart showing Underlying earnings in Euro billion for FY24 and FY25. - FY24: 8.1 (light blue bar) - FY25: 8.4 (dark blue bar) - Growth from FY24 to FY25 is labeled as +6%. - A callout box next to the FY25 bar states: +9% excluding AXA IM.
High organic growth
+6% top line growth, well balanced across
+6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
Record profitability Further margin expansion in P&C and L&H; improvement in efficiency
Scaling the business Continued investments in growth and technology
Consistent earnings growth while enhancing reserve prudence
Diversified franchise, well positioned in an attractive industry
Secular trends fueling demand across businesses
[Chart/image description:] A central donut chart showing the FY23 gross written premium split, excluding AXA IM and holdings. The chart is divided into five segments: - Life: 33% - Health: 17% - Large & Specialty: 17% - SME & Mid-market: 16% - Retail: 17% The AXA logo is in the center of the donut. To the left of the chart is the text: "Protection gaps and emerging corporate risks". To the right of the chart is the text: "Demographics driving demand for private retirement and healthcare".
Our right to win
[Chart/image description:] Four horizontal capsules, each containing a checkmark icon and a key strength: - Leading brand & high customer NPS - Strong and diversified distribution - Technical expertise to price & underwrite risks - Scale offering cost advantage @@ORIG_0@@
Laying the foundation for the next plan
Clear tech and AI roadmap Driving efficiency Enhancing capital allocation discipline
Confidence in sustaining earnings growth
GIE_AXA_Internal Building resilience
2
Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk, and Technology FY25 Business Performance
Strong delivery across our businesses
| Gross written premiums | Underlying earnings | |
|---|---|---|
| France (27% of total GWP1(footnote: 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.)) |
+6% to €31bn |
+7% to €2.2bn |
| Europe (38% of total GWP1(footnote: 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.)) |
+6% to €43bn |
+9% to €3.5bn |
| AXA XL (17% of total GWP1(footnote: 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.)) |
+4% to €19bn |
+9% to €1.9bn |
| Asia, Africa & EME-LATAM (18% of total GWP1(footnote: 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.)) |
+13% to €20bn |
+6% to €1.5bn |
[Chart/image description:] A visual representation of the table above, showing four business segments (France, Europe, AXA XL, Asia, Africa & EME-LATAM) with their respective GWP and Underlying earnings growth percentages and absolute values, each row accompanied by a blue checkmark icon on the right.
P&C | Strong margins, confidence in sustaining growth
[Chart/image description:] A donut chart titled "GWP" with a central value of "€58bn". The chart is divided into three segments: - "Retail" (light blue, largest segment) - "SME & Mid-market" (medium blue, second largest) - "AXA XL (Large & Specialty)" (dark blue, smallest segment) The segment "AXA XL (Large & Specialty)" has a superscript "1" next to "AXA XL".
+9%2(footnote: Change FY25 vs. FY24 at constant FX.) to €5.9bn
[Chart/image description:] A table-like diagram with two main columns: "2025" and "Beyond 2025". Rows: - Row 1: "Retail and SME & Mid-market" — "Growing volumes while expanding margins" under 2025; "Investing to improve customer retention & expanding distribution footprint" under Beyond 2025. - Row 2: "AXA XL (Large & Specialty)" — "Profitable growth with stable margins" under 2025; "Capitalizing on attractive growth opportunities and continued cycle management" under Beyond 2025. Below the table, a plus icon is centered, followed by three rounded rectangular boxes: - "Continued progress on efficiency" - "Higher investment income" - "Data & AI to further enhance customer experience & technical excellence"
L&H| Good momentum, well positioned to capture growth opportunities
[Chart/image description:] A donut chart labeled "€57bn GWP" in the center. The chart is divided into two segments: a dark blue segment labeled "Short-term" and a light blue segment labeled "Long-term". The dark blue segment occupies approximately one-third of the chart, while the light blue segment occupies the remaining two-thirds.
[Chart/image description:] A two-column table with headers "2025" and "Beyond 2025". Under "2025", two rows: "Long-term business" with text "Accelerating net flows in Savings at attractive margins", and "Short-term business" with text "Growing technical results while absorbing Mexico VAT impact". Under "Beyond 2025", two rows: "Capturing savings & retirement opportunity, sourcing best asset management products for our customers", and "Capitalizing on demand for health & protection while further improving our margins". Below the table, three rounded rectangular boxes: "Focus on cost reduction", "Increasing penetration of Protection riders in Savings offerings", and "Leveraging AI to reduce claims leakage & improve customer outcomes in Health". A blue circle with a white plus sign is centered below the table and above the three boxes. At the bottom left, text reads "Underlying earnings +7%1(footnote: Change FY25 vs. FY24 at constant FX.) to €3.5bn". At the bottom right, text reads "Full Year 2025 Earnings" next to an AXA logo.
GIE_AXA_Internal Alban de Mailly Nesle Group CFO FY25 Financial Performance
3
FY25 Financial Performance
Alban de Mailly Nesle Group CFO
P&C| Continued disciplined growth
### P&C | Continued disciplined growth
GWP & Other Revenues
[Chart/image description:] A bar chart and table showing GWP & Other Revenues for FY24 and FY25, broken down by segment, with change metrics.
Bar Chart:
- FY24 Total: 56.5
- FY25 Total: 58.0 (representing a +5% change overall)
- Segment breakdown for FY25:
- Commercial lines (light blue, top): 35.8
- AXA XL Reinsurance (grey, middle): 2.6
- Retail lines (dark blue, bottom): 19.7
Table of Changes: | Segment | Change | o/w pricing1(footnote: Price effect.) | o/w volume2(footnote: Includes exposure adjustments and mix & other effects.) | | :--- | :---: | :---: | :---: | | Commercial lines | +4% | +2% | +2% | | AXA XL Reinsurance | +8% | +0.3% | +7% | | Retail lines | +7% | +5% | +2% |
- Continued pricing momentum and volume growth in Mid-market and SME
- Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance
- Growth supported by alternative capital
- Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)
P&C| Delivering further margin expansion while enhancing reserve prudence
P&C | Delivering further margin expansion while enhancing reserve prudence
Combined ratio
[Chart/image description:] Stacked bar chart comparing the Combined ratio for FY24 and FY25. - FY24 Total: 91.0% - FY25 Total: 90.6% The bars are composed of the following components: - Undiscounted CY loss ratio (ex Nat Cat): 67.4% in FY24; 67.0% in FY25. - Expense ratio: 25.0% in FY24; 24.8% in FY25. - Nat Cat: 3.8% in FY24; 3.4% in FY25. - Prior year reserve development: -1.6% in FY24; -1.1% in FY25. - Discount: -3.6% in FY24; -3.5% in FY25.
Better undiscounted current year loss ratio excluding Nat Cat from:
- Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
- Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology Nat Cat charges below normalized load Lower reliance on prior year reserve development Taking advantage of a good year to enhance reserve prudence
P&C| Earnings growth from higher underwriting and financial result
P&C | Earnings growth from higher underwriting and financial result
In Euro million
[Chart/image description:] The image shows a bridge chart for P&C Underlying Earnings from FY24 to FY25. - FY24: 5,510 (light blue bar) - Volume growth: +292 - Margin improvement: +189 - Underwriting result1(footnote: Underwriting result includes expenses.): (bracket grouping Volume growth and Margin improvement) - Investment income: +435 - Insurance finance expenses: -235 - Financial result: (bracket grouping Investment income and Insurance finance expenses) - Tax: -169 - Affiliates, FX & other: -150 - FY25: 5,872 (dark blue bar) - Total change from FY24 to FY25: +9% (indicated by an arrow above the bridge)
- Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
- Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
- Higher unwind of discount of claims reserves, in line with guidance
- Unfavorable forex impact notably due to USD depreciation vs. EUR
In Euro billion
[Chart/image description:] Life GWP & Other Revenues bar chart: FY24 total 34.5, FY25 total 37.5 (+9%). FY24 breakdown: Protection 17.3 (+11%), Unit-linked 9.3 (+13%), Capital light G/A 9.0 (+7%), Traditional G/A 1.9 (-7%). FY25 breakdown: Protection 17.3, Unit-linked 9.3, Capital light G/A 9.0, Traditional G/A 1.9. Health GWP & Other Revenues bar chart: FY24 total 17.5, FY25 total 19.0 (+5%). FY24 breakdown: Individual 10.5 (+6%), Group 8.5 (+4%). FY25 breakdown: Individual 10.5, Group 8.5. Net flows bar chart: Protection +4.9, Health +2.7, Unit-Linked +1.5, Capital light G/A +1.2, Traditional G/A -5.0. Total net flows: €+5.4bn vs. €+1.5bn in FY24. Footnote below charts: o/w FY25 Employee Benefits¹ Euro 12.9 billion (+4% vs. FY24) Footnote 1: Including both short-term and long-term Employee Benefits GWP and other revenues.
Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting
In Euro billion
[Chart/image description:] Bar chart showing PVEP (Present Value of Expected Premiums) comparison between FY24 and FY25. - Total FY24: 50.9 - Total FY25: 49.4 (-2% change) Breakdown of PVEP: - Protection & Health: FY25 is 31.4 (-4% change) - Unit-Linked: FY25 is 8.5 (+18% change) - Capital-light G/A: FY25 is 7.8 (-10% change) - Traditional G/A: FY25 is 1.7 (-10% change)
[Chart/image description:] Bar chart showing NB CSM (pre-tax) comparison between FY24 and FY25. - FY24: 2.2 - FY25: 2.2 (+3% change)
[Chart/image description:] Bar chart showing NBV (post-tax) comparison between FY24 and FY25. - FY24: 2.3 - FY25: 2.2 (stable) NBV margin: - FY24: 4.4% - FY25: 4.5%
- PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
- NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
- NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
Life & Health | Growth in new business driving Normalized CSM growth
Contractual Service Margin rollforward
[Chart/image description:] Waterfall bar chart showing Contractual Service Margin rollforward from FY24 to FY25. FY24 bar: 33.6. New business CSM: +2.2. Underlying return on in-force: +1.3. CSM release: -3.0. A dashed box groups these three bars labeled "Normalized CSM growth +2%". Economic variance: +0.6. Operating variance: -0.3. Affiliates, FX & other: -1.4. FY25 bar: 33.0. Below the chart: o/w Life FY24: 25.8, FY25: 25.4; o/w Health FY24: 7.7, FY25: 7.6. - **Normalized CSM up by +2%,** with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates - **Economic variance** reflecting government spreads tightening and positive equity market returns - **Operating variance** driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland - **FX** impact mainly from JPY and HKD depreciation
[Chart/image description:] No additional chart content visible beyond what is described in P019_B04.
Life & Health | Strong momentum in both short-term and long-term business
In Euro million
[Chart/image description:] Waterfall chart showing the bridge of Underlying Earnings from FY24 to FY25. - FY24 Total: 3,323 - Short-term technical margin: 415 - Long-term result incl. CSM release: 2,680 - Financial result: 975 - Tax & others: -748 - Bridge steps: - Short-term technical margin: +60 - Long-term result incl. CSM release: +156 - Financial result: -11 - Tax, FX and others: -27 - FY25 Total: 3,501 (+7% change) - Short-term technical margin: 479 - Long-term result incl. CSM release: 2,804 - Financial result: 946 - Tax & others: -728
Below the chart, additional details are provided:
- in billions
- o/w Life:
- FY24: 2.6
- FY25: 2.7 (+4% vs. FY24)
- o/w Health:
- FY24: 0.7
- FY25: 0.8 (+17% vs. FY24)
- Change at constant FX.
- Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€ -0.1bn)
- Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins
Growth in net income reflecting higher earnings & the gain from the sale of AXA IM
| FY24 | FY25 | Change | |
|---|---|---|---|
| Property & Casualty | 5.5 | 5.9 | +9% |
| Life & Health | 3.3 | 3.5 | +7% |
| Asset Management | 0.4 | 0.2 | -57% |
| Holdings & other | -1.2 | -1.2 | - |
| Underlying earnings | 8.1 | 8.4 | +6% |
| Non-financial flows | -0.5 | +2.1 | |
| o/w capital gains from AXA IM disposal | - | +2.2 | |
| Financial flows (incl. RCG) | +0.3 | -0.7 | |
| Net income | 7.9 | 9.8 | +26% |
- Strong performance from insurance businesses
- Stable holding cost, expected to remain at current level in 2026
Net Income
- Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM
- Lower financial flows reflecting unfavorable forex impact
### Underlying earnings per share
In Euro
[Chart/image description:] Bar chart showing Underlying earnings per share in Euro. FY24 bar (light blue): 3.59. FY25 bar (dark navy): 3.86. A bracket above indicates +8% overall change between FY24 and FY25.
+6% from earnings growth
+3% from capital management
-2% from forex
including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback
[Chart/image description:] Dashed-border callout box reiterating the note about -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback.
In Euro billion
[Chart/image description:] The image shows a bar chart and key metrics for Shareholders' equity1(footnote: 1. Shareholders' equity Group share.). The bar chart has three columns representing FY24, HY25, and FY25. - FY24: Total Shareholders' equity is 49.9. This is composed of SHE (excl. OCI) of 58.0 and Net OCI of -8.1. - HY25: Total Shareholders' equity is 45.5. This is composed of SHE (excl. OCI) of 52.7 and Net OCI of -7.2. - FY25: Total Shareholders' equity is 47.2. This is composed of SHE (excl. OCI) of 54.0 and Net OCI of -6.8.
Below the bar chart, there are three rows of oval-shaped callouts for each period:
- SHE (excl. OCI & undated subordinated debt):
- FY24: 53.2
- HY25: 47.0
- FY25: 49.4
- Debt gearing:
- FY24: 20.6%
- HY25: 23.4%
- FY25: 22.3%
- Underlying ROE:
- FY24: 15.2%
- HY25: 17.5%
- FY25: 16.0%
| FY24 to FY25 | HY25 to FY25 | |
|---|---|---|
| Opening Shareholders' equity | 49.9 | 45.5 |
| Change in Net OCI | 1.3 | 0.4 |
| Net income for the period | 9.8 | 5.9 |
| Dividend | -4.6 | - |
| Annual share buyback | -1.2 | - |
| Anti-dilutive share buyback following the sale of AXA IM | -3.5 | -3.5 |
| Undated subordinated debt (including interest charges) | -0.3 | -1.2 |
| Forex | -3.5 | -0.1 |
| Other | -0.6 | 0.3 |
| Closing Shareholders' equity | 47.2 | 47.2 |
Higher organic cash remittance and robust cash position at Holding
Net Cash Remittance
[Chart/image description:] Bar chart showing Net Cash Remittance for FY24 and FY25. - FY24 total is 7.7, consisting of: - 7.1 (light blue bar) - 0.6 (patterned bar at the top, labeled "Proceeds related to in-force treaties²") - FY25 total is 7.5 (dark blue bar) - Below the bars, "Remittance ratio¹" is shown: - FY24: 82% (grey oval) - FY25: 82% (dark blue oval)
| FY24 Cash position | 4.0 |
| Net cash remittance from subsidiaries | +7.5 |
| Dividend | -4.6 |
| Annual share buyback | -1.2 |
| Anti-dilutive share buyback following the sale of AXA IM | -3.5 |
| Holding costs and interest expenses | -1.3 |
| Change in net debt | +1.6 |
| M&A and other | +3.1 |
| FY25 Cash position | 5.6 |
Solvency II at 224%
[Chart/image description:] Left column: Three stacked bar charts titled "Solvency II at 224%" with unit "In Euro billion". Top chart: "Eligible Own Funds (EOF)". FY24 bar at 55.9, FY25 bar at 56.4. Between them, a waterfall of changes: +0.2, +8.8, -0.4, -2.1, -6.0, -0.1. A note above the -6.0 bar reads: "Foreseeable dividends: €4.8bn Provision for annual share buyback for 2026: €1.25bn". Middle chart: "Solvency II ratio". FY24 value 216%, FY25 value 224%. Between them, a flow of changes: +0pt (Regulatory & model changes), +28pts (Normalized capital generation), -1pt (Operating variance), +4pts (Economic variance & FX), -24pts (Dividend & annual share buyback), +2pts (Management actions, debt & other). Bottom chart: "Solvency Capital Requirement (SCR)". FY24 bar at 25.9, FY25 bar at 25.2. Between them, a waterfall: 0.0, +0.6, 0.0, -1.2, 0.0, -0.2.
Key sensitivities
[Chart/image description:] Right column: Horizontal bar chart titled "Key sensitivities". Subtitle: "Ratio as of December 31, 2025" with value 224% shown in a dark blue bar. Bars (left to right, light blue): - Interest rate +50bps: +2 pts - Interest rate -50bps: -1 pt - Corporate spreads +50bps: -1 pt - Euro Sovereign spreads +50bps1(footnote: Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).): -7 pts - Credit migration2(footnote: Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).): -4 pts - Listed Equity (excl. PE & Infra) +25%: -1 pt - Listed Equity (excl. PE & Infra) -25%: +2 pts - PE & Infra +25%: +14 pts - PE & Infra -25%: -19 pts - Inflation swap curve +50bps: -5 pts
Solvency II – impact of the end of grandfathering period and Solvency II revision
[Chart/image description:] A visual representation of Solvency II ratio impacts: - Ratio as of 31/12/2025: represented by a dark blue bar, showing 224% - Impact of the end of grandfathering period on January 1, 2026: represented by a light blue bar, showing -10pts to 215% - Impact of Solvency II revision to come into effect in 1Q27: represented by a light blue bar, showing +17pts
| Ratio as of 31/12/2025 | 224% | |
| Impact of the end of grandfathering period on January 1, 2026 | -10pts to 215% | ▶ Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026 |
| Impact of Solvency II revision to come into effect in 1Q27 | +17pts1(footnote: 1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.) |
▶ No change expected in organic capital generation
▶ Additional capital flexibility
Thomas Buberl, Group CEO Conclusion
Conclusion
Thomas Buberl, Group CEO
Conclusion
Record results, at the top end of the target range while enhancing reserve prudence
All businesses in excellent shape, delivering strong growth and profitability
Diversified franchise, well-positioned to capture future growth opportunities
- Laying foundations for the next plan and confident in delivering sustainable
earnings growth GIE_AXA_Internal
February 26, 2026 Q&A Full Year 2025 Earnings
Q&A
Full Year 2025 Earnings
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[Chart/image description:] The image is a section divider page with a dark blue background. In the top left corner is the AXA logo, which consists of the word "AXA" in white within a white-outlined square, with a red diagonal slash through the top right corner of the square. The background features large, diagonal, translucent bands of purple and magenta. In the center of the page, the word "Appendices" is written in large, white, sans-serif font with a slight drop shadow. To the left of the word "Appendices" is a solid red diagonal parallelogram.
Appendices
| 1. | Debt and Invested Assets | p.31 |
| 2. | Additional P&C disclosures | p.36 |
| 3. | Additional IFRS17 disclosures | p.41 |
| 4. | Sustainability | p.44 |
Gross financial debt and maturity breakdown as of December 31 st , 2025
Gross financial debt and maturity breakdown as of December 31st, 2025
Gross financial debt1,2
[Chart/image description:] The chart displays "Gross financial debt" with two vertical bar stacks labeled "FY24" and "FY25", and a third labeled "Jan 1st 2026 End of the grandfathering period". Each bar is segmented into three tiers: Senior debt (light blue), Tier 2 (medium blue), and Tier 1 (dark blue). The FY24 bar totals 19.2, with segments 3.5 (Senior), 10.8 (Tier 2), and 4.8 (Tier 1). The FY25 bar totals 20.3, with segments 3.5 (Senior), 12.2 (Tier 2), and 4.6 (Tier 1). The Jan 1st 2026 bar totals 20.3, with segments 5.8 (Senior), 11.3 (Tier 2), and 3.2 (Tier 1). A note in a dashed box points to the Jan 1st 2026 bar, stating "o/w €0.4bn redeemed in Jan 2026". Above the FY24 and FY25 bars, two ovals show "Debt gearing" percentages: 20.6% for FY24 and 22.3% for FY25. A legend at the bottom identifies the colors: dark blue for Tier 1, medium blue for Tier 2, and light blue for Senior debt.
Contractual maturity breakdown
[Chart/image description:] This bar chart shows debt maturity by year from 2025 to ≥2040 and "Undated", broken down by Senior debt (light blue), Tier 2 (medium blue), and Tier 1 (dark blue). The total for each year is shown above the stacked bars. 2025: 0.5 (all Senior). 2026: 0.7 (all Tier 2). 2027: 0.9 (all Tier 2). 2028: 1.5 (all Senior). 2029: 0.7 (all Tier 2). 2030: 0.9 (all Tier 2). 2031-2039: 1.5 (all Senior). ≥2040: 0.5 (all Senior). Undated: 0.7 (all Tier 2) and 4.6 (all Tier 1). Below the main chart, a section titled "o/w Grandfathered debt" shows two rows for Tier 1 and Tier 2, with dashed boxes for each year. Tier 1: 1.4 in "Undated". Tier 2: 0.7 in 2029, 0.2 in ≥2040. A legend on the right identifies the colors.
Economic maturity breakdown3(footnote: Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.)
[Chart/image description:] This bar chart shows economic maturity by year from 2025 to ≥2040 and "Undated", broken down by Senior debt (light blue), Tier 2 (medium blue), and Tier 1 (dark blue). The total for each year is shown above the stacked bars. 2025: 0.1 (all Tier 2). 2026: 2.4 (all Tier 2). 2027: 0.1 (all Tier 1) and 0.5 (all Tier 2). 2028: 2.0 (all Tier 2). 2029: 0.7 (all Tier 2). 2030: 0.9 (all Tier 2). 2031-2039: 1.5 (all Senior) and 6.4 (all Tier 2). ≥2040: 0.5 (all Senior). Undated: 0.7 (all Tier 2) and 4.0 (all Tier 1). Below the main chart, a section titled "o/w Grandfathered debt" shows two rows for Tier 1 and Tier 2, with dashed boxes for each year. Tier 1: 0.1 in 2026, 0.1 in 2028, 0.4 in 2031-2039, 0.8 in "Undated". Tier 2: 0.7 in 2029, 0.2 in ≥2040. A legend on the right identifies the colors.
General Account Invested Assets
[Chart/image description:] A donut chart showing the breakdown of FY25 Total General Account invested assets. The center of the donut chart reads: Euro 450 billion
Above the chart, the title reads: FY25 Total General Account invested assets Duration gap at -0.4 year
The legend below the chart shows:
- Fixed income (dark blue, largest segment: ~77%)
- Real estate (dark grey, ~9%)
- Infrastructure equity (teal, ~2%)
- Listed equities (medium blue, ~2%)
- Private equity and hedge funds (light blue, ~5%)
- Cash (light grey, ~4%)
- Policy loans (grey, ~0%)
| FY25 | % | |
|---|---|---|
| Fixed income | 345 | 77% |
| o/w Government bonds | 167 | 37% |
| o/w Corporate bonds and loans | 121 | 27% |
| o/w Other fixed income 1(footnote: 1. Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).) | 56 | 13% |
| Real estate | 41 | 9% |
| Infrastructure equity | 10 | 2% |
| Listed equities 2(footnote: 2. Includes hedges. Listed equities excluding hedges at Euro 14 billion.) | 10 | 2% |
| Private equity and hedge funds 3(footnote: 3. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).) | 23 | 5% |
| Cash | 19 | 4% |
| Policy loans | 2 | 0% |
| Total Insurance Invested Assets 4(footnote: 4. Please refer to the financial supplement for more details.) | 450 | 100% |
Structured and Private Credit assets
| Invested assets (100%) In Euro billion |
FY25 | % of total G/A1(footnote: G/A: General Account) portfolio |
Comments |
|---|---|---|---|
| Residential Mortgages | 16 | 4% | - €6bn Dutch mortgages, NHG guaranteed - €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) |
| CLO & ABS | 25 | 6% | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA) |
| Infrastructure debt | 8 | 2% | - Skewed towards resilient industries (Telecom, Utilities, Transport) |
| CRE debt | 8 | 2% | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV |
| Mid-Market lending | 10 | 2% | - Strong diversification with €8m average ticket - Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation |
| Other | 2 | 0% | |
| Total Structured and Private Credit Assets | 69 | 15% | o/w 54% participating |
Investment portfolio | Fixed Income reinvestment
FY25 Fixed Income Reinvestment
[Chart/image description: ] A donut chart showing the breakdown of FY25 Fixed Income Reinvestment, totaling Euro 57 billion.
- Government bonds & related (dark blue): 32%
- Investment grade credit (medium blue): 40%
- ABS/CLO/IG fund financing (light blue-grey): 21%
- Below investment grade credit (lightest blue): 7%
- Government bonds & related (32%) - Average rating: AA
- Investment grade credit (40%) - Average rating: A
- ABS/CLO/IG fund financing (21%)
- Below investment grade credit (7%)
FY25 Fixed Income Reinvestment Yield
[Chart/image description: ] A bar chart showing reinvestment yields:
- Public fixed income: 3.5%
- Private & Structured fixed income: 4.7%
- Total fixed income: 3.9%
▶ Euro 57 billion fixed income invested at 3.9%
- Average duration of 9 years
- Includes Euro 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
- Gradual shift from alternative total return assets to Private & Structured credit
| 1. | Debt and Invested Assets | p.31 |
| 2. | Additional P&C disclosures | p.36 |
| 3. | Additional IFRS17 disclosures | p.41 |
| 4. | Sustainability | p.44 |
AXA XL Insurance | Large Commercial & Specialty business
Well diversified across lines of business and geographies Leading market positions across lines
[Chart/image description:] Left column: Two donut charts. Top chart: Title "FY25 GWP by line of business", center value "$19bn". Segments: Casualty (35%), Property (29%), Specialty (19%), Professional lines¹ (17%). Bottom chart: Title "FY25 GWP by geography", center value "$19bn". Segments: Americas (46%), Europe & APAC (35%), UK & Lloyds (19%).
Middle column: Heading "Leading market positions across lines". Subheading "Top 3 globally". List: Multinational Programs², Marine³, Fine Art & Specie⁴.
Right column: Heading "Managing the cycle to deliver consistent profitability". Scatter plot titled "Profitability" (Y-axis) vs "Ex-price growth (%)" (X-axis). Four labeled bubbles: Property (top-right), Specialty (middle-right), Casualty (middle), Professional lines (bottom-left).
Top 3 globally
Multinational Programs2(footnote: Source: McKinsey)
Marine3(footnote: Source: Aon, Guy Carpenter, and Global Market Insights)
Fine Art & Specie4(footnote: Source: Industry Research Biz (January 2026))
Managing the cycle to deliver consistent profitability
Profitability Ex-price growth (%)
[Chart/image description:] Scatter plot with Y-axis labeled "Profitability" and X-axis labeled "Ex-price growth (%)". Four bubbles: "Property" (high profitability, high ex-price growth), "Specialty" (medium-high profitability, medium ex-price growth), "Casualty" (medium profitability, low ex-price growth), "Professional lines" (low profitability, very low ex-price growth).
P&C | Focus on Reserves
Claims reserves ratio
(Net undiscounted claims reserves/Net earned premiums)
[Chart/image description:] Bar chart showing Claims reserves ratio for FY18 to FY25. - IFRS4 period (light blue bars): - FY18: 179% - FY19: 185% - FY20: 193% - FY21: 188% - FY22: 189% - IFRS17 period (dark blue bars): - FY22: 198% - FY23: 195% - FY24: 180% - FY25: 175%
Technical reserves ratio
(Net undiscounted technical reserves1(footnote: Includes net undiscounted claims reserves and unearned premium reserves.)/Net earned premiums)
[Chart/image description:] Bar chart showing Technical reserves ratio for FY18 to FY25. - IFRS4 period (light blue bars): - FY18: 213% - FY19: 227% - FY20: 233% - FY21: 226% - FY22: 227% - IFRS17 period (dark blue bars): - FY22: 234% - FY23: 232% - FY24: 216% - FY25: 210%
P&C | 2026 Simplified Group Nat Cat Reinsurance Program 1
P&C | 2026 Simplified Group Nat Cat Reinsurance Program1(footnote: Excludes local reinsurance covers; 2. Varying retention between MX and NA (400m MX, 600m NA); 3. Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.)
In Euro
[Chart/image description:] Bar chart showing the 2026 Simplified Group Nat Cat Reinsurance Program. Two sections are shown: "Insurance segment (occurrence protection)" on the left, and "Reinsurance segment (illustrative)" on the right.
The Insurance segment shows six peril categories with their Capacity (bar height) and Retention (base level):
- EU Windstorm: Capacity 4.0bn, Retention 600m
- Europe Flood: Capacity 2.1bn, Retention 450m
- Europe Earthquake: Capacity 2.1bn, Retention 400m
- NA Hurricane: Capacity 1.2bn, Retention 600m²
- NA Earthquake: Capacity 1.2bn, Retention 600m²
- Per other perils³: Capacity ~0.8bn, Retention 400m
The Reinsurance segment (illustrative) shows a bar labeled "Alternative Capital & Cat Bonds".
1.0bn
Stable retention levels maintained in 2026 as in 2025
P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026
P&C | AXA Group earnings deviation with different levels of Nat Cat cost1(footnote: Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).) in 2026 In Euro billion (net of reinsurance) Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax
[Chart/image description:] The image displays two adjacent charts under the main title "P&C | AXA Group earnings deviation with different levels of Nat Cat cost¹ in 2026" and subtitle "In Euro billion (net of reinsurance)".
Left Chart: "Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax"
- A horizontal bar chart centered on a zero line labeled "Median (50th)".
- Bars extend left (negative deviation) and right (positive deviation).
- Left side (More severe years, Negative deviation in ca. 40% of cases):
- 1/20y (95th): bar at €-1.2bn
- 1/10y (90th): bar at €-0.8bn
- 1/5y (80th): bar at €-0.4bn
- Right side (Less severe years, Positive deviation in ca. 60% of cases):
- 1/5y (20th): bar at €+0.1bn
- 1/10y (10th): bar at €+0.5bn
- 1/20y (5th): bar at €+0.7bn and €+0.8bn (two bars at the far right)
Right Chart: "Average Expected Nat Cat charges net of reinsurance, pre-tax"
- Two vertical bars:
- 2025: light gray bar labeled "2.6"
- 2026: dark blue bar labeled "2.7"
- Below each bar, a circle indicates "Estimated impact on GEP":
- 2025: light blue circle with "ca. 4.5%"
- 2026: dark blue circle with "ca. 4.5%"
Average Expected Nat Cat charges net of reinsurance, pre-tax
| 1. | Debt and Invested Assets | p.31 |
| 2. | Additional P&C disclosures | p.36 |
| 3. | Additional IFRS17 disclosures | p.41 |
| 4. | Sustainability | p.44 |
P&C | Margin Analysis
[Chart/image description:] The image displays a financial margin analysis diagram for Property & Casualty (P&C) insurance, structured as a flow from "Technical Result" to "Financial Result" and finally to "Underlying Earnings before tax" and "Underlying Earnings". The entire diagram is labeled "In Euro million (pre-tax)".
The "Technical Result" section (left side) has three main components:
- "Current Accident Year Undiscounted Technical Margin": FY25 = 2,778, Change = +707. Sub-components: Gross Earned Premiums (57,656, +6%), Current Accident Year Undiscounted Combined Ratio (95.2%, -1.0pt), o/w Nat Cats (3.4%, -0.4pt).
- "Current Accident Year Discounting": FY25 = 2,009, Change = +115. Sub-components: Discounting Ratio (in Combined Ratio points) (-3.5%, +0.0pt), Current Accident Year Net Claims reserves (€19.0bn), Duration (4.0 years), Current Accident Year Discount rate (2.8%).
- "Prior Years' Reserve Development (PYD)": FY25 = 622, Change = -341. Sub-component: PYD ratio (-1.1%, +0.7pt).
A dashed box labeled "FY25 sensitivity to Current Accident Year discount rate changes²" is connected to the "Current Accident Year Discounting" block. It shows: +25bps → €+0.2bn, -25bps → €-0.2bn.
The "Financial Result" section (right side) has two main components:
- "Investment Income": FY25 = 3,988, Change = +435. Sub-components: FY25 Average Assets (€115bn), Asset book yield (3.5%), FY25 Reinvestment yield¹ (4.3%).
- "Insurance Finance Expenses": FY25 = -1,358, Change = -235. Sub-components: FY24 Reserves at locked-in rate (€71bn), Liability book yield (1.9%).
A dashed box labeled "2026e Insurance Finance Expenses (pre-tax)" is connected to the "Insurance Finance Expenses" block. It shows: ~€-1.4bn. Below it, "Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount" shows: +25bps → ~€-50m, -25bps → ~+€50m.
The final section at the bottom shows:
- "Underlying Earnings before tax": FY25 = 8,040, Change = +681.
- "Tax": -2,060, Change = -169.
- "Affiliates, Minority interests & Other": -108, Change = -10.
- "Underlying Earnings": FY25 = 5,872, Change = +501.
- "Growth vs. FY24 (at constant FX)" = +9%.
The diagram uses dashed lines and plus signs (+) to indicate summation between components. The footnotes at the bottom of the page are: 1. Reinvestment yield on fixed income assets. 2. Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.
Page number "42" is at the bottom left. "Full Year 2025 Earnings" and a logo are at the bottom right.
L&H | Margin Analysis
Includes scope impact
[Chart/image description:] Flowchart showing the components of Life & Health Margin Analysis, leading to Underlying Earnings.
Technical Result (In Euro million, pre-tax):
- Short-term Technical Margin (FY25: 479, Change: +60)
- Gross Earned Premiums (FY25: 17,416, Change: +10%)
- All Year Combined Ratio (FY25: 97.2%, Change: -0.1pts)
- Note: Incl. recapture of Laya
- Long-term Technical Margin (FY25: 2,804, Change: +156)
- CSM release (FY25: 2,954, Change: +215)
- Technical experience (FY25: -150, Change: -58)
Financial Result (In Euro million, pre-tax):
- Investment Income (non-VFA only) (FY25: 2,484, Change: -1)
- FY25 Average Assets: €98bn
- Asset book yield: 2.5%
- FY25 Reinvestment yield1(footnote: Reinvestment yield on fixed income assets.): 3.8%
- Insurance Finance Expenses (non-VFA only) (FY25: -1,538, Change: -9)
- FY24 Reserves at locked-in rate: €62bn
- Liability book yield: 2.5%
The sum of Short-term Technical Margin (+), Long-term Technical Margin (+), Investment Income (+), and Insurance Finance Expenses (+) flows into:
Underlying Earnings before tax (FY25: 4,229, Change: +205)
- Tax (FY25: -800, Change: 65)
- Affiliates, Minority interests & Other (FY25: 72, Change: -51)
Underlying Earnings (FY25: 3,501, Change: +219)
- Growth vs. FY24 (at constant FX): +7%
| Baseline | 33.3 |
| Interest rates +50bps | -0.8 |
| Interest rates -50bps | 0.6 |
| Sovereign spreads +50bps | -1.9 |
| Sovereign spreads -50bps | 1.9 |
| Corporate spread +50bps | -0.8 |
| Corporate spread -50bps | 0.7 |
| Equities +25% | 1.8 |
| Equities -25% | -2.2 |
Table of contents
| 1. | Debt and Invested Assets | p.31 |
| 2. | Additional P&C disclosures | p.36 |
| 3. | Additional IFRS17 disclosures | p.41 |
| 4. | Sustainability | p.44 |
Expanding AXA's role in society: AXA for Progress Index 1
Expanding AXA’s role in society: AXA for Progress Index1(footnote: 1. AXA's Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group's auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.)
| Target | 2025 Result |
|---|---|
€5bn2(footnote: 2. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.)
in climate transition financing per year
€6.4bn
>€500m2(footnote: 2. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.)
in community resilience financing per year
€1.4bn
| Target | 2025 Result |
|---|---|
€6bn3(footnote: 3. Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.)
in P&C GWP to support transition underwriting (cumulative 2024-2026)
€4.6bn
>20,0004(footnote: 4. Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.)
climate adaptation solutions & services (cumulative 2024-2026)
Target revised in 2025
19,698
Cumulative 2024-2025
>20m5(footnote: 5. Low-income to mass market segments in emerging markets and modest income segments in mature markets.)
inclusive insurance customers by 2026
20.6m
| Target | 2025 Result |
|---|---|
>80,0006(footnote: 6. Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.)
AXA Group employees trained on climate adaptation by 2026
46,420
Contribute to Net-Zero
-50%7(footnote: 7. Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.) by 2030
in absolute carbon emissions and offset of residual emissions8(footnote: 8. Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).)
-64%
Reduction against 2019
50%
Percentage of AXA Group employees engaged in volunteering activities by 2026
56%
Sustainability Performance & Ratings
S&P Global
2025 percentile: 97th 1 in Dow Jones Best-in-Class Europe & World indices
[Chart/image description:] Logo of MSCI.
2025 score: AAA
[Chart/image description:] Logo of Morningstar Sustainalytics.
2025 ESG Risk Rating: 17.0 - Low risk
[Chart/image description:] Logo of FTSE Russell, An LSEG Business.
2025 score: 4.3/5 in FTSE4Good Index Series
QCDP
CDP
2025 score: B
Scope
- France: includes insurance activities, banking activities and holding.
- 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 holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities).
- AXAXL: includes insurance and reinsurance activities and holding.
- Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa : Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings.
- Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings.
- AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9
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%
- Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders
- CSM release: a 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
- Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force
- Financial result: consists of investment income on assets backing BBA and 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
- Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the 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)
- New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (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
- New Business Contractual Service Margin (NB CSM): 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
- NewBusiness Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP
- Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance
- Present value of expected premiums (PVEP): 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 PVEP is Group share
- Technical experience: consists the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses
- Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance
February 26, 2026 Thank you Full Year 2025 Earnings
Thank you Full Year 2025 Earnings