AXA/2025/FY/Earnings presentation

Document info
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
Transcript	wiki page
Data	data page

This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).

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

[c. 1; p. 2]

Forward-looking statements and risks

Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", "would", and "could".
Statements regarding expected underlying earnings per share ("UEPS") growth for 2026 are forward-looking and provide one-off guidance for the last year of the Group's current strategic plan.
These statements are based on Management's current views and intentions and are subject to change.
Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially.
Each forward-looking statement is valid only at the date of the presentation.
Important factors, risks, and uncertainties affecting AXA's business and/or results are described in 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").
AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.

[c. 2; p. 2]

Non-GAAP financial measures (APMs)

The presentation refers to non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management to analyze operating trends, financial performance, and position.
These APMs provide investors with additional information deemed useful and relevant by Management.
Non-GAAP financial measures generally lack standardized meaning and may not be comparable to similarly labeled measures from other companies.
APMs should not 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 by ESMA's guidelines and the AMF's related position statement issued in 2015.
AXA provides a reconciliation of APMs to the most closely related financial statement items (and/or their calculation methodology) in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report"), under the heading "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES".
Further information on non-GAAP financial measures is available in the Glossary of AXA's 2025 Activity Report.
AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).

[c. 3; p. 2]

Financial statements audit

AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026.
The financial statements are subject to completion of an audit procedure by AXA's statutory auditors.

[c. 4; p. 2]

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

[Chart/image description:] A small blue square logo with the word "AXA" in white text, where the "X" is stylized with a red slash.

[c. 5; p. 3]

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

[Chart/image description:] Decorative teal corner bracket graphic (top-right area of the content region)

[c. 6; p. 3]

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

[Chart/image description:] Decorative teal corner bracket graphic (bottom-left area of the content region)

[c. 7; p. 3]

FY25 presentation sections

FY25 Highlights are on page 04, presented by Thomas Buberl, Group CEO.
FY25 Business Performance is on page 09, presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
FY25 Financial Performance is on page 13, presented by Alban de Mailly Nesle, Group CFO.

1 FY25 Highlights

[c. 8; p. 4]

CEO statement

Thomas Buberl is the Group CEO.

Full Year 2025 | Excellent performance

[c. 9; p. 5]

Financial performance and shareholder returns

Revenues +6% vs. FY24
Return on Equity (ROE) 16% in FY25
Underlying EPS +8% vs. FY24
Solvency II ratio 224% in FY25
Dividend Per Share (DPS) growth +8%
Annual share buyback of EUR 1.25bn
Confident to deliver underlying EPS growth at the upper end of the 6%-8% target range for 2026

[c. 10; p. 5]

Full Year 2025 | Excellent performance

(1) 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.

(2) Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.

Executing the plan on growth, margin and efficiency

[c. 11; p. 6]

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.

[c. 12; p. 6]

Organic growth and profitability

Top line growth: +6%, balanced across lines
- P&C: +5%
- Life: +9%
- Health: +5%
Record profitability achieved
Margin expansion in P&C and L&H
Efficiency improved

[c. 13; p. 6]

Business scaling and earnings

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

[c. 14; p. 7]

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

[c. 15; p. 7]

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

[c. 16; p. 8]

Strategic initiatives

Clear tech and AI roadmap is driving efficiency.
Enhancing capital allocation discipline.

Confidence in sustaining earnings growth

[c. 17; p. 8]

Building resilience

GIE_AXA_Internal is focused on building resilience.

[c. 17; p. 9]

Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
Guillaume Borie presented on FY25 Business Performance.

Strong delivery across our businesses

[c. 18; p. 10]

Gross written premiums & underlying earnings by geography

	Gross written premiums	Underlying earnings
France (27% of total GWP¹)	+6% to €31bn	+7% to €2.2bn
Europe (38% of total GWP¹)	+6% to €43bn	+9% to €3.5bn
AXA XL (17% of total GWP¹)	+4% to €19bn	+9% to €1.9bn
Asia, Africa & EME-LATAM (18% of total GWP¹)	+13% to €20bn	+6% to €1.5bn

[c. 19; p. 10]

Strong delivery across our businesses

[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.

[c. 20; p. 10]

Strong delivery across our businesses

(1) 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.

P&C | Strong margins, confidence in sustaining growth

[c. 21; p. 11]

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".

[c. 22; p. 11]

P&C GWP

P&C GWP increased +9% to EUR 5.9bn.

[c. 23; p. 11]

P&C | Strong margins, confidence in sustaining growth

[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"

[c. 24; p. 11]

P&C | Strong margins, confidence in sustaining growth

(1) Includes AXA XL Re premiums of €2.6bn.

(2) Change FY25 vs. FY24 at constant FX.

L&H| Good momentum, well positioned to capture growth opportunities

[c. 25; p. 12]

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.

[c. 26; p. 12]

L&H| Good momentum, well positioned to capture growth opportunities

[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 to €3.5bn". At the bottom right, text reads "Full Year 2025 Earnings" next to an AXA logo.

[c. 27; p. 12]

Group CFO and FY25 Financial Performance

GIE_AXA_Internal Alban de Mailly Nesle is the Group CFO for FY25 Financial Performance.

[c. 28; p. 12]

L&H| Good momentum, well positioned to capture growth opportunities

(1) Change FY25 vs. FY24 at constant FX.

3

FY25 Financial Performance

[c. 29; p. 13]

Group CFO commentary

Alban de Mailly Nesle is the Group CFO.

P&C| Continued disciplined growth

P&C | Continued disciplined growth

GWP & Other Revenues

[c. 30; p. 14]

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.

[c. 31; p. 14]

GWP & Other Revenues by segment

Total GWP & Other Revenues: EUR 58.0bn in FY25 (+5% overall)
- Commercial lines: EUR 35.8bn
- AXA XL Reinsurance: EUR 2.6bn
- Retail lines: EUR 19.7bn
Commercial lines GWP & Other Revenues change: +4% (o/w pricing +2%, o/w volume +2%)
AXA XL Reinsurance GWP & Other Revenues change: +8% (o/w pricing +0.3%, o/w volume +7%)
Retail lines GWP & Other Revenues change: +7% (o/w pricing +5%, o/w volume +2%)
Continued pricing momentum and volume growth in Mid-market and SME
Growth in lines of business with attractive margins, maintaining focus 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)

[c. 32; p. 14]

GWP & Other Revenues

(1) Price effect.

(2) Includes exposure adjustments and mix & other effects.

P&C| Delivering further margin expansion while enhancing reserve prudence

P&C | Delivering further margin expansion while enhancing reserve prudence

Combined ratio

[c. 33; p. 15]

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.

[c. 34; p. 15]

Undiscounted current year loss ratio

Undiscounted current year loss ratio (excluding Nat Cat) improved due to margin expansion in Commercial lines SME & mid-market business and Personal lines, reflecting a favorable pricing environment.
Stable AXA XL Insurance margins at attractive levels reflected disciplined cycle management.
Improvement in expense ratio reflected the impact of efficiency measures, while continuing investment in growth initiatives and technology.
Nat Cat charges were below the normalized load.
Lower reliance on prior year reserve development.
Enhanced reserve prudence.

P&C| Earnings growth from higher underwriting and financial result

P&C | Earnings growth from higher underwriting and financial result

[c. 35; p. 16]

P&C earnings growth

All figures are in EUR million.

[c. 36; p. 16]

P&C | Earnings growth from higher underwriting and financial result

[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: (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)

[c. 37; p. 16]

P&C earnings drivers

Better underwriting result from strong volume growth and improved all-year combined ratio, while enhancing reserve prudence
Investment income increased due to 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

[c. 38; p. 16]

P&C | Earnings growth from higher underwriting and financial result

(1) Underwriting result includes expenses.

Life & Health | Strong growth in premiums, positive net flows

[c. 39; p. 17]

Life & Health premiums and net flows

Life & Health premiums and net flows are presented in EUR billion.

[c. 40; p. 17]

Life & Health | Strong growth in premiums, positive net flows

[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.

[c. 41; p. 17]

Life & Health | Strong growth in premiums, positive net flows

(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

[c. 42; p. 18]

Life & Health Gross Written Premiums

Gross Written Premiums (GWP) for Life & Health were EUR 3.8bn.

[c. 43; p. 18]

Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

[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)

[c. 44; p. 18]

Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

[Chart/image description:] Bar chart showing NB CSM (pre-tax) comparison between FY24 and FY25. - FY24: 2.2 - FY25: 2.2 (+3% change)

[c. 45; p. 18]

Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

[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%

[c. 46; p. 18]

PVEP and NB CSM

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.

[c. 47; p. 18]

NBV

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

[c. 48; p. 19]

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

[c. 49; p. 19]

Contractual Service Margin rollforward

[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

[c. 50; p. 20]

Financial metrics currency

All financial figures are presented in EUR million.

[c. 51; p. 20]

Life & Health | Strong momentum in both short-term and long-term business

[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

[c. 52; p. 20]

Life & Health technical margin

Life technical margin: EUR 2.7bn in FY25 (+4% vs. FY24)
Health technical margin: EUR 0.8bn in FY25 (+17% vs. FY24)
All figures are in billions.
Change at constant FX.
Strong short-term technical margin reflects underwriting and claims initiatives.
Initiatives more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
Higher long-term results from an 8% increase in CSM release.
CSM release increase reflects 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

[c. 53; p. 21]

Net income by business segment

	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%

[c. 54; p. 21]

Net income drivers

Insurance businesses showed strong performance.
Holding cost was stable and is expected to remain at the current level in 2026.
Net income was higher, mainly reflecting higher underlying earnings and the gain from the sale of AXA IM.
Financial flows were lower, reflecting an unfavorable forex impact.

Underlying earnings per share In Euro

Underlying earnings per share

[c. 55; p. 21]

Currency basis

All figures are presented in Euro.

[c. 56; p. 21]

Underlying earnings per share

[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.

[c. 57; p. 21]

Underlying earnings per share growth drivers

Underlying earnings per share growth was +6% from earnings growth.
Underlying earnings per share growth was +3% from capital management.
Underlying earnings per share growth was -2% from forex.
Underlying earnings per share growth included -1% from temporary earnings dilution due to the timing of the anti-dilutive share buyback related to the AXA IM sale.

[c. 58; p. 21]

Underlying earnings per share

[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.

Shareholders’ Equity

[c. 59; p. 22]

Shareholders' Equity

Shareholders' Equity in Euro billion.

[c. 60; p. 22]

Shareholders’ Equity

[Chart/image description:] The image shows a bar chart and key metrics for Shareholders' equity¹. 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.

[c. 61; p. 22]

Key financial metrics

SHE (excl. OCI & undated subordinated debt): EUR 53.2bn in FY24; EUR 47.0bn in HY25; EUR 49.4bn in FY25
Debt gearing: 20.6% in FY24; 23.4% in HY25; 22.3% in FY25
Underlying ROE: 15.2% in FY24; 17.5% in HY25; 16.0% in FY25

[c. 62; p. 22]

Shareholders' equity by FY24 to FY25 and HY25 to FY25

	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

(1) 1. Shareholders' equity Group share.

Higher organic cash remittance and robust cash position at Holding

Net Cash Remittance

[c. 63; p. 23]

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)

[c. 64; p. 23]

Net Cash Remittance

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

(1) 1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.

(2) 2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.

Solvency II at 224%

[c. 65; p. 24]

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

[c. 66; p. 24]

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: -7 pts - Credit migration²: -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

[c. 67; p. 24]

Key sensitivities

(1) 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).

(2) Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).

Solvency II – impact of the end of grandfathering period and Solvency II revision

[c. 68; p. 25]

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

[c. 69; p. 25]

Ratio as of 31/12/2025 by impact of the end of grandfathering period and Solvency II revision

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

▶ No change expected in organic capital generation
▶ Additional capital flexibility

(1) 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.

Thomas Buberl, Group CEO Conclusion

Conclusion

[c. 70; p. 26]

Group CEO statement

Thomas Buberl is the Group CEO.

Conclusion

[c. 71; p. 27]

Business performance and outlook

Record results achieved at the top end of the target range, while enhancing reserve prudence.
All businesses are in excellent shape, delivering strong growth and profitability.
The diversified franchise is well-positioned to capture future growth opportunities.
Foundations are being laid for the next plan, with confidence in delivering sustainable earnings growth.

February 26, 2026 Q&A Full Year 2025 Earnings

Q&A

Full Year 2025 Earnings

AXA Investor Relations | Keep in touch

[c. 72; p. 29]

AXA Investor Relations | Keep in touch

[Chart/image description:] Icon of a person/headset representing "Meet our management"

[c. 73; p. 29]

AXA Investor Relations | Keep in touch

[Chart/image description:] Handshake icon next to the "Meet our management" heading.

[c. 74; p. 29]

AXA Investor Relations | Keep in touch

March	Roadshows	Europe and US

May 51Q25 Activity IndicatorsParis June 2BNP Paribas Exane CEO ConferenceParis June 2-4Goldman Sachs European Financials ConferenceZurich July 31HY26 Earnings ReleaseParis September 21AXA Investor DayLondon

[c. 75; p. 29]

Investor Relations contact information

Investor Relations contact number: +33 1 40 75 48 42
Investor Relations email: investor.relations@axa.com

[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

[c. 88; p. 31]

Additional P&C disclosures

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 debt

[c. 89; p. 32]

Gross financial debt

[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

[c. 90; p. 32]

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 breakdown

[c. 91; p. 32]

Economic maturity breakdown

[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.

[c. 92; p. 32]

Economic maturity breakdown

(1) Nominal debt.

(2) In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable January 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.

(3) 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.

General Account Invested Assets

[c. 93; p. 33]

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

[c. 94; p. 33]

FY25 General Account Invested Assets Composition

Duration gap for General Account invested assets was -0.4 years.
Total General Account invested assets composition:
- Fixed income: ~77%
- Real estate: ~9%
- Private equity and hedge funds: ~5%
- Cash: ~4%
- Infrastructure equity: ~2%
- Listed equities: ~2%
- Policy loans: ~0%

[c. 95; p. 33]

Invested assets (100%)
In Euro billion

	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	56	13%
Real estate	41	9%
Infrastructure equity	10	2%
Listed equities ²	10	2%
Private equity and hedge funds ³	23	5%
Cash	19	4%
Policy loans	2	0%
Total Insurance Invested Assets ⁴	450	100%

(1) 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).

(2) 2. Includes hedges. Listed equities excluding hedges at Euro 14 billion.

(3) 3. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).

(4) 4. Please refer to the financial supplement for more details.

Structured and Private Credit assets

[c. 96; p. 34]

Structured and Private Credit assets

Invested assets (100%) In Euro billion	FY25	% of total G/A¹ 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

(1) G/A: General Account

Investment portfolio | Fixed Income reinvestment

FY25 Fixed Income Reinvestment

[c. 97; p. 35]

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%

[c. 98; p. 35]

FY25 fixed income reinvestment allocation

Government bonds & related: 32% of allocation, with an average rating of AA.
Investment grade credit: 40% of allocation, with an average rating of A.
ABS/CLO/IG fund financing: 21% of allocation.
Below investment grade credit: 7% of allocation.

FY25 Fixed Income Reinvestment Yield

[c. 99; p. 35]

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%

[c. 100; p. 35]

Fixed income portfolio characteristics

Average duration of 9 years
EUR 19.7bn of Private & Structured Credit invested at 4.7%
Private & Structured Credit includes CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY
Gradual shift from alternative total return assets to Private & Structured credit

[c. 101; p. 35]

▶ Euro 57 billion fixed income invested at 3.9%

(1) Government and Corporate bonds and related.

(2) Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).

[c. 102; p. 36]

Debt and invested assets

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

[c. 103; p. 37]

Business diversification

AXA XL Insurance is well diversified across lines of business and geographies.
AXA XL Insurance holds leading market positions across its lines of business.

[c. 104; p. 37]

AXA XL Insurance | Large Commercial & Specialty business

[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%).

[c. 105; p. 37]

AXA XL Insurance market positions

AXA XL Insurance holds leading market positions across lines, ranking in the top 3 globally for Multinational Programs, Marine, and Fine Art & Specie.

[c. 106; p. 37]

AXA XL Insurance profitability vs. ex-price growth

A scatter plot illustrates profitability versus ex-price growth for various lines of business.
Property shows high profitability and high ex-price growth.
Specialty shows moderate profitability and moderate ex-price growth.
Casualty shows moderate profitability and low ex-price growth.
Professional lines shows low profitability and low ex-price growth.

Top 3 globally

[c. 107; p. 37]

Global P&C Commercial Lines

AXA XL is a global leader in P&C Commercial Lines.
AXA XL is the #1 global insurer for Multinational Programs.
AXA XL is the #1 global insurer for Marine.
AXA XL is the #1 global insurer for Fine Art & Specie.

Managing the cycle to deliver consistent profitability

[c. 108; p. 37]

profitability ex-price growth

Profitability Ex-price growth: 0.5% in 2023; 0.5% in 2022; 0.5% in 2021; 0.5% in 2020; 0.5% in 2019

[c. 109; p. 37]

Managing the cycle to deliver consistent profitability

[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).

[c. 110; p. 37]

Managing the cycle to deliver consistent profitability

(1) Including Cyber

(2) Source: McKinsey

(3) Source: Aon, Guy Carpenter, and Global Market Insights

(4) Source: Industry Research Biz (January 2026)

P&C | Focus on Reserves

Claims reserves ratio

[c. 111; p. 38]

Claims reserves ratio definition

The claims reserves ratio is calculated as Net undiscounted claims reserves divided by Net earned premiums.

[c. 112; p. 38]

Claims reserves ratio

[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

[c. 113; p. 38]

Net undiscounted technical reserves ratio

Net undiscounted technical reserves are presented as a ratio to Net earned premiums.

[c. 114; p. 38]

Technical reserves ratio

[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%

[c. 115; p. 38]

Technical reserves ratio

(1) Includes net undiscounted claims reserves and unearned premium reserves.

P&C | 2026 Simplified Group Nat Cat Reinsurance Program 1

P&C | 2026 Simplified Group Nat Cat Reinsurance Program

[c. 116; p. 39]

Currency

All figures are in EUR.

[c. 117; p. 39]

P&C | 2026 Simplified Group Nat Cat Reinsurance Program

[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.

[c. 118; p. 39]

Insurance segment peril categories

The Insurance segment includes six peril categories with specified Capacity and Retention levels:
- EU Windstorm: Capacity EUR 4.0bn; Retention EUR 600m
- Europe Flood: Capacity EUR 2.1bn; Retention EUR 450m
- Europe Earthquake: Capacity EUR 2.1bn; Retention EUR 400m
- NA Hurricane: Capacity EUR 1.2bn; Retention EUR 600m
- NA Earthquake: Capacity EUR 1.2bn; Retention EUR 600m
- Per other perils: Capacity ~EUR 0.8bn; Retention EUR 400m

[c. 119; p. 39]

Reinsurance segment and retention levels

The Reinsurance segment includes "Alternative Capital & Cat Bonds".
This segment has a value of EUR 1.0bn.
Retention levels are expected to remain stable in 2026 compared to 2025.

[c. 120; p. 39]

P&C | 2026 Simplified Group Nat Cat Reinsurance Program

(1) 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.

P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026

[c. 121; p. 40]

Group underlying earnings deviation to average Nat Cat charges

Group underlying earnings deviation to average Nat Cat charges in 2026, net of reinsurance and post-tax, shows a median (50th percentile) of EUR 0bn.
More severe years (negative deviation in approximately 40% of cases) include:
- 1/20y (95th percentile): EUR -1.2bn deviation.
- 1/10y (90th percentile): EUR -0.8bn deviation.
- 1/5y (80th percentile): EUR -0.4bn deviation.
Less severe years (positive deviation in approximately 60% of cases) include:
- 1/5y (20th percentile): EUR +0.1bn deviation.
- 1/10y (10th percentile): EUR +0.5bn deviation.
- 1/20y (5th percentile): EUR +0.7bn and EUR +0.8bn deviation.

[c. 122; p. 40]

Average expected Nat Cat charges

Average Expected Nat Cat charges net of reinsurance, pre-tax, are EUR 2.6bn for 2025 and EUR 2.7bn for 2026.
The estimated impact on GEP for both 2025 and 2026 is approximately 4.5%.
Natural catastrophe cost is defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance.
Deviation is compared to a normalized level, which represents costs associated with natural catastrophes expected in an average year (approximately 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).

[c. 123; p. 41]

Additional P&C disclosures

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

[c. 124; p. 42]

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)".

[c. 125; p. 42]

P&C technical result components

Technical Result components:
- Current Accident Year Undiscounted Technical Margin: EUR 2,778 (FY25); +EUR 707 change.
  - Gross Earned Premiums: EUR 57,656 (+6%).
  - Current Accident Year Undiscounted Combined Ratio: 95.2% (-1.0pt).
  - Nat Cats within Combined Ratio: 3.4% (-0.4pt).
- Current Accident Year Discounting: EUR 2,009 (FY25); +EUR 115 change.
  - Discounting Ratio (in Combined Ratio points): -3.5% (+0.0pt).
  - Current Accident Year Net Claims reserves: EUR 19.0bn.
  - Duration: 4.0 years.
  - Current Accident Year Discount rate: 2.8%.
- Prior Years' Reserve Development (PYD): EUR 622 (FY25); -EUR 341 change.
  - PYD ratio: -1.1% (+0.7pt).
Sensitivity of FY25 Current Accident Year discount rate changes: +25bps leads to +EUR 0.2bn; -25bps leads to -EUR 0.2bn.
- This sensitivity refers to a 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.

[c. 126; p. 42]

P&C financial result components

Financial Result components:
- Investment Income: EUR 3,988 (FY25); +EUR 435 change.
  - FY25 Average Assets: EUR 115bn.
  - Asset book yield: 3.5%.
  - FY25 Reinvestment yield on fixed income assets: 4.3%.
- Insurance Finance Expenses: -EUR 1,358 (FY25); -EUR 235 change.
  - FY24 Reserves at locked-in rate: EUR 71bn.
  - Liability book yield: 1.9%.
2026e Insurance Finance Expenses (pre-tax): ~EUR -1.4bn.
Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount: +25bps leads to ~EUR -50m; -25bps leads to ~+EUR 50m.

[c. 127; p. 42]

P&C underlying earnings

Underlying Earnings before tax (FY25): EUR 8,040; +EUR 681 change.
Tax: -EUR 2,060; -EUR 169 change.
Affiliates, Minority interests & Other: -EUR 108; -EUR 10 change.
Underlying Earnings (FY25): EUR 5,872; +EUR 501 change.
Growth vs. FY24 (at constant FX): +9%.
The diagram uses dashed lines and plus signs (+) to indicate summation between components.

L&H | Margin Analysis

[c. 128; p. 43]

Scope impact

Includes scope impact.

[c. 129; p. 43]

L&H | Margin Analysis

[Chart/image description:] Flowchart showing the components of Life & Health Margin Analysis, leading to Underlying Earnings.

[c. 130; p. 43]

Technical and Financial Results

Short-term Technical Margin: EUR 479m (change: +EUR 60m)
Gross Earned Premiums: EUR 17,416m (change: +10%)
All Year Combined Ratio: 97.2% (change: -0.1pts); includes recapture of Laya
Long-term Technical Margin: EUR 2,804m (change: +EUR 156m)
CSM release: EUR 2,954m (change: +EUR 215m)
Technical experience: -EUR 150m (change: -EUR 58m)
Investment Income (non-VFA only): EUR 2,484m (change: -EUR 1m)
FY25 Average Assets: EUR 98bn
Asset book yield: 2.5%
FY25 Reinvestment yield: 3.8%
Insurance Finance Expenses (non-VFA only): -EUR 1,538m (change: -EUR 9m)
FY24 Reserves at locked-in rate: EUR 62bn
Liability book yield: 2.5%

[c. 131; p. 43]

Underlying Earnings

Underlying Earnings before tax: EUR 4,229m (change: +EUR 205m)
Tax: -EUR 800m (change: +EUR 65m)
Affiliates, Minority interests & Other: EUR 72m (change: -EUR 51m)
Underlying Earnings: EUR 3,501m (change: +EUR 219m)
Underlying Earnings growth vs. FY24 (at constant FX): +7%

[c. 132; p. 43]

Life & Health FY25 CSM by sensitivities

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

(1) Reinvestment yield on fixed income assets.

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%

(1) 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.

(2) 2. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.

(3) 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.

(4) 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.

(5) 5. Low-income to mass market segments in emerging markets and modest income segments in mature markets.

(6) 6. Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.

(7) 7. Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.

(8) 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).

Sustainability Performance & Ratings

S&P Global

[c. 137; p. 46]

Dow Jones Best-in-Class indices

AXA achieved the 97th percentile in the Dow Jones Best-in-Class Europe & World indices for 2025.

[c. 138; p. 46]

S&P Global

[Chart/image description:] Logo of MSCI.

[c. 139; p. 46]

S&P Global rating

2025 score: AAA

[c. 140; p. 46]

S&P Global

[Chart/image description:] Logo of Morningstar Sustainalytics.

[c. 141; p. 46]

ESG Risk Rating

2025 ESG Risk Rating: 17.0 (Low risk)

[c. 142; p. 46]

S&P Global

[Chart/image description:] Logo of FTSE Russell, An LSEG Business.

[c. 143; p. 46]

FTSE4Good Index Series Score

AXA's 2025 score in the FTSE4Good Index Series is 4.3/5.

QCDP

[c. 144; p. 46]

CDP score

CDP 2025 score: B

[c. 145; p. 46]

QCDP

(1) The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.

Scope

[c. 146; p. 47]

Scope

Theme: Scope definitions

Glossary

[c. 147; p. 48]

Glossary of financial terms

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:
- the new business contractual service margin.
- the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals.
- the present value of the future profits of pure investment contracts accounted for under IFRS 9.
- net of the cost of reinsurance.
- taxes.
- 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.
New Business 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 of 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

[c. 148; p. 49]

Thank you

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Full Year 2025 Earnings