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Data:AXA/2025/FY/Earnings presentation.json

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Revision as of 22:18, 22 July 2026 by Wikilah admin (talk | contribs) (Section records derived from the published summary page (145 sections))
doc_id"snjra2xp9r"
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id"snjra2xp9r-c1"
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heading"Earnings presentation"
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"Full year 2025"
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"Full year 2025"
content"* [[Definition:Full year 2025|Full Year 2025]] Earnings Presentation === Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ==="
id"snjra2xp9r-c2"
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heading"Forward-looking statements and non-GAAP measures"
tags
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"Underlying earnings per share"
"Year 2026"
"Underlying earnings"
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"Underlying earnings"
"Underlying earnings per share"
"Year 2026"
content"* Certain statements in the presentation 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", or conditional verbs such as "would" and "could". * Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] ("UEPS") growth for [[Definition:Year 2026|2026]] are forward-looking, providing 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 speaks only as of the presentation date. * 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 important factors, risks, and uncertainties. * AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations. * The presentation refers to non-GAAP financial measures or alternative performance measures ("APMs") used by Management for analyzing operating trends, financial performance, and position. * These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies. * Non-GAAP financial measures 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. * "[[Definition:Underlying earnings|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 APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (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). * 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 by AXA's statutory auditors. === Contents ==="
id"snjra2xp9r-c3"
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heading"Presentation agenda and speakers"
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content"* [[Definition:Full year 2025|FY25]] Highlights presented on page 04 * Thomas Buberl, Group CEO, is a speaker * FY25 Business Performance presented on page 09 * Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, is a speaker * FY25 Financial Performance presented on page 13 * Alban de Mailly Nesle, Group CFO, is a speaker == FY25 Highlights =="
id"snjra2xp9r-c4"
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heading"Group CEO"
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content"* Thomas Buberl is the Group CEO. === Full Year 2025 – Excellent performance ==="
id"snjra2xp9r-c5"
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heading"FY25 performance and shareholder value"
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"Full year 2024"
"Underlying earnings per share"
"Full year 2025"
"Share buyback"
"Target range"
"Year 2026"
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"Capital management"
"Full year 2024"
"Full year 2025"
"Share buyback"
"Target range"
"Underlying earnings per share"
"Year 2026"
content"* Revenues +6% vs. [[Definition:Full year 2024|FY24]] * [[Definition:Underlying earnings per share|Underlying EPS]] +8% vs. FY24 * ROE 16% in [[Definition:Full year 2025|FY25]] * Solvency II ratio 224% in FY25 * Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]] * Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]"
id"snjra2xp9r-c6"
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heading"Full Year 2025 – Excellent performance"
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content"{{fn note|1=1|2=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.}} {{fn note|1=2|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 ==="
id"snjra2xp9r-c7"
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heading"Underlying earnings by FY"
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content"<div style="overflow-x:auto"> {| id="t1" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Underlying earnings | style="text-align:right" | 8.1 | style="text-align:right" | 8.4 | style="text-align:right" | +6% |} </div>"
id"snjra2xp9r-c8"
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heading"Key performance indicators"
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"Underlying earnings per share"
"AXA Investment Managers"
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"Underlying earnings per share"
content"* [[Definition:Underlying earnings per share|Underlying earnings per share]] (EPS) +9% excluding [[Definition:AXA Investment Managers|AXA IM]] * Top line growth +6% (organic) ** P&C: +5% ** Life: +9% ** Health: +5% * Record profitability with further margin expansion in P&C and L&H * Improvement in efficiency * Continued investments in growth and technology * Consistent earnings growth while enhancing reserve prudence"
id"snjra2xp9r-c9"
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heading"Executing the plan on growth, margin and efficiency"
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content"{{fn note|1=1|2=Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.}} === Diversified franchise, well positioned in an attractive industry === ==== Secular trends fueling demand across businesses ===="
id"snjra2xp9r-c10"
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heading"Secular trends fueling demand"
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content"* Protection gaps and emerging corporate risks are driving demand. * Demographics are driving demand for private retirement and healthcare."
id"snjra2xp9r-c11"
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heading"Share by business segment"
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content"<div style="overflow-x:auto"> {| id="t2" class="wikitable fintable" |- ! style="text-align:left" | Business Segment ! class="col-s" style="text-align:right" | Share (%) |- | style="text-align:left" | Life | style="text-align:right" | 33% |- | style="text-align:left" | Health | style="text-align:right" | 17% |- | style="text-align:left" | Large &amp; Specialty | style="text-align:right" | 17% |- | style="text-align:left" | SME &amp; Mid-market | style="text-align:right" | 16% |- | style="text-align:left" | Retail | style="text-align:right" | 17% |} </div> ==== Our right to win ===="
id"snjra2xp9r-c12"
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heading"Competitive advantages"
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content"* Leading brand and high customer NPS * Strong and diversified distribution * Technical expertise in pricing and underwriting risks * Scale offering cost advantage"
id"snjra2xp9r-c13"
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heading"Our right to win"
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content"{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}} === Laying the foundation for the next plan ==="
id"snjra2xp9r-c14"
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heading"Strategic priorities"
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content"* Clear tech and AI roadmap * Driving efficiency * Enhancing capital allocation discipline * Building resilience * Confidence in sustaining earnings growth == FY25 Business Performance =="
id"snjra2xp9r-c15"
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heading"Executive roles"
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content"* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology. === Strong delivery across our businesses ==="
id"snjra2xp9r-c16"
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heading"Basis of reporting"
tags
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"Gross written premiums"
"Underlying earnings"
"Foreign exchange"
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"Foreign exchange"
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"Underlying earnings"
content"* [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Underlying earnings|underlying earnings]] are reported at constant scope and [[Definition:Foreign exchange|FX]]."
id"snjra2xp9r-c17"
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heading"Gross written premiums & Underlying earnings by geography"
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content"<div style="overflow-x:auto"> {| id="t3" class="wikitable" |- ! style="text-align:left" | ! style="text-align:right" | Gross written premiums ! style="text-align:right" | Underlying earnings |- | style="text-align:left" | France (27% of total GWP{{fn ref|1}}) | style="text-align:right" | +6% to €31bn | style="text-align:right" | +7% to €2.2bn |- | style="text-align:left" | Europe (38% of total GWP{{fn ref|1}}) | style="text-align:right" | +6% to €43bn | style="text-align:right" | +9% to €3.5bn |- | style="text-align:left" | AXA XL (17% of total GWP{{fn ref|1}}) | style="text-align:right" | +4% to €19bn | style="text-align:right" | +9% to €1.9bn |- | style="text-align:left" | Asia, Africa &amp; EME-LATAM (18% of total GWP{{fn ref|1}}) | style="text-align:right" | +13% to €20bn | style="text-align:right" | +6% to €1.5bn |} </div> {{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}} === P&C – Strong margins, confidence in sustaining growth ==="
id"snjra2xp9r-c18"
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heading"GWP and underlying earnings"
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"Gross written premiums"
"Underlying earnings"
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content"* [[Definition:Gross written premiums|GWP]]: EUR 58bn * GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty) * [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn ==== 2025 and Beyond 2025 Strategy ===="
id"snjra2xp9r-c19"
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heading"Strategic priorities by segment"
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content"* Retail and SME & Mid-market: growing volumes while expanding margins by 2025; investing to improve customer retention and expanding distribution footprint beyond 2025. * AXA XL (Large & Specialty): profitable growth with stable margins by 2025; capitalizing on attractive growth opportunities and continued cycle management beyond 2025. * Continued progress on efficiency. * Higher investment income. * Data & AI to further enhance customer experience and technical excellence."
id"snjra2xp9r-c20"
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heading"2025 and Beyond 2025 Strategy"
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content"{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}} {{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}} === L&H – Good momentum, well positioned to capture growth opportunities ==="
id"snjra2xp9r-c21"
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heading"L&H GWP and Underlying Earnings"
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"Gross written premiums"
"Underlying earnings"
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content"* [[Definition:Gross written premiums|GWP]]: EUR 57bn ** Short-term ** Long-term * [[Definition:Underlying earnings|Underlying earnings]]: +7% to EUR 3.5bn ==== Strategic Priorities ===="
id"snjra2xp9r-c22"
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heading"Strategic priorities by business line"
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content"<div style="overflow-x:auto"> {| id="t4" class="wikitable" |- ! style="text-align:left" | ! style="text-align:left" | 2025 ! style="text-align:left" | Beyond 2025 |- | style="text-align:left" | Long-term business | style="text-align:left" | Accelerating net flows in Savings at attractive margins | style="text-align:left" | Capturing savings &amp; retirement opportunity, sourcing best asset management products for our customers |- | style="text-align:left" | Short-term business | style="text-align:left" | Growing technical results while absorbing Mexico VAT impact | style="text-align:left" | Capitalizing on demand for health &amp; protection while further improving our margins |} </div>"
id"snjra2xp9r-c23"
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heading"Strategic priorities"
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content"* Focus on cost reduction * Increasing penetration of Protection riders in Savings offerings * Leveraging AI to reduce claims leakage and improve customer outcomes in Health"
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heading"Strategic Priorities"
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content"{{fn note|1=1|2=1. Change FY25 vs. FY24 at constant FX.}} == FY25 Financial Performance =="
id"snjra2xp9r-c25"
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heading"Group CFO"
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content"* Alban de Mailly Nesle is the Group CFO. === P&C – Continued disciplined growth ==="
id"snjra2xp9r-c26"
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heading"P&C Gross Written Premiums"
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"Gross written premiums"
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content"* [[Definition:Gross written premiums|Gross Written Premiums]] (GWP) in P&C were EUR 40.1bn in 2023, up from EUR 37.7bn in 2022 (+6% LFL). ==== GWP & Other Revenues ===="
id"snjra2xp9r-c27"
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heading"GWP & other revenues by commercial lines, AXA XL Reinsurance, and retail lines"
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content"<div style="overflow-x:auto"> {| id="t5" class="wikitable fintable" |- ! style="text-align:left" | in Euro billion ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change ! class="col-s" style="text-align:right" | o/w pricing{{fn ref|1}} ! class="col-s" style="text-align:right" | o/w volume{{fn ref|2}} |- | style="text-align:left" | Total | style="text-align:right" | 56.5 | style="text-align:right" | 58.0 | style="text-align:right" | +5% | style="text-align:right" | | style="text-align:right" | |- | style="text-align:left" | Commercial lines | style="text-align:right" | | style="text-align:right" | 35.8 | style="text-align:right" | +4% | style="text-align:right" | +2% | style="text-align:right" | +2% |- | style="text-align:left" | AXA XL Reinsurance | style="text-align:right" | | style="text-align:right" | 2.6 | style="text-align:right" | +8% | style="text-align:right" | +0.3% | style="text-align:right" | +7% |- | style="text-align:left" | Retail lines | style="text-align:right" | | style="text-align:right" | 19.7 | style="text-align:right" | +7% | style="text-align:right" | +5% | style="text-align:right" | +2% |} </div>"
id"snjra2xp9r-c28"
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heading"Business growth drivers"
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"Full year 2025"
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content"* Continued pricing momentum and volume growth in Mid-market and SME * Growth in lines of business with attractive margins while 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 [[Definition:Full year 2025|FY25]])"
id"snjra2xp9r-c29"
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heading"Reporting basis"
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content"* All changes are reported at constant scope and [[Definition:Foreign exchange|FX]]. === P&C – Delivering further margin expansion while enhancing reserve prudence === ==== Combined ratio ===="
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heading"Combined ratio"
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content"<div style="overflow-x:auto"> {| id="t6" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | Combined ratio | style="text-align:right" | 91.0% | style="text-align:right" | 90.6% |- | style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat) | style="text-align:right" | 67.4% | style="text-align:right" | 67.0% |- | style="text-align:left" | Expense ratio | style="text-align:right" | 25.0% | style="text-align:right" | 24.8% |- | style="text-align:left" | Nat Cat | style="text-align:right" | 3.8% | style="text-align:right" | 3.4% |- | style="text-align:left" | Prior year reserve development | style="text-align:right" | -1.6% | style="text-align:right" | -1.1% |- | style="text-align:left" | Discount | style="text-align:right" | -3.6% | style="text-align:right" | -3.5% |} </div>"
id"snjra2xp9r-c31"
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heading"Undiscounted current year loss ratio"
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content"* Undiscounted current year loss ratio improved, excluding Nat Cat, 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 ==="
id"snjra2xp9r-c32"
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heading"P&C earnings"
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content"* In EUR million ==== Underlying Earnings ===="
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heading"Underlying Earnings (in Euro million)"
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content"<div style="overflow-x:auto"> {| id="t7" class="wikitable fintable" |- | style="text-align:left" | FY24 | style="text-align:right" | 5,510 |- | style="text-align:left" | Volume growth | style="text-align:right" | +292 |- | style="text-align:left" | Margin improvement | style="text-align:right" | +189 |- | style="text-align:left" | Investment income | style="text-align:right" | +435 |- | style="text-align:left" | Insurance finance expenses | style="text-align:right" | -235 |- | style="text-align:left" | Tax | style="text-align:right" | -169 |- | style="text-align:left" | Affiliates, FX &amp; other | style="text-align:right" | -150 |- | style="text-align:left" | FY25 | style="text-align:right" | 5,872 |- | style="text-align:left" | Change at constant FX | style="text-align:right" | +9% |} </div>"
id"snjra2xp9r-c34"
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heading"Underlying earnings drivers"
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content"* 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 in line with guidance. * Unfavorable forex impact notably due to USD depreciation vs. EUR."
id"snjra2xp9r-c35"
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heading"Underlying Earnings"
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content"{{fn note|1=1|2=Underwriting result includes expenses.}}"
id"snjra2xp9r-c36"
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heading"Constant FX change and FY25 earnings"
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"Foreign exchange"
"Full year 2025"
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content"* Change at constant [[Definition:Foreign exchange|FX]]. * [[Definition:Full year 2025|Full Year 2025]] Earnings. === Life & Health – Strong growth in premiums, positive net flows ==="
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heading"Currency notation"
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content"* All figures are in EUR billion."
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heading"Life GWP &amp; Other Revenues"
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content"<div style="overflow-x:auto"> {| id="t8" class="wikitable fintable" |- ! style="text-align:left" | (in Euro billion) ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Protection | style="text-align:right" | | style="text-align:right" | 17.3 | style="text-align:right" | +11% |- | style="text-align:left" | Unit-linked | style="text-align:right" | | style="text-align:right" | 9.3 | style="text-align:right" | +13% |- | style="text-align:left" | Capital light G/A | style="text-align:right" | | style="text-align:right" | 9.0 | style="text-align:right" | +7% |- | style="text-align:left" | Traditional G/A | style="text-align:right" | | style="text-align:right" | 1.9 | style="text-align:right" | -7% |- | style="text-align:left" | Total Life GWP &amp; Other Revenues | style="text-align:right" | 34.5 | style="text-align:right" | 37.5 | style="text-align:right" | +9% |} </div>"
id"snjra2xp9r-c39"
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heading"Health GWP & other revenues by individual and group"
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content"<div style="overflow-x:auto"> {| id="t9" class="wikitable fintable" |- ! style="text-align:left" | (in Euro billion) ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Individual | style="text-align:right" | | style="text-align:right" | 10.5 | style="text-align:right" | +6% |- | style="text-align:left" | Group | style="text-align:right" | | style="text-align:right" | 8.5 | style="text-align:right" | +4% |- | style="text-align:left" | Total Health GWP &amp; Other Revenues | style="text-align:right" | 17.5 | style="text-align:right" | 19.0 | style="text-align:right" | +5% |} </div>"
id"snjra2xp9r-c40"
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heading"Employee Benefits premiums"
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"Full year 2024"
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content"* Employee Benefits premiums: EUR 12.9bn (+4% vs. [[Definition:Full year 2024|FY24]])"
id"snjra2xp9r-c41"
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heading"Net flows: €+5.4bn vs. €+1.5bn in FY24"
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content"<div style="overflow-x:auto"> {| id="t10" class="wikitable fintable" |- ! style="text-align:left" | (in Euro billion) ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | Protection | style="text-align:right" | +4.9 |- | style="text-align:left" | Health | style="text-align:right" | +2.7 |- | style="text-align:left" | Unit-Linked | style="text-align:right" | +1.5 |- | style="text-align:left" | Capital light G/A | style="text-align:right" | +1.2 |- | style="text-align:left" | Traditional G/A | style="text-align:right" | -5.0 |} </div>"
id"snjra2xp9r-c42"
chunk42
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17
heading"Basis of change"
tags
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"Foreign exchange"
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"Foreign exchange"
content"* Change is measured at constant scope and [[Definition:Foreign exchange|FX]]."
id"snjra2xp9r-c43"
chunk43
pages
17
heading"Life & Health – Strong growth in premiums, positive net flows"
tags
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content"{{fn note|1=1|2=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 ==="
id"snjra2xp9r-c44"
chunk44
pages
18
heading"Currency notation"
tags
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content"* All figures are in EUR billions."
id"snjra2xp9r-c45"
chunk45
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18
heading"PVEP by lines of business"
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content"<div style="overflow-x:auto"> {| id="t11" class="wikitable fintable" |- ! style="text-align:left" | (in Euro billion) ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change at constant scope and FX |- | style="text-align:left" | Protection &amp; Health | style="text-align:right" | | style="text-align:right" | 31.4 | style="text-align:right" | -4% |- | style="text-align:left" | Unit-Linked | style="text-align:right" | | style="text-align:right" | 8.5 | style="text-align:right" | +18% |- | style="text-align:left" | Capital-light G/A | style="text-align:right" | | style="text-align:right" | 7.8 | style="text-align:right" | -10% |- | style="text-align:left" | Traditional G/A | style="text-align:right" | | style="text-align:right" | 1.7 | style="text-align:right" | -10% |- | style="text-align:left" | Total PVEP | style="text-align:right" | 50.9 | style="text-align:right" | 49.4 | style="text-align:right" | -2% |} </div>"
id"snjra2xp9r-c46"
chunk46
pages
18
heading"NB CSM (pre-tax)"
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content"<div style="overflow-x:auto"> {| id="t12" class="wikitable fintable" |- ! style="text-align:left" | (in Euro billion) ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 ! style="text-align:left" | Change at constant scope and FX |- | style="text-align:left" | NB CSM (pre-tax) | style="text-align:right" | 2.2 | style="text-align:right" | 2.2 | style="text-align:left" | +3% |} </div>"
id"snjra2xp9r-c47"
chunk47
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18
heading"NBV (post-tax) by FY24, FY25, and Change at constant scope and FX"
tags
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content"<div style="overflow-x:auto"> {| id="t13" class="wikitable fintable" |- ! style="text-align:left" | (in Euro billion) ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 ! style="text-align:left" | Change at constant scope and FX |- | style="text-align:left" | NBV (post-tax) | style="text-align:right" | 2.3 | style="text-align:right" | 2.2 | style="text-align:left" | stable |- | style="text-align:left" | NBV margin | style="text-align:right" | 4.4% | style="text-align:right" | 4.5% | style="text-align:left" | |} </div>"
id"snjra2xp9r-c48"
chunk48
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18
heading"Life & Health performance"
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content"* PVEP impacted by higher interest rates on discounting despite strong growth in Life volumes * NB CSM driven by robust Savings & Protection sales; reported growth impacted by higher interest rates for discounting of future profits * NBV broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France * Change at constant scope and [[Definition:Foreign exchange|FX]] === Life & Health – Growth in new business driving Normalized CSM growth ==="
id"snjra2xp9r-c49"
chunk49
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19
heading"Normalized CSM growth and variances"
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content"* Normalized CSM growth: +2% * Normalized CSM up +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates * Economic variance reflected government spreads tightening and positive equity market returns * Operating variance driven by better margins and net flows, which were more than offset by a reduction in the duration of Group Life business in Switzerland * [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation"
id"snjra2xp9r-c50"
chunk50
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19
heading"Contractual Service Margin rollforward"
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content"<div style="overflow-x:auto"> {| id="t14" class="wikitable fintable" |- | style="text-align:left" | In Euro billion | style="text-align:right" | CSM |- | style="text-align:left" | FY24 | style="text-align:right" | 33.6 |- | style="text-align:left" | o/w Life | style="text-align:right" | 25.8 |- | style="text-align:left" | o/w Health | style="text-align:right" | 7.7 |- | style="text-align:left" | New business CSM | style="text-align:right" | +2.2 |- | style="text-align:left" | Underlying return on in-force | style="text-align:right" | +1.3 |- | style="text-align:left" | CSM release | style="text-align:right" | -3.0 |- | style="text-align:left" | Economic variance | style="text-align:right" | +0.6 |- | style="text-align:left" | Operating variance | style="text-align:right" | -0.3 |- | style="text-align:left" | Affiliates, FX &amp; other | style="text-align:right" | -1.4 |- | style="text-align:left" | FY25 | style="text-align:right" | 33.0 |- | style="text-align:left" | o/w Life | style="text-align:right" | 25.4 |- | style="text-align:left" | o/w Health | style="text-align:right" | 7.6 |} </div>"
id"snjra2xp9r-c51"
chunk51
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19
heading"Constant scope and FX definition"
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content"* Change at constant scope and [[Definition:Foreign exchange|FX]]. === Life & Health – Strong momentum in both short-term and long-term business ==="
id"snjra2xp9r-c52"
chunk52
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20
heading"Life & Health performance"
tags
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content"* All figures are in EUR million. ==== Underlying Earnings ===="
id"snjra2xp9r-c53"
chunk53
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heading"Underlying Earnings"
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content"<div style="overflow-x:auto"> {| id="t15" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | Change ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | Short-term technical margin | style="text-align:right" | 415 | style="text-align:right" | +60 | style="text-align:right" | 479 |- | style="text-align:left" | Long-term result incl. CSM release | style="text-align:right" | 2,680 | style="text-align:right" | +156 | style="text-align:right" | 2,804 |- | style="text-align:left" | Financial result | style="text-align:right" | 975 | style="text-align:right" | -11 | style="text-align:right" | 946 |- | style="text-align:left" | Tax &amp; others | style="text-align:right" | -748 | style="text-align:right" | -27 | style="text-align:right" | -728 |- | style="text-align:left" | Total | style="text-align:right" | 3,323 | style="text-align:right" | +7% | style="text-align:right" | 3,501 |} </div>"
id"snjra2xp9r-c54"
chunk54
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heading"Underlying earnings by business line"
tags
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"Underlying earnings"
"Full year 2024"
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"Full year 2024"
"Underlying earnings"
content"* Life [[Definition:Underlying earnings|underlying earnings]]: EUR 2.7bn (prior: EUR 2.6bn), +4% vs. [[Definition:Full year 2024|FY24]] * Health underlying earnings: EUR 0.8bn (prior: EUR 0.7bn), +17% vs. FY24"
id"snjra2xp9r-c55"
chunk55
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20
heading"Technical margin and long-term results"
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content"* Short-term technical margin was strong due to underwriting and claims initiatives, which offset the EUR -0.1bn impact of legislative change on VAT recoverability in Mexico * Long-term results increased due to an 8% rise in CSM release, reflecting growth in the reserve base and improved margins, including from favorable equity market performance * Change at constant [[Definition:Foreign exchange|FX]] === Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ==="
id"snjra2xp9r-c56"
chunk56
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21
heading"Underlying earnings and net income by segment"
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content"<div style="overflow-x:auto"> {| id="t16" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Property &amp; Casualty | style="text-align:right" | 5.5 | style="text-align:right" | 5.9 | style="text-align:right" | +9% |- | style="text-align:left" | Life &amp; Health | style="text-align:right" | 3.3 | style="text-align:right" | 3.5 | style="text-align:right" | +7% |- | style="text-align:left" | Asset Management | style="text-align:right" | 0.4 | style="text-align:right" | 0.2 | style="text-align:right" | -57% |- | style="text-align:left" | Holdings &amp; other | style="text-align:right" | -1.2 | style="text-align:right" | -1.2 | style="text-align:right" | - |- ! style="text-align:left" | Underlying earnings ! class="col-s" style="text-align:right" | 8.1 ! class="col-s" style="text-align:right" | 8.4 ! class="col-s" style="text-align:right" | +6% |- | style="text-align:left" | Non-financial flows | style="text-align:right" | -0.5 | style="text-align:right" | +2.1 | style="text-align:right" | |- | style="text-align:left" | o/w capital gains from AXA IM disposal | style="text-align:right" | - | style="text-align:right" | +2.2 | style="text-align:right" | |- | style="text-align:left" | Financial flows (incl. RCG) | style="text-align:right" | +0.3 | style="text-align:right" | -0.7 | style="text-align:right" | |- ! style="text-align:left" | Net income ! class="col-s" style="text-align:right" | 7.9 ! class="col-s" style="text-align:right" | 9.8 ! class="col-s" style="text-align:right" | +26% |} </div>"
id"snjra2xp9r-c57"
chunk57
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heading"Underlying earnings and net income drivers"
tags
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"Underlying earnings"
"Year 2026"
"AXA Investment Managers"
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"AXA Investment Managers"
"Underlying earnings"
"Year 2026"
content"* [[Definition:Underlying earnings|Underlying earnings]] showed strong performance from insurance businesses. * Holding cost was stable and is expected to remain at the current level in [[Definition:Year 2026|2026]]. * Net income was higher, mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]]. * Financial flows were lower, reflecting an unfavorable forex impact. ==== Underlying earnings per share ===="
id"snjra2xp9r-c58"
chunk58
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heading"In Euro"
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content"<div style="overflow-x:auto"> {| id="t17" class="wikitable fintable" |- ! style="text-align:left" | FY24 ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | 3.59 | style="text-align:right" | 3.86 | style="text-align:right" | +8% |} </div>"
id"snjra2xp9r-c59"
chunk59
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21
heading"Underlying earnings per share drivers"
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"Underlying earnings per share"
"Earnings dilution"
"AXA Investment Managers"
"Share buyback"
"Capital management"
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"AXA Investment Managers"
"Capital management"
"Earnings dilution"
"Share buyback"
"Underlying earnings per share"
content"* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth drivers: +6% from earnings growth; -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from [[Definition:AXA Investment Managers|AXA IM]] sale due to timing of anti-dilutive [[Definition:Share buyback|share buyback]]; +3% from [[Definition:Capital management|capital management]]; -2% from forex."
id"snjra2xp9r-c60"
chunk60
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21
heading"Underlying earnings per share"
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content"{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}} === Shareholders' Equity ==="
id"snjra2xp9r-c61"
chunk61
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22
heading"Shareholders' Equity"
tags
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content"* All figures are in EUR bn. ==== Shareholders' equity ===="
id"snjra2xp9r-c62"
chunk62
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22
heading"Shareholders' equity by period"
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content"<div style="overflow-x:auto"> {| id="t18" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | HY25 ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | SHE (excl. OCI) | style="text-align:right" | 58.0 | style="text-align:right" | 52.7 | style="text-align:right" | 54.0 |- | style="text-align:left" | Net OCI | style="text-align:right" | -8.1 | style="text-align:right" | -7.2 | style="text-align:right" | -6.8 |- | style="text-align:left" | Shareholders' equity | style="text-align:right" | 49.9 | style="text-align:right" | 45.5 | style="text-align:right" | 47.2 |} </div>"
id"snjra2xp9r-c63"
chunk63
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22
heading"Shareholders' equity and debt gearing"
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content"* SHE (excl. OCI & undated subordinated debt): 53.2 / 47.0 / 49.4 * Debt gearing: 20.6% / 23.4% / 22.3% * Underlying ROE: 15.2% / 17.5% / 16.0%"
id"snjra2xp9r-c64"
chunk64
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22
heading"Shareholders' equity"
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content"<div style="overflow-x:auto"> {| id="t19" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 to FY25 ! class="col-s" style="text-align:right" | HY25 to FY25 |- | style="text-align:left" | Opening Shareholders' equity | style="text-align:right" | 49.9 | style="text-align:right" | 45.5 |- | style="text-align:left" | Change in Net OCI | style="text-align:right" | 1.3 | style="text-align:right" | 0.4 |- | style="text-align:left" | Net income for the period | style="text-align:right" | 9.8 | style="text-align:right" | 5.9 |- | style="text-align:left" | Dividend | style="text-align:right" | -4.6 | style="text-align:right" | - |- | style="text-align:left" | Annual share buyback | style="text-align:right" | -1.2 | style="text-align:right" | - |- | style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM | style="text-align:right" | -3.5 | style="text-align:right" | -3.5 |- | style="text-align:left" | Undated subordinated debt (including interest charges) | style="text-align:right" | -0.3 | style="text-align:right" | -1.2 |- | style="text-align:left" | Forex | style="text-align:right" | -3.5 | style="text-align:right" | -0.1 |- | style="text-align:left" | Other | style="text-align:right" | -0.6 | style="text-align:right" | 0.3 |- | style="text-align:left" | Closing Shareholders' equity | style="text-align:right" | 47.2 | style="text-align:right" | 47.2 |} </div> {{fn note|1=1|2=Shareholders' equity Group share.}} === Higher organic cash remittance and robust cash position at Holding ==="
id"snjra2xp9r-c65"
chunk65
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23
heading"Currency notation"
tags
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content"* All figures are in EUR billion. ==== Net Cash Remittance ===="
id"snjra2xp9r-c66"
chunk66
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23
heading"Net Cash Remittance"
tags
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content"<div style="overflow-x:auto"> {| id="t20" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | Proceeds related to in-force treaties{{fn ref|2}} | style="text-align:right" | 0.6 | style="text-align:right" | |- | style="text-align:left" | Ordinary cash remittance | style="text-align:right" | 7.1 | style="text-align:right" | 7.5 |- | style="text-align:left" | Total | style="text-align:right" | 7.7 | style="text-align:right" | 7.5 |- | style="text-align:left" | Remittance ratio{{fn ref|1}} | style="text-align:right" | 82% | style="text-align:right" | 82% |} </div> ==== Cash Position Bridge ===="
id"snjra2xp9r-c67"
chunk67
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23
heading"Cash Position Bridge"
tags
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content"<div style="overflow-x:auto"> {| id="t21" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | In Euro billion |- | style="text-align:left" | FY24 Cash position | style="text-align:right" | 4.0 |- | style="text-align:left" | Net cash remittance from subsidiaries | style="text-align:right" | +7.5 |- | style="text-align:left" | Dividend | style="text-align:right" | -4.6 |- | style="text-align:left" | Annual share buyback | style="text-align:right" | -1.2 |- | style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM | style="text-align:right" | -3.5 |- | style="text-align:left" | Holding costs and interest expenses | style="text-align:right" | -1.3 |- | style="text-align:left" | Change in net debt | style="text-align:right" | +1.6 |- | style="text-align:left" | M&amp;A and other | style="text-align:right" | +3.1 |- | style="text-align:left" | FY25 Cash position | style="text-align:right" | 5.6 |} </div> {{fn note|1=1|2=Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}} {{fn note|1=2|2=€0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.}} === Solvency II at 224% ==="
id"snjra2xp9r-c68"
chunk68
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24
heading"Solvency II ratio"
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content"* Solvency II ratio: 224% * Solvency II ratio in Euro billion"
id"snjra2xp9r-c69"
chunk69
pages
24
heading"Eligible Own Funds (EOF) waterfall"
tags
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content"<div style="overflow-x:auto"> {| id="t22" class="wikitable fintable" |- | style="text-align:left" | FY24 | style="text-align:right" | 55.9 |- | style="text-align:left" | Regulatory &amp; model changes | style="text-align:right" | +0.2 |- | style="text-align:left" | Normalized capital generation | style="text-align:right" | +8.8 |- | style="text-align:left" | Operating variance | style="text-align:right" | -0.4 |- | style="text-align:left" | Economic variance &amp; FX | style="text-align:right" | -2.1 |- | style="text-align:left" | Dividend &amp; annual share buyback | style="text-align:right" | -6.0 |- | style="text-align:left" | Management actions, debt &amp; other | style="text-align:right" | -0.1 |- | style="text-align:left" | FY25 | style="text-align:right" | 56.4 |} </div>"
id"snjra2xp9r-c70"
chunk70
pages
24
heading"Foreseeable dividends and share buyback provision"
tags
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"Dividend"
"Share buyback"
"Year 2026"
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"Capital management"
"Dividend"
"Share buyback"
"Year 2026"
content"* Foreseeable [[Definition:Dividend|dividends]]: EUR -4.8bn * Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: EUR -1.25bn"
id"snjra2xp9r-c71"
chunk71
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24
heading"Solvency II ratio bridge"
tags
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content"<div style="overflow-x:auto"> {| id="t23" class="wikitable fintable" |- | style="text-align:left" | FY24 | style="text-align:right" | 216% |- | style="text-align:left" | Regulatory &amp; model changes | style="text-align:right" | +0pt |- | style="text-align:left" | Normalized capital generation | style="text-align:right" | +28pts |- | style="text-align:left" | Operating variance | style="text-align:right" | -1pt |- | style="text-align:left" | Economic variance &amp; FX | style="text-align:right" | +4pts |- | style="text-align:left" | Dividend &amp; annual share buyback | style="text-align:right" | -24pts |- | style="text-align:left" | Management actions, debt &amp; other | style="text-align:right" | +2pts |- | style="text-align:left" | FY25 | style="text-align:right" | 224% |} </div>"
id"snjra2xp9r-c72"
chunk72
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24
heading"Solvency Capital Requirement (SCR) waterfall"
tags
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content"<div style="overflow-x:auto"> {| id="t24" class="wikitable fintable" |- | style="text-align:left" | FY24 | style="text-align:right" | 25.9 |- | style="text-align:left" | Regulatory &amp; model changes | style="text-align:right" | 0.0 |- | style="text-align:left" | Normalized capital generation | style="text-align:right" | +0.6 |- | style="text-align:left" | Operating variance | style="text-align:right" | 0.0 |- | style="text-align:left" | Economic variance &amp; FX | style="text-align:right" | -1.2 |- | style="text-align:left" | Dividend &amp; annual share buyback | style="text-align:right" | 0.0 |- | style="text-align:left" | Management actions, debt &amp; other | style="text-align:right" | -0.2 |- | style="text-align:left" | FY25 | style="text-align:right" | 25.2 |} </div> ==== Key sensitivities ===="
id"snjra2xp9r-c73"
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heading"Key sensitivities"
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content"<div style="overflow-x:auto"> {| id="t25" class="wikitable fintable" |- | style="text-align:left" | Ratio as of December 31, 2025 | style="text-align:right" | 224% |- | style="text-align:left" | Interest rate +50bps | style="text-align:right" | +2 pts |- | style="text-align:left" | Interest rate -50bps | style="text-align:right" | -1 pt |- | style="text-align:left" | Corporate spreads +50bps | style="text-align:right" | -1 pt |- | style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1}} | style="text-align:right" | -7 pts |- | style="text-align:left" | Credit migration{{fn ref|2}} | style="text-align:right" | -4 pts |- | style="text-align:left" | Listed Equity (excl. PE &amp; Infra) +25% | style="text-align:right" | +14 pts |- | style="text-align:left" | Listed Equity (excl. PE &amp; Infra) -25% | style="text-align:right" | -19 pts |- | style="text-align:left" | PE &amp; Infra +25% | style="text-align:right" | +2 pts |- | style="text-align:left" | PE &amp; Infra -25% | style="text-align:right" | -1 pt |- | style="text-align:left" | Inflation swap curve +50bps | style="text-align:right" | -5 pts |} </div> {{fn note|1=1|2=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).}} {{fn note|1=2|2=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 ==="
id"snjra2xp9r-c74"
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heading"Solvency II ratio by period/impact"
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content"<div style="overflow-x:auto"> {| id="t26" class="wikitable fintable" |- ! style="text-align:left" | Period/Impact ! class="col-s" style="text-align:right" | Change ! class="col-s" style="text-align:right" | Ratio |- | style="text-align:left" | Ratio as of 31/12/2025 | style="text-align:right" | | style="text-align:right" | 224% |- | style="text-align:left" | Impact of the end of grandfathering period on January 1, 2026 | style="text-align:right" | -10pts | style="text-align:right" | 215% |- | style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27 | style="text-align:right" | +17pts{{fn ref|1}} | style="text-align:right" | |} </div>"
id"snjra2xp9r-c75"
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heading"Grandfathered debt and capital flexibility"
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content"* EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, [[Definition:Year 2026|2026]]. * No change is expected in organic capital generation. * Additional capital flexibility is anticipated."
id"snjra2xp9r-c76"
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heading"Solvency II – impact of the end of grandfathering period and Solvency II revision"
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content"{{fn note|1=1|2=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.}} == Conclusion =="
id"snjra2xp9r-c77"
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heading"Group CEO"
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content"* Thomas Buberl, Group CEO === Conclusion ==="
id"snjra2xp9r-c78"
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heading"Business performance and outlook"
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content"* Record results achieved at the top end of the [[Definition:Target range|target range]], while enhancing reserve prudence * All businesses are in excellent shape, delivering strong growth and profitability * 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 == Q&A Full Year 2025 Earnings == === AXA Investor Relations – Keep in touch === ==== Meet our management ===="
id"snjra2xp9r-c79"
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heading"investor calendar"
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content"* March: Roadshows - Europe and US [p. ==== Contact us ===="
id"snjra2xp9r-c80"
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heading"Investor Relations Contact Information"
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content"* Investor Relations contact number: +33 1 40 75 48 42 * Investor Relations email: investor.relations@axa.com ==== Follow us ===="
id"snjra2xp9r-c81"
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heading"AXA website"
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content"* AXA's website is www.axa.com. == Appendices == === Contents ==="
id"snjra2xp9r-c82"
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heading"Additional disclosures"
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content"* Debt and Invested Assets disclosures on p.31 * Additional P&C disclosures on p.36 * Additional IFRS17 disclosures on p.41 === Gross financial debt and maturity breakdown as of December 31st, 2025 ==="
id"snjra2xp9r-c83"
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heading"Gross financial debt and maturity breakdown"
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content"* All figures are in EUR bn. ==== Gross financial debt¹'² ===="
id"snjra2xp9r-c84"
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heading"Gross financial debt by tier"
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content"<div style="overflow-x:auto"> {| id="t27" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Jan 1st 2026 |- | style="text-align:left" | Tier 1 | style="text-align:right" | 4.8 | style="text-align:right" | 4.6 | style="text-align:right" | 3.2 |- | style="text-align:left" | Tier 2 | style="text-align:right" | 10.8 | style="text-align:right" | 12.2 | style="text-align:right" | 11.3 |- | style="text-align:left" | Senior debt | style="text-align:right" | 3.5 | style="text-align:right" | 3.5 | style="text-align:right" | 5.8 |- | style="text-align:left" | Total | style="text-align:right" | 19.2 | style="text-align:right" | 20.3 | style="text-align:right" | 20.3 |} </div>"
id"snjra2xp9r-c85"
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heading"Debt gearing and redemption"
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"Year 2026"
content"* Debt gearing: 20.6% in [[Definition:Full year 2024|FY24]]; 22.3% in [[Definition:Full year 2025|FY25]] * EUR 0.4bn redeemed in January [[Definition:Year 2026|2026]] * End of the grandfathering period ==== Contractual maturity breakdown ===="
id"snjra2xp9r-c86"
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heading"Senior debt, Tier 2, Tier 1 by contractual maturity"
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content"<div style="overflow-x:auto"> {| id="t28" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | 2025 ! class="col-s" style="text-align:right" | 2026 ! class="col-s" style="text-align:right" | 2027 ! class="col-s" style="text-align:right" | 2028 ! class="col-s" style="text-align:right" | 2029 ! class="col-s" style="text-align:right" | 2030 ! class="col-s" style="text-align:right" | 2031-2039 ! class="col-s" style="text-align:right" | ≥2040 ! class="col-s" style="text-align:right" | Undated |- | style="text-align:left" | Senior debt | style="text-align:right" | 0.5 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.5 | style="text-align:right" | - | style="text-align:right" | 0.9 | style="text-align:right" | 1.5 | style="text-align:right" | 0.5 | style="text-align:right" | 0.7 |- | style="text-align:left" | Tier 2 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.7 | style="text-align:right" | - | style="text-align:right" | 10.8 | style="text-align:right" | 4.6 |- | style="text-align:left" | Tier 1 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - |} </div> ==== o/w Grandfathered debt ===="
id"snjra2xp9r-c87"
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heading"Grandfathered debt by contractual maturity and tier"
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content"<div style="overflow-x:auto"> {| id="t29" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | 2025 ! class="col-s" style="text-align:right" | 2026 ! class="col-s" style="text-align:right" | 2027 ! class="col-s" style="text-align:right" | 2028 ! class="col-s" style="text-align:right" | 2029 ! class="col-s" style="text-align:right" | 2030 ! class="col-s" style="text-align:right" | 2031-2039 ! class="col-s" style="text-align:right" | ≥2040 ! class="col-s" style="text-align:right" | Undated |- | style="text-align:left" | Tier 1 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 1.4 |- | style="text-align:left" | Tier 2 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.7 | style="text-align:right" | - | style="text-align:right" | 0.2 | style="text-align:right" | - |} </div> ==== Economic maturity breakdown³ ===="
id"snjra2xp9r-c88"
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heading"Economic maturity breakdown³ (In Euro billion)"
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content"<div style="overflow-x:auto"> {| id="t30" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | 2025 ! class="col-s" style="text-align:right" | 2026 ! class="col-s" style="text-align:right" | 2027 ! class="col-s" style="text-align:right" | 2028 ! class="col-s" style="text-align:right" | 2029 ! class="col-s" style="text-align:right" | 2030 ! class="col-s" style="text-align:right" | 2031-2039 ! class="col-s" style="text-align:right" | ≥2040 ! class="col-s" style="text-align:right" | Undated |- | style="text-align:left" | Senior debt | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.9 | style="text-align:right" | 1.5 | style="text-align:right" | 0.5 | style="text-align:right" | 0.7 |- | style="text-align:left" | Tier 2 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.5 | style="text-align:right" | 2.0 | style="text-align:right" | 0.7 | style="text-align:right" | 6.4 | style="text-align:right" | - | style="text-align:right" | 4.0 |- | style="text-align:left" | Tier 1 | style="text-align:right" | - | style="text-align:right" | 0.1 | style="text-align:right" | 2.4 | style="text-align:right" | 0.1 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.4 | style="text-align:right" | - | style="text-align:right" | - |} </div> ==== o/w Grandfathered debt ===="
id"snjra2xp9r-c89"
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heading"Tier 1 and Tier 2 by economic maturity"
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content"<div style="overflow-x:auto"> {| id="t31" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | 2025 ! class="col-s" style="text-align:right" | 2026 ! class="col-s" style="text-align:right" | 2027 ! class="col-s" style="text-align:right" | 2028 ! class="col-s" style="text-align:right" | 2029 ! class="col-s" style="text-align:right" | 2030 ! class="col-s" style="text-align:right" | 2031-2039 ! class="col-s" style="text-align:right" | ≥2040 ! class="col-s" style="text-align:right" | Undated |- | style="text-align:left" | Tier 1 | style="text-align:right" | - | style="text-align:right" | 0.1 | style="text-align:right" | - | style="text-align:right" | 0.1 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.4 | style="text-align:right" | - | style="text-align:right" | 0.8 |- | style="text-align:left" | Tier 2 | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | - | style="text-align:right" | 0.7 | style="text-align:right" | - | style="text-align:right" | 0.2 | style="text-align:right" | - |} </div> {{fn note|1=1|2=Nominal debt.}} {{fn note|1=2|2=In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}} {{fn note|1=3|2=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 ==="
id"snjra2xp9r-c90"
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heading"General Account Invested Assets"
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content"* Total General Account invested assets for [[Definition:Full year 2025|FY25]] were EUR 450bn. * The duration gap was -0.4 years. * Invested assets mix included: Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, and Policy loans."
id"snjra2xp9r-c91"
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heading"Invested assets (100%) In Euro billion"
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content"<div style="overflow-x:auto"> {| id="t32" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | % |- | style="text-align:left" | Fixed income | style="text-align:right" | 345 | style="text-align:right" | 77% |- | style="text-align:left" | o/w Government bonds | style="text-align:right" | 167 | style="text-align:right" | 37% |- | style="text-align:left" | o/w Corporate bonds and loans | style="text-align:right" | 121 | style="text-align:right" | 27% |- | style="text-align:left" | o/w Other fixed income {{fn ref|1}} | style="text-align:right" | 56 | style="text-align:right" | 13% |- | style="text-align:left" | Real estate | style="text-align:right" | 41 | style="text-align:right" | 9% |- | style="text-align:left" | Infrastructure equity | style="text-align:right" | 10 | style="text-align:right" | 2% |- | style="text-align:left" | Listed equities {{fn ref|2}} | style="text-align:right" | 10 | style="text-align:right" | 2% |- | style="text-align:left" | Private equity and hedge funds {{fn ref|3}} | style="text-align:right" | 23 | style="text-align:right" | 5% |- | style="text-align:left" | Cash | style="text-align:right" | 19 | style="text-align:right" | 4% |- | style="text-align:left" | Policy loans | style="text-align:right" | 2 | style="text-align:right" | 0% |- ! style="text-align:left" | Total Insurance Invested Assets {{fn ref|4}} ! class="col-s" style="text-align:right" | 450 ! class="col-s" style="text-align:right" | 100% |} </div> {{fn note|1=1|2=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).}} {{fn note|1=2|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}} {{fn note|1=3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}} {{fn note|1=4|2=Please refer to the financial supplement for more details.}} === Structured and Private Credit assets ==="
id"snjra2xp9r-c92"
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heading"Invested assets (100%) In Euro billion"
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content"<div style="overflow-x:auto"> {| id="t33" class="wikitable fintable" |- ! style="text-align:left" | Invested assets (100%) In Euro billion ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | % of total G/A{{fn ref|1}} portfolio ! style="text-align:left" | Comments |- | style="text-align:left" | Residential Mortgages | style="text-align:right" | 16 | style="text-align:right" | 4% | style="text-align:left" | - €6bn Dutch mortgages, NHG guaranteed<br/>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) |- | style="text-align:left" | CLO &amp; ABS | style="text-align:right" | 25 | style="text-align:right" | 6% | style="text-align:left" | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA) |- | style="text-align:left" | Infrastructure debt | style="text-align:right" | 8 | style="text-align:right" | 2% | style="text-align:left" | - Skewed towards resilient industries (Telecom, Utilities, Transport) |- | style="text-align:left" | CRE debt | style="text-align:right" | 8 | style="text-align:right" | 2% | style="text-align:left" | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV |- | style="text-align:left" | Mid-Market lending | style="text-align:right" | 10 | style="text-align:right" | 2% | style="text-align:left" | - Strong diversification with €8m average ticket<br/>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation |- | style="text-align:left" | Other | style="text-align:right" | 2 | style="text-align:right" | 0% | style="text-align:left" | |- ! style="text-align:left" | Total Structured and Private Credit Assets ! class="col-s" style="text-align:right" | 69 ! class="col-s" style="text-align:right" | 15% ! style="text-align:left" | o/w 54% participating |} </div> {{fn note|1=1|2=G/A: General Account}} === Investment portfolio – Fixed Income reinvestment === ==== FY25 Fixed Income Reinvestment ===="
id"snjra2xp9r-c93"
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heading"Share & Average rating by Segment"
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content"<div style="overflow-x:auto"> {| id="t34" class="wikitable fintable" |- ! style="text-align:left" | Segment ! class="col-s" style="text-align:right" | Share ! class="col-s" style="text-align:right" | Average rating |- | style="text-align:left" | Government bonds &amp; related | style="text-align:right" | 32% | style="text-align:right" | AA |- | style="text-align:left" | Investment grade credit | style="text-align:right" | 40% | style="text-align:right" | A |- | style="text-align:left" | ABS/CLO/IG fund financing | style="text-align:right" | 21% | style="text-align:right" | |- | style="text-align:left" | Below investment grade credit | style="text-align:right" | 7% | style="text-align:right" | |} </div> ==== FY25 Fixed Income Reinvestment Yield ===="
id"snjra2xp9r-c94"
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heading"FY25 Fixed Income Reinvestment Yield"
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content"<div style="overflow-x:auto"> {| id="t35" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | Yield |- | style="text-align:left" | Public fixed income{{fn ref|1}} | style="text-align:right" | 3.5% |- | style="text-align:left" | Private &amp; Structured fixed income{{fn ref|2}} | style="text-align:right" | 4.7% |- | style="text-align:left" | Total fixed income | style="text-align:right" | 3.9% |} </div>"
id"snjra2xp9r-c95"
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heading"Fixed Income Reinvestment Yield"
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content"* EUR 57bn fixed income invested at 3.9% * Average duration of 9 years * Includes EUR 19.7bn 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"
id"snjra2xp9r-c96"
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heading"FY25 Fixed Income Reinvestment Yield"
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content"{{fn note|1=1|2=Government and Corporate bonds and related.}} {{fn note|1=2|2=Private &amp; Structured credit (CLOs, ABS, Infra &amp; CRE debt, Fund financing and Private hybrid).}} === Contents ==="
id"snjra2xp9r-c97"
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heading"Additional disclosures"
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content"* Additional P&C disclosures are on page 36. * Debt and Invested Assets disclosures are on page 31. * Additional IFRS17 disclosures are on page 41. === AXA XL Insurance – Large Commercial & Specialty business === ==== Well diversified across lines of business and geographies ===="
id"snjra2xp9r-c98"
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heading"Share by line of business"
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content"<div style="overflow-x:auto"> {| id="t36" class="wikitable fintable" |- ! style="text-align:left" | Line of business ! class="col-s" style="text-align:right" | Share |- | style="text-align:left" | Casualty | style="text-align:right" | 35% |- | style="text-align:left" | Property | style="text-align:right" | 29% |- | style="text-align:left" | Specialty | style="text-align:right" | 19% |- | style="text-align:left" | Professional lines{{fn ref|1}} | style="text-align:right" | 17% |} </div>"
id"snjra2xp9r-c99"
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heading"$19bn FY25 GWP by geography"
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content"<div style="overflow-x:auto"> {| id="t37" class="wikitable fintable" |- ! style="text-align:left" | Geography ! class="col-s" style="text-align:right" | Share |- | style="text-align:left" | Americas | style="text-align:right" | 46% |- | style="text-align:left" | Europe &amp; APAC | style="text-align:right" | 35% |- | style="text-align:left" | UK &amp; Lloyds | style="text-align:right" | 19% |} </div> ==== Leading market positions across lines ===="
id"snjra2xp9r-c100"
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heading"Leading market positions"
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content"* Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie. ==== Managing the cycle to deliver consistent profitability ===="
id"snjra2xp9r-c101"
chunk101
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heading"Profitability vs. Ex-price Growth"
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content"* The chart "Profitability vs Ex-price growth (%)" displays bubbles for Property, Specialty, Casualty, and Professional lines."
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heading"Managing the cycle to deliver consistent profitability"
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content"{{fn note|1=1|2=Including Cyber}} {{fn note|1=2|2=Source: McKinsey}} {{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}} {{fn note|1=4|2=Source: Industry Research Biz (January 2026)}} === P&C – Focus on Reserves === ==== Claims reserves ratio ===="
id"snjra2xp9r-c103"
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heading"Claims reserves ratio definition"
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content"* The claims reserves ratio is defined as Net undiscounted claims reserves divided by Net earned premiums."
id"snjra2xp9r-c104"
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heading"Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)"
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content"<div style="overflow-x:auto"> {| id="t38" class="wikitable fintable" |- ! colspan="5" style="text-align:center" | IFRS4 ! colspan="4" style="text-align:center" | IFRS17 |- ! style="text-align:left" | FY18 ! class="col-s" style="text-align:right" | FY19 ! class="col-s" style="text-align:right" | FY20 ! class="col-s" style="text-align:right" | FY21 ! class="col-s" style="text-align:right" | FY22 ! class="col-s" style="text-align:right" | FY22 ! class="col-s" style="text-align:right" | FY23 ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | 179% | style="text-align:right" | 185% | style="text-align:right" | 193% | style="text-align:right" | 188% | style="text-align:right" | 189% | style="text-align:right" | 198% | style="text-align:right" | 195% | style="text-align:right" | 180% | style="text-align:right" | 175% |} </div> ==== Technical reserves ratio ===="
id"snjra2xp9r-c105"
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heading"Net undiscounted technical reserves ratio"
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content"* Net undiscounted technical reserves are measured against Net earned premiums."
id"snjra2xp9r-c106"
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heading"Technical reserves ratio (Net undiscounted technical reserves/Net earned premiums)"
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content"<div style="overflow-x:auto"> {| id="t39" class="wikitable fintable" |- ! colspan="5" style="text-align:center" | IFRS4 ! colspan="4" style="text-align:center" | IFRS17 |- ! style="text-align:left" | FY18 ! class="col-s" style="text-align:right" | FY19 ! class="col-s" style="text-align:right" | FY20 ! class="col-s" style="text-align:right" | FY21 ! class="col-s" style="text-align:right" | FY22 ! class="col-s" style="text-align:right" | FY22 ! class="col-s" style="text-align:right" | FY23 ! class="col-s" style="text-align:right" | FY24 ! class="col-s" style="text-align:right" | FY25 |- | style="text-align:left" | 213% | style="text-align:right" | 227% | style="text-align:right" | 233% | style="text-align:right" | 226% | style="text-align:right" | 227% | style="text-align:right" | 234% | style="text-align:right" | 232% | style="text-align:right" | 216% | style="text-align:right" | 210% |} </div> {{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}} === P&C – 2026 Simplified Group Nat Cat Reinsurance Program¹ ==="
id"snjra2xp9r-c107"
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heading"P&C Nat Cat Reinsurance Program Structure"
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content"* All figures are in EUR. * The simplified Group Nat Cat Reinsurance Program for [[Definition:Year 2026|2026]] includes an Insurance segment (occurrence protection), a Reinsurance segment (illustrative), and Alternative Capital & Cat Bonds."
id"snjra2xp9r-c108"
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heading"Capacity and retention by peril"
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content"<div style="overflow-x:auto"> {| id="t40" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | EU Windstorm ! class="col-s" style="text-align:right" | Europe Flood ! class="col-s" style="text-align:right" | Europe Earthquake ! class="col-s" style="text-align:right" | NA Hurricane ! class="col-s" style="text-align:right" | NA Earthquake ! class="col-s" style="text-align:right" | Per other perils³ |- | style="text-align:left" | Capacity | style="text-align:right" | 4.0bn | style="text-align:right" | 2.1bn | style="text-align:right" | 2.1bn | style="text-align:right" | 1.2bn | style="text-align:right" | 1.2bn | style="text-align:right" | 1.2bn |- | style="text-align:left" | Retention | style="text-align:right" | 600m | style="text-align:right" | 450m | style="text-align:right" | 400m | style="text-align:right" | 600m² | style="text-align:right" | 600m² | style="text-align:right" | 400m |} </div>"
id"snjra2xp9r-c109"
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heading"2026 Nat Cat Reinsurance Program"
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content"* Retention levels for [[Definition:Year 2026|2026]] are maintained at the same stable levels as in 2025."
id"snjra2xp9r-c110"
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heading"P&C – 2026 Simplified Group Nat Cat Reinsurance Program¹"
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content"{{fn note|1=1|2=Excludes local reinsurance covers}} {{fn note|1=2|2=Varying retention between MX and NA (400m MX, 600m NA)}} {{fn note|1=3|2=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 in 2026 ==="
id"snjra2xp9r-c111"
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heading"Nat Cat cost deviation"
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content"* The data is presented in EUR billion, net of reinsurance. ==== Group underlying earnings deviation to average Nat Cat charges in 2026 ===="
id"snjra2xp9r-c112"
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heading"Net of reinsurance post-tax deviation"
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content"* Negative deviation in approximately 40% of cases for more severe years. * Positive deviation in approximately 60% of cases for less severe years."
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heading"Earnings deviation by probability"
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content"<div style="overflow-x:auto"> {| id="t41" class="wikitable" |- ! style="text-align:left" | Probability ! style="text-align:right" | Earnings deviation |- | style="text-align:left" | 1/20y (95th) | style="text-align:right" | €-1.2bn |- | style="text-align:left" | 1/10y (90th) | style="text-align:right" | €-0.8bn |- | style="text-align:left" | 1/5y (80th) | style="text-align:right" | €-0.4bn |- | style="text-align:left" | Median (50th) | style="text-align:right" | €+0.1bn |- | style="text-align:left" | 1/5y (20th) | style="text-align:right" | €+0.5bn |- | style="text-align:left" | 1/10y (10th) | style="text-align:right" | €+0.7bn |- | style="text-align:left" | 1/20y (5th) | style="text-align:right" | €+0.8bn |} </div> ==== Average Expected Nat Cat charges ===="
id"snjra2xp9r-c114"
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heading"Average expected Nat Cat charges"
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content"* Net of reinsurance, pre-tax."
id"snjra2xp9r-c115"
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heading"Average expected Nat Cat charges and estimated impact on GEP by year"
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content"<div style="overflow-x:auto"> {| id="t42" class="wikitable" |- ! style="text-align:left" | ! style="text-align:right" | 2025 ! style="text-align:right" | 2026 |- | style="text-align:left" | Average Expected Nat Cat charges | style="text-align:right" | 2.6 | style="text-align:right" | 2.7 |- | style="text-align:left" | Estimated impact on GEP | style="text-align:right" | ca. 4.5% | style="text-align:right" | ca. 4.5% |} </div> {{fn note|1=1|2=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).}} === Contents ==="
id"snjra2xp9r-c116"
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heading"Additional disclosures"
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content"* Debt and Invested Assets are detailed on p.31. * Additional P&C disclosures are on p.36. * Additional IFRS17 disclosures are on p.41. === P&C – Margin Analysis ==="
id"snjra2xp9r-c117"
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heading"Changes vs. FY24 at constant FX"
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content"* Changes are versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]]. ==== Technical Result ==== ==== In Euro million (pre-tax) ===="
id"snjra2xp9r-c118"
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heading"Technical Result"
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content"<div style="overflow-x:auto"> {| id="t43" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Current Accident Year Undiscounted Technical Margin | style="text-align:right" | 2,778 | style="text-align:right" | +707 |- | style="text-align:left" | Gross Earned Premiums | style="text-align:right" | 57,656 | style="text-align:right" | +6% |- | style="text-align:left" | Current Accident Year Undiscounted Combined Ratio | style="text-align:right" | 95.2% | style="text-align:right" | -1.0pt |- | style="text-align:left" | o/w Nat Cats | style="text-align:right" | 3.4% | style="text-align:right" | -0.4pt |- | style="text-align:left" | Current Accident Year Discounting | style="text-align:right" | 2,009 | style="text-align:right" | +115 |- | style="text-align:left" | Discounting Ratio (in Combined Ratio points) | style="text-align:right" | -3.5% | style="text-align:right" | +0.0pt |- | style="text-align:left" | Current Accident Year Net Claims reserves | style="text-align:right" | €19.0bn | style="text-align:right" | |- | style="text-align:left" | Duration | style="text-align:right" | 4.0 years | style="text-align:right" | |- | style="text-align:left" | Current Accident Year Discount rate | style="text-align:right" | 2.8% | style="text-align:right" | |- | style="text-align:left" | Prior Years' Reserve Development (PYD) | style="text-align:right" | 622 | style="text-align:right" | -341 |- | style="text-align:left" | PYD ratio | style="text-align:right" | -1.1% | style="text-align:right" | +0.7pt |} </div>"
id"snjra2xp9r-c119"
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heading"FY25 sensitivity to discount rate changes"
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content"* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes: +25bps results in +EUR 0.2bn; -25bps results in -EUR 0.2bn. ==== Financial Result ==== ==== In Euro million (pre-tax) ===="
id"snjra2xp9r-c120"
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heading"Financial Result In Euro million (pre-tax)"
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content"<div style="overflow-x:auto"> {| id="t44" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Investment Income | style="text-align:right" | 3,988 | style="text-align:right" | +435 |- | style="text-align:left" | FY25 Average Assets | style="text-align:right" | €115bn | style="text-align:right" | |- | style="text-align:left" | Asset book yield | style="text-align:right" | 3.5% | style="text-align:right" | |- | style="text-align:left" | FY25 Reinvestment yield{{fn ref|1}} | style="text-align:right" | 4.3% | style="text-align:right" | |- | style="text-align:left" | Insurance Finance Expenses | style="text-align:right" | -1,358 | style="text-align:right" | -235 |- | style="text-align:left" | FY24 Reserves at locked-in rate | style="text-align:right" | €71bn | style="text-align:right" | |- | style="text-align:left" | Liability book yield | style="text-align:right" | 1.9% | style="text-align:right" | |} </div>"
id"snjra2xp9r-c121"
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heading"2026e Insurance Finance Expenses"
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content"* 2026e Insurance Finance Expenses (pre-tax): ~EUR -1.4bn * Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount: ** +25bps: ~EUR -50m ** -25bps: ~EUR +50m"
id"snjra2xp9r-c122"
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heading"Underlying earnings before tax, tax, affiliates, minority interests & other, and underlying earnings"
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content"<div style="overflow-x:auto"> {| id="t45" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Underlying Earnings before tax | style="text-align:right" | 8,040 | style="text-align:right" | +681 |- | style="text-align:left" | Tax | style="text-align:right" | -2,060 | style="text-align:right" | -169 |- | style="text-align:left" | Affiliates, Minority interests &amp; Other | style="text-align:right" | -108 | style="text-align:right" | -10 |- | style="text-align:left" | Underlying Earnings | style="text-align:right" | 5,872 | style="text-align:right" | +501 |- | style="text-align:left" | Growth vs. FY24 (at constant FX) | style="text-align:right" | | style="text-align:right" | +9% |} </div> {{fn note|1=1|2=Reinvestment yield on fixed income assets.}} {{fn note|1=2|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.}} === L&H – Margin Analysis ==="
id"snjra2xp9r-c123"
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heading"Scope impact"
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content"* Includes scope impact. ==== Technical Result ===="
id"snjra2xp9r-c124"
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heading"Pre-tax technical result"
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content"* Pre-tax technical result in EUR million."
id"snjra2xp9r-c125"
chunk125
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heading"Short-term Technical Margin, Gross Earned Premiums, All Year Combined Ratio by FY25"
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content"<div style="overflow-x:auto"> {| id="t46" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Short-term Technical Margin | style="text-align:right" | 479 | style="text-align:right" | +60 |- | style="text-align:left" | Gross Earned Premiums | style="text-align:right" | 17,416 | style="text-align:right" | +10% |- | style="text-align:left" | All Year Combined Ratio | style="text-align:right" | 97.2% | style="text-align:right" | -0.1pts |} </div>"
id"snjra2xp9r-c126"
chunk126
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heading"Technical Result Adjustments"
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content"* Includes the recapture of Laya."
id"snjra2xp9r-c127"
chunk127
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heading"Long-term Technical Margin"
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content"<div style="overflow-x:auto"> {| id="t47" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Long-term Technical Margin | style="text-align:right" | 2,804 | style="text-align:right" | +156 |- | style="text-align:left" | CSM release | style="text-align:right" | 2,954 | style="text-align:right" | +215 |- | style="text-align:left" | Technical experience | style="text-align:right" | -150 | style="text-align:right" | -58 |} </div> ==== Financial Result ===="
id"snjra2xp9r-c128"
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heading"Pre-tax results"
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content"* All figures are in EUR million, pre-tax."
id"snjra2xp9r-c129"
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heading"Investment income (non-VFA only)"
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content"<div style="overflow-x:auto"> {| id="t48" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Investment Income (non-VFA only) | style="text-align:right" | 2,484 | style="text-align:right" | -1 |- | style="text-align:left" | FY25 Average Assets | style="text-align:right" | €98bn | style="text-align:right" | |- | style="text-align:left" | Asset book yield | style="text-align:right" | 2.5% | style="text-align:right" | |- | style="text-align:left" | FY25 Reinvestment yield{{fn ref|1}} | style="text-align:right" | 3.8% | style="text-align:right" | |} </div>"
id"snjra2xp9r-c130"
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heading"Insurance Finance Expenses (non-VFA only)"
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content"<div style="overflow-x:auto"> {| id="t49" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Insurance Finance Expenses (non-VFA only) | style="text-align:right" | -1,538 | style="text-align:right" | -9 |- | style="text-align:left" | FY24 Reserves at locked-in rate | style="text-align:right" | €62bn | style="text-align:right" | |- | style="text-align:left" | Liability book yield | style="text-align:right" | 2.5% | style="text-align:right" | |} </div>"
id"snjra2xp9r-c131"
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heading"Financial Result"
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content"<div style="overflow-x:auto"> {| id="t50" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | FY25 ! class="col-s" style="text-align:right" | Change |- | style="text-align:left" | Underlying Earnings before tax | style="text-align:right" | 4,229 | style="text-align:right" | +205 |- | style="text-align:left" | Tax | style="text-align:right" | -800 | style="text-align:right" | 65 |- | style="text-align:left" | Affiliates, Minority interests &amp; Other | style="text-align:right" | 72 | style="text-align:right" | -51 |- | style="text-align:left" | Underlying Earnings | style="text-align:right" | 3,501 | style="text-align:right" | +219 |- | style="text-align:left" | Growth vs. FY24 (at constant FX) | style="text-align:right" | | style="text-align:right" | +7% |} </div> ==== Life &amp; Health FY25 CSM Key Sensitivities ===="
id"snjra2xp9r-c132"
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heading"CSM sensitivity to economic factors"
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content"* CSM sensitivity to a 100 bps increase in interest rates is -EUR 0.2bn. * CSM sensitivity to a 100 bps decrease in interest rates is +EUR 0.2bn. * CSM sensitivity to a 10% increase in equity markets is +EUR 0.1bn. * CSM sensitivity to a 10% decrease in equity markets is -EUR 0.1bn. * CSM sensitivity to a 10% increase in real estate markets is +EUR 0.1bn. * CSM sensitivity to a 10% decrease in real estate markets is -EUR 0.1bn. * CSM sensitivity to a 10% increase in credit spreads is -EUR 0.1bn. * CSM sensitivity to a 10% decrease in credit spreads is +EUR 0.1bn. * CSM sensitivity to a 10% increase in [[Definition:Foreign exchange|FX]] rates (USD/EUR) is +EUR 0.1bn. * CSM sensitivity to a 10% decrease in FX rates (USD/EUR) is -EUR 0.1bn. * CSM sensitivity to a 10% increase in FX rates (GBP/EUR) is +EUR 0.1bn. * CSM sensitivity to a 10% decrease in FX rates (GBP/EUR) is -EUR 0.1bn."
id"snjra2xp9r-c133"
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heading"Life &amp; Health FY25 CSM Key Sensitivities"
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content"<div style="overflow-x:auto"> {| id="t51" class="wikitable fintable" |- ! style="text-align:left" | ! class="col-s" style="text-align:right" | |- | style="text-align:left" | Baseline | style="text-align:right" | 33.3 |- | style="text-align:left" | Interest rates +50bps | style="text-align:right" | -0.8 |- | style="text-align:left" | Interest rates -50bps | style="text-align:right" | 0.6 |- | style="text-align:left" | Sovereign spreads +50bps | style="text-align:right" | -1.9 |- | style="text-align:left" | Sovereign spreads -50bps | style="text-align:right" | 1.9 |- | style="text-align:left" | Corporate spread +50bps | style="text-align:right" | -0.8 |- | style="text-align:left" | Corporate spread -50bps | style="text-align:right" | 0.7 |- | style="text-align:left" | Equities +25% | style="text-align:right" | 1.8 |- | style="text-align:left" | Equities -25% | style="text-align:right" | -2.2 |} </div> {{fn note|1=1|2=Reinvestment yield on fixed income assets.}}"
id"snjra2xp9r-c134"
chunk134
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43
heading"CSM key sensitivities"
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"Full year 2024"
"Foreign exchange"
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"Foreign exchange"
"Full year 2024"
content"* Changes versus [[Definition:Full year 2024|FY24]] are at constant [[Definition:Foreign exchange|FX]]. === Contents ==="
id"snjra2xp9r-c135"
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44
heading"Additional disclosures"
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content"* Additional disclosures include: Debt and Invested Assets on p.31; Additional P&C disclosures on p.36; Additional IFRS17 disclosures on p.41. === Expanding AXA's role in society: AXA for Progress Index === ==== As a GLOBAL INVESTOR ===="
id"snjra2xp9r-c136"
chunk136
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45
heading"Climate and community financing targets and results"
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content"* Target for climate transition financing: EUR 5bn per year. * Target for community resilience financing: >EUR 500m per year. * 2025 Result for climate transition financing: EUR 6.4bn. * 2025 Result for community resilience financing: EUR 1.4bn. ==== As a GLOBAL INSURER ===="
id"snjra2xp9r-c137"
chunk137
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45
heading"P&C GWP and climate adaptation targets"
tags
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"Gross written premiums"
"Year 2026"
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"Gross written premiums"
"Year 2026"
content"* Target for P&C [[Definition:Gross written premiums|GWP]] to support transition underwriting is EUR 6bn (cumulative 2024-[[Definition:Year 2026|2026]]). * Target for climate adaptation solutions & services is >20,000 (cumulative 2024-2026), with this target revised in 2025. * Target for inclusive insurance customers is >20m by 2026. * 2025 Result for P&C GWP is EUR 4.6bn. * 2025 Result for cumulative climate adaptation solutions & services (2024-2025) is 19,698. * 2025 Result for inclusive insurance customers is 20.6m. ==== As a COMPANY ===="
id"snjra2xp9r-c138"
chunk138
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45
heading"ESG targets and results"
tags
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"Year 2026"
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"Year 2026"
content"* Target: >80,000 AXA Group employees trained on climate adaptation by [[Definition:Year 2026|2026]] * 2025 Result: 46,420 employees trained * Target: Contribute to Net-Zero -50% by 2030 in absolute carbon emissions and offset of residual emissions * 2025 Result: -64% reduction against 2019 * Target: 50% of AXA Group employees engaged in volunteering activities by 2026 * 2025 Result: 56% of employees engaged"
id"snjra2xp9r-c139"
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45
heading"As a COMPANY"
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content"{{fn note|1=1|2=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.}} {{fn note|1=2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} {{fn note|1=3|2=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.}} {{fn note|1=4|2=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 &gt;9,000 to &gt;20,000.}} {{fn note|1=5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} {{fn note|1=6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} {{fn note|1=7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} {{fn note|1=8|2=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 ==="
id"snjra2xp9r-c140"
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46
heading"Sustainability ratings"
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content"* S&P Global: 97th percentile in Dow Jones Best-in-Class Europe & World indices for 2025. * MSCI: AAA score for 2025. * CDP: B score for 2025. * MORNINGSTAR SUSTAINALYTICS: ESG Risk Rating of 17.0 (Low risk) for 2025. * FTSE RUSSELL An LSEG Business: 4.3/5 score in FTSE4Good Index Series for 2025."
id"snjra2xp9r-c141"
chunk141
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heading"Sustainability Performance & Ratings"
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content"{{fn note|1=1|2=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 ==="
id"snjra2xp9r-c142"
chunk142
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47
heading"Scope definitions"
tags
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"Underlying earnings"
"AXA Investment Managers"
data_items
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"AXA Investment Managers"
"Underlying earnings"
content"* 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). * AXA XL: includes insurance and reinsurance activities and holding. * Asia, Africa & EME-LATAM: ** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings (fully consolidated). ** Asia (equity method): 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, contributing only to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income. ** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) (fully consolidated). ** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated). ** EME-LATAM (equity method): Russia (Reso) (insurance activities), contributing only to net income. ** Other: AXA Mediterranean Holdings. * Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings. * [[Definition:AXA Investment Managers|AXA Investment Managers]] (until July 1, 2025): includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (equity method)."
id"snjra2xp9r-c143"
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heading"Accounting standards"
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content"* All comparative figures from 2023 onwards are under IFRS17/9 accounting standards, effective January 1, 2023. * Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4. === Glossary ==="
id"snjra2xp9r-c144"
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48
heading"Glossary of terms"
tags
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"Gross written premiums"
"Other revenue"
"Gross written premiums & other revenues"
"Underlying earnings"
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"Gross written premiums"
"Gross written premiums & other revenues"
"Other revenue"
"Underlying earnings"
content"* 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. * [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums & 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. * 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 the impacts on the [[Definition:Underlying earnings|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. === Thank you ==="
id"snjra2xp9r-c145"
chunk145
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49
heading"FY 2025 earnings"
tags
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"Full year 2025"
data_items
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"Full year 2025"
content"* [[Definition:Full year 2025|Full Year 2025]] Earnings"
title"AXA/2025/FY/Earnings presentation"
source_url"https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf"
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