AXA Group full year 2025 earnings press release/Key highlights
Section 1: CEO statement
Paris, February 26, 2026 (6:45 am CET)
Full Year 2025 Earnings: AXA reports record results with underlying EPS growth at the top end of the target range.
Thomas Buberl, Chief Executive Officer of AXA, stated:
"In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence."
"Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins. In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level."
"These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA's ability to generate sustainable, long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust."
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Section 2: Key FY25 figures
| Metric | FY24 | FY25 | Change (reported) | Change (comparable / constant FX) |
|---|---|---|---|---|
| Gross written premiums and other revenues (Euro million) | 110,316 | 115,524 | +5% | +6% |
| — of which Property & Casualty | 56,514 | 58,038 | +3% | +5% |
| — of which Life & Health | 51,983 | 56,512 | +9% | +8% |
| — of which Asset Management | 1,701 | 875 | n.m. | n.m. |
| Underlying earnings (Euro million) | 8,078 | 8,368 | +4% | +6% |
| Net income (Euro million) | 7,886 | 9,797 | +24% | +26% |
| Solvency II ratio (%) | 216% | 224% | +9 pts | n.m. |
Key bullet points:
- Gross written premiums and other revenues at Euro 116 billion, up +6% vs. FY24.
- Underlying earnings at Euro 8.4 billion, up 6% vs. FY24, up 9% excluding AXA IM.
- Underlying earnings per share at Euro 3.86, up +8% vs. FY24, including -2% headwind from foreign exchange movements and -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback.
- Solvency II ratio at 224% at December 31, 2025, up +9 points vs. FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period.
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Section 3: Activity indicators
Total gross written premiums and other revenues were up 6%, driven by:
Property & Casualty (+5%): Growth in (i) Commercial lines (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at (iii) AXA XL Reinsurance (+8%), with growth supported by alternative capital.
Life & Health (+8%): With (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A (+4%) from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven by price effects in all geographies.
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Section 4: Earnings overview
Underlying earnings increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM, driven by:
- Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income.
- Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of the strategy to rejuvenate the business.
- Holdings underlying earnings remained broadly stable at Euro -1.2 billion.
- As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by Euro 0.2 billion.
Underlying earnings per share increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM, partially offset by (iii) unfavorable foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%). The sale of AXA IM resulted in a temporary dilution of underlying earnings per share due to the timing of the associated share buyback (-1%).
Net income increased by 26% to Euro 9.8 billion, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM.
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Section 5: Balance sheet
Shareholders' equity was Euro 47.2 billion as of December 31, 2025, down by Euro 2.8 billion versus December 31, 2024, as (i) the positive contribution from net income (Euro +9.8 billion) and net OCI (Euro +1.3 billion) were more than offset by (ii) the FY24 dividend paid to shareholders (Euro -4.6 billion), (iii) the impact of share buybacks executed in 2025 (Euro -4.7 billion) including the Euro 3.5 billion anti-dilutive share buyback related to the sale of AXA IM, and (iv) an unfavorable foreign exchange impact (Euro -3.5 billion), notably due to the depreciation of the U.S. dollar.
Contractual service margin (CSM)
CSM was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024. New business contribution (Euro +2.2 billion), combined with underlying return on in-force (Euro +1.3 billion), more than offset CSM release (Euro -3.0 billion), resulting in +2% normalized growth in CSM. Market conditions had a favorable impact, mainly driven by the tightening of government spreads and positive equity market performance (Euro +0.6 billion). This was more than offset by unfavorable foreign exchange impacts (Euro -1.5 billion), mainly from the depreciation of Japanese yen and the Hong Kong dollar, as well as a negative operating variance (Euro -0.3 billion) as better margins and net flows were more than offset by a reduction in the duration of Group Life business in Switzerland.
Solvency II ratio
Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024, with (i) a strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points), (ii) the positive impact from net subordinated debt issuance (+6 points), and (iii) favorable impacts from financial markets (+4 points), which were partly offset by (iv) the net impact of the acquisitions of Nobis and Prima, and the disposal of AXA IM including the associated Euro 3.8 billion share buyback (-5 points).
As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ("grandfathered debt") no longer qualified as eligible own funds. The impact of this change results in a -10 point decrease in the Solvency II ratio to 215% on January 1, 2026. In addition, the Group currently estimates that the Solvency II revision, to come into effect in the first quarter of 2027, would result in an increase of +17 points to the current Solvency II ratio.
Underlying return on equity, debt gearing and cash
Underlying return on equity was at 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024, notably from higher underlying earnings and lower shareholders' equity.
Debt gearing was at 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024, driven by both lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (Euro 3.5 billion) partly offset by redemption of outstanding grandfathered Tier 1 debt (Euro -1.9 billion). The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.
Cash at Holding amounted to Euro 5.6 billion as of December 31, 2025, up Euro 1.6 billion versus December 31, 2024, reflecting organic cash remittance from subsidiaries of Euro 7.5 billion, up Euro 0.4 billion versus December 31, 2024.