AXA Group full year 2025 earnings press release/Capital management and outlook
Section 1: Capital management
Dividend: A dividend of Euro 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026. The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.
Annual share buyback: AXA's Board of Directors approved, on February 25, 2026, the launch of an annual share buyback program for up to Euro 1.25 billion, to be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization. AXA intends to cancel all shares repurchased pursuant to this share buyback program. The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and it is expected to be completed by year-end.
AXA IM anti-dilutive share buyback: Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026.
{{safesubst:#invoke:Check for unknown parameters|check|unknown=|preview=Page using Template:Center with unknown parameter "_VALUE_"|ignoreblank=y| 1 | style }}
Section 2: Outlook
Entering the final year of its 2024-2026 "Unlock the Future" plan, AXA is confident in its ability to achieve its main financial targets, underpinned by (i) profitable organic growth, (ii) scaling technical capabilities across its businesses, and (iii) driving operational efficiency across the organization through reinforced cost management.
P&C outlook: In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects to continue benefiting from the earn-through of higher pricing and underwriting actions. At AXA XL, pricing conditions vary by line; the Group will continue to ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital. The Group guidance for normalized natural catastrophe load remains at ca. 4.5 points of combined ratio for 2026.
Life & Health outlook: Earnings growth is expected to be driven by the short-term business reflecting disciplined pricing and claims management initiatives. The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should continue to generate positive net flows that are expected to drive CSM growth over time.
Holdings outlook: Results in Holdings in 2026 are expected to remain at a similar level as in 2025.
Considering the strong overall operating performance delivered in 2025, and assuming current operating conditions persist, Management believes that AXA is on track to deliver the main financial targets of AXA's "Unlock the Future" plan:
| Target | Guidance |
|---|---|
| Underlying earnings per share growth | Upper end of 6-8% CAGR target range for both the plan period 2023-2026E and for 2026 |
| Underlying return on equity | Between 14% and 16% between 2024 and 2026E |
| Cumulative organic cash upstream | In excess of Euro 21 billion for 2024-2026E |
The Group is committed to its capital management policy, targeting a total payout ratio of 75%, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks. The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.
Expected impact of Solvency II revision: +17 points to current Solvency II ratio, to come into effect in the first quarter of 2027.
New strategic plan: AXA to present its new strategic plan for 2027-2029 on September 21, 2026.