AXA Group full year 2025 earnings press release/Life and health
Gross written premiums and other revenues were up 8% to Euro 56.5 billion.
Life grew by 9% to Euro 37.5 billion, mainly from:
- Unit-Linked (+13%) driven by successful sales initiatives across all geographies.
- G/A (+4%) notably in France (+4%) as well as from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong.
- Protection (+11%), notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland.
Health grew by 5% to Euro 19.0 billion, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes.
| L&H GWP (EUR bn) | FY24 | FY25 | Chg (comp.) |
|---|---|---|---|
| Total Life & Health | 52.0 | 56.5 | +8% |
| — Life | 34.5 | 37.5 | +9% |
| — Health | 17.5 | 19.0 | +5% |
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Section 2: Life & Health GWP by geography and business line
| Geography (EUR mn) | Total FY25 | Chg | Protection | G/A Savings | Unit-Linked | Health | Short-term | ST Chg |
|---|---|---|---|---|---|---|---|---|
| France | 20,852 | +5% | 4,650 | 5,483 | 5,109 | 5,611 | — | — |
| Europe | 21,748 | +8% | 5,090 | 4,444 | 3,419 | 8,795 | — | — |
| AXA XL | 118 | -8% | 59 | 59 | — | — | — | — |
| Asia, Africa & EME-LATAM | 13,668 | +13% | 7,454 | 971 | 761 | 4,483 | — | — |
| Transversal | 126 | -8% | — | — | — | 126 | — | — |
| Total | 56,512 | +8% | 17,253 | 10,957 | 9,289 | 19,014 | 17,651 | +6% |
Note: Growth rates are on a comparable basis (constant forex, scope and methodology). Short-term business refers to insurance activities measured using the Premium Allocation Approach (PAA), including Life Pure Protection and Health. The short-term total of Euro 17,651 million breaks down into short-term Health (Euro 13,314 million, +6%) and short-term Protection (Euro 4,337 million, +6%).
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Section 3: New business metrics
| Metric | FY24 | FY25 | Chg |
|---|---|---|---|
| PVEP (EUR bn) | 50.9 | 49.4 | -2% |
| NB CSM (EUR bn) | 2.2 | 2.2 | +3% |
| NBV post-tax (EUR bn) | 2.3 | 2.2 | 0% |
| NBV margin | 4.4% | 4.5% | +0.1 pt |
| Net flows (EUR bn) | +1.5 | +5.4 | — |
PVEP decreased by 2% to Euro 49.4 billion driven by:
- Life (+1%), from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums.
- Health (-12%), mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions.
NB CSM increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.
NBV (post-tax) was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.
NBV margin (post-tax) increased by 0.1 point to 4.5%.
Net flows were Euro +5.4 billion compared to Euro +1.5 billion in 2024, driven by:
- Protection (Euro +4.9 billion), mainly in Hong Kong, Japan, and France.
- Health (Euro +2.7 billion), mainly in Germany, Japan, and France.
- Unit-Linked (Euro +1.5 billion), primarily in France.
- Partly offset by G/A Savings (Euro -3.7 billion), as inflows in G/A capital-light (Euro +1.2 billion) were more than offset by outflows in traditional G/A Savings (Euro -5.0 billion).
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Section 4: New business metrics by geography
| Geography | Life PVEP | Chg | Life NBV | Margin | Health PVEP | Chg | Health NBV | Margin | Total NBV | Total Margin |
|---|---|---|---|---|---|---|---|---|---|---|
| France | 14,971 | -4% | 519 | 3.5% | 7,887 | -20% | 177 | 2.2% | 695 | 3.0% |
| Europe | 10,102 | +3% | 474 | 4.7% | 2,549 | +16% | 104 | 4.1% | 578 | 4.6% |
| Asia, Africa & EME-LATAM | 12,029 | +7% | 754 | 6.3% | 1,817 | -6% | 205 | 11.3% | 959 | 6.9% |
| Total | 37,103 | +1% | 1,747 | 4.7% | 12,254 | -12% | 486 | 4.0% | 2,233 | 4.5% |
Note: All amounts in Euro million except margins. Changes are on a comparable basis. Life & Health PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities. Including P&C.
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Section 5: Life & Health underlying earnings
Life & Health underlying earnings increased by 7% to Euro 3.5 billion, driven by:
- Long-term technical result (Euro +0.2 billion) driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business.
- Short-term technical result (Euro +0.1 billion) driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (Euro -0.1 billion).
- Lower income taxes (Euro +0.1 billion) reflecting favorable tax effects mainly in Germany, France and Mexico.
- Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders.
| Metric (EUR mn) | FY24 | FY25 | Chg (CC) |
|---|---|---|---|
| L&H underlying earnings | 3,323 | 3,501 | +7% |
| — Life | 2,636 | 2,715 | +4% |
| — Health | 687 | 787 | +17% |
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Section 6: Holdings
Holdings underlying earnings (including banking activities) remained broadly stable at Euro -1.2 billion.