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AXA Group full year 2025 earnings press release/Scope exchange rates and notes

< AXA Group full year 2025 earnings press release

Section 1: Scope

France: Includes insurance activities, banking activities and holding.

Europe: Includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities). AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.

AXA XL: Includes insurance and reinsurance activities and holding.

Asia, Africa & EME-LATAM: Includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and 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 which are consolidated under the equity method; (ii) Africa: Egypt, Morocco and Nigeria (insurance activities and holding) which are fully consolidated; (iii) EME-LATAM: Mexico, Colombia, Brazil and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) which is consolidated under the equity method; (iv) AXA Mediterranean Holdings.

Transversal & Other: Includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity) and other Central Holdings.

AXA Investment Managers: Includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method. Disposal to BNP Paribas completed on July 1, 2025.

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Section 2: Exchange rates

AXA Group — EUR Exchange Rates (End of Period and Average), FY24 vs FY25
For 1 Euro FY24 EoP FY25 EoP FY24 Avg FY25 Avg
USD 1.04 1.17 1.08 1.13
CHF 0.94 0.93 0.95 0.94
GBP 0.83 0.87 0.85 0.86
JPY 163 184 164 169
HKD 8.04 9.14 8.44 8.82
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Section 3: Footnotes

  1. Change in gross written premiums & other revenues, new business value ("NBV") and present value of expected premiums ("PVEP") is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ("CSM") and new business contractual service margin ("NB CSM"), are defined in the glossary section of this press release.
  2. "Underlying earnings", "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 such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report"), on the pages indicated under the heading "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES". AXA's 2025 Activity Report is available on AXA's website (www.axa.com).
  3. AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.
  4. On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.
  5. The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.
  6. Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II.
  7. Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.
  8. As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.
  9. Expected underlying earnings per share ("UEPS") growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements.
  10. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.
  11. "Commercial lines" refers to P&C Commercial lines excluding AXA XL Reinsurance.
  12. Price effects are calculated as a percentage of total gross written premiums of the prior year.
  13. General account.
  14. Including banking activities.
  15. Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities are expressly qualified by the cautionary statements concerning forward-looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.
  16. Including cash and liquid invested assets at AXA SA Holding and other central holdings.
  17. To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.
  18. Natural catastrophe charges include natural catastrophe losses regardless of event size.
  19. Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.
  20. Payout ratio is calculated based on underlying earnings per share.
  21. Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.
  22. Restricted Tier 1: "BBB+" by Standard & Poor's and "Baa1(hyb)" by Moody's. Tier 2: "A-/Stable" by Standard & Poor's and "A2(hyb)/Stable" by Moody's.
  23. AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.
  24. Disposal to BNP Paribas completed on July 1, 2025.

Note: All comments and changes are on a comparable basis for activity indicators (constant forex, scope and methodology). Actuarial and financial assumptions used for the calculation of NBV and PVEP are updated on a semi-annual basis at half year and full year. 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 procedure by AXA's statutory auditors.

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Section 4: About the AXA Group

The AXA Group is a worldwide leader in insurance, with 156,000 employees serving more than 92 million clients in 52 countries. In 2025, IFRS 17 revenues amounted to Euro 115.5 billion and IFRS 17 underlying earnings to Euro 8.4 billion. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 — Bloomberg: CS FP — Reuters: AXAF.PA). AXA's American Depositary Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4Good. It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

Contact information:

  • Investor Relations: +33.1.40.75.48.42
  • Individual Shareholder Relations: +33.1.40.75.48.43
  • Media Relations: +33.1.40.75.46.74
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Section 5: Legal disclaimers

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. In particular, the statements in this press release regarding expected underlying earnings per share ("UEPS") growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group's current strategic plan. These statements and the others contained in the "Outlook" section of this press release are based on Management's current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA's control. Please refer to Part 5 — "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024, for a description of certain important factors, risks and uncertainties that may affect AXA's business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements.

In addition, this press release refers to certain non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management in analyzing AXA's operating trends, financial performance and financial position. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS. "Underlying earnings", UEPS, "underlying 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.

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