Slide 1: Full Year 2025 Earnings Presentation
Full Year 2025 Earnings Presentation February 26, 2026
Slide 2: Important Legal Information and Cautionary Statements
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, tr
Slide 3: Table of contents
Table of contents 1. FY25 Highlights p.04 Thomas Buberl, Group CEO 2. FY25 Business Performance p.09 Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology 3. FY25 Financial Performance p.13 Alban de Mailly Nesle, Group CFO 3 Full Year 2025 Earnings GIE_AXA_Internal
Slide 4: FY25 Highlights
1 FY25 Highlights Thomas Buberl, Group CEO
Slide 5: Full Year 2025 | Excellent performance
Full Year 2025 | Excellent performance +6% +8% Revenues Underlying EPS vs. FY24 vs. FY24 Delivering value for shareholders +8% DPS1 growth and €1.25bn annual share buy back2 16% 224% ROE Solvency II ratio FY25 FY25 Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for
Slide 6: Executing the plan on growth, margin and efficiency
Executing the plan on growth, margin and efficiency Underlying earnings In Euro billion High organic +6% top line growth, well balanced across growth lines (P&C: +5%, Life: +9%, Health: +5%) +9% excluding +6% AXA IM 8.4 Record Further margin expansion profitability in P&C and L&H; improvement in eff
Slide 7: Diversified franchise, well positioned in an attractive industry
Diversified franchise, well positioned in an attractive industry Secular trends fueling demand across businesses Retail (17%) Life (33%) SME Protection gaps and & Mid- Demographics driving demand for emerging corporate risks market private retirement and healthcare (16%) Large & Health Specialty (17
Slide 8: Laying the foundation for the next plan
Laying the foundation for the next plan Clear Driving Enhancing Building tech and AI efficiency capital allocation resilience roadmap discipline Confidence in sustaining earnings growth 8 Full Year 2025 Earnings GIE_AXA_Internal
Slide 9: FY25 Business Performance
2 FY25 Business Performance Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk, and Technology
Slide 10: Strong delivery across our businesses
Strong delivery across our businesses Gross written Underlying premiums earnings France +6% +7% (27% of total GWP1) to €31bn to €2.2bn Europe +6% +9% (38% of total GWP1) to €43bn to €3.5bn AXA XL +4% +9% (17% of total GWP1) to €19bn to €1.9bn Asia, Africa & EME-LATAM +13% +6% (18% of total GWP1) to
Slide 11: P&C | Strong margins, confidence in sustaining growth
P&C | Strong margins, confidence in sustaining growth 2025 Beyond 2025 Investing to improve Retail and Growing volumes while customer retention & Retail SME & Mid-market expanding margins expanding distribution SME & footprint Mid- market €58bn GWP Capitalizing on attractive AXA XL Profitable growth
Slide 12: L&H | Good momentum, well positioned to capture growth opportunities
L&H| Good momentum, well positioned to capture growth opportunities 2025 Beyond 2025 Capturing savings & retirement opportunity, Long-term Accelerating net flows in sourcing best asset Short- business Savings at attractive margins term management products for €57bn Long- our customers term GWP Capit
Slide 13: FY25 Financial Performance
3 FY25 Financial Performance Alban de Mailly Nesle Group CFO
Slide 14: P&C | Continued disciplined growth
P&C | Continued disciplined growth In Euro billion GWP & Other Revenues +5% o/w o/w 58.0 Change 56.5 pricing1 volume2 ▶ Continued pricing momentum and volume growth in Commercial lines 35.8 +4% +2% +2% Mid-market and SME ▶ Growing in lines of business with attractive margins while remaining focused
Slide 15: P&C | Delivering further margin expansion while enhancing reserve prudence
P&C | Delivering further margin expansion while enhancing reserve prudence Combined ratio 91.0% 90.6% Undiscounted CY 67.4% ▶ Better undiscounted current year loss ratio excluding Nat Cat from: loss ratio (ex Nat Cat) 67.0% o Margin expansion in Commercial lines SME & mid-market business and Persona
Slide 16: P&C | Earnings growth from higher underwriting and financial result
P&C | Earnings growth from higher underwriting and financial result In Euro million Underlying Earnings +9% +435 -235 -169 5,872 5,510 +189 -150 ▶ Better underwriting result from strong volume growth +292 and improved all-year combined ratio while enhancing Financial result reserve prudence Underwri
Slide 17: Life & Health | Strong growth in premiums, positive net flows
Life & Health | Strong growth in premiums, positive net flows In Euro billion Life GWP Health GWP Net flows: €+5.4bn & Other Revenues & Other Revenues vs. €+1.5bn in FY24 +9% +5% 37.5 19.0 34.5 17.5 Protection +4.9 Protection +11% 17.3 10.5 +2.7 Individual +6% Health Unit-Linked +1.5 Unit-linked +13
Slide 18: Life & Health | Strong volume growth in Savings and Protection
Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting In Euro billion PVEP +3% 2.2 2.2 -2% 50.9 49.4 NB CSM (pre-tax) ▶ PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes FY24 FY25 Protection ▶ NB
Slide 19: Life & Health | Growth in new business driving Normalized CSM growth
Life & Health | Growth in new business driving Normalized CSM growth In Euro billion Contractual Service Margin rollforward +1.3 -3.0 +2.2 +0.6 -0.3 33.6 -1.4 33.0 ▶ Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM Normalized CSM growth +2% growth impa
Slide 20: Life & Health | Strong momentum in both short-term and long-term business
Life & Health | Strong momentum in both short-term and long-term business In Euro million Underlying Earnings +7% +60 +156 3,501 3,323 415 -11 -27 479 Short-term technical margin ▶ Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of l
Slide 21: Growth in net income reflecting higher earnings & the gain from the sale of AXA IM
Growth in net income reflecting higher earnings & the gain from the sale of AXA IM In Euro billion FY24 FY25 Change Underlying earnings per share Property & Casualty 5.5 5.9 +9% In Euro Life & Health 3.3 3.5 +7% +8% Asset Management 0.4 0.2 -57% 3.86 Holdings & other -1.2 -1.2 - 3.59 Underlying earn
Slide 22: Shareholders' Equity
Shareholders’ Equity In Euro billion Shareholders’ equity1 FY24 to HY25 to FY25 FY25 49.9 Opening Shareholders' equity 49.9 45.5 45.5 47.2 Change in Net OCI 1.3 0.4 Net income for the period 9.8 5.9 SHE (excl. OCI) 58.0 52.7 54.0 Dividend -4.6 - Annual share buyback -1.2 - Anti-dilutive share buybac
Slide 23: Higher organic cash remittance and robust cash position at Holding
Higher organic cash remittance and robust cash position at Holding In Euro billion Net Cash Remittance FY24 Cash position 4.0 7.7 7.5 Net cash remittance from subsidiaries +7.5 Proceeds related to 0.6 in-force treaties2 Dividend -4.6 Annual share buyback -1.2 7.1 Anti-dilutive share buyback followin
Slide 24: Solvency II at 224%
Solvency II at 224% In Euro billion Key sensitivities +8.8 Foreseeable dividends: €-4.8bn Provision for annual share -0.4 buyback for 2026: €-1.25bn -2.1 Ratio as of December 31, 2025 224% 55.9 +0.2 56.4 Interest rate +50bps +2 pts -6.0 -0.1 Eligible Own Interest rate -50bps -1 pt Funds (EOF) Corpor
Slide 25: Solvency II – impact of the end of grandfathering period and Solvency II revision
Solvency II – impact of the end of grandfathering period and Solvency II revision Ratio as of 31/12/2025 224% Impact of the end of grandfathering -10pts ▶ Euro 2.4 billion grandfathered debt no longer period on January 1, 2026 to 215% eligible as capital from January 1, 2026 Impact of Solvency II ▶
Slide 26: Conclusion
Conclusion Thomas Buberl, Group CEO
Slide 27: Conclusion
Conclusion Record results, at the top end of the target range while enhancing reserve prudence All businesses in excellent shape, delivering strong growth and profitability Diversified franchise, well-positioned to capture future growth opportunities Laying foundations for the next plan and confiden
Slide 28: Q&A
Q&A Full Year 2025 Earnings February 26, 2026
Slide 29: AXA Investor Relations | Keep in touch
AXA Investor Relations | Keep in touch Meet our management Contact us Investor Relations +33 1 40 75 48 42 investor.relations@axa.com March Roadshows Europe and US May 5 1Q25 Activity Indicators Paris Follow us www.axa.com June 2 BNP Paribas Exane CEO Conference Paris Goldman Sachs European Financia
Slide 30: Appendices
Appendices GIE_AXA_Confidential
Slide 31: Table of contents
Table of contents 1. Debt and Invested Assets p.31 2. Additional P&C disclosures p.36 3. Additional IFRS17 disclosures p.41 4. Sustainability p.44 GIE_AXA_Confidential
Slide 32: Gross financial debt and maturity breakdown as of December 31, 2025
Gross financial debt and maturity breakdown as of December 31st, 2025 In Euro billion Gross financial debt1,2 Contractual maturity breakdown 0.5 Senior debt Tier 2 Debt 20.6% 22.3% Tier 1 gearing 10.8 0.7 4.6 20.3 20.3 0.9 19.2 0.5 0.7 1.5 4.6 3.2 2025 2026 2027 2028 2029 2030 2031-2039 ≥2040 Undate
Slide 33: General Account Invested Assets
General Account Invested Assets Invested assets (100%) FY25 % In Euro billion Fixed income 345 77% FY25 Total General Account o/w Government bonds 167 37% invested assets Duration gap at -0.4 year o/w Corporate bonds and loans 121 27% o/w Other fixed income 1 56 13% Real estate 41 9% Infrastructure
Slide 34: Structured and Private Credit assets
Structured and Private Credit assets Invested assets (100%) % of total G/A1 FY25 Comments In Euro billion portfolio - €6bn Dutch mortgages, NHG guaranteed Residential Mortgages 16 4% - €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) CLO & ABS 25 6% - 91% senior CLOs wi
Slide 35: Investment portfolio | Fixed Income reinvestment
Investment portfolio | Fixed Income reinvestment FY25 Fixed Income Reinvestment FY25 Fixed Income Reinvestment Yield 4.7% 3.5% 3.9% Euro 57 billion Public fixed Private & Total fixed income1 Structured income fixed income2 ▶ Euro 57 billion fixed income invested at 3.9% Government bonds & related (3
Slide 36: Table of contents
Table of contents 1. Debt and Invested Assets p.31 2. Additional P&C disclosures p.36 3. Additional IFRS17 disclosures p.41 4. Sustainability p.44 GIE_AXA_Confidential
Slide 37: AXA XL Insurance | Large Commercial & Specialty business
AXA XL Insurance | Large Commercial & Specialty business Well diversified across Leading market positions Managing the cycle to deliver lines of business and geographies across lines consistent profitability Profitability $19bn Casualty (35%) Property Property (29%) FY25 GWP Specialty (19%) Top 3 gl
Slide 38: P&C | Focus on Reserves
P&C | Focus on Reserves Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) 179% 185% 193% 188% 189% 198% 195% 180% 175% FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 FY25 IFRS4 IFRS17 Technical reserves ratio (Net undiscounted technical reserves1/Net earned premiums) 213% 227% 23
Slide 39: P&C | 2026 Simplified Group Nat Cat Reinsurance Program
P&C | 2026 Simplified Group Nat Cat Reinsurance Program1 In Euro Insurance segment Reinsurance (occurrence protection) segment (illustrative) Capacity 4.0bn 3.9bn Alternative 1.2bn 1.2bn Capital & 2.1bn 2.1bn 1.2bn 1.2bn Cat Bonds Retention 600m 450m 400m 600m2 600m2 400m EU Europe Europe NA NA Per
Slide 40: P&C | AXA Group earnings deviation with different levels of Nat Cat cost in 2026
P&C | AXA Group earnings deviation with different levels of Nat Cat cost1 in 2026 In Euro billion (net of reinsurance) Group underlying earnings deviation to average Nat Cat charges in 2026 Average Expected Nat Cat charges net of reinsurance, post-tax net of reinsurance, pre-tax More severe years Ne
Slide 41: Table of contents
Table of contents 1. Debt and Invested Assets p.31 2. Additional P&C disclosures p.36 3. Additional IFRS17 disclosures p.41 4. Sustainability p.44 GIE_AXA_Secret
Slide 42: P&C | Margin Analysis
P&C | Margin Analysis Technical Result Financial Result In Euro million (pre-tax) In Euro million (pre-tax) FY25 Change FY25 Change Current Accident Year Undiscounted Technical Margin 2,778 +707 Investment Income 3,988 +435 Gross Earned Premiums 57,656 +6% FY25 Average Assets €115bn Current Accident
Slide 43: L&H | Margin Analysis
L&H | Margin Analysis Includes scope impact Technical Result Financial Result In Euro million, pre-tax In Euro million, pre-tax FY25 Change Short-term Technical Margin 479 +60 FY25 Change Gross Earned Premiums 17,416 +10% Incl. Investment Income (non-VFA only) 2,484 -1 All Year Combined Ratio 97.2%
Slide 44: Table of contents
Table of contents 1. Debt and Invested Assets p.31 2. Additional P&C disclosures p.36 3. Additional IFRS17 disclosures p.41 4. Sustainability p.44 GIE_AXA_Confidential
Slide 45: Expanding AXA's role in society: AXA for Progress Index
Expanding AXA’s role in society: AXA for Progress Index1 As a As a As a GLOBAL GLOBAL COMPANY INVESTOR INSURER Target 2025 Result Target 2025 Result Target 2025 Result €6bn3 >80,0006 46,420 €5bn 2 €6.4bn in P&C GWP to support €4.6bn AXA Group employees in climate transition trained on climate transi
Slide 46: Sustainability Performance & Ratings
Sustainability Performance & Ratings 2025 percentile: 97th 1 in Dow Jones Best-in-Class 2025 score: AAA 2025 score: B Europe & World indices 2025 ESG Risk Rating: 2025 score: 4.3/5 17.0– Low risk in FTSE4Good Index Series 46 Full Year 2025 Earnings GIE_AXA_Confidential 1. The CSA ranking is a key pe
Slide 47: Scope
Scope ▪ 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), S
Slide 48: Glossary
Glossary ▪ 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
Slide 49: Thank you
Thank you Full Year 2025 Earnings February 26, 2026