Axa Sa · EURONEXT:CS
Axa Sa — FY2025 Earnings Presentation
37 slides from Axa Sa's earnings presentation, Feb 26, 2026
Slide 1: Full Year 2025 Earnings
Full Year 2025 Earnings Press conference 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: Agenda
Agenda 1 Introduction Thomas Buberl, Group CEO 2 Business Performance Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk and Technology 3 Financial Performance Alban de Mailly Nesle, Group CFO 4 France Mathieu Godart, AXA France CEO 5 Conclusion Thomas Buberl, Group CEO 3 Full Yea
Slide 4: Introduction
1 IntroductionThomas Buberl Group CEO 4 Full Year 2025 Earnings | February 26, 2026
Slide 5: Full Year 2025 | Excellent performance
Full Year 2025 | Excellent perfor mance UNDERLYING SOLVENCY II REVENUES UEPS DIVIDEND1 EARNINGS RATIO € 116bn € 8.4 bn € 3.86 € 2.32 224 % +6% + 6% 8 + % 8 + % + 9 pts vs FY24 vs FY24 vs FY24 vs FY24 FY25 Excl. +9 % AXA IM 5 Full Year 2025 Earnings | February 26, 2026 See glossary for terminologies
Slide 6: Strong growth, driven by all our business lines
Strong growth, driven by all our business lines GROSS WRITTEN PREMIUMS UNDERLYING COMBINED & OTHER REVENUES EARNINGS RATIO P&C € 58.0 bn € 5.9 bn 90.6 % +5% vs FY24 +9 % vs FY24 vs 91.0 % FY24 LIFE € 37.5bn € 2.7bn +9 % vs FY24 +4 % vs FY24 HEALTH € 19.0 bn € 0.8 bn 97.9 % +5% vs FY24 +17% vs FY24 v
Slide 7: Diversified franchise, well positioned in an attractive industry
Diversified franchise, well positioned in an attractive industry SECULAR TRENDS FUELING DEMAND ACROSS BUSINESSES1 Retail 17% Life 33% Protection gaps SME Demographics driving and emerging & Mid - 16% demand for private corporate risks market retirement and healthcare Large & 17% 17% Health Specialty
Slide 8: Value creation through innovation
Value creation through innovation ACQUISITION OF ARTIFICIAL INTELLIGENCE • Enhances distribution capacity of AXA in Europe thanks • AI is a strategic technology, bringing major benefits to to a modern tech platform businesses • Answers the growing demand for online offers to • Beyond increased effic
Slide 9: AXA, a company committed to society in 2025
AXA, a company committed to society in 2025 Customers Economy • More than €49bn in claims paid • More than €40bn invested in the economy • €438m climate related claims in France • €12.8bn1 of tax and social contributions paid, of which 36.7% in France • Launch of AXA Foundation for Human Progress wi
Slide 10: 2026: laying the foundation for the next plan
2026: laying the foundation for the next plan CLEAR TECH DRIVING ENHANCING BUILDING AND AI ROADMAP EFFICIENCY CAPITAL RESILIENCE ALLOCATION DISCIPLINE Confidence in sustaining earnings growth 10 Full Year 2025 Earnings | February 26, 2026 See glossary for terminologies and footnotes on page 36 & 37
Slide 11: Business Performance
2 Business Performance Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk and Technology 11 Full Year 2025 Earnings | February 26, 2026
Slide 12: Excellent performance in all our geographies
Excellent performance in all our geographies UNDERLYING GWP EARNINGS France (27% of total GWP1) € 31bn € 2.2 bn +6% +7% Europe (38% of total GWP1) € 43 bn € 3.5bn +6% +9% AXA XL € 19bn € 1.9bn (17% of total GWP1) +4% +9% Asia, Africa & EME -LATAM € 20 bn € 1.5bn (18% of total GWP1) +13% +6% 12 Full
Slide 13: P&C | Strong margins, confidence in sustaining growth
P&C I Strong margins , confidence in sustaining growth Retail 2025 BEYOND 2025 SME € 58 bn Investing to improve customer & Mid - Retail and Growing volumes while market retention & expanding SME & Mid -market expanding margins GWP distribution footprint AXA XL 2 Capitalizing on attractive (Large & S
Slide 14: Life & Health | Good momentum, well positioned to capture growth opportunities
Life & Health I Good momentum , well positioned to capture growth opportunities Protection 2025 BEYOND 2025 Competitive advantages Health € 57bn Health with innovative products integrating more GWP prevention Capitalizing on demand for health & protection while further improving Continued strong our
Slide 15: Pioneer in our industry in artificial intelligence
Pioneer in our industry in artificial intelligence Artificial intelligence • A better customer experience with • Acceleration of scaling thanks to • An attractive brand retaining talents an holistic approach for simple agentic AI and upskilling teams inquiries EXAMPLE: Augmented Sales force, EXAMPLE
Slide 16: Financial Performance
3 Financial Performance Alban de Mailly Nesle Group CFO 16 Full Year 2025 Earnings | February 26, 2026
Slide 17: P&C | Continued disciplined growth
P&C I Continued disciplined growth GWP & OTHER REVENUES In Euro billion +5% 56.5 58.0 ▷Mid-market and SME: continued pricing momentum and volume growth Commercial +4% 35.8 lines ▷AXA XL Insurance: growing in lines of business with attractive margins while remaining focused on retention AXA XL +8% 2.
Slide 18: P&C | Strong earnings growth
P&C I Strong earnings growth Delivering further margin expansion while enhancing reserve prudence UNDERLYING EARNINGS COMBINED RATIO In Euro million 5,510 +9% 5,872 • Better underwriting result from: 90.6 % - volume growth vs 91.0 % FY24 - better margins • Increase in investment income • Better undi
Slide 19: Life & Health | Strong growth in premiums, positive net flows
Life & Health I Strong growth in premiums, positive net flows In Euro billion LIFE GWP HEALTH GWP NET FLOWS & OTHER REVENUES & OTHER REVENUES +9% +5% €+ 5.4 bn vs €+1.5bn in FY24 37.5 19.0 34.5 17.5 Protection +4.9 Protection +11% 17.3 Individual +6% 10.5 Health +2.7 Unit-Linked +13% 9.3 Unit-Linked
Slide 20: Life & Health | Strong momentum
Life & Health I Strong momentum UNDERLYING EARNINGS In Euro million +7% 3,323 3,501 479 Short-term 415 technical margin • Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset 2,680 2,804 Long-term result incl. CSM release the impact of legislative c
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 UNDERLYING EARNINGS PER SHARE1 Change In Euro FY24 FY25 Property & Casualty 5.5 5.9 +9% +8% Life & Health 3.3 3.5 +7% 3.86 Asset Management 0.4 0.2 -57% 3.59 Holdings & other -1.2 -1.2 - Underlying ear
Slide 22: Shareholders' Equity
Shareholders’ Equity 1 In Euro billion 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 buyback following the sale
Slide 23: Solvency II ratio at 224%
Solvency II ratio at 224% SOLVENCY II RATIO 216% +0pt +28pts -1pt +4pts -24pts +2pts 224% FY24 Regulatory Normalized Operating Economic Dividend Other FY25 & model changes capital variance variance & FX & annual generation share buyback IMPACTS OF THE END OF GRANDFATHERING PERIOD AND SOLVENCY II REV
Slide 24: France
4 France Mathieu Godart AXA France CEO 24 Full Year 2025 Earnings | February 26, 2026
Slide 25: AXA France | A leader with distinctive strengths
AXA France I A leader with distinctive strengths SOLID AND DIVERSIFIED KEY FIGURES2 FRANCHISE1 1out of 5 (FY25 Revenues including international activities) >8 m households 2.5 Retail clients3 insured by AXA contracts per client #1 Health & Protection in France on average #2 Property & Casualty #7 Sa
Slide 26: AXA France | Dynamic, organic and profitable growth
AXA France I Dynamic, organic and profitable growth … REVENUES KEY TAKEAWAYS UNDERLYING EARNINGS In Euro billion € 31bn Additional new distributors +430 nouveaux 2.1 +7% 2.2 +6% vs. FY24 distributeurs Additional P&C +7% contracts1 +550netk Additional Health +250netk & Protection +4% clients1 Growth
Slide 27: AXA France | ... and an acceleration of our commitments
AXA France I … and an acceleration of our commitments CLIMATE AND CUSTOMER PREVENTION • New insurance product to address domestic violence • 22% of auto repairs using reused parts • 90% customer satisfaction rate1 • 300 Municipal Safeguard Plans initiated with AXA Prevention • More than 90% of retai
Slide 28: Conclusion
5 Conclusion Thomas Buberl Group CEO 28 Full Year 2025 Earnings | February 26, 2026
Slide 29: Full Year 2025 earnings | Well on track to deliver our plan
Full Year 2025 earnings | Well on track to deliver our plan MAIN FINANCIAL TARGETS TARGET ACHIEVEMENTS 2024-2026E IN 2025 • Record results, at the top end of the target range while enhancing UNDERLYING EARNINGS PER SHARE 6 % - 8% CAGR 2023-2026E +8 % vs FY24 reserve prudence • Confident to deliver u
Slide 30: Q&A session
Q&A session 30 Full Year 2025 Earnings | February 26, 2026
Slide 31: Thank you
Thank you 31 Full Year 2025 Earnings | February 26, 2026
Slide 32: AXA is a recognized sustainability leader
AXA is a recognized sustainability leader 2025 percentile: 97th1 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 32 Full Year 2025 Earnings | February 26, 2026 See glossary for terminolo
Slide 33: 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), Spain
Slide 34: Glossary (1/2)
Glossary (1/2) 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 represent
Slide 35: Glossary (2/2)
Glossary (2/2) Technical experience: consists the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mai
Slide 36: Notes (1/2)
Notes (1/2) Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. Page 5 1. Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Sharehol
Slide 37: Notes (2/2)
Notes (2/2) Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. Page 21 1. Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per sha