Axa Sa · EURONEXT:CS
Axa Sa — Axa Sa Ord — H1 2025 Earnings Presentation
40 slides from Axa Sa's earnings presentation, Aug 1, 2025
Slide 1: Half Year 2025 Earnings Presentation
Half Year 2025 Earnings Presentation August 1, 2025
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. 1H25 Highlights p.04 Thomas Buberl, Group CEO 2. 1H25 Business Update p.08 Frédéric de Courtois, Group Deputy CEO 3. 1H25 Financial Performance p.11 Alban de Mailly Nesle, Group CFO 3 Half Year 2025 Earnings GIE_AXA_Internal
Slide 4: 1H25 Highlights
1 1H25 Highlights Thomas Buberl, Group CEO
Slide 5: Half Year 2025 | Continued strong delivery
Half Year 2025 | Continued strong delivery +7% +8% 17.5% 220% Revenues UEPS ROE Solvency II ratio vs. 1H24 vs. 1H24 1H25 1H25 High organic Consistent Attractive Strong growth results return on equity balance sheet On track to achieve the key “Unlock the Future” plan targets 5 Half Year 2025 Earnings
Slide 6: Consistent execution, in line with plan
Consistent execution, in line with plan In Euro billion Underlying earnings +6% Delivering high +7% topline growth 4.5 organic growth maintaining momentum across all lines 4.2 Consistent performance in Further margin improvement in P&C and operating businesses Health and higher net flows in L&S Inve
Slide 7: Attractive model, with clear drivers for sustainable growth in a changing environment
Attractive model, with clear drivers for sustainable growth in a changing environment Balanced & diversified business Activating levers for growth ▶ Rejuvenating Life & Savings business through revamped product range Property & €63bn Life & Health ▶ Achieving specialization in Health through service
Slide 8: 1H25 Business Update
2 1H25 Business Update Frédéric de Courtois Group Deputy CEO
Slide 9: Acquisition of Prima, the leading Direct player in Italy
Acquisition of Prima, the leading Direct player in Italy… €0.5bn ca.11x €1.2bn +36% CAGR Consideration for 51% P/E2 FY24 GWP3 between 2021 and 2024 of the company1 Fast-growing Motor franchise in Italy with leading position in new business 90% through superior FY24 CoR4 customer selection Superior p
Slide 10: …strengthening our Direct franchise
…strengthening our Direct franchise €4.7bn ▶ ca. 20% of Personal lines, including €3.5bn GWP ▶ Prima premiums High growth potential over the next FY24 GWP1 decade Active across 8 countries with ▶ Profitability in line with other top 3 position in 4 countries Including channels where scale is achieve
Slide 11: 1H25 Financial Performance
3 1H25 Financial Performance Alban de Mailly Nesle Group CFO
Slide 12: P&C | Growth in volumes in Personal lines with conducive pricing
P&C | Growth in volumes in Personal lines with conducive pricing while maintaining pricing discipline in Commercial lines In Euro billion GWP & Other Revenues +6% o/w o/w 34.1 Change 32.5 pricing1 volume2 Commercial 21.2 ▶ Continued pricing momentum in Mid-market and SME +5% +3% +2% ▶ Disciplined gr
Slide 13: P&C | Attractive combined ratio at 90%
P&C | Attractive combined ratio at 90% Combined ratio 90.2% 90.0% Nat Cat 3.6% 3.5% ▶ Better undiscounted current year loss ratio excluding Nat Cat mainly 67.4% 67.0% from improved margin in Personal lines. Commercial lines margin Undiscounted CY remains attractive, including from disciplined cycle
Slide 14: P&C | Earnings growth from higher underwriting result
P&C | Earnings growth from higher underwriting result In Euro million Underlying Earnings +7% +181 -114 -49 3,067 2,908 +196 -53 Financial result ▶ Better underwriting result from higher volumes and improved all-year combined ratio ▶ Increase in investment income reflecting higher net cash flows and
Slide 15: Life & Health | Continued momentum in premiums, strong improvement in net flows
Life & Health | Continued momentum in premiums, strong improvement in net flows In Euro billion Life GWP Health GWP Net flows: €+3.6bn & Other Revenues & Other Revenues vs. €+0.0bn in 1H24 +9% +6% 19.1 10.1 17.4 9.1 Protection +3.0 Protection +9% 9.0 5.5 Individual +7% Health +1.5 Unit-Linked +0.4 U
Slide 16: Life & Health | Higher new business volumes in Savings
Life & Health | Higher new business volumes in Savings In Euro billion PVEP -0.1pt +1% 4.7% 4.6% 25.6 25.9 NBV margin ▶ Higher PVEP from higher volumes in Savings and Protection, partly offset by Health, mainly from Protection 16.6 1H24 1H25 -4% France & Health -2% ▶ NBV impacted as strong sales in
Slide 17: Life & Health | Normalized CSM growth from quality new business
Life & Health | Normalized CSM growth from quality new business In Euro billion Contractual Service Margin rollforward +0.7 -1.4 +1.2 -0.1 33.9 -0.1 -1.0 33.2 Normalized CSM growth +3% ▶ Normalized CSM growth at 3% from higher new business CSM (+4%) ▶ Unfavorable FX mainly from HKD and JPY depreciat
Slide 18: Life & Health | Earnings growth supported by higher technical result
Life & Health | Earnings growth supported by higher technical result In Euro million Underlying Earnings +5% +86 +28 +38 1,814 1,725 ▶ Higher technical result from better short-term -51 -12 Technical & 781 result in Health reflecting pricing and underwriting 667 financial results actions, and claims
Slide 19: UEPS growth at 8%, net income impacted by unfavorable FX
UEPS growth at 8%, net income impacted by unfavorable FX In Euro billion 1H24 1H25 Change Underlying earnings per share In Euro Property & Casualty 2.9 3.1 +7% Life & Health 1.7 1.8 +5% +8% Asset Management 0.2 0.2 -14% 2.03 1.87 Holdings & other -0.6 -0.6 - Underlying earnings 4.2 4.5 +6% Non-finan
Slide 20: Shareholders' Equity reflecting dividends, share buy-backs, and unfavorable FX
Shareholders’ Equity reflecting payment of dividends, execution of share buy-backs, and the impact of unfavorable FX In Euro billion Shareholders’ equity1 49.9 FY24 Shareholders' equity 49.9 45.5 Change in Net OCI 0.9 Net income for the period 3.9 SHE (excl. OCI) 58.0 52.7 Dividend -4.6 Ordinary sha
Slide 21: Solvency II at 220%
Solvency II at 220% In Euro billion +4.8 Ratio as of June 30, 2025 220% -0.2 55.9 Interest rate +50bps +2 pts -3.3 +1.4 55.4 Eligible Own -0.3 Interest rate -50bps -4 pts -2.9 Funds (EOF) Corporate spreads +50bps -1 pt FY24 1H25 Euro Sovereign spreads +50bps1 -7 pts Solvency II 216% -1pt +15pts -1pt
Slide 22: Conclusion
Conclusion Thomas Buberl Group CEO
Slide 23: Conclusion
Conclusion Executing on priorities, with UEPS growth at the high end of the 6%-8% target range Activating levers for organic growth in a changing environment Diversified franchise, well positioned to deliver sustainable results Strategy to drive value creation for shareholders Confident in the deliv
Slide 24: Q&A Half Year 2025 Earnings
Q&A Half Year 2025 Earnings August 1, 2025
Slide 25: 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 September 11 Kepler Cheuvreux Conference Paris Follow us www.axa.com September 15 2025 Investor Roundtable London Bank of America Financials CEO September 16 London C
Slide 26: Appendices
Appendices Half Year 2025 Earnings August 1, 2025
Slide 27: Table of contents
Table of contents 1. Debt and Invested Assets p.28 2. Additional IFRS17 Disclosures p.32 3. Sustainability p.36 GIE_AXA_Internal
Slide 28: Gross financial debt and maturity breakdown as of June 30, 2025
Gross financial debt and maturity breakdown as of June 30, 2025 In Euro billion Gross financial debt1 Contractual maturity breakdown 0.5 Debt 20.6% 23.4% 0.7 0.1 gearing 10.0 20.7 5.8 19.2 3.5 0.9 1.5 0.5 0.7 3.5 2025 2026 2027 2028 2029 2030 2031-2039 ≥2040 Undated 11.5 10.8 Economic maturity break
Slide 29: General Account Invested Assets
General Account Invested Assets Invested assets (100%) 1H25 % In Euro billion 1H25 Total General Account Fixed income 348 77% invested assets o/w Government bonds 173 38% Duration gap at -0.3 year o/w Corporate bonds and loans 122 27% o/w Other fixed income 1 52 12% 2 Real estate 41 9% Infrastructur
Slide 30: Investment portfolio | Fixed Income reinvestment
Investment portfolio | Fixed Income reinvestment 1H25 Fixed Income reinvestment 1H25 Fixed Income reinvestment yield 4.9% 3.5% 3.9% Euro 28 billion Core Alternative Total fixed income fixed income fixed income Government bonds & related (33%) – Average rating: AA Euro 28 billion fixed income investe
Slide 31: Table of contents
Table of contents 1. Debt and Invested Assets p.28 3. Additional IFRS17 Disclosures p.32 4. Sustainability p.36 GIE_AXA_Internal
Slide 32: P&C | Focus on Reserves
P&C | Focus on Reserves 1H25 reserve ratios impacted by FX movements and strong growth in net earned premiums Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) 179% 185% 193% 188% 189% 198% 195% 180% 177% FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 1H25 IFRS4 IFRS17 Technical
Slide 33: P&C | Margin Analysis
P&C | Margin Analysis Technical Result Financial Result In Euro million (pre-tax) In Euro million (pre-tax) 1H25 Change 1H25 Change Current Accident Year Undiscounted Technical Margin 1,416 +230 Investment Income 2,088 +181 Gross Earned Premiums 28,697 +7% 1H25 Average Assets €116bn Current Accident
Slide 34: L&H | Margin Analysis
L&H | Margin Analysis Technical Result Financial Result In Euro million, pre-tax In Euro million, pre-tax 1H25 Change Short-term Technical Margin 248 +56 1H25 Change Gross Earned Premiums 8,512 +9% + Investment Income (non-VFA only) 1,329 +23 All Year Combined Ratio 97.1% -0.4pt 1H25 Average Assets
Slide 35: Table of contents
Table of contents 1. Debt and Invested Assets p.28 3. Additional IFRS17 Disclosures p.32 4. Sustainability p.36 GIE_AXA_Internal
Slide 36: Sustainability Performance & Ratings
Sustainability Performance & Ratings 2024 ranking: 98th percentile in Dow Jones Best-in-Class 2024 score: AAA 2024 score: C Europe & World indices ESG Risk Rating: 2025 score: 4.3/5 16.3 – Low risk1 in FTSE4Good Index Series 36 1. For the ESG Risk Rating ranking of AXA Group, please refer to Sustain
Slide 37: Thank you
Thank you Half Year 2025 Earnings August 1, 2025
Slide 38: Scope
Scope ▪ France: includes insurance activities, banking activities and holding ▪ Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium (insurance activities and holding) and Luxemburg (insurance activities and holding), United Kingdom and Ireland (in
Slide 39: Glossary (1/2)
Glossary (1/2) ▪ Building Block Approach (BBA): also referred to as ‘General Measurement Model’, compulsory measurement model for long-term non-participating business ▪ Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to
Slide 40: Glossary (2/2)
Glossary (2/2) ▪ Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Op