Slide 1: Half Year 2025 Earnings
Half Year 2025 Earnings Press conference 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: Agenda
Agenda 1 Introduction Thomas Buberl, Group CEO 2 Business lines Frédéric de Courtois, Group Deputy CEO 3 Financial performance Alban de Mailly Nesle, Group CFO 4 Conclusion Thomas Buberl, Group CEO 3 Half Year 2025 Earnings | August 1, 2025
Slide 4: 1 Introduction
1 Introduction Thomas Buberl Group CEO 4 Half Year 2025 Earnings | August 1, 2025
Slide 5: Continuing growth momentum in line with our plan
Continuing growth momentum in line with our plan GWP & Underlying Solvency II UEPS earnings ratio other revenues1 €64.3bn €2.03 €4.5bn 220% +7% +8% +6% +4pts vs 1H24 vs 1H24 vs 1H24 vs FY24 HIGH ORGANIC CONSISTENT SUSTAINABLE STRONG GROWTH RESULTS EARNINGS GROWTH BALANCE SHEET 5 Half Year 2025 Earni
Slide 6: Excellent performance in all our business lines
Excellent performance in all our business lines P&C LIFE & HEALTH €34.1bn €29.2bn REVENUES +6% vs 1H24 +8% vs 1H24 UNDERLYING EARNINGS +7% vs 1H24 +5% vs 1H24 6 Half Year 2025 Earnings | August 1, 2025 See glossary for terminologies and footnotes on page 27, 28 & 29 of this document.
Slide 7: Acquisition of Prima, the leading Direct player in Italy
Acquisition of Prima, the leading Direct player in Italy… €1.2bn 90% €0.5bn ca. 11x FY24 GWP1 FY24 CoR2 for 51% of the company3 P/E4 +36% CAGR Due to a good between 2021 and 2024 underwriting quality • Fast-growing Motor franchise in Italy with leading FY24 MOTOR MARKET SHARE IN ITALY position in ne
Slide 8: Strengthening our Direct franchise
… strengthening our Direct franchise €3.5bn €4.7bn FY24 GWP1 GWP Including Across 8 countries, with top 3 position in 4 countries • ca. 20% of Personal lines, including Prima premiums • High growth potential over the next decade • Profitability in line with other channels where scale is achieved Exp
Slide 9: On track to achieve key Unlock the Future plan targets
On track to achieve key “Unlock the Future” plan targets UNDERLYING EARNINGS PER SHARE TARGET ACHIEVEMENT 2024-2026E IN 1H25 6 % - 8% CAGR 2023-2026E +8% vs 1H24 9 Half Year 2025 Earnings | August 1, 2025 See glossary for terminologies and footnotes on page 27, 28 & 29 of this document.
Slide 10: 2 Business lines
2 Business linesFrédéric de Courtois Group Deputy CEO 10 Half Year 2025 Earnings | August 1, 2025
Slide 11: Attractive model with clear drivers for sustainable growth
Attractive model with clear drivers for sustainable growth in a changing environment PROPERTY & CASUALTY €63bn LIFE & HEALTH GWP1 France Europe AXA XL Asia, EME-LATAM & Africa, Transversal 11 Half Year 2025 Earnings | August 1, 2025 See glossary for terminologies and footnotes on page 27, 28 & 29 of
Slide 12: P&C: Continued growth in revenues and underlying earnings
P&C I Continued growth in revenues and underlying earnings GWP & OTHER REVENUES UNDERLYING EARNINGS In Euro billion In Euro million +6% +7% 34.1 3,067 32.5 2,908 • Developing the Mid-market and Commercial Lines 33.0 +5% 34.9 21.2 SME segment • Focus on retention at AXA XL AXA XL • Supported by busin
Slide 13: P&C: Attractive combined ratio at 90%
P&C I Attractive combined ratio at 90% COMBINED RATIO • Better undiscounted current year loss ratio 90.0% excluding Nat Cat mainly from improved margin in Personal lines. Commercial lines margin remains attractive. • Nat Cat charges below normalized load. vs 90.2% 1H24 • Improvement in expense ratio
Slide 14: Life & Health: Continued momentum in premiums, strong improvement in net flows
Life & Health I Continued momentum in premiums, strong improvement in net flows GROSS WRITTEN PREMIUMS NET FLOWS In Euro billion Life +9% Health +6% €+3.6bn 19.1 10.1 17.4 9.1 Protection +3.0 Protection +9% 9.0 Health +1.5 Individual +7% 5.5 +9% 4.4 Unit-linked +0.4 Unit-linked 4.7 Group +4% 4.7 Cap
Slide 15: Life & Health: Earnings growth supported by higher technical result
Life & Health I Earnings growth supported by higher technical result UNDERLYING EARNINGS In Euro million +5% +86 +28 +38 1,814 • Higher technical result from better result in 1,725 -51 -12 Health reflecting pricing and underwriting Technical & 781 financial results actions and claims management init
Slide 16: Attractive model with clear growth drivers
Attractive model with clear growth drivers Rejuvenating Transforming Expanding Activating Strengthening Life & Health business core capabilities & diversifying growth initiatives customer loyalty through revamped product through Data & AI distribution, in the SME and range and new services including
Slide 17: 3 Financial performance
3 Financial performance Alban de Mailly Nesle Group CFO 17 Half Year 2025 Earnings | August 1, 2025
Slide 18: Underlying earnings per share growth at 8%
Underlying earnings per share growth at 8% In Euro billion UNDERLYING EARNINGS PER SHARE 1H24 1H25 Change In Euro Property & Casualty 2.9 3.1 +7% +8% Life & Health 1.7 1.8 +5% 2.03 Asset Management 0.2 0.2 -14% 1.87 Holdings & other -0.6 -0.6 - Underlying earnings 4.2 4.5 +6% Non-financial flows -0.
Slide 19: Shareholders' Equity reflecting dividends, buy-backs and unfavorable FX
Shareholders’ Equity reflecting payment of dividends, execution of share buy-backs in 1H25, and the impact of unfavorable FX SHAREHOLDERS’ EQUITY1 FY24 Shareholders’ equity 49.9 In Euro billion 49.9 Change in Net OCI 0.9 45.5 Net income for the period 3.9 SHE Dividend -4.6 (excl. OCI) 58.0 52.7 Ordi
Slide 20: Solvency II ratio at 220%
Solvency II ratio at 220% In Euro billion +4.8 ELIGIBLE OWN FUNDS (EOF) -0.2 55.9 +1.4 55.4 -3.3 -0.3 -2.9 SOLVENCY II 216% -1pt +15pts -1pt 0pt -12pts +3pts 220% RATIO FY24 Regulatory & Normalized Operating Economic Dividend & Management 1H25 model changes capital variance variance annual share act
Slide 21: 4 Conclusion
4 Conclusion Thomas Buberl Group CEO 21 Half Year 2025 Earnings | August 1, 2025
Slide 22: Confident in the execution of the plan
Confident in the execution of the plan Excellent performance over the semester: 7% increase in premiums and 6% increase in underlying earnings. Acquisition of Prima, the Italian leading Direct player to strengthen our presence in Italy and in Direct franchise. A balanced and diversified model that k
Slide 23: Q&A session
Q&A session 23 Half Year 2025 Earnings | August 1, 2025
Slide 24: Thank you
Thank you 24 Half Year 2025 Earnings | August 1, 2025
Slide 25: AXA is a recognized sustainability leader
AXA is a recognized sustainability leader 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 25 Half Year 2025 Earnings | August 1, 2025 See glossary for terminolo
Slide 26: 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 (insur
Slide 27: Glossary (1/2)
Glossary (1/2) Asset Management cost income ratio: ratio of general expenses excluding distribution-related expenses to gross revenues excluding distribution fees received. Assets under management (“AUM”): the assets the management of which has been delegated by their owner to an asset management co
Slide 28: Glossary (2/2)
Glossary (2/2) New business value (“NBV”): the value of newly issued contracts during the current year. It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of short-term business newly issued contracts during the period, carried by Life entities, considering expect
Slide 29: Notes
Notes 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. Including AXA IM and AXA Banque revenues (€0.9m). Page 7 1. Italy only. 2. Italy only.Estimated 2024 all-year discounted comb