Slide 1: AXA Investor Roundtable
AXA Investor Roundtable September 15, 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: Group Finance
1 Group Finance Alban de Mailly Nesle, Group CFO
Slide 4: 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 AXA Roundtable Series | S
Slide 5: 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 6: Attractive model, with clear drivers for sustainable growth
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 7: 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 8: Roundtable: AXA Germany, AXA Ireland and AXA Spain at a glance
Roundtable | AXA Germany, AXA Ireland and AXA Spain at a glance Distinctive franchises that operate in profitable and growing markets AXA Germany AXA Ireland AXA Spain Strong positioning in P&C, scaling monoliner- like capabilities in Health, and targeted 1 1 strategy in Life 16% 15% of FY24 Group o
Slide 9: AXA Germany
2 AXA Germany Thilo Schumacher, CEO of AXA Germany Irina Buchmann, CFO of AXA Germany Marc-Daniel Zimmermann, Head of P&C of AXA Germany
Slide 10: AXA Germany Roundtable
Third largest1 European insurance market with AXA Germany attractive returns and structural growth drivers Roundtable Multiline insurer with leading positions in highly profitable segments Business well-positioned to seize growth opportunities, Thilo Schumacher leveraging diversified distribution an
Slide 11: Attractive German insurance market
Attractive German insurance market Market size by line of business3 Large market with balanced business mix GWP in Euro billion 3rd largest1 insurance market in Europe (total premiums of €235bn1,2) with a high level of 235 214 219 222 219 223 risk-consciousness 75 77 79 85 92 P&C Balanced mix betwee
Slide 12: Successful franchise with distinctive strengths
Successful franchise with distinctive strengths AXA Germany business mix FY24 GWP Multiline insurer with balanced portfolio & leading position in P&C Commercial (18%) target segments Contribution to Group as of FY24 Euro P&C Retail (24%) 12.1 Life (25%) Omnichannel distribution billion Health (32%)
Slide 13: Strong P&C business with clear strategy across lines
Strong P&C business with clear strategy across lines Track record of success Retail Commercial 97% Business well- €3bn GWP €2bn GWP positioned 94% on average Disciplined, focused on Strong track record with to capture -2.1pts technical excellence well-balanced portfolio vs market1 market share Marke
Slide 14: Life & Savings business transformation delivered, strong foundation for growth
Life & Savings business transformation delivered, strong foundation for growth Successful transformation Renewed ambition Clear roadmap of the book with launch of new products for the future in €bn GWP 3.2 +73% 3.1 1 Pension 1.2 1.2 1.2 1.3 1.4 1.5 1.71.7 Core1 1.7 ▶ Regular premium and Pure Unit-Li
Slide 15: Specific Health market with growth potential
Specific Health market with growth potential German Health market1 at a glance €51bn market for private insurers, of which €38bn full cover2 and 8.7m people (50% in civil servant segment) opting for full cover €12bn in supplementary cover private insurance, with 31m having supplementary cover Long-t
Slide 16: Financial track record
Financial track record Gross written premiums Underlying earnings Ordinary cash remittance ratio in Euro billion in Euro million +2% CAGR +8% CAGR 11.3 11.6 11.8 12.1 859 76% 77% 80% 10.9 11.0 802 74% 70% 704 64% 4.9 5.1 582 630 4.4 4.3 4.4 4.6 573 6.4 6.7 6.9 6.9 6.9 7.0 2019 2020 2021 2022 2023 20
Slide 17: AXA Ireland
3 AXA Ireland Marguerite Brosnan, CEO of AXA Ireland Richard Whelan, Deputy CEO & CFO of AXA Ireland D.O. O’Connor, MD of Laya Healthcare
Slide 18: AXA Ireland Roundtable
Leading player in profitable Irish market with AXA Ireland #1 position in P&C and #2 in Health 1 1 Roundtable High customer loyalty through superior customer experience and best-in-class digital capabilities Marguerite Brosnan Strong position in P&C Retail and capturing market CEO of AXA Ireland sha
Slide 19: The Republic of Ireland is an attractive market for P&C and Health insurance
The Republic of Ireland is an attractive market for P&C and Health insurance P&C market size & profitability1 GWP in EUR billion and combined ratio Concentrated market with growth potential 92% 93% 88% 90% P&C: Top 5 insurers account for ca. 67% of the market1 84% 84% Health: High barriers to entry,
Slide 20: High-quality business with market leading position in P&C and #2 in Health
High-quality business with market leading position in P&C and #2 in Health AXA Ireland business mix FY24 GWP P&C Retail Motor (22%) P&C Commercial Motor (6%) Strong market position with high brand Contribution to Group Euro as of FY24 1 Health1 (47%) awareness 2.1 P&C Retail Non-motor (5%) ca. 2m cu
Slide 21: Maintaining leadership in P&C Retail while capturing share in P&C Commercial
Maintaining leadership in P&C Retail while capturing share in P&C Commercial Continuously driving efficiency to reinforce Capturing market share in competitive position in P&C Retail P&C Commercial vs 28.8% 24.5% market1,2 25.3% 10.7% 12.9% 23.5% 22.6% 22.3% AXA Ireland P&C Commercial market 3.0% AX
Slide 22: Delivering market-leading growth in Health with distinctive capabilities
Delivering market-leading growth in Health with distinctive capabilities Strong brand awareness and differentiated Well-positioned to deliver Healthcare offering to grow market share best-in-class technical results Longstanding player with a trusted brand ✓ Continue to build a strong & stable underw
Slide 23: Financial track record
Financial track record Gross written premiums Underlying earnings Ordinary cash remittance ratio in Euro billion in Euro million AXA Ireland and AXA UK1 Excluding Laya, +8% CAGR 2022 included self-financing of the +7% +12% acquisition of Ageas UK’s CAGR CAGR Commercial business 1.2 145 1.1 126 100%
Slide 24: AXA Spain
4 AXA Spain Olga Sanchez, CEO of AXA Spain Leila Miri, CFO of AXA Spain
Slide 25: AXA Spain Roundtable
Attractive insurance market with good growth and high profitability AXA Spain Roundtable Strong franchise with leading positions across strategically chosen business segments Leveraging superior customer service & diversified Olga Sanchez distribution to capture growth opportunity in P&C CEO, AXA Sp
Slide 26: Growing and profitable Spanish insurance market
Growing and profitable Spanish insurance market Market size by line of business1 GWP in EUR billion +3% CAGR Clear growth drivers for the insurance market 76.4 75.1 CAGR 64.2 58.9 61.8 64.8 Fast-growing economy (GDP growth ca. 3% p.a.) driven by SMEs 33.6 28.8 24.6 +1% Growth potential from an incre
Slide 27: Well-positioned in strategically chosen segments
Well-positioned in strategically chosen segments AXA Spain business mix Multi-specialist player with a strong brand FY24 GWP Strong positioning in P&C, managing motor for profitability Scaled Health franchise in targeted regions (top 3 in Catalonia) P&C Retail (40%) Focused on capital-light Protecti
Slide 28: Driving growth in P&C by leveraging strong distribution and product offering
Driving growth in P&C by leveraging strong distribution and product offering Well-positioned with positive Broad distribution network Innovation embedded across trends across segments covering all clients needs our operations FY24 GWP by distribution channel Profitability leader in Motor Excellent F
Slide 29: Focus on select profitable markets in Life & Health
Focus on select profitable markets in Life & Health Health proprietary assets, Life portfolio repositioned driving customer loyalty & reduced costs towards capital-light business +15pts 30% #2 97% NPS1 vs. market Cost savings from vertical In Unit-Linked share of integration vs. using major capital-
Slide 30: Financial track record
Financial track record Gross written premiums Underlying earnings Ordinary cash remittance ratio in Euro billion in Euro million No remittance in 2023 as capital retained to fully +5% CAGR +2% finance GACM acquisition 3.4 CAGR 3.1 238 210 225 82% 202 203 80% 76% 2.7 2.6 2.7 2.7 197 2.0 63% 1.9 1.7 1
Slide 31: Thank you
THANK YOU
Slide 32: 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 33: 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