AXA : Earnings Results (aaAYJ8FoBIGEg2j6 AXA Full Year Results 2025 Press)

About this update from Axa Sa

Press conference February 26, 2026 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, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as "expects", "anticipates", "may", "plan," "target" or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, "would" and "could". In particular, the statements in this presentation regarding expected underlying earnings per share ("UEPS") growth for 2026, are forward-looking statements to provide one-off guidance in the context of the last year of the Group's current strategic plan. These statements and the other targets and expectations given in this presentation are based on Management's current views and intentions and are subject to change. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA's control, and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Please refer to Part 5 - "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 (the "2024 Universal Registration Document") for a description of certain important factors, risks and uncertainties that may affect AXA's business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations. In addition, this press release refers to certain non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management in analyzing AXA's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA's results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS. "Underlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio" and "debt gearing" are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report"), on the pages indicated under the heading "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES". For further information on the above-mentioned and other non-GAAP financial measures used in this press release, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on the AXA Group website ( https://www.axa.com ). AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA's statutory auditors. 2 2 Full Year 2025 Earnings | February 26, 2026 See glossary for terminologies and footnotes on page 36 & 37 of this document. Thomas Buberl, Group CEO Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk and Technology Alban de Mailly Nesle, Group CFO Mathieu Godart, AXA France CEO Thomas Buberl, Group CEO 3 Full Year 2025 Earnings | February 26, 2026 Thomas Buberl Group CEO 4 Full Year 2025 Earnings | February 26, 2026 REVENUES vs FY24 DIVIDEND 1 vs FY24 RATIO UEPS vs FY24 UNDERLYING EARNINGS vs FY24 Excl. AXA IM SOLVENCY II FY25 GROSS WRITTEN PREMIUMS & OTHER REVENUES UNDERLYING EARNINGS COMBINED RATIO vs FY24 vs FY24 vs FY24 P&C vs FY24 vs FY24 LIFE vs FY24 vs FY24 vs FY24 HEALTH SECULAR TRENDS FUELING DEMAND ACROSS BUSINESSES 1 17% Protection gaps and emerging corporate risks 33% 16% Demographics driving demand for private retirement and healthcare 17% 17% OUR RIGHT TO WIN Leading brand & high customer NPS Strong and diversified distribution Technical expertise to price & underwrite risks Scale offering cost advantage ACQUISITION OF ARTIFICIAL INTELLIGENCE Enhances distribution capacity of AXA in Europe thanks to a modern tech platform Answers the growing demand for online offers to complete our strong distribution network with direct insurance and enlarge our customer portfolio 1,100+ employees including 400 developers, engineers and data scientists AI is a strategic technology, bringing major benefits to businesses Beyond increased efficiency, AI will transform access to insurance, product personalization, and the customer experience; AXA wants to be firmly positioned in this evolution AI is already concretely improving pricing accuracy , underwriting quality , and claims management More than €49bn in claims paid €438m climate related claims in France More than €40bn invested in the economy €12.8bn 1 of tax and social contributions paid , of which 36.7% in France Launch of AXA Foundation for Human Progress with €60m/year endowed by AXA Mutuelles d'Assurances and AXA Group €7bn total compensation paid to our employees 15,115 recruitments worldwide ( excl. short-term contracts and trainees) including 2,138 in France More than 36% of employees are AXA shareholders and hold 4.82% of the capital and 6.61% of its voting rights €4.6bn in premiums related to transition with a target of €6bn cumulated between 2024 and 2026 2 €6.4bn in investments to accelerate climate transition with a target of €5bn annually 3 CLEAR TECH AND AI ROADMAP DRIVING EFFICIENCY ENHANCING CAPITAL ALLOCATION DISCIPLINE BUILDING RESILIENCE Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk and Technology 11 Full Year 2025 Earnings | February 26, 2026 GWP UNDERLYING EARNINGS +6% +7% +6% +9% +4% +9% +13% +6% (27% of total GWP 1 ) (38% of total GWP 1 ) (17% of total GWP 1 ) (18% of total GWP 1 ) I 2025 BEYOND 2025 GWP Growing volumes while expanding margins Investing to improve customer retention & expanding distribution footprint UNDERLYING EARNINGS to €5.9bn Profitable growth with stable margins Capitalizing on attractive growth opportunities and continued cycle management I 2025 BEYOND 2025 GWP UNDERLYING EARNINGS to €3.5bn Competitive advantages with innovative products integrating more prevention Continued strong commercial momentum, especially in Japan and Switzerland Accelerating net flows in Savings at attractive margins Capitalizing on demand for health & protection while further improving our margins Capturing savings & retirement opportunity, sourcing best asset management products for our customers A better customer experience with an holistic approach for simple inquiries EXAMPLE: AXA Agents Assist supports 1 million calls per year in Swiss call center. SmartInAXA, conversational AI agent used daily by more than 2,000 agencies in France Acceleration of scaling thanks to agentic AI EXAMPLE: Augmented Sales force, Empower Underwriters Decisions, Document Processing and Extraction, Claims Handler Support, Prevention and Advisory… An attractive brand retaining talents and upskilling teams EXAMPLE: AXA mobilizes over 2,000 experts (product, engineering, UX, research…) and hired more than 900 data scientists and data engineers Alban de Mailly Nesle Group CFO 16 Full Year 2025 Earnings | February 26, 2026 I GWP & OTHER REVENUES In Euro billion 56.5 +5% 58.0 Commercial lines AXA XL Reinsurance Retail lines +4% 2.6 +8% +7% 35.8 19.7 Mid-market and SME: continued pricing momentum and volume growth AXA XL Insurance: growing in lines of business with attractive margins while remaining focused on retention Growth supported by alternative capital Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) FY24 FY25 I UNDERLYING EARNINGS In Euro million +9 % 5,510 5,872 Better underwriting result from: volume growth better margins Increase in investment income reflecting: higher volumes better reinvestment yields on fixed income assets FY24 FY25 COMBINED RATIO vs FY24 Better undiscounted current year loss ratio excluding Nat Cat Nat Cat charges below normalized load Taking advantage of a good year to enhance reserve prudence I In Euro billion LIFE GWP & OTHER REVENUES +9% 37.5 34.5 HEALTH GWP & OTHER REVENUES +5% 19.0 17.5 Protection +11% 17.3 Individual +6% 10.5 Unit-Linked +13% Capital light G/A Group +4% Traditional G/A FY24 FY25 FY24 FY25 o/w FY25 Employee Benefits 1 Euro 12.9 billion (+4% vs FY24) 8.5 1.9 -7% 9.0 +7% 9.3 NET FLOWS vs €+1.5bn in FY24 Protection +4.9 Health +2.7 Unit-Linked +1.5 Capital light G/A +1.2 Traditional G/A -5.0 I UNDERLYING EARNINGS In Euro million +7% 3,323 415 3,501 479 Short-term technical margin 2,680 2,804 Long-term result incl. CSM release 975 -748 946 -728 FY25 Financial result Tax & others In Euro billion o/w Life FY24 +4% vs FY24 o/w Health +17% vs FY24 Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn) Higher long-term results from increase in CSM release (+8%) UNDERLYING EARNINGS PER SHARE 1 In Euro +8 % 3.86 3.59 FY24 from earnings growth FY25 from capital management from Forex In Euro billion FY24 FY25 Change Property & Casualty 5.5 5.9 +9% Life & Health 3.3 3.5 +7% Asset Management 0.4 0.2 -57% Holdings& other -1.2 -1.2 - Underlyingearnings 1 8.1 8.4 +6% Non-financialflows -0.5 +2.1 - o/w capitalgains from AXA IM disposal - +2.2 - Financial flows (incl. RCG) +0.3 -0.7 - Net income 1 7.9 9.8 +26% UNDERLYING EARNINGS NET INCOME Strong performance from insurance businesses Stable holding cost, expected to remain at current level in 2026 Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM Lower financial flows reflecting unfavorable forex impact In Euro billion 49.9 45.5 47.2 SHE (excl. OCI) 58.0 52.7 54.0 Net OCI SHE (excl. OCI & undated subordinated debt) Debt gearing Underlying ROE -8.1 FY24 53.2 20.6% 15.2% HY25 47.0 23.4% 17.5% -6.8 FY25 49.4 22.3% 16.0% -7.2 FY24 to FY25 HY25 to FY25 Opening Shareholders' equity 49.9 45.5 Change in net OCI 1.3 0.4 Net income for the period 9.8 5.9 Dividend -4.6 - Annual share buyback -1.2 - Anti-dilutive share buyback following the sale of AXA IM -3.5 -3.5 Undated subordinated debt (including interest charges) -0.3 -1.2 Forex -3.5 -0.1 Other -0.6 0.3 Closing Shareholders' equity 47.2 47.2 SOLVENCY II RATIO 216% FY24 +0pt Regulatory & model changes +28pts Normalized capital generation -1pt Operating variance +4pts Economic variance & FX -24pts Dividend & annual share buyback +2pts Other 224% FY25 IMPACTS OF THE END OF GRANDFATHERING PERIOD AND SOLVENCY II REVISION Ratio as of 31/12/2025 Impact of the the end of grandfathering period on January 1, 2026 Impact of Solvency II revision to come into effect in 1Q27 Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026 No change expected in organic capital generation Additional capital flexibility Mathieu Godart AXA France CEO 24 Full Year 2025 Earnings | February 26, 2026 I SOLID AND DIVERSIFIED FRANCHISE 1 (FY25 Revenues includinginternational activities) Health & Protection Property & Casualty Savings & Pensions KEY FIGURES 2 Retail clients 3 insured by AXA in France contracts per client on average Health & Protection 34% 35% Savings & Pensions insured by AXA in France Employee Benefits beneficiaries commercial claims covered 31% Property & Casualty people working for AXA in France invested in the economy claims paid per day on average I REVENUES KEY TAKEAWAYS UNDERLYING EARNINGS In Eurobillion vs. FY24 P&C Health & Protection Savings & Pensions Additional new distributors Additional contracts 1 Additional clients 1 Growth of individuals savings assets 2.1 +7% 2.2 FY24 FY25 I CUSTOMER CLIMATE AND PREVENTION New insurance product to address domestic violence 90% customer satisfaction rate 1 More than 90% of retail client journeys in the app. 1.8 million modest income clients , more than 20% of whom are covered by dedicated offers 22% of auto repairs using reused parts 300 Municipal Safeguard Plans initiated with AXA Prevention More than 1,500 risks visits per year, by experts to support our Commercial clients Partial reimbursement of genomic tests for breast cancer Thomas Buberl Group CEO 28 Full Year 2025 Earnings | February 26, 2026 MAIN FINANCIAL TARGETS UNDERLYING EARNINGS PER SHARE TARGET 2024-2026E ACHIEVEMENTS IN 2025 Record results, at the top end of the target range while enhancing reserve prudence UNDERLYING RETURN ON EQUITY CUMULATIVE CASH REMITTANCE BETWEEN 2024 AND 2026 1 CAGR 2023-2026E vs FY24 Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 Laying foundations for the next plan and confident in delivering sustainable earnings growth 29 Full Year 2025 Earnings | February 26, 2026 See glossary for terminologies and footnotes on page 36 & 37 of this document. 30 Full Year 2025 Earnings | February 26, 2026

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