Earnings Results (aaAYJ8FoBIGEg2j6 AXA Full Year Results 2025 Press)

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.

22 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

Group CEO

4 Full Year 2025 Earnings | February 26, 2026

REVENUES

vs FY24

DIVIDEND1

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

vs FY24

vs FY24

LIFE

vs FY24

vs FY24

vs

FY24

HEALTH

SECULAR TRENDS FUELING DEMAND ACROSS BUSINESSES1

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

• 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

  • €12.8bn1 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 20262

    • €6.4bn in investments to accelerate climate

transition with a target of €5bn annually3

Global Head of Finance, Strategy, Underwriting, Risk and Technology

11 Full Year 2025 Earnings | February 26, 2026

(27% of total GWP1)

(38% of total GWP1)

(17% of total GWP1)

(18% of total GWP1)

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

Group CFO

16 Full Year 2025 Earnings | February 26, 2026

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GWP & OTHER REVENUES

In Euro billion

56.5

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 Benefits1

Euro 12.9 billion (+4% vs FY24)

8.5

1.9

-7%

9.0

+7%

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

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UNDERLYING EARNINGS

In Euro million

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 SHARE1

In Euro

+8%

3.59

FY24

from earnings growth

FY25

from capital management

from Forex

In Euro billion

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

AXA France CEO

24 Full Year 2025 Earnings | February 26, 2026

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SOLID AND DIVERSIFIED FRANCHISE1

(FY25 Revenues includinginternational activities)

Health & Protection Property & Casualty Savings & Pensions

KEY FIGURES2

Retail clients3

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

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REVENUES

KEY TAKEAWAYS

UNDERLYING EARNINGS

In Eurobillion

vs. FY24

P&C

Health

& Protection

Savings

& Pensions

Additional

new distributors

Additional contracts1

Additional clients1

Growth of individuals savings assets

2.1

2.2

FY24 FY25

I

• New insurance product to address domestic violence

• 90% customer satisfaction rate1

• 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

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 20261

  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