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AXA : Earnings Results (abwhxx5fn6DF3AUJ AXA Full Year Results 2025b)
AXA : Earnings Results (abwhxx5fn6DF3AUJ AXA Full Year Results
About this update from Axa Sa
Full Year 2025 Earnings Presentation 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 in this presentation are based on Management's current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking 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. Each forward-looking statement speaks only at the date of this presentation. 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 presentation 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 presentation, see the Glossary in AXA's 2025 Activity Report. AXA's Activity Report as of December 31, 2025 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. GIE_AXA_Internal 2 Full Year 2025 Earnings Table of contents FY25 Highlights p.04 Thomas Buberl, Group CEO FY25 Business Performance p.09 Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology FY25 Financial Performance p.13 Alban de Mailly Nesle, Group CFO GIE_AXA_Internal 3 Full Year 2025 Earnings 1 FY25 Highlights Thomas Buberl, Group CEO Full Year 2025 | Excellent performance +6% Revenues vs. FY24 16% ROE FY25 +8% Delivering value for shareholders +8% DPS 1 growth and €1.25bn annual share buy back 2 Underlying EPS vs. FY24 224% Solvency II ratio FY25 Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 5 Full Year 2025 Earnings GIE_AXA_Internal Based on the dividend proposed by AXA's Board of Directors on February 25, 2026 and subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026. Following AXA's Board of Directors' approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions. Executing the plan on growth, margin and efficiency Underlying earnings In Euro billion High organic growth +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%) Record profitability Further margin expansion in P&C and L&H; improvement in efficiency Scaling the business Continued investments in growth and technology GIE_AXA_Internal +6% +9% excluding AXA IM 8.4 8.1 Consistent earnings growth while enhancing reserve prudence FY24 FY25 6 Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX. Full Year 2025 Earnings Diversified franchise, well positioned in an attractive industry Secular trends fueling demand across businesses Retail (17%) Life (33%) Protection gaps and emerging corporate risks SME & Mid-market (16%) Demographics driving demand for private retirement and healthcare Large & Specialty (17%) Health (17%) Our right to win Leading brand & high customer NPS Strong and diversified distribution Technical expertise to price & underwrite risks Scale offering cost advantage GIE_AXA_Internal 7 Full Year 2025 Earnings Pie chart represents FY25 gross written premium split excluding AXA IM and holdings. Laying the foundation for the next plan Clear tech and AI roadmap Driving efficiency Enhancing capital allocation discipline Building resilience Confidence in sustaining earnings growth GIE_AXA_Internal 8 Full Year 2025 Earnings 2 FY25 Business Performance Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk, and Technology Strong delivery across our businesses Gross written premiums Underlying earnings France (27% of total GWP 1 ) +6% to €31bn +7% to €2.2bn Europe (38% of total GWP 1 ) +6% to €43bn +9% to €3.5bn AXA XL (17% of total GWP 1 ) +4% to €19bn +9% to €1.9bn Asia, Africa & EME-LATAM (18% of total GWP 1 ) +13% to €20bn +6% to €1.5bn GIE_AXA_Internal 10 Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX. 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers. Full Year 2025 Earnings P&C | Strong margins, confidence in sustaining growth 2025 Beyond 2025 SME & Retail Mid- m arket €58bn GWP AXA XL 1 (Large & Specialty) Retail and SME & Mid-market AXA XL (Large & Specialty) Growing volumes while expanding margins Profitable growth with stable margins Investing to improve customer retention & expanding distribution footprint Capitalizing on attractive growth opportunities and continued cycle management Underlying earnings +9% 2 GIE_AXA_Internal to €5.9bn Higher investment income Continued progress on efficiency Data & AI to further enhance customer experience & technical excellence 11 1. Includes AXA XL Re premiums of €2.6bn. 2. Change FY25 vs. FY24 at constant FX. Full Year 2025 Earnings L&H| Good momentum, well positioned to capture growth opportunities 2025 Beyond 2025 Short-term €57bn GWP Longterm Long-term business Short-term business Accelerating net flows in Savings at attractive margins Growing technical results while absorbing Mexico VAT impact Capturing savings & retirement opportunity, sourcing best asset management products for our customers Capitalizing on demand for health & protection while further improving our margins Underlying earnings 12 1. Change FY25 vs. FY24 at constant FX. +7% 1 to €3.5bn Increasing penetration of Protection riders in Savings offerings Leveraging AI to reduce claims leakage & improve customeroutcomesin Health GIE_AXA_Internal Focus on cost reduction Full Year 2025 Earnings 3 FY25 Financial Performance Alban de Mailly Nesle Group CFO P&C | Continued disciplined growth In Euro billion GWP & Other Revenues +4% +8% +7% +5% 56.5 58.0 Change o/w pricing 1 o/w volume 2 Commercial lines AXA XL Reinsurance Retail lines GIE_AXA_Internal FY24 35.8 19.7 2.6 FY25 +2% +2% +0.3% +7% +5% +2% ▶ Continued pricing momentum and volume growth in Mid-market and SME ▶ Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ▶ Growth supported by alternative capital ▶ Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) 14 Change at constant scope and FX. 1. Price effect. 2. Includes exposure adjustments and mix & other effects. Full Year 2025 Earnings P&C | Delivering further margin expansion while enhancing reserve prudence Undiscounted CY loss ratio (ex Nat Cat) Expense ratio Nat Cat Prior year reserve development Discount 15 Combined ratio 25.0% 67.4% 91.0% 90.6% 24.8% 67.0% 3.8% 3.4% -3.6% -1.6% -3.5% -1.1% FY24 FY25 ▶ Better undiscounted current year loss ratio excluding Nat Cat from: Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management ▶ Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology ▶ Nat Cat charges below normalized load ▶ Lower reliance on prior year reserve development ▶ Taking advantage of a good year to enhance reserve prudence GIE_AXA_Internal Full Year 2025 Earnings P&C | Earnings growth from higher underwriting and financial result In Euro million Underlying Earnings 5,872 Financial result 5,510 +9% -150 -169 -235 +435 +189 +292 Underwriting result 1 FY24 Volume growth Margin improvement Investment income Insurance finance expenses Tax Affiliates, FX & other FY25 ▶ Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence ▶ Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets ▶ Higher unwind of discount of claims reserves, in line with guidance ▶ Unfavorable forex impact notably due to USD depreciation vs. EUR 16 Change at constant FX. GIE_AXA_Internal Underwriting result includes expenses. Full Year 2025 Earnings Life & Health | Strong growth in premiums, positive net flows In Euro billion Protection Life GWP & Other Revenues +9% 37.5 9.3 17.3 34.5 +11% Health GWP & Other Revenues +5% 19.0 8.5 10.5 17.5 Net flows: €+5.4bn vs. €+1.5bn in FY24 Unit-linked Capital light G/A Traditional G/A FY24 +13% +7% -7% 9.0 1.9 FY25 Individual Group +6% Protection +4.9 Health +2.7 Unit-Linked +1.5 Capital light G/A +1.2 Traditional G/A -5.0 +4% FY24 FY25 17 Change at constant scope and FX. o/w FY25 Employee Benefits 1 Euro 12.9 billion (+4% vs. FY24) Full Year 2025 Earnings GIE_AXA_Internal 1. Including both short-term and long-term Employee Benefits GWP and other revenues. Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting In Euro billion Protection & Health Unit-Linked PVEP -2% 8.5 31.4 50.9 49.4 -4% +18% NB CSM (pre-tax) NBV (post-tax) +3% 2.2 2.2 FY24 FY25 stable 2.3 2.2 ▶ PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes ▶ NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits ▶ NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France Capital-light G/A Traditional G/A FY24 -10% -10% 7.8 1.7 FY25 NBV margin FY24 FY25 4.4% 4.5% GIE_AXA_Internal 18 Full Year 2025 Earnings Change at constant scope and FX. Life & Health | Growth in new business driving Normalized CSM growth In Euro billion Contractual Service Margin rollforward GIE_AXA_Internal 7.7 25.8 o/w Life o/w Health +1.3 33.6 +0.6 -0.3 33.0 Normalized CSM growth +2% -1.4 +2.2 -3.0 FY24 New business CSM 7.6 25.4 Underlying return on in-force CSM release Economic variance Operating variance Affiliates, FX & other FY25 ▶ Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates ▶ Economic variance reflecting government spreads tightening and positive equity market returns ▶ Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland ▶ FX impact mainly from JPY and HKD depreciation 19 Change at constant scope and FX. Full Year 2025 Earnings Life & Health | Strong momentum in both short-term and long-term business I n Euro million Underlying Earnings 3,323 +7% +60 +156 415 -11 -27 2,680 975 -748 3,501 2,804 946 -728 Short-term technical margin 479 Long-term result incl. CSM release Financial result Tax & others ▶ 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%) reflecting growth in reserve base, including from favorable equity market performance, and better margins in billions 0.8 +17% vs. FY24 2.6 o/w Life FY24 Short-term technical margin Long-term result incl. CSM release Financial result Tax, FX and others FY25 2.7 +4% vs. FY24 0.7 o/w Health 20 Change at constant FX. GIE_AXA_Internal Full Year 2025 Earnings Growth in net income reflecting higher earnings & the gain from the sale of AXA IM I n 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 - Underlying earnings per share +8% 3.86 In Euro 3.59 Underlying earnings 8.1 8.4 +6% Non-financial flows -0.5 +2.1 o/w capital gains from AXA IM disposal - +2.2 Financial flows (incl. RCG) +0.3 -0.7 Net income 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 FY24 FY25 including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback +6% from earnings growth +3% from capital management -2% from forex GIE_AXA_Internal 21 Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share. Full Year 2025 Earnings Shareholders' Equity I n Euro billion SHE (excl. OCI) Shareholders' equity 1 52.7 54.0 58.0 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 49.9 45.5 47.2 Net OCI -8.1 -7.2 -6.8 SHE (excl. OCI & undated subordinated debt) Debt gearing Underlying ROE FY24 HY25 FY25 53.2 47.0 49.4 20.6% 23.4% 22.3% GIE_AXA_Internal 15.2% 16.0% 17.5% 22 1. Shareholders' equity Group share. Full Year 2025 Earnings Higher organic cash remittance and robust cash position at Holding I n Euro billion FY24 Cash position 4.0 Net cash remittance from subsidiaries +7.5 Dividend -4.6 Annual share buyback -1.2 Anti-dilutive share buyback following the sale of AXA IM -3.5 Holding costs and interest expenses -1.3 Change in net debt +1.6 M&A and other +3.1 Net Cash Remittance Proceeds related to in-force treaties 2 7.7 7.1 0.6 7.5 Remittance ratio 1 FY24 FY25 82% 82% FY25 Cash position 5.6 23 1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25. GIE_AXA_Internal €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe. Full Year 2025 Earnings Solvency II at 224% In Euro billion -0.4 Provision for annual share buyback for 2026: €-1.25bn -2.1 55.9 +0.2 56.4 -6.0 -0.1 +8.8 Foreseeable dividends: €-4.8bn Key sensitivities Eligible Own Funds (EOF) Solvency II FY24 FY25 Ratio as of December 31, 2025 Interest rate +50bps Interest rate -50bps Corporate spreads +50bps Euro Sovereign spreads +50bps 1 216% +0pt +28pts -1pt +4pts -24pts +2pts 224% Credit migration 2 224% +2 pts -1 pt -1 pt -7 pts -4 pts ratio Solvency Capital Requirement (SCR) FY24 Regulatory & model changes Normalized capital generation Operating variance Economic variance & FX Dividend & annual share buyback 0.0 Management actions, debt & other FY25 -1.2 -0.2 25.2 Listed Equity (excl. PE & Infra) +25% Listed Equity (excl. PE & Infra) -25% PE & Infra +25% -1 pt +2 pts +14 pts 25.9 0.0 +0.6 0.0 FY24 FY25 24 1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures). GIE_AXA_Internal 2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches). PE & Infra -25% Inflation swap curve +50bps Full Year 2025 Earnings -19 pts -5 pts Solvency II - impact of the end of grandfathering period and Solvency II revision Ratio as of 31/12/2025 224% Impact of the end of grandfathering period on January 1, 2026 Impact of Solvency II revision to come into effect in 1Q27 -10pts to 215% +17pts 1 ▶ 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 GIE_AXA_Internal 25 1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date. Full Year 2025 Earnings Conclusion Thomas Buberl, Group CEO Conclusion Record results, at the top end of the target range while enhancing reserve prudence All businesses in excellent shape, delivering strong growth and profitability Diversified franchise, well-positioned to capture future growth opportunities Laying foundations for the next plan and confident in delivering sustainable earnings growth GIE_AXA_Internal 27 Full Year 2025 Earnings Q&A Full Year 2025 Earnings February 26, 2026 AXA Investor Relations | Keep in touch Meet our management Contact us Investor Relations +33 1 40 75 48 42 [email protected] Follow us https://www.axa.com June 2-4 March Roadshows Europe and US May 5 1Q25 Activity Indicators Paris June 2 BNP Paribas Exane CEO Conference Paris Goldman Sachs European Financials Conference Zurich July 31 HY26 Earnings Release Paris September 21 AXA Investor Day London GIE_AXA_Confidential 29 Full Year 2025 Earnings Appendices Table of contents Debt and Invested Assets p.31 Additional P&C disclosures p.36 Additional IFRS17 disclosures p.41 GIE_AXA_Confidential Sustainability p.44 Gross financial debt and maturity breakdown as of December 31 st , 2025 In Euro billion Debt gearing Gross financial debt 1,2 Contractual maturity breakdown 20.6% 0.9 1.5 4.6 0.7 10.8 0.7 0.5 0.5 22.3% Senior debt Tier 2 Tier 1 3.5 10.8 4.8 19.2 20.3 20.3 5.8 11.3 3.2 2025 2026 2027 o/w Grandfathered debt - - - - - - Tier 1 Tier 2 - - 2028 2029 - - 2030 2031-2039 - 0.7 - - - 0.2 ≥2040 Undated 1.4 - 3.5 12.2 4.6 FY24 FY25 Jan 1 st 0.1 0.1 0.5 2.0 2.4 6.4 0.4 0.5 1.5 0.7 0.9 4.0 0.7 2026 o/w €0.4bn redeemed in Jan 2026 Economic maturity breakdown 3 Senior debt Tier 2 Tier 1 End of the 2025 2026 2027 2028 2029 2030 2031-2039 ≥2040 Undated grandfathering period Tier 1 Tier 2 Senior debt o/w Grandfathered debt - - 0.1 - - - 0.1 - - - - 0.7 0.4 0.2 - - 0.8 - Tier 1 Tier 2 GIE_AXA_Confidential 32 1. Nominal debt. 2. In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005. 3. Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time. Full Year 2025 Earnings Invested assets (100%) In Euro billion FY25 % Fixed income 345 77% o/w Government bonds 167 37% General Account Invested Assets FY25 Total General Account invested assets Duration gap at -0.4 year o/w Corporate bonds and loans 121 27% o/w Other fixed income 1 56 13% Euro 450 billion Fixed income Real estate Infrastructure equity Listed equities Private equity and hedge funds Cash Policy loans Real estate 41 9% Infrastructure equity 10 2% Listed equities 2 10 2% Private equity and hedge funds 3 23 5% Cash 19 4% Policy loans 2 0% Total Insurance Invested Assets 4 450 100% Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion). Includes hedges. Listed equities excluding hedges at Euro 14 billion. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). Please refer to the financial supplement for more details. GIE_AXA_Confidential 33 Full Year 2025 Earnings Structured and Private Credit assets Invested assets (100%) In Euro billion FY25 % of total G/A 1 Comments portfolio Residential Mortgages 16 4% - €6bn Dutch mortgages, NHG guaranteed - €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) CLO & ABS 25 6% - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA) Infrastructure debt 8 2% - Skewed towards resilient industries (Telecom, Utilities, Transport) CRE debt 8 2% - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV Mid-Market lending 10 2% Strong diversification with €8m average ticket Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation Other 2 0% Total Structured and Private Credit Assets 69 15% o/w 54% participating 1. G/A: General Account GIE_AXA_Confidential 34 Full Year 2025 Earnings Investment portfolio | Fixed Income reinvestment FY25 Fixed Income Reinvestment FY25 Fixed Income Reinvestment Yield 4.7% 3.5% 3.9% Euro 57 billion Public fixed income 1 Private & Structured fixed income 2 Total fixed income ▶ Euro 57 billion fixed income invested at 3.9% Average duration of 9 years Includes Euro 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY) Gradual shift from alternative total return assets to Private & Structured credit Government bonds & related (32%) - Average rating: AA Investment grade credit (40%)- Average rating: A ABS/CLO/IG fund financing (21%) Below investment grade credit (7%) Government and Corporate bonds and related. GIE_AXA_Confidential 35 2. Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid). Full Year 2025 Earnings Table of contents Debt and Invested Assets p.31 Additional P&C disclosures p.36 Additional IFRS17 disclosures p.41 GIE_AXA_Confidential Sustainability p.44 AXA XL Insurance | Large Commercial & Specialty business Well diversified across lines of business and geographies $19bn FY25 GWP by line of business Casualty (35%) Property (29%) Specialty (19%) Professional lines 1 (17%) $19bn FY25 GWP by geography Americas (46%) Europe & APAC (35%) UK & Lloyds (19%) Leading market positions across lines Top 3 globally Multinational Programs 2 Marine 3 Fine Art & Specie 4 Managing the cycle to deliver consistent profitability Profitability Property Specialty Casualty Professional lines Ex-price growth (%) GIE_AXA_Confidential 37 1. Including Cyber; 2. Source: McKinsey; 3. Source: Aon, Guy Carpenter, and Global Market Insights; 4. Source: Industry Research Biz (January 2026). Full Year 2025 Earnings P&C | Focus on Reserves Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) 179% 185% 193% 188% 189% 198% 195% 180% 175% FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 FY25 IFRS4 IFRS17 Technical reserves ratio (Net undiscounted technical reserves 1 /Net earned premiums) 213% 227% 233% 226% 227% 234% 232% 216% 210% FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 FY25 IFRS4 IFRS17 GIE_AXA_Confidential 38 1. Includes net undiscounted claims reserves and unearned premium reserves. Full Year 2025 Earnings P&C | 2026 Simplified Group Nat Cat Reinsurance Program 1 In Euro Insurance segment (occurrence protection) Reinsurance segment (illustrative) 600m 4.0bn 1.2bn 1.2bn 2.1bn 2.1bn Alternative Capital & Cat Bonds Capacity Retention 450m 400m 600m 2 600m 2 400m EU Windstorm Europe Flood Europe Earthquake NA Hurricane NA Earthquake Per other perils 3 Stable retention levels maintained in 2026 as in 2025 39 1. Excludes local reinsurance covers; 2. Varying retention between MX and NA (400m MX, 600m NA); 3. Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type. Full Year 2025 Earnings P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026 In Euro billion (net of reinsurance) Group underlying earnings deviation to average Nat Cat charges in 2026 Average Expected Nat Cat charges net of reinsurance, post-tax net of reinsurance, pre-tax 2.6 2.7 More severe years Negative deviation in ca. 40% of cases 1/20y (95 th ) 1/10y (90 th ) 1/5y (80 th ) €+0.5bn Less severe years Positive deviation in ca. 60% of cases (50 th ) €-0.8bn €-0.4bn 1/ 1/10y (10 th ) 1/5y (20 th ) Median €+0.1bn €+0.7bn €+0.8bn 20y (5 th ) €-1.2bn Estimated impact on GEP 2025 2026 ca. 4.5% ca . 4.5% GIE_AXA_Secret 40 Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance). Full Year 2025 Earnings