Earnings Results (abwhxx5fn6DF3AUJ AXA Full Year Results 2025b)

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

1. FY25 Highlights p.04

   Thomas Buberl, Group CEO

2. FY25 Business Performance p.09

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

3. 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% DPS1 growth and €1.25bn

annual share buy back2

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

1. 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.

2. 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

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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

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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 GWP1)

+6%

to €31bn

+7%

to €2.2bn

Europe

(38% of total GWP1)

+6%

to €43bn

+9%

to €3.5bn

AXA XL

(17% of total GWP1)

+4%

to €19bn

+9%

to €1.9bn

Asia, Africa & EME-LATAM

(18% of total GWP1)

+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 XL1

(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

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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

pricing1

o/w volume2

Commercial

lines

AXA XL

Reinsurance

Retail lines

GIE_AXA_Internal

FY24

35.8

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

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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

Underwriting result1

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.

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1. 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%

+4%

FY24 FY25

17 Change at constant scope and FX.

o/w FY25 Employee Benefits1

Euro 12.9 billion (+4% vs. FY24)

Full Year 2025 Earnings

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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%

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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%

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

In 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

In Euro billion

Underlying earnings per share

+8%

3.86

In Euro

3.59

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

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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

In Euro billion

SHE (excl. OCI)

Shareholders' equity1

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%

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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

In Euro billion

Net Cash Remittance

Proceeds related to in-force treaties2

7.7

0.6

7.5

Remittance ratio1

FY24 FY25

82%

82%

23 1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.

GIE_AXA_Internal

1. €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 +50bps1

216%

+0pt

+28pts

-1pt

+4pts

-24pts

+2pts

224%

Credit migration2

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

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%

+17pts1

▶ 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

investor.relations@axa.com

Follow us https://www.axa.com

June 2-4

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

1. Debt and Invested Assets p.31

2. Additional P&C disclosures p.36

3. Additional IFRS17 disclosures p.41

   GIE_AXA_Confidential

4. Sustainability p.44

Gross financial debt and maturity breakdown as of December 31st, 2025

In Euro billion

Debt gearing

Gross financial debt1,2 Contractual maturity breakdown

20.6%

0.9

0.7

10.8

0.5

0.5

22.3%

Senior debt Tier 2

Tier 1

19.2

20.3

20.3

2025 2026 2027

o/w Grandfathered debt

-

-

-

-

-

-

Tier 1

Tier 2

-

-

2028 2029

-

-

2030 2031-2039

-

0.7

-

-

-

0.2

≥2040

Undated

1.4

-

FY24 FY25

Jan 1st

0.1

0.1 0.5

6.4

0.4

0.5

1.5

0.9

0.7

2026

o/w €0.4bn redeemed in Jan 2026

Economic maturity breakdown3

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

General Account Invested Assets

FY25 Total General Account invested assets

Euro

450

billion

Fixed income Real estate

Infrastructure equity

Listed equities

Private equity and hedge funds Cash

Policy loans

1. 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).

2. Includes hedges. Listed equities excluding hedges at Euro 14 billion.

3. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).

4. Please refer to the financial supplement for more details.

GIE_AXA_Confidential

33 Full Year 2025 Earnings

Structured and Private Credit assets

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 income1

Private & Structured fixed income2

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%)

1. 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

1. Debt and Invested Assets p.31

2. Additional P&C disclosures p.36

3. Additional IFRS17 disclosures p.41

   GIE_AXA_Confidential

4. 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 lines1 (17%)

$19bn

FY25 GWP

by geography

Americas (46%) Europe & APAC (35%) UK & Lloyds (19%)

Leading market positions across lines

Top 3 globally Multinational Programs2 Marine3

Fine Art & Specie4

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 reserves1/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 Program1

In Euro

Insurance segment (occurrence protection)

Reinsurance segment

(illustrative)

Capacity

Retention

450m 400m

600m2 600m2

400m

EU

Windstorm

Europe Flood

Europe Earthquake

NA

Hurricane

NA

Earthquake

Per other

perils3

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 cost1 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

(95th)

1/10y

(90th)

1/5y

(80th)

€+0.5bn

Less severe years

Positive deviation in ca. 60% of cases

(50th)

€-0.8bn

€-0.4bn

1/

1/10y

(10th)

1/5y

(20th)

Median

€+0.1bn

€+0.7bn

€+0.8bn

20y

(5th)

€-1.2bn

Estimated impact on GEP

2025 2026

ca.

4.5%

ca.

4.5%

GIE_AXA_Secret

40

1. 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