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February 26, 2026 Full Year 2025 Earnings Presentation
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GIE_AXA_Internal 2 Full Year 2025 Earnings 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 (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.
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GIE_AXA_Internal 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 3 Full Year 2025 Earnings
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Thomas Buberl , Group CEO 1 FY25 Highlights
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GIE_AXA_Internal Full Year 2025 | Excellent performance 5 Full Year 2025 Earnings 1. Based on the dividend proposed by AXA’s Board of Directors on February 2 5, 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 practica ble, subject to market conditions. Revenues vs. FY24 Underlying EPS vs. FY24 16% ROE FY25 Solvency II ratio FY25 Delivering value for shareholders +8% DPS1 growth and €1.25bn annual share buy back2 Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 +8%+6% 224%
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GIE_AXA_Internal Executing the plan on growth, margin and efficiency 6 Full Year 2025 Earnings FY24 FY25 8.1 8.4 +6% Underlying earnings 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 Consistent earnings growth while enhancing reserve prudence +9% excluding AXA IM In Euro billion Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.
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GIE_AXA_Internal Protection gaps and emerging corporate risks Demographics driving demand for private retirement and healthcare Diversified franchise, well positioned in an attractive industry 7 Full Year 2025 Earnings Strong and diversified distribution Technical expertise to price & underwrite risks Scale offering cost advantage Leading brand & high customer NPS Our right to win Life (33%) SME & Mid- market (16%) Secular trends fueling demand across businesses Health (17%) Large & Specialty (17%) Retail (17%) Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.
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GIE_AXA_Internal Laying the foundation for the next plan 8 Full Year 2025 Earnings Confidence in sustaining earnings growth Clear tech and AI roadmap Driving efficiency Enhancing capital allocation discipline Building resilience
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Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk, and Technology 2 FY25 Business Performance
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GIE_AXA_Internal Strong delivery across our businesses 10 Full Year 2025 Earnings 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. Gross written premiums Underlying earnings France (27% of total GWP1) +6% to €31bn +7% to €2.2bn Asia, Africa & EME-LATAM (18% of total GWP1) +13% to €20bn +6% to €1.5bn Europe (38% of total GWP1) +6% to €43bn +9% to €3.5bn +9% to €1.9bn AXA XL (17% of total GWP1) +4% to €19bn
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GIE_AXA_Internal P&C | Strong margins, confidence in sustaining growth 11 €58bn GWP RetailSME & Mid- market AXA XL1 (Large & Specialty) 2025 Continued progress on efficiency Higher investment income Data & AI to further enhance customer experience & technical excellence Full Year 2025 Earnings Beyond 2025 Retail and SME & Mid-market Growing volumes while expanding margins Investing to improve customer retention & expanding distribution footprint AXA XL (Large & Specialty) Profitable growth with stable margins Capitalizing on attractive growth opportunities and continued cycle management +9%2 to €5.9bn Underlying earnings 1. Includes AXA XL Re premiums of €2.6bn. 2. Change FY25 vs. FY24 at constant FX.
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GIE_AXA_Internal L&H| Good momentum, well positioned to capture growth opportunities 12 €57bn GWP Long- term Short- term Full Year 2025 Earnings Focus on cost reduction Increasing penetration of Protection riders in Savings offerings Leveraging AI to reduce claims leakage & improve customeroutcomesinHealth Long-term business Accelerating net flows in Savings at attractive margins Capturing savings & retirement opportunity, sourcing best asset management products for our customers Short-term business Growing technical results while absorbing Mexico VAT impact Capitalizing on demand for health & protection while further improving our margins 2025 Beyond 2025 +7%1 to €3.5bn Underlying earnings 1. Change FY25 vs. FY24 at constant FX.
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Alban de Mailly Nesle Group CFO 3 FY25 Financial Performance
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GIE_AXA_Internal FY24 2.6 FY25 Commercial lines AXA XL Reinsurance Retail lines 56.5 58.0 +5% P&C | Continued disciplined growth In Euro billion GWP & Other Revenues 14 +4% Change o/w pricing1 o/w volume2 +2% +2% +8% +0.3% +7% +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) Full Year 2025 Earnings Change at constant scope and FX. 1. Price effect. 2. Includes exposure adjustments and mix & other effects. 35.8 19.7
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GIE_AXA_Internal FY24 FY25 91.0% 90.6% P&C | Delivering further margin expansion while enhancing reserve prudence 15 Combined ratio Nat Cat Undiscounted CY loss ratio (ex Nat Cat) Expense ratio Prior year reserve development Discount ▶ Better undiscounted current year loss ratio excluding Nat Cat from: o Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment o 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 67.0% Full Year 2025 Earnings 67.4% 24.8%25.0% 3.4%3.8% -1.6% -1.1% -3.6% -3.5%
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GIE_AXA_Internal P&C | Earnings growth from higher underwriting and financial result 16 Underlying Earnings Financial result FY24 +292 Volume growth +189 Margin improvement +435 Investment income -235 Insurance finance expenses -169 Tax -150 Affiliates, FX & other FY25 5,510 5,872 +9% ▶ 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 In Euro million Change at constant FX. 1. Underwriting result includes expenses. Full Year 2025 Earnings Underwriting result1
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GIE_AXA_Internal Life & Health | Strong growth in premiums, positive net flows Life GWP & Other Revenues FY24 1.9 FY25 34.5 37.5 17.3 9.3 9.0 +9% +11% +7% +13% Capital light G/A Traditional G/A -7% Protection Health Unit-Linked Capital light G/A Traditional G/A +4.9 +2.7 -5.0 Net flows: €+5.4bn vs. €+1.5bn in FY24 Protection Unit-linked 17 +1.2 Health GWP & Other Revenues FY24 FY25 Group 17.5 19.0 10.5 8.5 +5% +6% +4% +1.5 Individual o/w FY25 Employee Benefits1 Euro 12.9 billion (+4% vs. FY24) Change at constant scope and FX. 1. Including both short-term and long-term Employee Benefits GWP and other revenues. In Euro billion Full Year 2025 Earnings
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GIE_AXA_Internal Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting 18 FY24 1.7 FY25 50.9 49.4 31.4 8.5 7.8 -2% Protection & Health Unit-Linked Capital-light G/A PVEP Traditional G/A FY24 FY25 2.3 2.2 stable NB CSM (pre-tax) In Euro billion -4% +18% -10% -10% ▶ 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 Change at constant scope and FX. Full Year 2025 Earnings NBV (post-tax) NBV margin 4.4% 4.5% FY24 FY25 2.2 2.2 +3%
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GIE_AXA_Internal Life & Health | Growth in new business driving Normalized CSM growth Normalized CSM growth +2% Contractual Service Margin rollforward o/w Life 7.7 7.6o/w Health 25.8 25.4 19 ▶ 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 Change at constant scope and FX. In Euro billion Full Year 2025 Earnings FY24 New business CSM Underlying return on in-force -3.0 CSM release +0.6 Economic variance -0.3 Operating variance -1.4 Affiliates, FX & other FY25 33.6 33.0 +2.2 +1.3
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GIE_AXA_Internal Life & Health | Strong momentum in both short-term and long-term business In Euro million 975 946 415 479 FY24 Short-term technical margin Long-term result incl. CSM release Financial result Tax, FX and others -728 FY25 Tax & others Financial result Long-term result incl. CSM release Short-term technical margin 3,323 +60 +156 -11 -27 3,501 2,680 2,804 -748 +7% Underlying Earnings 2.6 2.7 0.7 0.8 o/w Life o/w Health 20 Change at constant FX. +4% vs. FY24 +17% vs. FY24 in billions ▶ 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 Full Year 2025 Earnings
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GIE_AXA_Internal Growth in net income reflecting higher earnings & the gain from the sale of AXA IM 21 In Euro billion ▶ Strong performance from insurance businesses ▶ Stable holding cost, expected to remain at current level in 2026 Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share. FY24 FY25 3.59 3.86 +8% +6% from earnings growth +3% from capital management -2% from forex Underlying earnings per share In Euro Underlying earnings Net Income Full Year 2025 Earnings including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback▶ 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 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 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%
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GIE_AXA_Internal Underlying ROE 15.2% 16.0% FY24 HY25 FY25 Net OCI SHE (excl. OCI) 49.9 45.5 47.2 -8.1 58.0 -7.2 52.7 -6.8 54.0 Shareholders’ Equity 22 Debt gearing 20.6% 22.3% Shareholders’ equity1 In Euro billion 1. Shareholders’ equity Group share. Full Year 2025 Earnings SHE (excl. OCI & undated subordinated debt) 53.2 49.4 17.5% 23.4% 47.0 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
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GIE_AXA_Internal 7.1 7.5 FY24 FY25 7.7 0.6 1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25. 2. €0.6bn proceeds related to L&S reinsurance in -force treaties at AXA France and AXA Life Europe. 23 Full Year 2025 Earnings Net Cash Remittance Remittance ratio1 82% 82% In Euro billion Higher organic cash remittance and robust cash position at Holding Proceeds related to in-force treaties2 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 FY25 Cash position 5.6
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GIE_AXA_Internal Solvency II at 224% 24 Full Year 2025 Earnings Ratio as of December 31, 2025 Interest rate +50bps Interest rate -50bps Corporate spreads +50bps Euro Sovereign spreads +50bps1 Credit migration2 Listed Equity (excl. PE & Infra) +25% Listed Equity (excl. PE & Infra) -25% PE & Infra +25% PE & Infra -25% Inflation swap curve +50bps 224% +2 pts -1 pt -1 pt -1 pt +2 pts -7 pts -4 pts +14 pts -19 pts -5 pts Eligible Own Funds (EOF) Solvency Capital Requirement (SCR) Solvency II ratio +0.2 +8.8 FY24 FY25 55.9 -0.4 -2.1 -6.0 -0.1 56.4 +0.6 FY24 FY25 25.9 0.0 0.0 -1.2 0.0 -0.2 25.2 216% 224%+0pt +28pts -1pt +4pts -24pts +2pts In Euro billion Foreseeable dividends: €-4.8bn Provision for annual share buyback for 2026: €-1.25bn Regulatory & model changes Normalized capital generation Operating variance Economic variance & FX Management actions, debt & other FY24 FY25 Dividend & annual share buyback 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). 2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches). Key sensitivities
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GIE_AXA_Internal Solvency II – impact of the end of grandfathering period and Solvency II revision 25 Full Year 2025 Earnings 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. Ratio as of 31/12/2025 Impact of the end of grandfathering period on January 1, 2026 Impact of Solvency II revision to come into effect in 1Q27 224% -10pts to 215% +17pts1 ▶ No change expected in organic capital generation ▶ Additional capital flexibility ▶ Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
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Thomas Buberl , Group CEO Conclusion
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GIE_AXA_Internal 27 Full Year 2025 Earnings 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 Conclusion
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February 26, 2026 Q&A Full Year 2025 Earnings
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GIE_AXA_Confidential March Roadshows Europe and US May 5 1Q25 Activity Indicators Paris June 2 BNP Paribas Exane CEO Conference Paris June 2-4 Goldman Sachs European Financials Conference Zurich July 31 HY26 Earnings Release Paris September 21 AXA Investor Day London AXA Investor Relations | Keep in touch Contact usMeet our management Investor Relations +33 1 40 75 48 42 investor.relations@axa.com Follow us www.axa.com 29 Full Year 2025 Earnings
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GIE_AXA_Confidential Appendices
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GIE_AXA_Confidential Table of contents 1. Debt and Invested Assets p.31 2. Additional P&C disclosures p.35 3. Additional IFRS17 disclosures p.40 4. Sustainability p.43
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GIE_AXA_Confidential End of the grandfathering period Economic maturity breakdown3 Gross financial debt and maturity breakdown as of December 31st, 2025 Gross financial debt1,2 Contractual maturity breakdown Debt gearing 20.6% 22.3% 1.5 10.8 4.6 2025 2026 2027 0.5 2028 2029 0.90.7 2030 2031-2039 0.5 ≥2040 0.7 Undated 3.5 3.5 5.8 10.8 12.2 11.3 4.8 4.6 3.2 FY24 FY25 Jan 1st 2026 19.2 20.3 20.3 Tier 1 Tier 2 Senior debt In Euro billion 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 201 0 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. 32 Senior debt Tier 2 Tier 1 Full Year 2025 Earnings 2.4 2.0 4.0 0.9 6.4 1.5 2025 0.1 2026 2027 0.50.1 2028 2029 0.7 2030 0.4 2031-2039 0.5 ≥2040 0.7 Undated Senior debt Tier 2 Tier 1 o/w Grandfathered debt - - - - - - - - 1.4Tier 1 - - - - - 0.7 - 0.2 -Tier 2 - 0.1 - 0.1 - - 0.4 - 0.8Tier 1 - - - - - 0.7 0.2 - -Tier 2 o/w €0.4bn redeemed in Jan 2026 o/w Grandfathered debt
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GIE_AXA_Confidential General Account Invested Assets FY25 Total General Account invested assets Duration gap at -0.4 year 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. Euro 450 billion Fixed income Real estate Infrastructure equity Listed equities Private equity and hedge funds Cash Policy loans 33 Full Year 2025 Earnings Invested assets (100%) In Euro billion FY25 % Fixed income 345 77% o/w Government bonds 167 37% o/w Corporate bonds and loans 121 27% o/w Other fixed income 1 56 13% 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%
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GIE_AXA_Confidential Investment portfolio | Fixed Income reinvestment FY25 Fixed Income Reinvestment YieldFY25 Fixed Income Reinvestment ▶ 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 34 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%) Euro 57 billion 3.5% 4.7% 3.9% Public fixed income1 Private & Structured fixed income2 Total fixed income Full Year 2025 Earnings 1. Government and Corporate bonds and related. 2. Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).
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GIE_AXA_Confidential Table of contents 1. Debt and Invested Assets p.31 2. Additional P&C disclosures p.35 3. Additional IFRS17 disclosures p.40 4. Sustainability p.43
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GIE_AXA_Confidential AXA XL Insurance | Large Commercial & Specialty business Casualty (35%) Property (29%) Specialty (19%) Professional lines1 (17%) Americas (46%) Europe & APAC (35%) UK & Lloyds (19%) Top 3 globally Multinational Programs2 Marine3 Fine Art & Specie 4 Well diversified across lines of business and geographies $19bn FY25 GWP by line of business $19bn FY25 GWP by geography Ex-price growth (%) Profitability Property Professional lines Specialty Casualty Managing the cycle to deliver consistent profitability Leading market positions across lines 36 Full Year 2025 Earnings 1. Including Cyber; 2. Source: McKinsey; 3. Source: Aon, Guy Carpenter, and Global Market Insights; 4. Source: Industry Research Biz (January 2026).
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GIE_AXA_Confidential P&C | Focus on Reserves Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) Technical reserves ratio (Net undiscounted technical reserves1/Net earned premiums) 179% 185% 193% 188% 189% 198% 195% 180% 175% FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 FY25 213% 227% 233% 226% 227% 234% 232% 216% 210% FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 FY25 IFRS4 IFRS17 37 Full Year 2025 Earnings 1. Includes net undiscounted claims reserves and unearned premium reserves. IFRS4 IFRS17
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P&C | 2026 Simplified Group Nat Cat Reinsurance Program1 In Euro Insurance segment (occurrence protection) Alternative Capital & Cat Bonds Reinsurance segment (illustrative) 38 Full Year 2025 Earnings 3.9bn 1.2bn1.2bn 450m 400m600m 600m2 600m2 4.0bn 2.1bn 2.1bn 1.2bn 1.0bn 1.2bn EU Windstorm Europe Flood Europe Earthquake Per other perils3 NA Earthquake NA Hurricane 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. 400m Capacity Retention Stable retention levels maintained in 2026 as in 2025
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GIE_AXA_Secret P&C | AXA Group earnings deviation with different levels of Nat Cat cost1 in 2026 39 Average Expected Nat Cat charges 2.6 2.7 2025 2026 Group underlying earnings deviation to average Nat Cat charges in 2026 In Euro billion (net of reinsurance) net of reinsurance, post-tax net of reinsurance, pre-tax Median (50th) €+0.1bn €+0.8bn €+0.7bn €+0.5bn 1/10y (10th) 1/5y (20th) 1/20y (5th) €-1.2bn €-0.8bn €-0.4bn 1/10y (90th) 1/5y (80th) 1/20y (95th) More severe years Negative deviation in ca. 40% of cases 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 Estimated impact on GEP ca. 4.5% ca. 4.5% Less severe years Positive deviation in ca. 60% of cases
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GIE_AXA_Secret Table of contents 1. Debt and Invested Assets p.31 2. Additional P&C disclosures p.35 3. Additional IFRS17 disclosures p.40 4. Sustainability p.43
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GIE_AXA_Secret FY25 Change Investment Income 3,988 +435 FY25 Average Assets €115bn Asset book yield 3.5% FY25 Reinvestment yield1 4.3% FY25 Change Insurance Finance Expenses -1,358 -235 FY24 Reserves at locked-in rate €71bn Liability book yield 1.9% P&C | Margin Analysis Technical Result In Euro million (pre-tax) Financial Result In Euro million (pre-tax) + + 41 Changes versus FY24 at constant FX. 1. Reinvestment yield on fixed income assets. 2. Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve. + FY25 sensitivity to Current Accident Year discount rate changes 2 +25bps -25bps €+0.2bn €-0.2bn Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount +25bps -25bps ~ €-50m ~€+50m 2026e Insurance Finance Expenses (pre-tax) ~ €-1.4bn Full Year 2025 Earnings FY25 Change Underlying Earnings before tax 8,040 +681 Tax -2,060 -169 Affiliates, Minority interests & Other -108 -10 Underlying Earnings 5,872 +501 Growth vs. FY24 (at constant FX) +9% FY25 Change Current Accident Year Undiscounted Technical Margin 2,778 +707 Gross Earned Premiums 57,656 +6% Current Accident Year Undiscounted Combined Ratio 95.2% -1.0pt o/w Nat Cats 3.4% -0.4pt FY25 Change Current Accident Year Discounting 2,009 +115 Discounting Ratio (in Combined Ratio points) -3.5% +0.0pt Current Accident Year Net Claims reserves €19.0bn Duration 4.0 years Current Accident Year Discount rate 2.8% FY25 Change Prior Years' Reserve Development (PYD) 622 -341 PYD ratio -1.1% +0.7pt
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GIE_AXA_Confidential L&H | Margin Analysis + + + Technical Result In Euro million, pre-tax Financial Result In Euro million, pre-tax 42 Changes versus FY24 at constant FX. 1. Reinvestment yield on fixed income assets. Full Year 2025 Earnings Baseline 33.3 Interest rates +50bps -0.8 Interest rates -50bps 0.6 Sovereign spreads +50bps -1.9 Sovereign spreads -50bps 1.9 Corporate spread +50bps -0.8 Corporate spread -50bps 0.7 Equities +25% 1.8 Equities -25% -2.2 Life & Health FY25 CSM Key Sensitivities (in Euro billion) FY25 Change Short-term Technical Margin 479 +60 Gross Earned Premiums 17,416 +10% All Year Combined Ratio 97.2% -0.1pts FY25 Change Long-term Technical Margin 2,804 +156 CSM release 2,954 +215 Technical experience -150 -58 Includes scope impact Incl. recapture of Laya FY25 Change Investment Income (non-VFA only) 2,484 -1 FY25 Average Assets €98bn Asset book yield 2.5% FY25 Reinvestment yield1 3.8% Change Insurance Finance Expenses (non-VFA only) -1,538 -9 FY24 Reserves at locked-in rate €62bn Liability book yield 2.5% FY25 Change Underlying Earnings before tax 4,229 +205 Tax -800 65 Affiliates, Minority interests & Other 72 -51 Underlying Earnings 3,501 +219 Growth vs. FY24 (at constant FX) +7%
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GIE_AXA_Confidential Table of contents 1. Debt and Invested Assets p.31 2. Additional P&C disclosures p.35 3. Additional IFRS17 disclosures p.40 4. Sustainability p.43
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GIE_AXA_Confidential Target As a GLOBAL INVESTOR 2025 Result As a GLOBAL INSURER As a COMPANY €6bn3 in P&C GWP to support transition underwriting (cumulative 2024-2026) >20,0004 climate adaptation solutions & services (cumulative 2024-2026) Target revised in 2025 >20m5 inclusive insurance customers by 2026 Target 2025 Result >80,0006 AXA Group employees trained on climate adaptation by 2026 Contribute to Net-Zero -50%7 by 2030 in absolute carbon emissions and offset of residual emissions 8 50% Percentage of AXA Group employees engaged in volunteering activities by 2026 Target 2025 Result €6.4bn €4.6bn 19,698 Cumulative 2024-2025 20.6m -64% Reduction against 2019 56% 46,420 1. AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026. 2. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030. 3. Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026. 4. Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions & services in 2024 and 2025, AXA is proposing a sign ificant increase in its target for the 2024-2026 period, from >9,000 to >20,000. 5. Low-income to mass market segments in emerging markets and modest income segments in mature markets. 6. Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026. 7. Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030. 8. Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature -based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage). €1.4bn>€500m2 in community resilience financing per year €5bn2 in climate transition financing per year Full Year 2025 Earnings Expanding AXA’s role in society: AXA for Progress Index1 44
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GIE_AXA_Confidential 2025 ESG Risk Rating: 17.0– Low risk 2025 percentile: 97th 1 in Dow Jones Best-in-Class Europe & World indices 2025 score: B 2025 score: AAA 2025 score: 4.3/5 in FTSE4Good Index Series Sustainability Performance & Ratings 45 Full Year 2025 Earnings 1. The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long -Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.
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GIE_AXA_Confidential Scope ▪ France: includes insurance activities, banking activities and holding. ▪ Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities). ▪ AXA XL: includes insurance and reinsurance activities and holding. ▪ Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa : Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings. ▪ Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings. ▪ AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method. Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9 46 Full Year 2025 Earnings
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GIE_AXA_Confidential 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 the unearned profit to be recognized as services are provided to policyholders ▪ CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period ▪ Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ▪ Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder’s equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow ▪ Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on as sumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ▪ New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) mino rity interests ▪ New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided ▪ New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ▪ Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance ▪ Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share ▪ Technical experience: consists the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses ▪ Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance 47 Full Year 2025 Earnings
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February 26, 2026 Thank you Full Year 2025 Earnings