Axa Posts Record Results with a 9% Increase in Operating Income Excluding Asset Management

Operational Performance Highlights

Axa's operating income reached 8.4 billion euros in 2025, up by 6% as reported and 9% when excluding asset management. This increase is mainly due to the property and casualty branch, which grew by 9%, benefiting from a rise in volumes, an increase in underwriting margin, and a higher financial result. Life and health insurance also advanced by 7%, reflecting improvements in the technical result of short-term health and providence activities, as well as an increase in the result from long-term activities. Gross written premiums and other revenues stood at 116 billion euros, up by 6%, with property and casualty insurance growing by 5% and life and health insurance by 8%.

Operational Income Per Share and Solvency Ratio

The operational income per share increased by 8% to 3.86 euros, supported by the rise in operational income, the reduction in interest expenses on subordinated debt, and the positive impact of share buybacks, partially offset by unfavorable exchange rate effects of 2%. The Solvency II ratio reached 224% on December 31, 2025, up 9 points from the end of 2024. Since January 1, 2026, this ratio has been at 215%, reflecting the end of the Solvency II transitional period. The group anticipates that the regulatory revision of Solvency II, scheduled for the first quarter of 2027, will result in a further 17-point increase in the ratio.

Dividend Proposal and Share Buyback Program

Axa proposes a dividend per share of 2.32 euros, an 8% increase from 2024, which will be put to vote at the General Assembly on April 30, 2026, with a planned payment on May 13, 2026. The board of directors has approved the launch of a share buyback program with a maximum amount of 1.25 billion euros. The group anticipates an operational income per share growth at the upper end of its target range of 6% to 8% for 2026, supported by profitable organic growth and improved operational efficiency.