AXA (CSP) Q4 2025 earnings summary

Executive summary

• Achieved record results in FY25, with revenues up 6% and underlying EPS up 8% year-over-year, supported by all business segments and geographies.

• ROE reached 16% and Solvency II ratio stood at 224% at year-end, reflecting strong capital generation and prudent reserve management.

• Net income surged 26% to €9.8 billion, driven by higher underlying earnings and gains from the AXA IM sale.

• Completed €3.8 billion share buyback related to the AXA IM sale and announced €1.25bn annual buyback.

• Positioned for sustainable long-term expansion, leveraging structural growth drivers and technology investments.

Financial highlights

• Gross written premiums and other revenues: €115.5 billion (+6% year-over-year), with balanced growth across P&C (+5%), Life (+9%), and Health (+5%).

• Underlying earnings: €8.4 billion (+6% year-over-year, +9% excluding AXA IM); underlying EPS: €3.86 (+8%).

• Net income: €9.8 billion (+26%), benefiting from operational growth and AXA IM sale.

• Dividend proposed at €2.32 per share (+8% year-over-year).

• Debt gearing at 22.3%; shareholders’ equity at €47.2bn at year-end.

Outlook and guidance

• Confident in delivering underlying EPS at the top end of the 6%-8% target range for 2026.

• Solvency II revision expected to add 17 points to the ratio in 2027.

• New strategic plan for 2027–2029 to be presented in September 2026.

• Focus on technology, efficiency, and capital allocation discipline to sustain earnings growth.

• Guidance maintained for underlying ROE between 14–16% and cumulative organic cash upstream >€21 billion for 2024–2026.