AXA (CSP) Q4 2025 earnings summary

Executive summary

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

• Underlying earnings rose 6% to €8.4 billion, and net income surged 26% to €9.8 billion, driven by operational growth and the AXA IM sale.

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

• Completed €3.8 billion share buyback related to AXA IM sale and announced €1.25 billion annual buyback; dividend per share proposed at €2.32 (+8%).

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

Financial highlights

• Gross written premiums and other revenues reached €115.5 billion (+6%), 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%), boosted by AXA IM sale; return on equity at 16%.

• Solvency II ratio: 224% at end-2025, 215% pro forma Jan 2026; expected 17-point uplift from Solvency II revision in 2027.

• Debt gearing at 22.3%; shareholders’ equity at €47.2 billion.

Outlook and guidance

• Targeting underlying EPS growth at the upper end of 6%-8% for 2026, with continued focus on technology, efficiency, and disciplined capital management.

• 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.

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

• Sustained growth and margin improvement expected in P&C, Life, and Health segments.