Total gross written premiums and other revenues of AXA for FY2025 were at EUR 116 billion, up 6%, according to the company’s Full Year 2025 Earnings report.

This was driven by Property & Casualty (+5%), with growth in Commercial lines (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects across all geographies, in Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at AXA XL Reinsurance (+8%), with growth supported by alternative capital; and Life & Health (+8%), with Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A (+4%), from continued momentum in Italy and France, and Health premiums up 5%, driven by price effects in all geographies.

Underlying earnings increased by 6% to EUR 8.4 billion, or +9% excluding AXA IM, driven by Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. Holdings underlying earnings remained broadly stable at EUR -1.2 billion. As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by EUR 0.2 billion.

Net income increased by 26% to EUR 9.8 billion, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM.

The key takeaways of the report:

FY25 highlights

• Gross written premiums & other revenues at EUR 116 billion, up +6% vs. FY24
• Underlying earnings at EUR 8.4 billion, up 6% vs. FY24, up 9% excluding AXA IM
• Underlying earnings per share at EUR 3.86, up +8% vs. FY24 including -2% headwind from foreign exchange movements and -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback
• Solvency II ratio at 224% at December 31, 2025, up +9 points vs. FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period

Capital Management

• Dividend of EUR 2.32 per share, up +8% vs. FY24
• Launch of an annual share buyback program of up to EUR 1.25 billion
• Completion of EUR 3.8 billion additional share buyback related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026

Outlook

• Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range
• Expected impact of Solvency II revision at +17 points
• AXA to present its new strategic plan for 2027–2029 on September 21, 2026

“In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence”, Thomas Buberl, Chief Executive Officer of AXA. “These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA’s ability to generate sustainable, long‑term value”, the CEO added.



The FY2025 report can be found here.