Paris, July 1, 2025




AXA completes the sale of
AXA Investment Managers to BNP Paribas
AXA announced today that it has completed the sale of AXA Investment Managers (“AXA IM”) to BNP Paribas for
cash proceeds1 of Euro 5.1 billion. AXA also closed the sale of Select to AXA IM for a consideration of Euro 0.3
billion, bringing the total transaction value to the previously announced amount of Euro 5.4 billion2,3.


AXA and BNP Paribas have today entered into a long-term partnership under which BNP Paribas will provide
investment management services to AXA. AXA will retain full authority over product design, asset allocation and
asset-liability management decisions. The combination of AXA IM and BNP Paribas creates a leading European
asset manager, with total assets under management of Euro 1.5 trillion4.


“Today marks the beginning of a new chapter for AXA IM,” said Thomas Buberl, CEO of AXA. “The combination
with BNP Paribas positions AXA IM for future success by leveraging their combined strengths and capabilities.
We look forward to the partnership with BNP Paribas to continue to deliver best-in-class investment solutions
for AXA and its clients. I would like to extend my heartfelt gratitude to all AXA IM employees for their dedication
and unwavering commitment, which have significantly contributed to the success of this homegrown business
over the past 25 years.”




1
For 100% share capital of AXA IM, of which 98% is owned by the AXA Group
2
Completed in two tranches: €0.1bn in March 2024 and €0.2bn in March 2025
3
Select (formerly named ‘Architas’) is an AXA company offering investment solutions, including management of funds, investment management services, advisory services,
and investment related services, to retail customers in France, Belgium, Hong Kong, and Indonesia
4
As of December 31st, 2024, based on companies’ financial disclosures




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Expected financial impacts of the transaction
• The transaction results in a one-off net income gain of ca. Euro 2.2 billion, as well as an expected
reduction in underlying earnings of ca. Euro 0.4 billion on an annualized basis for the Group.
• AXA will launch a share buyback program of up to Euro 3.8 billion to offset the earnings dilution from the
transaction. This is expected to be launched as soon as reasonably practicable, subject to market
conditions. Further details will be communicated regarding the execution of the share buyback program.
• The transaction and the associated share buyback program are expected to have an impact of ca.
+2 points on AXA’s Solvency II ratio.
• The transaction is expected to have no material impact on the key financial targets5 that were
communicated as part of the ‘Unlock the Future’ plan.




5
Underlying earnings per share CAGR 2023-2026E between 6% and 8%, Underlying return on equity between 14% and 16% over 2024 to 2026E, over Euro 21 billion cumulative
organic cash upstream over 2024 to 2026E


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ABOUT THE AXA GROUP FOR MORE INFORMATION:
The AXA Group is a worldwide leader in insurance and asset management, with 154,000 Investor Relations: +33.1.40.75.48.42
employees serving more than 95 million clients in 50 countries. In 2024, IFRS17 revenues Investor.relations@axa.com
amounted to Euro 110.3 billion and IFRS17 underlying earnings to Euro 8.1 billion. AXA
had Euro 983 billion in assets under management, including assets managed on behalf Individual Shareholder Relations: +33.1.40.75.48.43
of third parties, as of December 31, 2024.
Media Relations: +33.1.40.75.46.74
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker ziad.gebran@axa.com
symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American ahlem.girard@axa.com
Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. Corporate Responsibility strategy:
axa.com/en/about-us/strategy-commitments
The AXA Group is included in the main international SRI indexes, such as Dow Jones
Sustainability Index (DJSI) and FTSE4GOOD. SRI ratings:
axa.com/en/investor/sri-ratings-ethical-indexes
It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP
FI) Principles for Sustainable Insurance and a signatory of the UN Principles for
Responsible Investment.

This press release and the regulated information made public by AXA pursuant to article
L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the
Autorité des marchés financiers’ General Regulation are available on the AXA Group
website (axa.com).

THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com




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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
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