Paris, August 1st, 2025 (7:00am CET)

Half Year 2025 Earnings

• Gross written premiums & other revenues1 at Euro 64.3 billion, up +7% vs. 1H24
• Underlying earnings2 at Euro 4.5 billion, up +6% vs. 1H24
• Underlying earnings per share2 at Euro 2.03, up +8% vs. 1H24
• Solvency II ratio3 at 220%, up +4 points vs. FY24




“AXA delivered an excellent performance in the first half of 2025,” said Thomas Buberl, Chief Executive Officer of
AXA. “We continued to sustain strong growth momentum, with revenues up +7% and underlying earnings per
share up +8%, while maintaining a robust capital position with a Solvency II ratio at 220%. These results affirm the
strength of our well-diversified business model, which is delivering predictable and sustainable earnings growth.”

“P&C premiums were up +6% with growth across both Commercial and Personal lines. This reflects the continued
expansion of our customer base in Personal lines in a conducive pricing environment and disciplined growth in
Commercial lines with a strong focus on customer retention. Life & Health premiums rose +8%, supported by good
commercial momentum across our businesses. Net flows in Life & Savings continued to accelerate, from both
higher sales and better persistency.”

“Group underlying earnings increased +6%, driven by high topline growth and excellent operational performance
across our businesses. We further expanded our margins in P&C Retail while margins in P&C Commercial remained
stable at attractive levels. In Health, margins continued to increase, reflecting investments made to manage
claims while improving patient outcomes through care pathways and optimized care delivery. Our Life & Savings
business delivered steady earnings growth, underpinned by an attractive in-force portfolio. In line with our
strategy, we continue to invest in technology and distribution capabilities to further strengthen our core
businesses.”

“We are fully committed to creating value for our shareholders through disciplined capital deployment. Following
the closing4 of the sale of AXA Investment Managers to BNP Paribas, we launched5 a share buy-back program of
up to Euro 3.8 billion to offset the earnings dilution from this transaction. In addition, with the recent acquisition
of Prima6, we expect to further scale our business in Italy, while also enhancing our direct distribution capabilities
to complement our traditional distribution channels.”

“We are confident in our long-term strategy and focused on the execution of our current plan. I would like to thank
all our colleagues, agents, and partners for their commitment and support, as well as our customers for their
continued trust.”




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1H25 key highlights
Key figures (in Euro million, unless otherwise noted)
Change on a Change at
1H24 1H25
reported basis constant Forex
1
Gross written premiums & other revenues 59,872 64,251 +7% +7%
o/w Property & Casualty 32,522 34,097 +5% +6%
o/w Life & Health 26,505 29,230 +10% +8%
o/w Asset Management 787 875 +11% +4%
2
Underlying earnings 4,244 4,465 +5% +6%
Net income 4,020 3,922 -2% -2%

Change on a
FY24 1H25
reported basis
Solvency II ratio (%)3 216% 220% +4 pts


Activity indicators
Total gross written premiums and other revenues1 were up 7%, driven by (i) Property & Casualty (+6%), with growth in
Commercial lines7 (+5%) from higher volumes, notably at AXA XL Insurance, including the impact of a large contract with
limited risk retention, as well as favorable price effects 8 across all geographies, in Personal lines (+7%), driven by favorable
price effects and growth in net new contracts, notably in France and Europe, and at AXA XL Reinsurance (+11%), with growth
supported by alternative capital, (ii) Life & Health (+8%), with Life premiums up 9%, driven by Protection (+9%) from strong
sales in Hong Kong, Switzerland, and Japan, G/A9 Savings (+9%) from continued momentum in Italy and France, and Unit-
Linked (+9%) from higher volumes across most geographies, and with Health premiums up 6%, with growth across most
geographies, both in Individual and Group businesses, and (iii) Asset Management (+4%), mainly driven by higher
management fees reflecting an increase in average assets under management 10.

Earnings
Underlying earnings2 increased by 6% to Euro 4.5 billion, driven by (i) Property & Casualty (+7%), from improved technical
performance and a higher financial result, and (ii) Life & Health (+5%), driven by a higher short-term technical result, notably
in Health, and an increase in CSM release and financial result. This was partly offset by (iii) Asset Management (-14%), from
a higher cost-income ratio. Holdings11 underlying earnings were stable at Euro -0.6 billion.

Underlying earnings per share2 increased by 8% to Euro 2.03, mainly driven by (i) the increase in underlying earnings (+6%),
(ii) the favorable impact of share buy-backs (+2%), and (iii) lower financial charges related to undated and deeply
subordinated debts (+1%), partly offset by (iv) unfavorable foreign exchange impacts (-1%).

Net income decreased by 2% to Euro 3.9 billion, mainly reflecting unfavorable foreign exchange impacts.




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Balance sheet
Shareholders’ equity was Euro 45.5 billion as of June 30, 2025, down by Euro 4.5 billion versus December 31, 2024, driven by
the FY24 dividend paid to shareholders and the impact of share buy-backs executed in 1H25, as well as unfavorable foreign
exchange impacts, partly offset by positive net income contribution, undated and deeply subordinated debt issuance, and
change in OCI.

CSM1,12 was Euro 33.2 billion as of June 30, 2025, down Euro 0.7 billion versus December 31, 2024. New business contribution
(Euro +1.2 billion) combined with underlying return on in-force (Euro +0.7 billion), more than offset CSM release (Euro -1.4
billion), resulting in +3% normalized13 growth in CSM. This was more than offset by unfavorable foreign exchange impacts
(Euro -1.0 billion), mainly from HKD and JPY depreciation, as well as unfavorable market conditions (Euro -0.1bn) and a
negative operating variance (Euro -0.1bn).

Solvency II ratio3 was 220% as of June 30, 2025, up 4 points versus December 31, 2024, with (i) an operating return (+15
points), partly offset by accrued dividend and annual share buy-back14 for 1H25 (-12 points), and (ii) the impact of Restricted
Tier 1 and Tier 2 issuances15 (+8 points), which were partly offset by (iii) M&A and other (-5 points) including from the impact
of an anti-dilutive share buy-back related to employee share-based compensation and the acquisition of Nobis, and (iv)
regulatory model changes (-1 point).

Underlying return on equity2 was at 17.5% as of June 30, 2025, up 0.8 point versus June 30, 2024. It was up 2.3 points versus
December 31, 2024.

Debt gearing2 was at 23.4% as of June 30, 2025, up 2.8 points versus December 31, 2024, driven by the issuance of Restricted
Tier 1 subordinated debt (Euro 1.0 billion) and Tier 2 debt (Euro 1.0 billion). Over the period 2024 to 2026, the Group expects
debt gearing to be within the 19-23% guidance.

Underlying return on equity and debt gearing are impacted by the seasonality effect in the first half of the year from dividend
payment and share buy-back execution.




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Outlook
Management is confident in achieving underlying earnings per share growth in 2025 in line with the 6-8% CAGR plan target16
range over the 2023-2026E period.

In Property & Casualty, the pricing environment is broadly resilient. The Group aims to sustain strong underwriting margins
including from the earn-through of higher pricing and underwriting actions, as well as from efficiency measures. In Life &
Health, in the near-term, earnings growth should come from the short-term business reflecting pricing and underwriting
actions and claims management initiatives. New business volumes combined with improved persistency are expected to
drive higher normalized CSM growth over time. In 2025, results at Holdings are expected to remain stable at 2024 levels.

Management intends to offset the earnings dilution from the sale of AXA IM, which closed4 on July 1, 2025, with an up to Euro
3.8 billion share buy-back that commenced on July 2, 2025. This earnings dilution will not be fully compensated in 2025 given
the time required to complete the anti-dilutive share buy-back.

In this context, and assuming current operating conditions persist, management is confident in the Group’s ability to deliver
on the main financial targets of AXA’s “Unlock the Future” plan: (i) underlying earnings per share growth of 6-8% CAGR target
range between 2023 and 2026E, (ii) underlying return on equity between 14% and 16% between 2024 and 2026E, and
(iii) cumulative organic cash upstream in excess of Euro 21 billion for 2024-2026E. Management also affirms the capital
management policy17 of the Group’s “Unlock the Future” strategic plan, targeting a total payout ratio of 75%18, comprising a
60% dividend payout ratio and an additional 15% from annual share buy-backs. Under this capital management policy, the
proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.




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KEYOF
LINES HIGHLIGHTS
BUSINESS



Property & Casualty
Key figures (in Euro billion, unless otherwise noted)
8
Change on a HY25 Price effect
1H24 1H25
comparable basis (in %)
Gross written premiums and other revenues 32.5 34.1 +6% +3.4%
o/w Commercial lines 7 20.2 21.2 +5% +2.6%
o/w Personal lines 10.5 10.9 +7% +5.6%
o/w AXA XL Reinsurance 1.9 2.0 +11% +0.5%

Earnings (in Euro million, unless otherwise noted)
Change at
1H24 1H25
constant Forex
All-Year Combined ratio 90.2% 90.0% -0.1pt
Underlying earnings 2,908 3,067 +7%


Gross written premiums & other revenues were up 6% to Euro 34.1 billion.

• Commercial lines premiums increased by 5% to Euro 21.2 billion, driven by (i) AXA XL Insurance (+6%), mostly in
Casualty from favorable price effects and higher volumes, and in Property, reflecting higher volumes, including the
impact of a large contract with limited risk retention in the first quarter of 2025, partly offset by lower volumes in
Financial lines, (ii) Asia, Africa & EME-LATAM (+15%), mostly from higher volumes and favorable price effects, notably
in Mexico and higher average premiums in Türkiye, and (iii) France (+6%), from higher volumes and favorable price
effects.
• Personal lines premiums increased by 7% to Euro 10.9 billion, driven by (i) Europe (+5%) from favorable price effects
across geographies, except in UK Motor where pricing softened following strong repricing in 2024, (ii) Asia, Africa &
EME-LATAM (+15%) notably in Türkiye from higher average premiums and volumes, and (iii) France (+9%) with
favorable price effects, combined with strong volume growth in Motor, both from direct business and proprietary
agent networks.
• AXA XL Reinsurance premiums increased by 11% to Euro 2.0 billion, with growth supported by alternative capital.

The all-year combined ratio was 90.0%, down 0.1 point, mainly driven by (i) a more favorable undiscounted current year loss
ratio excluding Nat Cat (-0.2 point) from the continued improvement in attritional claims in Personal lines (-1.1 points) in a
conducive pricing environment, partly offset by Commercial lines (+0.2 point), reflecting a deterioration at AXA XL where
margins remain at attractive levels, (ii) lower expenses (-0.1 point) reflecting a lower non-commission expense ratio from
efficiency measures while the commission ratio remained stable, and (iii) lower Nat Cat charges (-0.1 point to 3.5%).

Prior year reserve development was at -1.1%, 0.4 point lower than the first half of last year.

P&C underlying earnings were up 7% to Euro 3.1 billion, driven by higher technical margin and investment income from
higher volumes and better reinvestment yields on fixed income assets, which more than offset the increase in unwind.




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Life & Health
Key figures (in Euro billion, unless otherwise noted)
Change on a
1H24 1H25
comparable basis
Gross written premiums & other revenues 26.5 29.2 +8%
o/w Life 17.4 19.1 +9%
o/w Health 9.1 10.1 +6%
1,19
PVEP 25.6 25.9 +1%
NBV (post-tax)1,19 1.2 1.2 -2%
NBV margin1,19 4.7% 4.6% -0.1pt
19
Net flows 0.0 +3.6

Earnings (in Euro million)
Change at
1H24 1H25
constant forex
Underlying earnings 1,725 1,814 +5%
o/w Life 1,392 1,433 +3%
o/w Health 333 381 +15%

Gross written premiums & other revenues were up 8% to Euro 29.2 billion.
• Life premiums increased by 9% to Euro 19.1 billion, driven by (i) Protection (+9%), primarily in Hong Kong from a
commercial campaign of a Protection with G/A Savings product, as well as in Switzerland and Japan, (ii) G/A Savings
(+9%), mainly in Italy from elevated sales of a G/A capital-light product, and in France, partly offset by lower sales in
Hong Kong and Japan, and (iii) Unit-Linked (+9%), notably in France from higher sales in Individual savings, and
in Japan, Germany, and Hong Kong.
• Health premiums increased by 6% to Euro 10.1 billion, primarily driven by favorable price effects both in Group and
Individual businesses, across most geographies, partly offset by lower volumes.

Present value of expected premiums (PVEP)1,19 was up 1% to Euro 25.9 billion, in Life (+6%), driven by higher volumes in
Savings and Protection, partly offset by Health (-13%), mainly from France reflecting lower new business volumes in domestic
business.
NBV (post-tax)1,19 was down 2% to Euro 1.2 billion, as strong sales in Savings, notably in Europe and Japan, Protection, mainly
in Hong Kong, and Health in Asia, were offset by unfavorable impact from actuarial changes implemented in the second half
of 2024 in Japan and a negative mix effect in multinational Employee Benefits contracts.
NBV margin1,19 decreased by 0.1 point to 4.6%.
Net flows19 were at Euro +3.6 billion compared to Euro +0.0 billion in 1H24 due to the 8% increase in premiums combined
with a decrease in surrenders in G/A Savings and Unit-Linked, primarily in France and Italy. Net flows in 1H25 were driven by
(i) Protection (Euro +3.0 billion), mainly in Hong Kong, Japan, and France, (ii) Health (Euro +1.5 billion), mainly in Germany,
Japan, and France, and (iii) Unit-Linked (Euro +0.4 billion), primarily in France. This was partly offset by
(iv) G/A Savings (Euro -1.3 billion), as inflows in G/A capital-light (Euro +1.3 billion) were more than offset by outflows in
traditional G/A Savings (Euro -2.6 billion).
Life & Health underlying earnings increased by 5% to Euro 1.8 billion, mainly reflecting (i) higher technical profitability in
short-term Health, from pricing, underwriting and claims management actions, (ii) increased financial result, and (iii) better
CSM release, which was up 2%, partly offset by (iv) higher taxes, including a one-off impact from an increase in the corporate
tax rate in Japan.
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ANDHIGHLIGHTS
GLOSSARY



Ratings
Insurer financial strength ratings AXA's credit ratings20

AXA's
Date of last Senior debt of the Short-term debt of
Agency AXA SA principal insurance Outlook
review Company the Company
subsidiaries

S&P Global Ratings February 25, 2025 A+ AA- Positive A+ A-1+
Moody's Investor Service October 18, 2024 Aa3 Aa3 Positive A1 P-1
AM Best October 2, 2024 A+ Superior Stable aa- Superior

AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.



Glossary

• Asset Management cost income ratio: ratio of general expenses excluding distribution-related expenses to
gross revenues excluding distribution fees received.

• Assets under management (“AUM”): the assets the management of which has been delegated by their owner
to an asset management company such as AXA Investment Managers. AUM only include funds and mandates
which generate fees and exclude double counting.

• Average assets under management (“Average AUM”): an annual measure of the assets during the period,
taking into account net flows, market effect and foreign exchange to compute the year-to-date average. It also
excludes assets held in joint venture companies which are consolidated under the equity method.

• Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or
with guarantees equal to or lower than 0%.

• Contractual service margin (“CSM”): a component of the carrying amount of the asset or liability for a group of
insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.

• CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit
and loss representing the estimated profit earned by the insurer for providing insurance services during the
reporting period.

• Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the
underlying return on in-force.

• Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation
Approach (PAA) contracts as well as assets backing shareholder’s equity, net of the insurance finance expenses
(IFE) defined as the unwind of the present value of future cash flow.

• Gross written premiums & other revenues: insurance premium collected during the period (including risk
premiums, premiums from pure investment contracts with no discretionary participating features, fees and
revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and
fees collected on activities other than insurance (i.e. banking, services, and asset management activities).




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• Present value of expected premiums (“PVEP”): the new business volume, equal to the present value at the
time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the
reference interest rate and PVEP is Group share.

• New business contractual service margin (“NB CSM”): a component of the carrying amount of the asset or
liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized
as insurance contract services are provided.

• New business value (“NBV”): the value of newly issued contracts during the current year. It consists of the sum
of (i) the NB CSM, (ii) the present value of the future profits of short-term business newly issued contracts during
the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits
of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and
(vi) minority interests.

• New business value margin (“NBV Margin”): the ratio of NBV representing the value of newly issued contracts
during the current year to PVEP.

• Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences
between realized and expected operational assumptions, (ii) changes in assumptions such as mortality,
longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance.

• Technical experience: consists of the impacts on the underlying earnings of (i) the difference between the
expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in
onerous contracts and (iv) the other long-term elements which are mainly composed of non-attributable
expenses.

• Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at
the reference rate plus the underlying financial over-performance.




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SCOPE AND EXCHANGE RATES



Scope
France: includes insurance activities, banking activities and holding.
Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium (insurance
activities and holding) and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance
activities and holding), Spain (insurance activities and holding), Italy (insurance activities), and AXA Life Europe (insurance
activities).
AXA XL: includes insurance and reinsurance activities and holding.
Asia, Africa & EME-LATAM: includes (i) insurance activities and holding in Japan, insurance activities in Hong Kong,
Thailand P&C, Indonesia L&S (excluding the bancassurance entity), China P&C, South Korea, and Asia Holding which are
fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesian L&S and India (L&S insurance
activities until March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute
only to NBV, PVEP, the underlying earnings and net income, (ii) Egypt (insurance activities and holding), Morocco
(insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) Mexico
(insurance activities), Colombia (insurance activities), Türkiye (insurance activities and holding) and Brazil (insurance
activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated
under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holding.
Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA and other Central Holdings.
AXA Investment Managers21: includes AXA Investment Managers, Select (previously referred to as Architas), and Capza
which are fully consolidated and Asian joint ventures which are consolidated under the equity method.




Exchange rates

For 1 Euro End of Period Exchange rate Average Exchange rate
FY24 1H25 FY24 1H25
USD 1.04 1.17 1.08 1.09
CHF 0.94 0.93 0.95 0.94
GBP 0.83 0.86 0.85 0.84
JPY 163 170 164 162
HKD 8.04 9.21 8.44 8.53




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NOTES



Notes
1
Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value
margin (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but
not limited to contractual service margin (“CSM”) and new business contractual service margin (“NB CSM”), are defined in the glossary section of this press
release.
2
Underlying earnings”, “underlying earnings per share”, “underlying return on equity”, “combined ratio” and “debt gearing” are Alternative Performance
Measures (“APMs”), as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. AXA provides a reconciliation of its APMs to the
most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable)
in its Half-Year Financial Report as of June 30, 2025, on the pages indicated under the heading “Alternative Performance Measures”. For further information
on the above-mentioned and other non-GAAP financial measures used in this press release, see the Glossary in AXA’s 2024 Universal Registration Document,
which is available on AXA’s website (www.axa.com).
3
The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200-year shock. It includes a theoretical amount
for dividends and share buy-backs accrued for the first six months of 2025, based on the full-year dividend of Euro 2.15 per share and annual share buy-back
of Euro 1.2 billion in 2025 for FY24. Annual share buy-backs exclude anti-dilutive share buy-backs related to certain disposals and in-force management
transactions, as well as share buy-backs to offset dilutive effects relating to employee share offerings and stock-based compensation. Dividends and share
buy-backs are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2024 Universal Registration Document, and then
submitted to AXA’s shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend and share buy-
back amounts, if any, for the 2025 financial year. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s
SFCR as of December 31, 2024, available on AXA’s website (www.axa.com).
4
Please refer to the Press Release “AXA completes the sale of AXA Investment Managers to BNP Paribas” published on July 1, 2025, and available on AXA’s
website (www.axa.com).
5
Please refer to the Press Release “Execution of a share repurchase agreement of up to Euro 3.8 billion following the sale of AXA IM” published on July 1,
2025, and available on AXA’s website (www.axa.com).
6
Please refer to the Press Release “AXA announces the acquisition of Prima, the leading direct insurance player in Italy” published on August 1, 2025, and
available on AXA’s website (www.axa.com).
7
“Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.
8
Price effects are calculated as a percentage of total gross written premiums of the prior year.
9
General account.
10
Average AUM for AXA IM is calculated excluding the contribution from Asian joint ventures which are consolidated under the equity method.
11
Including banking activities.
12
Including P&C. Please see Appendices of the 1H25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. This and
other sensitivities in the 1H25 earnings presentation, are based on management’s current assessment in connection with half year 2025 results. These
sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or
subject to a limited review by AXA’s statutory auditors.
13
Annualized.
14
Annual share buy-backs exclude share buy-backs related to the neutralization of earnings dilution from disposal and in-force management transactions,
as well as to neutralize the dilution resulting from employee share offerings and stock-based compensation.
15
Please refer to the Press Release “AXA announces the placement of Euro 1 billion Restricted Tier 1 Notes and Euro 1 billion Tier 2 Notes” published on May
28, 2025, and available on AXA’s website (www.axa.com).
16
Assuming current operating and market conditions persist and based on a Nat Cat load of ca. 4.5 points, defined as normalized natural catastrophes losses
expected in a year expressed in percentage of gross earned premiums for the same year. Natural Catastrophe charges include natural catastrophe losses
regardless of event size.
17
Subject to annual Board and Shareholders’ Annual General Meeting approvals and absent (1) for share buy-backs, any significant earnings event (i.e.,
significant deviation in the Group’s underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly
deteriorates Group solvency). Board discretion includes taking into account AXA’s earnings, financial condition, applicable capital and solvency
requirements, prevailing operating and financial market conditions and the general economic environment.
18
Payout ratio is calculated based on underlying earnings per share.
19
Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.
20
Restricted Tier 1: “BBB+” by Standard & Poor’s and “Baa1(hyb)” by Moody’s. Tier 2: “A-/Stable” by Standard & Poor’s and “A2(hyb)/Stable” by Moody’s.
21
Disposal to BNP Paribas completed on July 1, 2025.



AXA’s Half Year Financial Report as of June 30, 2025 is available on the AXA Group website (www.axa.com).


All comments and changes are on a comparable basis for activity indicators (constant forex, scope and methodology).
Actuarial and financial assumptions used for the calculation of NBV and PVEP are updated on a semi-annual basis at half year and full year.


AXA’s consolidated financial statements for the six months ended June 30, 2025 were examined by the Board of Directors on July 31, 2025,
and were subject to a limited review by AXA’s statutory auditors, whose report was issued on August 1, 2025.


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ABOUT THE
ABOUT THE AXA
AXA GROUP
GROUP




ABOUT THE AXA GROUP FOR MORE INFORMATION:

The AXA Group is a worldwide leader in insurance, with 154,000 employees serving 95 million clients Investor Relations: +33.1.40.75.48.42
in 50 countries. In 2024, IFRS17 revenues amounted to Euro 110.3 billion and IFRS17 underlying
earnings amounted to Euro 8.1 billion. Individual Shareholder Relations:
+33.8.00.43.48.43
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS
(ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also Media Relations: +33.1.40.75.46.74
quoted on the OTC QX platform under the ticker symbol AXAHY. ziad.gebran@axa.com
ahlem.girard@axa.com
The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability
Index (DJSI) and FTSE4GOOD. Corporate Responsibility strategy:
axa.com/en/about-us/strategy-commitments
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. SRI ratings:
axa.com/en/investor/sri-ratings-ethical-indexes
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




IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS
AND THE USE OF NON-GAAP FINANCIAL MEASURES

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future
events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally
identified by words and expressions such as “expects”, “anticipates”, “may”, “plan” or any variations or similar terminology of these words and
expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in the “Outlook” section of this press
release, including the capital management and distribution policy, are based on the current views and intentions of the Board of Directors and are subject
to change. Undue reliance should not be placed on such statements because, by 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 that could cause AXA’s actual results to differ materially from
those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this press
release. Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the
“2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or
results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements,
whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.

In addition, this press release refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in
analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management
believes to be useful and relevant regarding AXA’s results. These non-GAAP financial measures generally have no standardized meaning and therefore
may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be
considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
“Underlying earnings”, “underlying earnings per share”, “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s
guidelines and the AMF’s related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item,
subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Half-Year Financial
Report as of June 30, 2025, on the pages indicated under the heading “Alternative Performance Measures”. For further information on the above-
mentioned and other non-GAAP financial measures used in this press release, see the Glossary set forth in AXA’s 2024 Universal Registration Document.




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APPENDIX
APPENDIX 1: GROSS WRITTEN PREMIUMS & OTHER REVENUES BY GEOGRAPHY 1: EARNINGS
AND BUSINESS LINE



o/w o/w o/w
Gross Written Premiums and Other Revenues
Property & Casualty Life & Health Asset Management

Change on a Change on a Change on a Change on a Change on a
in Euro million 1H24 1H25 1H25 1H25 1H25
reported basis comparable basis comparable basis comparable basis comparable basis
i
France 14,719 15,670 +6% +6% 5,241 +7% 10,380 +5%

Europe 22,579 24,649 +9% +5% 12,993 +3% 11,657 +8%

AXA XL 11,220 11,749 +5% +6% 11,687 +7% 62 -7%

Asia, Africa & EME-LATAM 9,571 10,302 +8% +13% 3,237 +15% 7,066 +13%

Transversal 995 1,006 +1% 0% 940 +1% 65 -12%

AXA Investment Managers 787 875 +11% +4% 875 +4%

i
Total 59,872 64,251 +7% +7% 34,097 +6% 29,230 +8% 875 +4%


i. Including Banking revenues amounting to Euro 49 million in 1H25 and Euro 57 million in 1H24.




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APPENDIX
APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND 1: EARNINGS
BY BUSINESS LINE




o/w o/w o/w
Underlying earnings
Property & Casualty Life & Health Asset Management

Change at constant Change at constant Change at constant Change at constant
in Euro million 1H24 1H25 1H25 1H25 1H25
Forex Forex Forex Forex

France 1,034 1,076 +4% 574 +7% 524 +1%

Europe 1,626 1,782 +9% 1,152 +7% 616 +9%

AXA XL 1,030 1,024 +1% 1,032 +1% 8 -42%

Asia, Africa & EME-LATAM 798 862 +14% 233 +39% 653 +5%

Transversal -447 -455 -2% 75 +7% 14 +104%


AXA Investment Managers 204 175 -14% 175 -14%



Totali 4,244 4,465 +6% 3,067 +7% 1,814 +5% 175 -14%


i. Including underlying earnings of Holdings (Euro -568 million in 1H25 and Euro -568 million in 1H24) and banking (Euro -24 million in 1H25 and Euro -24 million in 1H24).




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APPENDIX
APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN 3: UNDERLYING
PREMIUMS EARNINGS
& OTHER REVENUES BYBY GEOGRAPHY
BUSINESS LINEAND
ANDBY BUSINESS
DISCOUNT LINE
RATES




Commercial lines Personal lines AXA XL Reinsurance Total P&C

Total i Personal i Personal i Total i Total i i
in Euro million Change Change Change Change Change 1H25 Change
Commercial Motor Non-Motor Personal Reinsurance

France 2,915 +6% 1,365 +8% 961 +10% 2,325 +9% 5,241 +7%

Europe 5,993 +1% 4,396 +5% 2,604 +5% 7,000 +5% 12,993 +3%

AXA XL 9,662 +6% 2,025 +11% 11,687 +7%

Asia, Africa & EME-LATAM 1,707 +15% 1,142 +14% 388 +19% 1,530 +15% 3,237 +15%

Transversal 940 +1% 940 +1%

Total 21,218 +5% 6,903 +7% 3,952 +7% 10,855 +7% 2,025 +11% 34,097 +6%

i. Changes are at comparable basis (constant forex, scope and methodology)



Interest Rates (5Y) For the Discounting of P&C Claims Reserves

i ii
FY24 1H25

EUR 2.8% 2.6%
USD 4.4% 4.4%
JPY 0.4% 0.9%
GBP 4.3% 4.4%
CHF 0.8% 0.2%
HKD 3.7% 3.5%


i. Calculated as monthly average from January 2024 to December 2024.
ii. Calculated as monthly average from January 2025 to June 2025.




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APPENDIX APPENDIX 3: UNDERLYING
4: PROPERTY & CASUALTY EARNINGS BY GEOGRAPHY
– PRICE EFFECT AND BY
& 2025 MARKET BUSINESS
PRICING LINE
TRENDS




P&C: Price effectsi by country and business line

1H25 (in %) Commercial lines Personal lines AXA XL Reinsurance 2025 Market pricing trends

France +3.9% +3.7% Pricing conditions broadly stable

Europe +3.2% +6.0%
Switzerland +3.1% +5.2% Price increases both in Personal and Commercial lines
Germany +3.1% +10.4% Continued price increases, notably in Personal lines
Belgium & Luxembourg +2.4% +4.2% Continued price increases in Personal lines, limited price deceleration in Commercial lines
UK & Ireland +2.2% -1.3% In UK Personal lines, market softening following double-digit price increases in 2024
Spain +6.7% +9.4% Continued price increases both in Personal and Commercial lines
Italy +5.7% +5.1% Continued price increases both in Personal and Commercial lines

ii
AXA XL +1.1% +0.5% Price moderation with conditions varying by lines

Asia, Africa & EME-LATAM +6.3% +6.3% Continued price increases in Personal Lines

Total +2.6% +5.6% +0.5%

i. Price effect calculated as a percentage of total gross written premiums in the prior year.
ii. Price increases on renewals at +1.2% in Insurance and +0.5% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.




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APPENDIX 5: LIFE & HEALTH –4:GROSS
APPENDIX WRITTEN
PROPERTY PREMIUMS
& CASUALTY & OTHER
– REVENUE REVENUES AND&GROWTH
CONTRIBUTION GROWTHBY
BYBUSINESS
BUSINESSLINE
LINE




Gross written premiums & o/w o/w o/w o/w
Totali
other revenues Protection G/A Savings Unit-Linked Health

in Euro million 1H25 Changeii 1H25 Changeii 1H25 Changeii 1H25 Changeii 1H25 Changeii


France 10,380 +5% 2,298 +3% 2,885 +10% 2,387 +6% 2,811 +1%


Europe 11,657 +8% 2,879 +5% 2,167 +22% 1,710 +5% 4,901 +5%


AXA XL 62 -7% 30 -6% 32 -7%


Asia, Africa & EME-LATAM 7,066 +13% 3,765 +17% 585 -24% 344 +89% 2,372 +13%


Transversal 65 -12% 65 -12%



Total 29,230 +8% 8,973 +9% 5,668 +9% 4,440 +9% 10,149 +6%

o/w short-term iii 9,575 +8% 2,245 +7% 7,330 +8%

i. Including Euro 7,223 million gross written premiums in Employee Benefits (+4% vs. 1H24). Employee Benefits include Group Protection and Group Health contracts
ii. Changes are at comparable basis (constant forex, scope and methodology)
iii. Short-term business refers to insurance activities measured using the Premium Allocation Approach (“PAA”). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life
Pure Protection and Health when measured using the PAA period




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APPENDIX VOLUME
APPENDIX 6: NEW BUSINESS 6: NEW BUSINESS VOLUME
(PVEP), NEW (APE),VALUE
BUSINESS VALUE(NBV),
(NBV) AND
AND NBV
NBV MARGIN
MARGIN




Life New Business Metrics 1H25 Healthi New Business Metrics 1H25 Totalii New Business Metrics 1H25

NBV NBV NBV
in Euro million PVEP Change ii NBV Change ii Change ii PVEP Change ii NBV Change ii Change ii PVEP Change ii NBV Change ii Change ii
margin margin margin

France 7,635 +5% 246 -9% 3.2% -0.5pt 4,026 -20% 68 -12% 1.7% +0.2pt 11,662 -5% 315 -10% 2.7% -0.1pt

Europe 5,556 +8% 297 0% 5.3% -0.5pt 1,287 -2% 67 +15% 5.2% +0.8pt 6,843 +6% 364 +2% 5.3% -0.2pt

Asia, Africa & EME-LATAM 6,296 +6% 385 -1% 6.1% -0.4pt 1,117 +6% 125 +5% 11.2% -0.2pt 7,413 +6% 510 0% 6.9% -0.4pt

Total 19,487 +6% 928 -3% 4.8% -0.5pt 6,430 -13% 260 +2% 4.0% +0.6pt 25,918 +1% 1,189 -2% 4.6% -0.1pt


NB CSM to NBV


in Euro million Life Healthi Totali


NB CSM (pre-tax) 950 234 1,184

Other NBV (pre-tax) 270 113 382

Tax & Other -292 -86 -378

NBV 928 260 1,189


i. Includes Health business written predominantly in Life entities
ii. Changes are at comparable basis (constant forex, scope and methodology)
APPENDIX 6: NEW BUSINESS VOLUME (APE), 7:
APPENDIX VALUE (NBV)
LIFE & AND–NBV
HEALTH NETMARGIN
FLOWS




Net flows by business line


in Euro billion 1H24 1H25
i
Health +1.3 +1.5
Protection +1.9 +3.0
G/A Savings -2.5 -1.3
ii
o/w capital light +0.6 +1.3
o/w traditional G/A -3.1 -2.6
Unit-Linkediii -0.6 +0.4
Total Life & Healthi net flows +0.0 +3.6

i. Includes Health business written predominantly in Life entities
ii. Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%
iii. Including Investment contracts with no discretionary participation features (“DPF”)
APPENDIX 8: MAIN TRANSACTIONS AND NEXT MAINAPPENDIX
INVESTOR9:EVENTS
OTHER



Main transactions from January 1, 2025:
• Announced the execution of a share repurchase agreement in relation to AXA’s share buy-back program of up to Euro 1.2 billion (February 28, 2025)
• Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)

• Announced the placement of Euro 1 billion Restricted Tier 1 Notes and Euro 1 billion Tier 2 Notes (May 28, 2025)
• Announced the execution of a share repurchase agreement in relation to AXA’s Shareplan and certain stock-based compensation (June 2, 2025)
• Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025)
• Announced the execution of a share repurchase agreement of up to Euro 3.8 billion following the sale of AXA IM (July 1, 2025)
• Announced the acquisition of Prima, the leading direct insurance player in Italy (August 1, 2025)

Next main investor events:
• AXA Investor Roundtable (September 15, 2025)
• Nine Months 2025 Activity Indicators (October 30, 2025)




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