AXA (CSP) Q4 2025 (Media) earnings summary

Executive summary

• Achieved record financial results in FY25, with revenues up 6% to €116 billion and strong growth across all business lines and geographies, driven by commercial momentum and strategic execution.

• Underlying earnings rose 6% to €8.4 billion, and underlying EPS increased 8% to €3.86, at the high end of the target range.

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

• Solvency II ratio improved to 224%, up 9 points, reflecting robust capital generation and prudent reserve management.

• Laying foundations for the next strategic plan with a focus on technology, AI, and capital allocation.

Financial highlights

• Revenues/premiums reached €116 billion (+6% year-over-year); underlying earnings €8.4 billion (+6%); net income €9.8 billion (+26%).

• Underlying EPS: €3.86 (+8%); underlying ROE: 16.0%.

• Dividend proposed at €2.32 per share (+8%); new share buyback program up to €1.25 billion.

• Solvency II ratio: 224% (+9pts vs FY24), expected to adjust to 215% in 2026 due to regulatory changes.

• Debt gearing at 22.3%, within plan guidance.

Outlook and guidance

• Confident in achieving 2026 goals, targeting underlying EPS growth at the high end of the 6–8% range.

• 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.

• Focus on executing the current plan and preparing for future growth, with AI as a major lever and continued capital allocation to high-value opportunities.