AXA (CSP) Q4 2025 earnings summary

Executive summary

• Achieved record results in FY25, with revenues up 6% and underlying EPS up 8%, reaching the top of the target range.

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

• All business segments delivered strong growth and profitability, laying the foundation for future sustainable earnings.

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

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

Financial highlights

• Underlying earnings per share up 8% to €3.86, with underlying earnings at €8.4 billion (+6%).

• Top-line revenue increased by 6% year-over-year, with balanced growth across P&C (+5%), Life (+9%), and Health (+5%).

• Net income grew 26% to €9.8 billion, boosted by the AXA IM sale.

• Return on equity reached 16%, supporting organic growth and attractive shareholder payouts.

• Solvency II ratio at 224% at year-end 2025, pro forma 215% post-grandfathering, with a 17-point uplift expected from the 2027 revision.

Outlook and guidance

• Targeting underlying EPS growth at the upper end of 6%-8% for 2026.

• Laying groundwork for the next strategic plan, focusing on technology, efficiency, and capital allocation discipline.

• Sustained growth and further margin improvement anticipated in P&C Personal Lines and SME/mid-market.

• Life and Health expected to see revenue growth and margin expansion, including recovery in Mexico.

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