AXA reported full-year 2025 underlying earnings per share of €3.86, up 8% year-on-year and reaching the upper end of its target range. The French insurer posted underlying earnings of €8.4 billion, a 6% increase from 2024, driven by robust Property & Casualty (P&C) performance with a combined ratio of 90.6%. AXA Investment Managers was excluded from this calculation after its sale to BNP Paribas in July 2025. AXA also announced a new €1.25 billion annual share buyback program and a €3.8 billion buyback related to the AXA IM disposal.

Life & Health earnings grew 7% but faced weaker net flows of €5.4 billion, below analyst estimates. The company's Solvency II ratio improved to 224% at year-end, exceeding expectations. AXA proposed a €2.32 per share dividend, an 8% increase from 2024, subject to shareholder approval in April 2026.

The results demonstrate AXA's ability to maintain core business strength despite the AXA IM divestment, reinforcing its financial resilience and commitment to returning capital to shareholders.