Dear shareholders, dear friends, thank you for your loyalty and your presence. First of all, I would like to say that we are sorry for the slight odor that we are all suffering from and very quickly, hopefully, will vanish. Exceptionally, you are coming in a large numbers. I'm very happy about this. It's really great pleasure to be with you again for this new AXA combined general meeting. Our meeting this year is of special importance in various ways. First of all, 2025 has seen record earnings for the group, and this whilst our environment has been deteriorating and the overall risk level sharply has increased in the last few years, and we'll come back to that.
Our meeting is significant as well because your board of directors, which is attending today, is suggesting that we renew for four additional years the term of Thomas Buberl. As you know, Thomas has been spearheading the group for 10 years. Spurred by him, AXA has seen a major transformation. Our group today is involved in a growth phase based on sustained performance. The proposal to renew Thomas' term is part of this context and does reflect the board's decision to want him continue the action that he has been kicking in with quite some success. Finally, you will recall that last year we had celebrated the 40 years of AXA. We had then reminded you how Claude Bébéar had turned a simple mutual in Normandy initially, turned it into a global insurance leader. Since November 1st, Claude left us.
His death spurred great emotion within the group as well as among all those who have met him during his long career. The countless tributes given to him have highlighted both the great industrial manager, and he was the first to turn the company to a place of social integration. Today, Claude Bébéar's vision continues to inspire deeply our group. This is the reason why we wanted to share with you at the start of this general meeting, a short video, you know, outlining the great entrepreneurial adventure that Claude Bébéar embodied.
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Following this moving tribute to Claude Bébéar, we will now dive into the heart of this general meeting. For this key moment of AXA's life, I'm surrounded by Thomas Buberl, the CEO, and Guillaume Borie, in charge of finance, strategy, risk, underwriting, and technology. We are also surrounded here with the members of the board of directors who are sitting in the front row. I'd like to take this moment to thank them very warmly for their unfailing commitment and active contribution to the work of our board this year again. The general meeting is a significant moment because it's an opportunity to be back together, enables the leaders to spell out their strategy, and the board report of its work and shareholders to ask the questions which are dear to their hearts.
Again, I would like to underline the important decisions that you will be urged to take for the general meeting and for the governance of the group. First of all, as I was saying, we will be proposed this year to renew the term of Thomas Buberl as a director for four years. The board has already announced its intention to renew Thomas in his role as a CEO, subject to your approval with regard to his term as a director. The proposal to renew Thomas' term also comes along with a change in the board, with a proposal to appoint Philomena Colatrella as a director. Guillaume Faury will present in further details this proposal. Right now, I'd like to say that Philomena, who is Swiss and Italian, has a professional track record that is remarkable in the insurance business.
She will strengthen the experience and the expertise collectively of the board. It is very important just when we are facing a rapid transformation of our environment and where we must face new challenges, especially regarding artificial intelligence, which will deeply transform our business and our way of working. We will now proceed with the formalities before opening the session and form a registration board. There are none. We are a public opening because we have people who are not shareholders. Let me point out that this will be broadcast live and recorded on our website, axa.com. This annual general meeting is being held today on first call.
It was convened in accordance with legal provisions by a notice of meeting published on the 27th of February in the Bulletin des annonces légales obligatoires and by a notice of meeting published in the same bulletin as well as in the French Legal Gazette, Les Affiches Parisiennes, on the same day. I've just been informed that the meeting is duly convened in both its ordinary and extraordinary form. Let me read the provisional quorum, which I will refine later on in the afternoon. 1,044,044,411 shares are represented today, and these shares represent 71.20% of the votes, which gives us a quorum of 72.58%, this is an excellent quorum. I can now hereby declare combined general meeting open and shall proceed to appoint the committee.
I will act as a Chairman in my capacity as the Chairman of the Board holders. I shall call as witnesses the two shareholders present who hold in their own right or as proxies the greatest number of votes. They are the AXA Assurances IARD Mutuelle, represented by Mr. Philippe Guérand, director of this company, duly authorized, and AXA Assurances Vie Mutuelle, represented by Mrs. Sophie de Roux, also director of that company, duly authorized. I thank you, Philippe and Sophie, for having accepted these roles and being with us throughout this session. Let's appoint as secretary of Guillaume Borie sitting next to me. This being formed, now we will be able to move forward.
I inform the meeting of the presence of Maître Belley, a Court Commissioner, appointed at the request of the company who will be responsible for making sure the meeting abides by legal rules. The statutory auditors who have been convened in accordance by the law by registered letter are Mr., they represent KPMG SA. Lastly, this will end these legal formalities, I have available all the legal documents available to the meeting. I would like to add that those shareholders who so requested have received the documents and information required by law and have been able to inspect these at the company's headquarter or the company's website within the framework required by the regulations. As I said, we are convening today this combined annual meeting is to ask you to vote on 21 ordinary resolutions.
Let's dispense with the verbatim reading of the agenda for this meeting. You may consult the simplified agenda, which appears on the screen behind me. I also propose that we dispense with the reading of the board of directors' reports which have been made available to you under the conditions laid out by law. This will give us more time for the presentation and above all, to answer your questions. I'd like also to point out that as at previous meetings, we'll be using electronic voting, the details of which will be explained to you before the vote on the resolutions. Now, let's move to the next phase, which will be unfolding with several sequences. First of all, the presentation of our strategic outlook by Thomas Buberl, followed by the presentation our KPIs by Guillaume Borie.
After that, we'll have a roundtable with several experts in the group on the topic, how to ensure the future. The third sequence will be dedicated to the governance and the questions of remuneration of our senior executives with Guillaume Faury presenting, the Chair of the appointments remuneration committee. Then will be coming the moment for your questions and exchanges with the floor before we move to the voting of the resolutions. To start, let me turn it over to Thomas for the presentation of our strategic outlook.
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Hello, everyone. I'm delighted to be back with you for this new general meeting. Before I share with you the group's strategic prospects, I would like to pay a tribute to Claude Bébéar, AXA's founder. His death in November last was a moment of deep sadness for our group. Driven by very strong vision as an insurer serving societal progress, his track record tells us the great entrepreneurial adventure, which is AXA. We were deeply moved by all the tribute coming from all the employees around the globe, but also from the political and economic arenas. He, for AXA, paved the way for this unique way which continues to be a deep inspiration even today, our decisions. His being, he was so demanding.
He had a sense of the collective, his vision about progress remains our compass to make sure that AXA is successful in an uncertain world, true to his, our mission as a protector and contributing to human progress. By paying a tribute to Claude Bébéar, we are reminding ourselves where we come from to give some meaning to our action and to our current mission. Now, I would like to come back to the performance of the group in 2025. This performance has given us the means to stick to our commitments, invest, and pave the way for the future. For the second year of the implementation of our strategic plan called Unlock the Future, we have recorded record earnings. Such performance illustrates the relevance of our strategy, chiefly based on organic growth.
Such growth, we owe it to the diversity of our distribution channels, the professionalism of our distributors, and the quality of our offers and services, which allow us to fulfill the needs of our clients and even conquer new ones. In a world that is more volatile, where climate related risks, and geopolitical risks, and technological risks, and social risks are increasing, the role of insurance is more than ever essential to stabilize the major imbalances of our societies. I will now spell out our major financial indicators. As I said, we, in 2025, our performances were at a record level in every line of business. Our premiums reach EUR 116 billion, up by 6% versus 2024.
Such organic growth accounts partly for a price effect, but it's also accounted for by a strong commercial momentum which enables us to increase the number of clients and contracts in a large number of our markets. In 2025, in the single segment of the retail business, we won 1.6 billion new contracts throughout the world. Such growth was also profitable. Our underlying earnings are also increasing by 6% and even by 9% excluding AXA Investment Managers. Such performance reflects our technical excellence, the diversification of our risk portfolios, as well as a very strict tariff discipline. Our underlying earnings per share is climbing by 8% in the upper range in terms of target.
Finally, our balance sheet is very solid with a Solvency II rate at 224%, which is up by 9 points versus the end of 2025. Given these very good results, the board of directors proposes to the shareholders a dividend of EUR 2.32 per share, which is up by 8% relative to last year. It has approved a new buyback program for an amount maximum of EUR 1.25 billion, which started on March 2nd. The excellent performance I mean, AXA is well-positioned to reach the upper range of the goals of our plan, Unlock the Future. Such success is mainly due to our model, which is both very well-balanced and highly diversified. This is the outcome of the transformation which was kicked in by AXA for over 10 years now.
Our group from now on is refocused on the heart of our business, which is the insurance business, and has available very strong positions on our strategic market. This model enables us to be relevant while being competitive with higher demand for protection from the market. The emergence of new risks generates new needs for protection, and I have in mind the emergence of new technology, autonomous vehicles, cybersecurity, as well as energy transition. The aging of global population has been boosting demand for savings, pension, and health products and solutions. Finally, the needs in insurance of low-income individuals are also important demands, and we meet these demands by way of our inclusive insurance portfolio. AXA today is very well-positioned to meet all of these needs for protection.
Let us have a few examples which demonstrate that we are covering all of the needs of our policyholders, and I'm proud to share them with you. We are the leading insurers in commercial lines, covering large corporations as well as mid-sized companies which play a key role in our economic fabric. We have been offering more and more appropriate products to micro entrepreneurs via our inclusive insurance solutions. We also are very well-positioned on the segment of protection and employee benefits, which has been developing strongly. One of our values has been boldness. The history and great success of AXA for the last 40 years have always been supported by a very strong entrepreneurial culture and by a capacity to onboard new technology into our business operations. I would like to share two examples. The first is the acquisition of Prima, an Italian-based insurtech.
This was a bit less than a year ago. The direct insurance solutions offered by Prima comes as an addition to our network of brokers, tied agents, and banking partners, as is the case already with the direct insurance business in France. It makes it possible for us to reach out to new clients, including the younger generations. Finally, it strengthens our distribution capability in Europe, thanks to a next-generation technology platform that will be gradually rolling out across several units and entities of the group. We believe in the complementary fit of our distribution channels. In parallel to this acquisition, we continue to invest broadly into our networks in the field. For example, 430 new tied agents were installed in France in 2025. The second example I want to share with you is our artificial intelligence strategy.
We're convinced that AI will transform the insurance industry while opening up lots of new opportunities. AI will help us better price risks, help us improve quality of service and customer experience. It also helps us to accelerate our technology development. In France, already more than 12,000 tied agents have been using Smart in AXA solutions, which is an information search tool which was developed by AXA and which is based on generative AI. In order to drive and onboard our employees, and to me it is the most interesting benefit of AI, we have been massively investing into their training and development. Buy-in in our strategy and the trust they grant to adopting new tool will be critical in our future success, and this has been working extremely well.
An internal survey has showed that 70% of our employees are optimistic as to the gains and efficiencies and upside provided by AI. We are now entering a more operational phase of artificial intelligence. It will help us accelerate its use where this technology can generate added value, and I really believe that this is the case in underwriting and in claims management. We will tell you more about it when we disclose our strategic plan in September 2026. Today, an insurance company uses on average 40 variables to underwrite a motor insurance policy. In the future, thanks to AI, we'll be able to review 400 such variables, which will refine significantly our selection and our pricing. These robust solutions and this ability to innovate are only relevant if they benefit the greater number.
Ever since it was founded, AXA has always strived to share the value generated by its operations. We have paid out close to EUR 50 billion in compensation to our customers last year. Every year, we've been investing more than EUR 40 billion in the economy. Last year, we have paid EUR 13 billion in corporate tax, local and regional taxes, as well as payroll taxes and charges, including 37% in France. For our employees, we have paid out EUR 7 billion in salaries and bonuses. This is the key to the success of our group. Of course, our shareholders are a key driver in AXA Group's financial stability. Ranking first among them is the AXA mutual companies, and more than 36% of our employees are shareholders of the AXA Group. Finally, we also contribute to climate transition.
In 2025, we invested EUR 6.4 billion to accelerate climate transition. In 2025, we also launched an ambitious sponsoring initiative with the AXA Fund for Human Progress. This fund has been spending EUR 60 million a year in impactful projects around four key pillars for us: heritage, nature, science, and inclusion. The fund has been grouping together, and unifying, and working with NGOs, institutional partners, academic and cultural partners around a same shared vision, which is to contribute to a more resilient and more inclusive future. At the end of the day, our business draws on and relies on social bonding. Without any collective trust and without social cohesion, no insurance system can last long. As you know, our strategic plan will come to an end at the end of this year in 2026.
Our next strategic cycle will cover 2027- 2029, and we already are preparing for it. The future success of AXA builds upon four areas. First, making artificial intelligence a key driver for efficiency and effectiveness and for improving customer experience. Number two, we need to strengthen our excellence and our agility in a fast-changing environment. Number three, we need to direct more capital towards growth opportunities, which are the most generative of value. Number four, we want to strengthen our robustness and our resilience while maintaining a balanced diversification and a very solid balance sheet. Before I turn over to Guillaume Borie, who will review the performance results of the group in more detail, I suggest we watch a short video which reviews some of our initiatives relative to artificial intelligence. Dear shareholders, I thank you for your attention.
Artificial intelligence is transforming the insurance industry at its core. Over the past few years, AXA has been at the forefront of this transformation using AI to reshape our business operations. It offers a unique opportunity to rethink how we assess and manage risks so we can serve our clients even better.
The customer has a car breakdown. He calls AXA Switzerland hotline, and he will be routed to the voice bot. The voice bot takes all the necessary information. Before using AI, the average waiting time was one to five minutes, and with AI, zero waiting time.
We are also able to offer better and faster support to our clients in healthcare, a major focus for our group because healthcare is a vital part of people's lives. [Non-English content] Beyond individuals, at AXA, AI is a powerful tool for addressing the needs of our business clients, especially when tackling complex claims. [Non-English content] Today, risks are becoming more complex and connected. With AI, we can be more proactive and reduce their impact on our customers. [Non-English content]
[Non-English content] In a world of constant uncertainty, forecasting is harder than ever. At AXA, AI is unlocking a new frontier of expertise beyond anything we imagined.
If we want to insure a dam in Central Asia, for example, we need to understand the context and the time horizon. Here it's not three months, it's probably 10 years. You know, like what will be the outlook of the region within 10 years' time? We can analyze and answer big questions such as what could be the impact of the Ukraine-Russian war for AXA in Europe? For that, we will try to understand all the possible evolution of the conflict. It takes about six weeks for an analyst to do a report on a given country. The system can do it in two hours.
At AXA, we see artificial intelligence as a powerful means to better meet the challenges ahead. Its potential is enormous, and it supports our people so they can focus on what only humans can bring: judgment, care, empathy. AI is a key driver, helping us serve our purpose and our mission to protect what matters.
I think that this video has shed light on the way we are placing AI to the service of our customers and of our employees. Thank you, Thomas, for your presentation. I would like to turn over now to Guillaume Borie, who will be reviewing performance results for fiscal 2025.
Hello, everyone. Dear shareholders, I'm delighted to be with you this afternoon for the first time in my new role and to review in some detail the financial and non-financial performance for fiscal year 2025, which Thomas Buberl has mentioned as being very robust for the second year into our strategic plan, Unlock the Future. We achieved record performance with respect to our revenue, reaching EUR 116 billion, up 6% over 2024. This is an increase of some EUR 13 billion for our revenue over just 2 years, i.e., right from the beginning of our strategic plan. You have here the tangible translation of our organic growth target set by Thomas Buberl, which is a target we have been attaining thanks to the hard work and commitments of our teams, our distribution channels, and the trust of our customers.
In 2025, you can see that all of our business lines contributed to this good, positive sales momentum. In P&C, revenues reached EUR 58 billion, up 5%, driven by both rising volumes and positive price effects. The life insurance business has performed extremely well, with revenues reaching EUR 35.5 billion, up 9%, confirming that AXA is back in the strategic health, in the strategic business for the group. Finally, the health insurance business reached EUR 19 billion, up 5%, being driven by good sales development across all of our geographies. Fundamentally, this sustained growth has been posted in great conditions of profitability, as shows the operating income of EUR 8.4 billion, up 6%, not including AXA IM, i.e., only on the insurance business of the group.
The underlying earnings grew by 9% in fiscal 2025, up 9% is the underlying, the intrinsic underlying performance for the group, which is especially brisk and robust. I will review this more in detail with P&C and health insurance. In P&C, I told you EUR 58 billion in revenue, some EUR 6 billion in underlying earnings after tax, and three customer segments which are of similar sizes. Retail lines, mid-markets insurance, and business to manage large risk for corporations under AXA XL. The P&C business is close to a perfect copy. In 2025, all of our indicators have improved. Lower loss ratio, lower overhead expenses, thanks to increased operating efficiency and fewer releases of provisions.
These great results are the result of a strong discipline in execution by the team with constant focus and attention on technical excellence, which is a critical factor to help serve and support our customers day in, day out. Technical excellence has been extremely strong for the last two years on the back of increased technology solutions, on the back of AI. This excellent performance is the result also of a growth strategy that we've been adapting to the reality of each of the customer segments we are targeting. For retail lines and for mid-market insurance, our margins are reaching unprecedented levels among the best industry, enabling us to be in a winning mode. We are aiming at gaining market share across all of our geographies thanks to competitive offerings which meet the needs of our customers and clients.
With respect to protecting insurance coverage to large corporations and mid-market companies, especially with AXA XL, we've been protecting very high-level margins in a fiercely competitive market while engaging in a selective growth strategy, especially thanks to the sources of growth we are tapping into to cover the new risks Thomas Buberl mentioned, i.e., energy transitioning, cybersecurity risks, and large technology project coverage. Back to our life and health insurance. You can see that the underlying earnings was up 7% to EUR 3.5 billion. Here again, you have a balanced contribution by our three business lines: protection, health, and savings and retirement. In health insurance, we are focusing our efforts on our ability to innovate in order to better serve and support clients in their health journeys. This had us set up health centers and beefing up our services to support patients.
In protection insurance, we have a great commercial momentum, especially in Japan and in Switzerland, thanks to solutions which combine protection and savings and retirement products. In savings, and pension, net inflows in 2025 were up shortly, up EUR 5.4 billion in net inflows with attractive margin levels, with higher volumes, with reevaluated assets we manage on the part of our clients, especially thanks to good market performance. On the savings business, we signed a partnership, strategic partnership with BNP Paribas Asset Management, which gives us scale and more competitiveness in our offerings and will help us gain new business while improving the return on investments for our existing clients.
By way of conclusion, I would like to mention an important fact which translates how the group has repositioned under the impulse of our CEO for the last 10 years. Excellent performance posted in 2025 has been the result of positive contributions by all of our geographies and of all of our business lines, without any exception. In other words, all of our business lines are going full out ever since from our AXA XL covering large corporations, including our Asian, African, Japanese, South American, and obviously European operations. We now have an insurance platform which is robust, which is resolutely oriented towards profitable growth.
By way of conclusion, knowing that today we are in Paris, I would like to underline the great performance in our domestic market, i.e., France, with growth in revenues of 6% and growth of the underlying earnings of 7%. This brings me to give you an update on the strategic plan called Unlock the Future. 2026, i.e., this year, will be the last year of this plan. The three-year targets and goals you have here up on the screen, as you may see in the second column, you can see the excellent underlying and operating performance in 2025. This brings us to the upper end of the bracket of our targets across each of our three KPIs. We are fully in line with our guidance and with our roadmap. You know, also we have had excellent financial robustness.
As Thomas Buberl said, our solvency ratio stands at a very high level, much above 200%. Remember that, in the certain time we are operating under, and our clients are challenging us day in, day out on this financial robustness is a key asset to support and serve our clients and to protect our shareholders. On the strength and on the back of this robustness and good performance, we believe we are very well positioned to reach the upper end of our bracket in our underlying earnings per share, with a growth target of 6%-8%. We believe that in 2026, across all of the plan, 2024-2026, we'll be reaching the upper end of this target bracket.
Now, this positions us very favorably, into the next planning cycle by reaffirming our goal to pursue sustainable growth, which will help us thrive in the future, thanks to two key levers at the heart of our next plan: organic development and growth in our business in a context where the needs of our customers and clients with respect to protection, will be growing. Number two, we'll be accelerating our technology transformation, thanks to AI. A few more things on our shareholder return policy. Excellent performance by our group leads us to pursue our attractive payout policy. This is a sign of trust, and we thank you for your trust.
As you know, we commit to paying out 75% of underlying earnings per share, including 60% in dividend with dividend payout at least equal to that of last year and 15% in the form of share buyback. Our key financial discipline and the operating performance of our business operations have led the directors in line with this policy, and as Thomas Buberl mentioned earlier, to offer a dividend of EUR 2.32, up 10%, and you'll have to vote on this in a few minutes. A few more words on the AXA stock in a troubled time due to specific tension in France with perceived increased risk by international investors for France, the higher risks, and by pressure on the markets, things, the Middle East conflict broke out.
The AXA stock has held firm well, and the growth of our stock has been 131%, including reinvested dividend, and we are outperforming CAC 40, Euro Stoxx 50, and the stocks insurance, which is in insurance benchmark. These very fine developments is a result of a financial performance which I've just mentioned, as well as our long-term orientation, including our non-financial performance. By way of conclusion, I will review this non-financial performance. You may know that in 2021, we launched the so-called AXA for Progress Index around the strong belief of ours, which was the need to seamlessly report on our performance with respect to ESG commitments. This commitment is part and parcel of the DNA of AXA Group ever since it was founded.
We are showing you the seven indicators we are tracking in the context of this ESG index around our three levers: our insurance business, our investor business, and our employer activity. Our core business, being insurance operations. As Thomas Buberl said, the offerings we have for our clients in order to help them mitigate climate change accounted for some EUR 5 billion in premiums, the target being EUR 6 billion cumulative over 2024-2026. These offerings are very tangible, enabling our clients to cover new types of businesses related to biodiversity protection, biodiversity, and circular economy. Our second category is that of investor. I won't go back in detail on this because our CEO mentioned it. Finally, we are taking action as a responsible employer and as a responsible company, a civic-minded company.
In 2025, we launched a training and development program to adapt to climate change for all of our employees. In one year's time, some 50,000 employees of ours have already undergone training, the target being 80,000 employees by the end of 2026. Remember that AXA made very strong commitments with respect to how it should contribute to decarbonizing its insurance and its investor operations as an insurer ourself, knowing that our emissions are very low given our business operations. These commitments are described in our various reports, and we're in line with reaching them a few years before our target. This finalizes my review of the financial and non-financial performance. Thank you for your attention. Thank you.
I thank Guillaume Borie for his clear presentation. I suggest now that we view a short video carried out by the forward-looking teams of AXA. We'll be followed with an exchange with the experts of the company, with Eleanor Beardsley, the general, moderating it on the topic, how to ensure the future.
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Hello everyone. We've just viewed a vision that led us to 23 through different futures which have one common point: they are not that far away in reality, these scenarios. It's not sci-fi. They already exist in a fragmented way. What that film is telling us is that we are entered into new era where there are in the risk of interconnectedness, economic, technological, climate risk, geographic social risk, which are not added up but interact together, get strong and make the future more uncertain than ever. In this context, one central question arises: how can we continue to ensure the future when the future itself is becoming uncertain? That's the role of AXA today, to anticipate, prevent, support the transitions, and contribute to stabilize the imbalances of the society. I'm a journalist and moderator.
I'm delighted to moderate this round table with four guest speakers which provide an additional look. Françoise Gilles in charge of risk, Matthieu Caillat, Technology and AI Director, Karima Silvent, secretary in charge of human resource and compliance, and also Mathieu Godart, Director General of AXA France. What about these risk and their transformation, Françoise, first of all, in the face of the intensification of climate upheavals, economic shocks, and the emergence of these new risk, what today makes the traditional insurance models inadequate?
Hello, Eleanor. Hello, everyone. We've seen this in the film. Risks are increasingly interconnected, and the intensity of risk is also on the rise, and the frequency is gaining momentum. All in our environment, we know people who have been faced with a natural event.
When such a natural event has an impact on a farming area, industrial area, we can understand the consequences it can have, especially on the production line. Potential prices also generate potentially economic, social impacts. We've seen also the cost of Nat Cats is increasing year after year, and the frequency is also accelerating. Eleanor, when you were talking about these traditional insurance models, you are referring to these models which essentially are based on two assumptions. First of all, the future will be about similar to the past, and the mutualization of losses will be enough or adequate. In other words, regrouping losses means that losses suffered by a few policyholders will be borne by all the policyholders.
With what we discussed and seen in the film, all the losses are becoming greater. We understand that mutualizing these losses on their own is not sufficient enough and which accounts for the limits of traditional models. Concretely, how is AXA taking forward its management of risk to detect earlier the new risk and continue to ensure what is important for its clients?
Absolutely. This is the starting point. We always start from the need of our clients. The aim is to support clients to reduce the impact of risk. As an insurer, to reduce such impact of risk, we don't have a magical wand.
We look at the world as it is, and we are part of it, but we have given and we underwrite insurance contracts in over 50 countries. Based on this data, our experts have rolled out the technology among which is artificial intelligence. In what way is it helpful, in what way is it helpful for our clients? With such technologies and the data, this allows us to refine each time further the understanding of risk. When you better understand risk, it is a key to adapt to the mutualization of losses, the risk prevention. It's when you understand risk that you can identify what are these risk drivers that will generate the highest level of losses and damage and provide the information through pre-customer prevention by explaining, by acting on this area of risk, we can reduce collectively the impact.
Working towards prevention together beyond loss prevention, thanks to data and new technologies that can help us move forward into the future.
Thank you very much, Françoise. Now we can move on to you, Mathieu. Because in order to continue to ensure, you need to understand and anticipate, and for this, technology of course plays a key role. Mathieu, you are on the frontline in terms of AI and technological challenges. In the scenario of the film, technology in particular plays a major role. In what are these tools changing concretely the way AXA grasps the risks they and their interconnectedness?
Hello, everyone. Thank you, Eleanor. I think it's very clear today, the major risk today that we are facing, whether climate-related risk, cyber risk, or about geopolitical instability, are not isolated events. They are gaining ground. They are being feeding each other.
They are spreading around, the traditional models do not allow to report adequately, so we need to invent a new approach. This is where AI kicks in because it allows us to have access to a whole new dimension of data, both in terms of volume and typology. AI will allow us to make understandable and usable gigantic masses of unstructured data, such photos or satellite elements or recordings or texts. All of this makes up a huge mass of information, and it's all now possible to draw upon it. For this, we have available huge calculus power which allow us to include into our models all this information, the essence of the conclusions we can derive from these multiple observations. Today, this is what we've been doing with our tools.
It allows us to obtain unequaled performance such as look at correlations between different risk scenarios. In the past, it would take us several weeks. Today we're able to operate nearly in real time. It's very important because it means that we are developing a much more accurate risk understanding. We can therefore have more relevant prices that are even fairer and open the door to prevention in a very creative, as alluded to by Françoise.
Yes. Could you tell us other concrete examples so that we can understand AI intervenes in the understanding of risk and even customer experience?
There's a tool that we saw earlier on in the film, which is Discipline Wildfire, which tries to model forest-related fires. The film was alluding to Los Angeles fires.
Europe, unfortunately, was also struck in 2025. That's 1 billion hectares of forest that vanished. It's a doubling compared to the trend that we had been seeing up until then. Traditionally, the way that risk was modeled was simply static. Today, thanks to AI, we are able to track about 20 parameters even in real time so that we can really foresee changes. We rely on the vegetation, the directional strength of the wind to be able to give to our clients on their relevant sites up to 72 hours in advance advice. Our clients therefore can take preventative actions in order to reduce the impact of such events. Let me also talk about client experience because in that case we see major benefits thanks to AI. Smart Team AXA fulfilled such demand up until recently.
For our sales forces, responding to a request from customers meant finding a piece of information related to the client, then, navigate in very complex. In one click now, you can mobilize one virtual assistant based on an AI engine, which in a few seconds collect information that is necessary to ring-fence the need of a client and then check what is present in the documentary basis to propose an answer, for example, to request for a cover and then link this piece of advice, the explanation that could be required by a client. This means that for our sales forces, it's huge time gain, therefore they can spend more time in listening to the needs of the clients. For the clients, it means, of course, to have a faster reply in return.
We are well beyond experimenting today. It is working at scale for P&C clients. The 12,000 clients use it. 1,500 requests come every day, processed that way and therefore these tools already have a very positive effect among our clients and there are still many more things that we can do.
With that, thank you, Matthieu, for having shed light on the role of technology, especially AI tools. Technology on its own is not enough to transform a group such as AXA. You also know to bring on board the men and women that make it Karima today. That is 150,000 employees and more in the world. How can you mobilize an organization of such scope around these societal challenge client inclusion, protecting the most vulnerable ones?
Thank you, Eleanor. Good afternoon, everyone. We have 150,000 employees and agents, and that commitment has two roots. First one is the essence of our business, which is about protection. The second one is a unique DNA that has been outlined since the beginning of this session, especially with this great film that outlines the heritage of Claude Bébéar. In that film, there was a sentence, this quotation that we keep repeating in our company, which is, "There's no prosperous company without solidarity." That heritage, which we strive to make concrete in our daily actions and also transmit to the generation of employees who are joining us.
That commitment is concrete, is first of all in our business line, having charged the claims colleagues, people who are agents on the ground because they are the ones who are close to the companies and families, especially in moments that matter. This commitment is also coming through solidarity actions, and this year we're celebrating the 35 years of AXA Atout Cœur in. We had 56% last year who were involved in volunteering around the world. In France, volunteering work, we work with 320 societies, associations. We have about 1,000 actions in on our territory. Our conviction is that you need to understand, so we invest a lot in the training of our people, especially regarding the climate. Guillaume mentioned it.
As from 2021, we were the first company with AXA Climate to certify all our employees regarding climate. Lastly, the commitment is who we are as employer. We are driven by social and societal innovation values and wherever we are as an employer, we have a responsibility on jobs, on diversity, on equal opportunities and this is also the footprint we are leaving through our role as an employer.
Karima, to come back to the internal commitment, how does it reflect in the offers for our clients such as AXA EssentiALL which aims to have a more inclusive and accessible insurance program?
As Thomas said, our offer is called AXA EssentiALL that we have been developing for several years and this offer is aimed for low-income families. When we say this, who are is involved?
When we look in emerging markets in Africa, in Asia, in South America, we have 675 million people who may not have access to insurance. In Europe, we have one person out of four who has low income like retired people, or families with one single parent, or small companies and there we need to offer protection. Our vision is no one should be stopped from obtaining insurance for questions related to financial resources. This is why we develop AXA EssentiALL. We have reworked our products, have looked very closely our distribution networks. If I may share a few example, in Spain we have a partnership with the Correos Postal Company and we distribute in Spain through the post health-related products across Spain.
In France, Mathieu, with your team, you develop an offer which is called Ma Santé for my commune, so we also work with boroughs, municipalities, about 2,000 of less than 1,000 to distribute, to distribute health products especially among the elderly people and in Nigeria. In Africa, where I was several weeks ago, we develop health products distributed through pharmacies. It shows you all the diversity of these offers which involve today over 20 million people around the world and I'd like to take advantage just to thank all the teams who are driving such innovation, concretely, in the entities and all my colleagues at the management committee who are in this room who also are keen to develop this offer for the coming years.
Thank you very much, Karima. Yes, we've seen the importance of understanding the risk and mobilizing the teams, but there's another key lever which to act as close as possible to the ground and Mathieu, I'm now turning towards you. Karima mentioned this several years ago. In what way this, through your networks and your agents and your partners and your actions, is it a strength when you are very close to the ground, to the territories?
Hello everyone. Yes, we mentioned it since the very beginning of this session. Risks are more complex, are shifting, are increasing and Françoise was explaining very well when she said that mutualization may sometimes hit its limits, so therefore we need to take it a step further, which means what?
Push further prevention and protection and what we as a quality we can combine the power of calculus mentioned by Mathieu, our expertise with a local rooting and a territorial presence which is unique with over 3,000 tied agents present in all our territories which are rooted locally and who know intimately their clients and so they are in a position to provide the right protection-related advice because everyone can understand that the risk in one region is different, the same risk to what you are faced in the South of France in terms of climate. It's a major quality that we are implementing each day so that we can provide a presence, a piece of advice that is as customized as possible.
Precisely, any examples that you could share with us?
Well, this new prevention, protection frontier must be unfolded very practically. Let me take two topics. First of all, the climate topic. It is dealt with retail clients with a mechanism called ClimAgir, which is mainly 7 million texts sent last year to our clients to prevent them about the occurrence of a Nat Cat. To indicate a number of pragmatic prevention, preventative advice, we will supplement it this year in terms of hailstorms by inviting car drivers to put their cars in a protective shed and by refunding the cost and also making available through over 200 tied agents an anti-flood kit.
In the case of companies beyond the 2,000 visits that our protection engineers make each year, we've just launched a new initiative which is called Clim Protect, whose goal is to exchange with company owners to identify together the weaknesses his or her companies may be subject to, and more importantly, provide an action plan because the resilience of a company is not reacting afterwards but prepare yourselves to the occurrence. We contribute also in boroughs and communities with Ma Commune en Action which is a mechanism where over 300 mayors were supported by our prevention. AXA teams to put together a safety plan that a mayor has to put together. This is a way for us to further protect 1 million French people. We go beyond this through philanthropic actions.
We have a partnership with Voies navigables de France. You all know that maintenance of rivers and so on is very important, and we contribute there. Regarding social protection. In this regard, we are putting forward new initiatives. We have an app called Mon Coach santé Angel which allows our policyholders to obtain preventative pieces of advice with a topic which is emerging strongly which is mental health. Mathieu also was talking about data first. It's important to be able today to share with a company owner data around absenteeism which is a growing issue and be able to work towards the well-being of a company employees next with the HR managers. This is an initiative which is gaining ground tremendously currently.
As I said before, prevention, in terms of prevention, well, there are initiatives, which are numerous, but our major challenge is to ensure that French people and our policyholders move to action and act. We have a special role in this case through the expertise that we can make available for society at large through the future risks report in particular, but also through specific studies such as the data scope that enables us to share about the trends of absenteeism, but also about the awakening of consciousness. This is the role that AXA Prévention plays with a compass on road risk.
We go around tiny houses to make sure we create awareness among young people who support school children, 5 million soon in primary schools together with policemen to awaken them to the risk of the internet. We act as experts. We awaken a consciousness, but also in social public and with public authorities we shed light also for the good health of the Nat Cat regime which is very precious for our company. Very concrete, this is how at AXA France, we put life into this very important issue which is prevention.
Thank you, Mathieu. Yeah, we can see through all your answers that the role of an insurer is changing dramatically. It's not only about preparing but anticipating and even transforming oneself. To wrap up in one sentence, according to you, what is the role of AXA to ensure to impact the risk for our clients by adding prevention to the mutualization of losses? Mathieu?
To ensure to integrate technological innovation responsibly to protect what matters the most when it matters the most.
Karima?
Innovate, innovate and build partnerships that have more impact.
You, Mathieu?
I urge you to move to action and each of you in this room, if you could put in place as from next week a first preventative action, it would be great.
Thanks to all four of you. What we take away is that these futures that we saw are not written in advance but force you to adjust your models, invest in technology and AI responsibly, make sure that you commit, you have the commitment of the employees and reinforce also things on the ground. Maybe this is what it is to ensure the future, give companies, societies, clients the ways to remain resilient in a changing world. Thanks to all four of you.
I thank you all for this, a very exciting discussion that puts in light the prospects for the 2030 scenarios. Individual. I will now ask Guillaume Faury, who is the Chairman of the Remuneration and Governance and Sustainability Committee, to present the changes when it comes to the governance of our company and the remuneration policy of its senior executives. Guillaume, over to you.
Hello, everyone. Ladies and gentlemen, dear shareholders, in my capacity as Chair of the Compensation, Governance, and Sustainability Committee, it is my pleasure to review the key facts and aspects of the board report on corporate governance. I suggest we start by looking at the current membership of the Board of Directors of AXA Group, you have it up on the screen. As the previous years, the board reached all its targets and goals with respect to diversity, with respect to gender balance, the proportion of independent directors, seniority, age, complementary fit in skills and expertise and experience as represented on that board. Since the prior shareholders' meeting, one change deserves being noted. Following Isabel Hudson's leaving the board, the board decided that Ewout Steenbergen should be appointed Chair of the Audit Committee to replace Isabel Hudson.
The board considered that the experience, expertise, as a finance director, his ESG skill, his strategic vision in digital transformation, and the way AI is being used, and his knowledge of the insurance industry will be key skills and expertise for chairing the audit committee now. Connected with Isabel Hudson's leaving, the directors has wanted to beef up the insurance expertise inside the board. In this prospect, it is suggested that Philomena Colatrella be appointed to sit on this board. She devoted most of her career in the insurance and health industry, and I will mention Philomena again in a few minutes. Let us look at the suggested changes in the membership of the board. As you can see here, the terms of office of six directors are up for renewal.
You will note that they are suggested to be renewed for different terms. The goal being that with have a better scheduling of the reappointments of terms. The reappointments of four such directors will be suggested. Let us start with Thomas Buberl. As announced last year, and as our Chair mentioned, the board suggests that his term of office be renewed for a four-year period, the intent being that he is reappointed as CEO after this meeting. It is also suggested that Ewout Steenbergen's term be renewed for a four-year period. I want to review again the qualities and virtues of Ewout. I've just mentioned them. The board also suggests that Rachel Picard be reappointed as a director for a four-year term. The idea being to schedule out the reappointments of terms.
Her leadership profile, her in-depth knowledge of customers and consumers, and her key experience in developing and rolling out digital transformation projects are key assets to our board. Finally, we suggest that you reappoint Gérald Harlin for a two-year term in line with the bylaws of the company, Gérald Harlin having reached 70 years of age, even though he doesn't look it. For close to 30 years, Gérald Harlin played a key role in the group's performance and its key transformation steps. The board unanimously considers that his great knowledge and experience, his knowledge of finance and insurance have been unique contributions to the quality of discussions and to the development work of the board and its committees. As I told you a few minutes ago, the board suggests that Philomena Colatrella be appointed as director.
In order to assess her profile and skills and expertise, we suggest we watch a short video where she introduces herself.
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You understand that Philomena Colatrella was selected by the directors based on her in-depth knowledge of insurance and health care industries, also b ecause she has great experience in digital transformation and innovation aspect. It is suggested that you appoint her for a three-year term, and here again, in order to maintain the scheduling of the terms of office. Note that the Board of Directors assessed the independence of Philomena Colatrella in line with the AFEP-MEDEF code of conduct, and concluded that she could be considered as an independent director. I will add that the terms of our two female directors representing salaried employees of AXA Group, Bettina Cramm and Martine Bièvre, are up for renewal at the end of this shareholders' meeting, and that the European Works Council and the France-level European Group Works Council decided to reappoint them for a four-year period.
Provided that you vote in favor of these proposals, the board's membership at the end of this meeting will have 14 directors, including eight women and six men, nine of whom being independent directors. The board committees will be made up as is being displayed behind me on the screen. Ewout will keep chairing the Audit Committee. Conversely, he will leave the Finance and Risk Committee to fully devote his role as chair of the Audit Committee. Rachel, Gérald, and Bettina will be reappointed on the committees they are sitting on now, and Philomena will be appointed a member of the Audit Committee as well as a member of the Finance and Risk Committee.
This membership seems satisfactory to us as directors so that we can have a properly operating board. I want to underline that in order to maintain a well-balanced governance mechanism above and beyond regulatory requirements, the independent directors occupy a key central role in all committees. You may note that each committee is being chaired by an independent director. The Audit Committee is fully made up of independent directors, and the other committees are made up of independent directors, that is the majority of their members. The Chair of the Board and the CEO are not members of any of those committees. Now, let us move on to the activities of the board in 2025.
As you can see here, if you have good vision, it was dense activity this year with nine board meetings, including a three-day strategic seminar, 22 chair committee meetings, four so-called executive sessions, and many training sessions. Artificial intelligence was obviously a key subject in 2025 on the agenda of the board and will remain so in 2026. Other topics included geopolitical environment, macroeconomic situations, the reappointment of the CEO, and the review of his compensation package, the review of the first sustainability report, the disposal of AXA IM, and the acquisition of a majority stake in Prima, as was mentioned. For more detail, I suggest you look into the annual report. You will also note the excellent attendance rate to board and board committee meetings with an average attendance rate of 97%.
Moving on, as mentioned earlier, in the context of reappointment of Thomas Buberl as CEO of AXA Group, his compensation package, which has remained unchanged since he was reappointed in 2022, was a subject of detailed review by the board. In this context, the board took into account, number one, the robust experience and influence of Thomas Buberl, his caliber as an insurance leader, and in the market. took also into consideration the actual transformation of the group, which led to record results last year, as well as a very robust solvency ratio, and took into account a benchmark of compensation practices and packages for comparable companies.
Based on this multiple factor review, the board, upon recommendation by the Compensation, Governance, and Sustainability Committee, decided that it should adjust some items in the CEO compensation package, starting from the reappointment. It is specified that the CEO compensation policy, as approved by the shareholders' meeting held in 2025, will remain valid and applicable until his future reappointment. The board decided to set his gross annual gross compensation to EUR 1,850,000. The target flexible compensation being increased to EUR 1.95 billion while maintaining the existing deferred mechanism and mechanically increasing the long-term compensation based on shares, aligning the compensation of the CEO with the long-term performance of the group and shareholder interest.
It is to be noted that the CEO does not benefit from any top-up defined contribution pension scheme. Conversely, he benefits from an action, a performance share performance which is dedicated to a pension. This plan is granted to all executives of group entities in France. He benefits to a severance compensation subject to performance conditions, the amount of which being set to 12 months of compensation, it being increased by additional month for every year of service. The board decided that this compensation package would remain unchanged throughout the next term of the CEO, i.e., until April of 2030, as has always been the case in AXA.
The board considers this new compensation policy as being adapted to AXA Group's profile and its relative position inside the panel of European insurers and banks, while remaining competitive across the four years of his next term. In addition to this, the board saw to it to continue to align the interests of executives with that of shareholders. For more detail, I suggest that you look into the universal registration document for fiscal 2025. This compensation package being subject to strict performance terms and conditions and being fully aligned with group strategy aims at fostering the convergence of the interests of the CEO with that of the company and its shareholders over the medium and the long term. These performance conditions and terms are showed up here on the screen behind me. The performance terms and conditions for the variable portion and the performance shares remaining unchanged.
In 2027, the board will be reviewing its choice and the weight of the financial and non-financial performance indicators so that it may align them with the directions of the new strategic plan for 2027 and 2029. I suggest that we now review the variable portion of the compensation of CEO for fiscal 2025. Remember that the assessment of the annual performance of the CEO is based on two components, the group collective performance, accounting for 70%, and the individual performance, accounting for 30%. The group collective performance is being assessed depending on four criteria: underlying earnings per share, cash remittance, the reduction of the carbon footprint in the own assets of the group, and the clients' recommendation score. For 2025, it comes out to being 107%.
The individual performance of the CEO has been assessed according to the goals and targets set by the board in the early part of 2025, and they are showed here up on the screen. This individual assessment was assessed to be 115%. The overall performance of Thomas Buberl for fiscal 2025, as being weighted, comes out at being 109.4%, representing an annual variable portion of EUR 1,914,500. This includes the deferred part of this compensation package. As mentioned earlier, a deferred payout mechanism covering 30% of the annual variable portion over a three-year period is being applied.
The amount actually paid out will depend on how the stock price changes throughout the deferred payment period, within the limit of a cap of 130% of the deferred payout. The board saw to it that the assessment of the annual performance level of the CEO and that of the group be relevant with respect to the achievements and that it be aligned with shareholder interest. As you may know, AXA has been leading a policy to grant performance shares to its employees in France and in its international subsidiaries and entities. In 2025 and 2026, some 6,000 employees were granted performance shares, which are subject to performance conditions irrespective of their profiles and statutes.
The performance criteria, as reviewed and revised by the board in late 2025, cover both the performance of the operating entity for 35%, the financial performance of the group, 35%, and the sustainability performance for the group for the remaining 30%. Finally, in line with the best industry practices as well as in line with the recommendations of regulators of the finance, the financial industry and other stakeholders, the performance shares granted to the CEO. In addition to being subject to a three-year vested period, are subject to a two-year lock-up period. In March 2026, 117,708 performance shares, with an IFRS value of EUR 3,128,832 have been granted to the CEO.
These performance shares are vested without any dilution for the shareholders. Given the choice made by the shareholders. I suggest we now look at the compensation for the Chairman of the Board. When he was appointed, and in line with the AFEP-MEDEF code of conduct, the board considered that the compensation package which would be the most appropriate consisted in paying out to the Chairperson of the Board a flat compensation, it being set to EUR 925,000. This is the amount to be paid out to the Chairman for fiscal year 2025. The proposal is to maintain the compensation package for the Chairperson of the Board as well as the compensation packages for the directors to be unchanged for 2026. These being considered as being adapted, fair, and well-balanced, so no change is being proposed.
Finally, as is the case every year, I would conclude by a few words on the profit-sharing schemes for group employees. As you may know, the group offers an employee shareholding scheme called SharePlan in the form of a right issue, which is reserved for them. For fiscal 2025, celebrating the 40th anniversary of the AXA brand, the AXA Group employees benefited from additional matching mechanism, with one share freely offered to for one share bought, with a limit of 20 shares bought. In total, more than 42,000 employees in 40 countries participated in the operation, up 61% compared with 2024, and the total subscribed amount was EUR 435 million.
In order to avoid any dilution, it was proceeded with, as in the previous years, to the buyback and the cancellation of an equivalent amount of shares. As at the 31st of December, 2025, the employees and the agents of AXA Group held 4.87% of equity capital and 7.04% of voting rights for the AXA Group. Ladies and gentlemen, this concludes my report. I would like to thank you for your attention, and I turn over to our Chairman.
Thank you very much, Guillaume for this presentation. Let me say that the report on corporate governance, as established in line with articles L.225-37 and sequel and L.22-10-8 of the Commercial Code, are in the universal registration document for fiscal 2025. I will now ask Mr. Pierre Planchon of KPMG SA to now make his report for the statutory auditors.
Mr. Chairman, ladies and gentlemen, dear shareholders, in my capacity as statutory auditor for AXA Group and on behalf of KPMG and Ernst & Young, I will briefly and summarily review the key facts in our reports to your meeting today. Our auditing work covered four key parts. The auditing of the parent company and consolidated financial statements, as well as specific procedures provided by law, the related party agreements, the equity operations and any issuance of securities, and finally, the disclosures on sustainability, including that of the European Taxonomy. Our auditing work was jointly conducted by the two accounting firms, covering all of the significant entities and units of the AXA Group.
With respect to the parent company financial statements of the AXA company, we have provided an unqualified opinion on these financial statements. Our auditing led us to specially focus on the valuation of equity interests in related companies or having equity ties. Also, we looked into the valuation of claims related provisions under the reassurance contracts. We have no comment to make under these specific procedures. With respect to the financial, the consolidated financial statements, we are providing also an unqualified opinion on these consolidated financial statements, knowing that our auditing work worked on the assessment of the liabilities in the health and health insurance, be they measured according to general model or the VFA model.
We also looked into the assessment of the claims related liabilities in P&C business, especially with respect to long-tail branches, as well as the assessment of the intangible assets, the recoverable values of goodwills connected with the P&C portfolios. We have no comment to make on the fairness of the information provided in the management report, nor on the consistency with the financial statements. We do confirm that the presentation of the consolidated financial statements abide by and comply with the unique European electronic format called ESEF. With respect to related party agreements, we are reporting to you any related party agreements that we have made, that we've been informed of.
I can now tell you that no such agreements were reported to us nor any prior agreements which would have gone on in 2025. With respect to equity operations, connected with Resolution Number 17, which is authority given to the board of directors for 18 months, with a limit of 10% of capital to reduce capital over a 24 month. Based on our audit, auditing work, we have no comment to make on the causes nor on the terms for such a capital reduction. With respect to Resolutions 18 and 19, which relate to capital increases, one resolution covering capital increase reserves for members of an employee sharing scheme and an increased capital reserves for any staff category.
The two with a maximum nominal annual cumulative cap of EUR 135 million with authority given to the board for the next 18 months, provided that a subsequent review of the final conditions covering these capital increases. We have no comment to make on the way the insurance prices have been defined since these plans have not been decided upon today. We have no opinion to make on the conditions nor on the suppression of the subscription right. When such operations happen, additional reports will be issued. Finally, we have conducted the auditing work for disclosures on sustainability. We have based our work in the context of regulations which are still fast-changing in Europe, the publication of the so-called Taxonomy dedicated acts, including the Omnibus package.
Our role consisted in expressing limited opinion on three things: the compliance of the process to establish these disclosures on sustainability based on the ESRS standard, the compliance of such disclosures with the regulations and requirements, and the compliance with the obligations and requirements under Article 8 of the Taxonomy Regulation. Based on these procedures, we have not reported or identified any errors, omissions or inconsistencies. Without calling this conclusion into question, we are drawing your attention on two aspects which are shown in the sustainability report. The limits with respect to the calculation of the financed emissions and the carbon footprint of the insurance portfolio number one, as well as the scope and assumptions taken to set the intermediary objectives by 2030 for AXA's Climate Plan.
By way of conclusion, all of the reports I have just mentioned, we are providing unqualified opinion for, with no comment on them which would call our assurance into question. Thank you for your attention. I remain available for any question.
Thank you for this review and for this report by you as statutory auditors. We are coming close to the Q&A session with the audience. I suggest before we do that to watch a short movie to present the shareholder.
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This is the time for our discussion with you. By the way, before our session, we received three electronic mails concerning written questions. These questions were sent by the Forum pour l'Investissement Responsable, by Reclaim Finance, and by Mrs. Catherine Gloeckner
These questions, as well as the answers provided by the board of directors, are on our website in a heading dedicated to written questions. Some other questions were also sent to us, but beyond the timeframe required, so we will answer all these questions as we always do as part of our relation with shareholders, but this will take place, of course, beyond the legal framework of our session. Having said that, I suggest now that we open the floor. I ask shareholders in the room who want to ask questions to express themselves with the hostesses who are in the room in order to give a maximum of possibilities to maximum of people. Please be very concise as much as possible. By the way, if your questions are related to a contract to claim.
I urge you to go to the client stand, which is at the entrance of this session. Our expert teams are available there to answer your questions in a more effective way than we could do it here. Let's take the question from the front row.
Sir. Hello, Chairman, dear friends. Well done for your performance. Here are my questions. It's essentially about AI. Is this an opportunity, a threat for the AXA Group? What is the ecological impact of it?
Thank you for this question, which is at the heart of our thoughts. As you noticed, we have several times have been talking about it, about this AI. First of all, let me point out that AXA was ranked first among the major insurers, by the professional ranking for the degree of preparation to this technological revolution.
For us, obviously, AI is an opportunity that is a major one, and we already saw that it is a great accelerator in order to enhance the service we provide our customers. Files are dealt with much more quickly, and risk expertise, assessment, and appraisal is done much better. This helps us concentrate teams on the real high value and humane actions. We have no doubts about this. It's an opportunity, but it is also a challenge. A challenge which in light of the deep transformation of our organization, of our working ways of doing things, we are convinced that this challenge, we will meet it if we can involve the people at every level of the organization into implementing these new tools, and this is the strategy that is being rolled out.
To answer more precisely to your last question about the risk of contradiction with the climate commitments, I think that risk can be managed if you speed up the energy transition and in regard to the development of decarbonated energies. It is the strategy we have, and we are contributing at our scale to a good reconciling of the data centers, the AIs, together with the speeding up of the energy transition in order to avert to be in a situation of where we are in a contradiction. There's a question on the right-hand side, question number seven.
Good afternoon, all of you. I have a question, one single question, you'll be happy, that deals with your earnings. You gave results which are increasing by 6% or 8%, 10%, which is far higher than inflation. I congratulate you for that.
You essentially gave the underlying earnings per share. I was surprised that there was no net income. I looked at the P&L of the financial report, and I saw that the net income was from under EUR 8 billion to just under EUR 10 billion, which is an increase of nearly 25%, which is huge. By looking at the item, the previous item, I saw that the profits or losses of businesses was more than EUR 2 billion. It was EUR 155 million before in the previous year. The results that you give reflect, of course, the changes in the industry. Apparently, it's an exceptional profit related perhaps to a divestiture. It's, I've looked everything. You didn't mention it, I think. What does it correspond for?
There's a good credit that I give you is that you have 2/3 of what is distributed. You were modest because you didn't mention the net income, nor the top-up that you have deferred. Financially, it's very good. Tell me, this sharp increase in the net income, what can it be equated for?
Thank you for your question and for your watchfulness. Thomas.
Thank you for your questions. We're looking at the two lines, the underlying earnings and the net income, because both are very significant for us. You, of course, you did notice that there is definitely a sharp increase compared to last year. It's due to the divestiture of AXA Investment Managers.
You will recall that we decided with the board to divest that subsidiary, which was an entrepreneurial creation with a lot of success, but within found itself in an environment of increased competitiveness, globally speaking. At the BNP, that transaction was closed in the middle of 2025, therefore, because the company was an internal creation with a few acquisitions in the meantime, the accounting value, the carrying value in our balance sheet was below to the sales price at EUR 5.4 billion. Why? This is why the company made a capital gain, which represents exactly the amount that you mentioned, sir.
Let's stick to this area of the room. Question number six.
Hello, Ariane Le Port-Dodier. The NGO Reclaim Finance. For four years I've been coming to this session as in every year.
I'd like to ask a question. Before of this, I'd like to come back to the exceptional earnings of your group. Record sales, 75% going back to the shareholders, and based on these results, the climate change impacts everyone except AXA. Your shareholders applaud. They know the price to pay for this strategy globally. You increased your prices on average by 25% in the last three years and reduced sharply its exposure to nat gas, especially via AXA XL way. AXA continues to feed this the climate risk and reduces its exposure in parallel. Despite your commitments, you continue to insure and finance the development of oil, gas, and liquefied natural gas. This is a stain when you hear from your managers talking about prevention, which is mentioned by several people here.
My question is the following, therefore, when will AXA stop feeding the climate crisis by stopping any support through its investments to the development of oil, gas, and LNG? When will you finally apply to your business your own prevention message?
Thank you for your question, which is very clear. I will let Guillaume Borie answer. After having specified before that, obviously we are not moving away from our climate targets, which are among the most ambitious in our insurance industry, and we several times have raised it even further, and gradually we are trying to continue to make it even more ambitious.
Thank you for your question. To come back to 2025 compared to your questions, we are continuing to support our clients about these climate catastrophes. Yes, it's better now.
In the face of the various natural risk as regards the increase of our prices, bear in mind that the cover of climate risks is just a piece of the cover we offer our clients. In fact, prices have been increasing in the past few years to cover the increase in climate risk, because in our business, we try to mutualize risk. When these risks increase on average, certainly the premiums increase. It's a need to allow us to continue to stick to our commitments over the long term, and therefore, this is what we did in full responsibility to be able to continue to support our clients. One example, just in 2025, we compensated for several billions of climate claims.
In France, it represents EUR 438 million of compensation paid to our clients in the face of the various natural events. De facto, across the globe in 2025, climate catastrophes were significantly lower, which reflects what we know. Years may be volatile from one year to the other. It doesn't change the long-term trend for the past 20 years on average. There's a sharp increase of these climate-related catastrophes, and we continue to support our customers in this regard. Alongside this, we continue to have a very ambitious policy when it comes to the fight against climate change and encouraging adjustment to such a change. For this reason, we committed ourselves to fully move out coal by 2040.
Since last year, we no longer insure no new gas or oil project, with the exception of some specific players that, who we consider have a climate transition plan that is believable. Why? In order to support the energy transition, there's a need for capital. We consider that it's also our responsibility to continue to support the players who have a transition plan and necessarily need not only investment, therefore capital, but also insurer to allow us to develop these new projects they have. Very often to develop them, they need to continue also the existing projects that provide them the necessary capital in order to follow this innovation path. Both go hand in hand.
Each time we examine with great attention the existence of a credible transition plan, and if there isn't any, we do not support those players, whether it comes to investments or in terms of insurers. To be perfectly exhaustive, I conclude on your last point concerning the LNG, liquefied natural gas projects. We no longer are insuring. We do it for this in a particular geopolitical context because we consider that in order to allow a European Union to stick to its decarbonation goals, given the current circumstances, access to liquefied natural gas remains necessary to provide the security of and good supply of energy. We continue to encourage the decarbonation strategy. This is why we selectively support some specific projects related to LNG.
Thank you, Guillaume. Let's move to the other part of the room for your further questions.
Françoise German , member of the Advisory Committee. Let me come back to the geopolitical context, which was listed as the second risk by all the experts in your excellent report. In this world which is more unstable, therefore the legal frameworks seem uncertain. Your clients and companies, are they still resilient, and what about their investment decisions? What about the general public? It is at a loss and being rocked by the various announcements. What are the major risks that may impact the group, and what are your action levers? Thank you.
Thank you very much. Thomas possibly could answer this.
Thank you, madam, for your question. You are totally right on two aspects. The future risk report, quote unquote, is a very good way to summarize the complexity of our current world and environment, because we note that the risks have changed in their dominance and in their priority levels. The context has become much more difficult with respect to interconnections across these risks. At a time, in the past, risks were quite distinct and separate. Now they are very much intertwined, and we are experiencing an area of so-called polycrisis, where we are experiencing successive crises in chain. We had pauses at the past in between two crises. We no longer have these pauses.
Obviously, this situation is very uncomfortable as a situation for our corporate clients, but as well as for our retail clients, because both companies and citizens are affected by geopolitical instability every day. Just mention the price of oil, the price of food, and how all these are affected. You're right to say that our corporate clients have been suffering the most and have been approaching us and challenging us with many questions. This is so many opportunities to help them, to support them, to advise them, and to guide them into the way they can navigate and manage these risks. Today, we have lots of products, and solutions, and services which try and address these risks and contingencies with respect to insurance cover and with respect to prevention activities.
Because in a world which is more and more fragmented, it is important that we anticipate the next issues, the next announcements, in order to provide optimal protection. Jointly with our clients and customers, we continually review and revise their hedges, their prevention and protection programs to continually optimally adapt. For AXA, it means that in a more and more uncertain world where we find it difficult where the next blow, where the next issue will come from, it is of the greatest importance that we diversify, that we diversify investments, but also that we diversify our risks. What does this concretely mean, it means that we take up lots of risks here and everywhere, but the next exposure levels against each and every risk, we have tended to limit, and it is true also on the side of investments.
You may have noted that in the last four years across the crisis that we have experienced, that AXA has always been affected to a more or less degree by this crisis. To a more or less degree means that there never was a crisis where AXA was affected to the root, was fundamentally affected. This diversification policy, which has helped us control our risk better every day, is a key approach going forward in order to manage this big ship, which is AXA Group, and also to be able to reimburse claims every day to our clients and help them in their prevention activities.
Thank you, Thomas. Let us take question from the bottom of the room. Question number four.
Thank you. Good morning, Chairman. Hervé Charron. I'm an individual shareholder. I would like to know whether you have already had your 2026 finances affected by the war in the Middle East, especially with respect to the P&C claims and damages for the mid-market and SME companies.
It is a very current question, so I will have Guillaume answer, but I can tell you that we have been very little affected by the crisis, but we've been extremely watchful, says the Chair, to anticipate any future developments in these warring situation which may generate more significant and more dire conditions.
As our Chairman said, we have limited exposure to this Middle East region.
We have teams in the field with whom we are in daily contact, whom we support, obviously, in Dubai to support some of our clients in international healthcare business. In Lebanon, we have a joint venture operating in Lebanon. Above and beyond these field teams and our local operations via our insurance cover for large corporations under AXA XL's operations, we've been providing insurance cover to large shipping companies and to large airlines, which obviously have been massively impacted by this situation.
As you may know, to-date, destruction of civil infrastructure and vessels and aircraft have been very limited. We have been able to manage the consequences, but we remain very much engaged in support of our clients, we need to keep being able to support and help them to manage their future projects. You heard about the discussion to maintain and uphold insurance, marine insurance cover to make sure that shipping lines and marine operations remain covered by insurance products, we remain close to these clients.
Thank you, Guillaume. Let us go back to this part of the whole. Question number seven.
Yes, hello. We can see that the disposal of AXA IM boosted the performance of BNP Paribas. What will we be doing in the windfall proceed? Will you be reinvesting in the P&C, in healthcare, or in other sector of the company? In France, there is one fire every 10 minutes. Isn't it the role of insurance companies to work ahead of time to prevent risks by implementing preventative activities, better knowing your clients, better knowing the state and conditions of their buildings and of their facilities to prevent fires which are very frequent in France?
There are two very different questions, sir. The first question we already have touched upon because we have mentioned in a very explicit manner how we were going to be using the proceeds of this disposal by returning part of it to our shareholders and by keeping part of the proceeds to fund our investments, including capital expenditures in technology solutions, which are of great importance. If there are opportunities out there, we may seize them for external growth investment. The second question is on prevention activities, and Thomas will answer this.
Thank you for your question, sir. As I already mentioned in my presentation, it is very important for us that we focus our operations on purely insurance business operation. This is why it was logical that we should dispose of the asset management business. You heard and saw from my presentation that we acquired a company called Prima. Prima is a direct insurance business operating in Italy and in a few more countries, and this is a good example of an opportunity which we seized, in which we reinvested the part of the proceeds from the disposal of AXA IM. Because the EUR 5.4 billion disposal price, we used EUR 3.8 billion for the share buyback program to balance out the loss in earnings, and the variance has been available to conduct acquisitions, including the acquisition of Prima.
I can tell you that ever since the acquisition of Prima, the operations have been going very well in Italy. As to your second question about fires, you are totally right, sir. It is quite horrible to see that there are so many fires in France continually. It unfortunately has become a new normal. Indeed, prevention activities are already of great importance for us and will be even more important for us in the future. With the rising number of risks, you have an increasing ticket, an increasing price for this risk. To make sure risks remain insurable and that insurance cover remain a product that anyone can afford being insured, that is, we must push prevention activities much more.
We have been working today in pushing prevention and preventative activities against fires because when you take out insurance cover for a plant, you have sprinklers experts who come and inspect your sprinkler system to check that the sprinkler system of the facility comply with the current standards and update them as needed. New technology like sensors and AI solutions push the limits and help us go further because we know that you have constraints with human activities. With technology solutions, you may have a 24 hour, seven monitoring with a much quicker intervention rather than human experts. It is very important for the future that we place a greater focus on prevention activities.
Thank you. Let us go to the back of the auditorium. Question number nine.
Hello, everyone. I'm an individual shareholder. What strategy are you putting forward to develop and expand in countries which have a culture to be reluctant to and not to be too open for insurance products like Southeast Asia? You said that a strong value and attribute of a group is boldness. Having personal experience in the field of insurance, I can give you my contact details after the shareholders meeting.
Well, we'll be very happy, sir, to get your contact details. With respect to Southeast Asia, what can we say, Guillaume?
Thank you, sir, and thank you for your question. We have a presence in Southeast Asia, mainly in three countries, Thailand, Indonesia, and the Philippines. In these three markets, we operate in partnership with local partners. These are major characteristics of how we've been expanding in these countries.
We usually go hand in hand with a local partner, which generally is one of the leading national banks, which makes it easier for us to reach out to customers and clients to understand the cultural specifics right from the start. You're right that insurance is a very local and specific offer, which is very much rooted into the culture of each country. When we have a local partner, it makes it easier to penetrate such countries. The second key factor is that in these three countries, one of the fastest developing channel is by way of agents, which are not banking agents, and these agents are usually individuals who distribute insurance products in addition to other professional activities.
Knowing that they do not work full-time as we may have the situation in Western Europe, which means that we have a very high number of such agents in those three countries in order to be effective at a commercial level. These are our two main drivers. In complement to that, in these three countries, as is many other emerging countries for the last eight years, we have developed a so-called inclusive insurance offering, which aims at developing products which are bespoke, customized products, meeting the needs of the local communities, especially low-income communities, where we really have to focus on the basics. This is why we have called this unit at AXA called AXA EssentiALLs, quote-unquote. In the world, we've been covering more than 20 million policyholders via our inclusive insurance solutions.
I'd like to insist for a few moments on the last point mentioned by Guillaume. AXA was a precursor when it comes to inclusive insurance, as we call it. That is, offers in order to improve the cover of low-income populations, in particular in emerging countries in which we are present, but not only. All in all, today we have over 20 million clients around the globe who are part of this category. Many of our competitors are starting to develop now fairly comparable approaches. I think we were the ones who blazed the trail. Unfortunately, we can take only two question, maybe number three to remain in this area of the room. Microphone.
Yeah, hello. Jean-Marc Vernerey , former employee at AXA. AXA is also a bank. I'd like to know if the bank is still part of the main focus of AXA, strategically speaking?
Thomas.
Thank you for this question. I'll share with you an experience from the ground because last week I was in Lyon and visited an agency, and after I said, Hello. Listen, Thomas, the bank is really what helps us go forward with the insurance. That's the feedback that you get everywhere from the agents because the bank plays a significant role in creating the loyalty of our clients in the frequency of contact as well because many times, and I say fortunately, in the cases of claims, unfortunately we have very few contacts with our clients, and the bank adds that element of contact frequency.
Of course, in a world that is increasingly becoming difficult when it comes to regulations, we must also think about how we can, in the best possible way, work in this framework where while retaining a banking offer. This is why several years back we decided to work together and create a partnership with a bank that lends us their infrastructure so that we can be 100% in contact with the banking rules and at the same time be able to offer products that our clients actually want from us. Today, the situation is well-stabilized, works well for us, and the satisfaction of our clients is there in terms of the banking offer is very high. This is why the bank in France is definitely a key important element in our client relation.
Thank you, Thomas. Since the question was short and the answer was efficient, let's take two more questions. Two last questions. Maybe number six.
Dear Chairman, hello, everyone. I'd like to come back to AI. We have talked at length about it this afternoon. The points are interesting for us are the following ones. What is the percentage of employees who to this day have been trained on AI, and also what is the place of the human factor within the AI? It was not underlined very well this afternoon. I have a second question which is about, you know, people taking away the identity of people. There were some people who suffered from this in order to support them. Or are you thinking about guaranteeing something that could apply in the spoofing area? This is about spoofing.
I'll let Guillaume answer. On the first question, AI, I indicated it perhaps a bit too swiftly. For us, AI is more of a human challenge than a technological challenge. This is the state of mind for us when we take a look at this revolution. Guillaume, over to you.
Thank you very much, and thank you very much for your question, sir. Yes, as a matter of fact, first and foremost, it's a human challenge for us, and what we see day after day with all our teams is that AI is spreading across all our processes through the use that our own teams are making of AI. In other words, there's no other choice than adopting it because it is our teams that are requesting this.
It makes sense because the use we make it as citizens or individuals, and then we expect that it will be available daily on our workstations in our working environment. This is how already for the past three years there has been a speeding up of the use of many AI-based tools by our employees. We were one of the first global groups of making available the language model that is the access to ChatGPT, which internally it's called SecureGPT, within a platform which is secured. As you know, one of the challenges for us is that we cannot let the numerous data and the sensitive ones that we manage for our clients on external servers. We must ensure that the use is made under good conditions.
Such massive development in users has led us to rolling out training policies which are systematically across the group. One way or another, I can tell you that each employee has had access to training related to AI, which is quite different depending on their responsibilities and roles. With it's very generic, it's very short training to remind, facilitate access to these platforms. And for other sectors, it's more intense. For example, those who are technology solutions development, there are thousands of our employees who are working on the development of our services for our clients through our websites and platforms. Obviously, they have a more intense use of AI in order to facilitate their daily work, which was supported by training.
You can see that across our AI strategies, there is, of course, the applications for serving our clients, and it's also the transformation of industrial processes in terms of claims management and design of products and pricing. More fundamentally, the battle we are undertaking is a good use and a good adoption by all our teams. First and foremost, it's a cultural change in our company, which through the use of all the senior managers, through the training of managers, and through the availability made to all our employees around the globe of adapted solutions.
Thank you, Guillaume. One last question. Short, please. We are really tight on time. Number three.
Good evening, Philippe Scholer, individual shareholder. I'd like to push further the previous question that was raised.
Since the beginning of this session, we have talked at length about AI and risks. In my opinion, globally, and even if the last question was a bit related to the human area, it's the human area, the training, the internal human elements and your relationship with your clients, and even if you have a ChatGPT, which is called secure and your own service, I believe that maybe you are aware that several days ago, barely a file or database super secured of our interior ministry was hacked and millions of individual identities were stolen. My question therefore is in relation to AI, especially now with all these interconnected systems, is where will we end in terms of individual freedom and the control element?
All it takes is that these files fall into the hands of a malevolent manager, which we have seen in other parts of the world, that we find ourselves in a society where there won't be any freedom left. As you said before, I think that each person in this room should think very carefully before entering into ChatGPT or something similar, which initially is not secured at all and puts in all the data that you put in, and in several months or years, anyone can exploit them to monitor you on every gesture and fact concerning you.
Thank you for your question, which resonates with a concern which is ours, which is at the heart of our thoughts and our work, of course, Guillaume.
Thank you very much for your question, sir.
Obviously, you're raising two issues which are absolutely basic. The first one is a challenge of sovereignty, the second problem is about safety and security. On sovereignty, these technologies de facto are available for the most solely coming from the United States and slightly from China, and besides that, coming from a few global players. Therefore, it leads us to have a risk management policy that is very strict and disciplined, which aims at diversify as much as possible the service providers and the nature of technologies used, but within the limit of what is available, because we are facing also the realities of the world. In the current situation, certainly, we are also forced to call upon a limited number of possible solutions. It is not thinkable to move out of this right now. That's a principle of reality.
Permanently, we check that we limit as much as possible such dependency, and that we have reversibility options if ever in the future other solutions were to emerge and be available. In the case of safety and security challenges, I was referring to this in regard to our platform and all the solutions for our employees. The security and safety of our information systems is at the heart of our company's risk management under the monitoring of the Audit Committee and the Risk Management Committee of our company. We review these programs on a regular basis to systematically reinforce all the security and safety with very concrete consequences, including for our teams, for which, and quite rightly, they may complain spontaneously. We ask several authentication. We check access to each system.
We constantly monitor this, which is fitting the critical owner of the data we manage. Some data are particularly sensitive. I have in mind especially our business where we health insurance. For this, we have standards that are even stronger and strict. Zero risk unfortunately does not exist, but we invest constantly more to limit as much as possible those risks and be able to respond very quickly when unfortunately, there is a hacking taking place, and we will continue to do so in the future.
I thank you for your participation in this exercise. I think we had a very good discussion. I suggest that we move now to the vote of the resolutions. Yes. Before Guillaume specify how we will be voting, let me read the final quorum. I give you the interim one. Things have intensified. We finally have 1, 444, 465, 864 shares represented. They represent 71.23% of votes, which gives us a quorum of 72.21%, which is an excellent quorum. Guillaume, over to you.
Thank you very much. This is the time you expected so much. Please give me the privilege of your attention for some practical information. You all have a personalized electronic voting box, which is on the screen. The screen on the box allows you to check the number of votes you hold or represent for our general meeting. To vote on each resolution, you must press firmly on one of the following keys: for, green button; abstain, yellow button; against, the red button. Your vote will be displayed for a few seconds on the screen of your box.
In order to vote within the allotted time, please wait for the indication, "Voting is open," and limit your vote to one single vote per resolution. If you do not press any of the buttons, you will be considered to have abstained from voting. I remind you that the poll is taking place under the supervision of Maître Belley, Commissaire de justice. Please note that electronic voting machines must be handed back to the hostesses at the end of the meeting. Please switch now. We shall now proceed to vote on the resolution on the agenda for this meeting. I thank you to please switch off your cell phones for the duration of the poll.
You are asked to vote on 21 resolution, 16 ordinary ones and five extraordinary ones. The resolutions, which are ordinary one require for them to be valid to have a majority of more than 50% of expressed votes, versus the extraordinary resolutions which require a 2/3 majority of votes. I suggest we don't read out the text of the detailed resolution subject to your votes. As mentioned early by our chair, you will find them in the convening notice, which has been published in the Legal Gazette on the 27th February, 2026, and which have been made available to you in under the legal conditions. First 16 resolutions are ordinary resolutions. The first resolution relates to the approval of the parent company's financial statement for the fiscal year ended December 31st, 2021. Voting is open. Voting is closed. The resolution has been adopted.
The second resolution relates to the approval of the consolidated financial statement for the fiscal year ended 31st of December, 2025. Voting is open. Voting is now closed. The resolution has been adopted. Resolution number three relates to the appropriation of income for the fiscal year ended on the 31st of December, 2025, and the setting of a dividend of a EUR 2.32 per share dividend. Voting is open. Voting is closed. The resolution has been carried. Resolution number four relates to the approval of the information referred to in Article L. 22-10-9 of the French Commercial Code relating to the compensation of corporate officers. Voting is open. Voting is closed. The resolution has been adopted.
Resolution number five relates to the approval of the components of compensation paid out during or granted in respect of the fiscal year ended 31st of December, 2025, to Antoine Gosset-Grainville, Chairman of the Board of Directors. Voting is open. Voting is closed. The resolution has been adopted. Resolution number six relates to the approval of the components of compensation paid out during or granted in respect of the fiscal year ended the 31st of December, 2025 to Thomas Buberl, Chief Executive Officer of AXA Group. Voting is open. Voting is closed. The resolution has been adopted. Resolution number seven relates to the approval of the compensation policy applicable to the Chairman of the Board of Directors. Voting is open. Voting is closed. The resolution has been adopted. Resolution number eight relates to the approval of the compensation policy applicable to the Chief Executive Officer. Voting is open.
Voting is closed. The resolution has been adopted. Resolution number nine relates to the approval of the compensation policy applicable to the directors. Voting is open. Voting is closed. The resolution has been adopted. Resolution number 10 relates to the statutory auditor's special report on agreements referred to in Article L. 225-38, which states no new or existing agreements. Voting is open. Voting is closed. The resolution has been adopted. Resolution number 11 relates to the renewal of the term of Thomas Buberl as director for a four-year term. The voting is open. Voting is closed. The resolution has been adopted. Congratulations, Thomas. Resolution number 12 relates to the renewal of the mandate of Ewout Steenbergen as director for a four-year term. Voting is open. The voting is closed. The resolution has been adopted.
Resolution number 13 relates to the renewal of the mandate of Rachel Picard as director for a three-year term. Voting is open. Voting is closed. The resolution has been adopted. Resolution number 14 relates to the renewal of the mandate of Gérald Harlin as director for a two-year term. Voting is open. Voting is closed. The resolution has been adopted. Resolution number 15 relates to the appointment of Philomena Colatrella as director for a three-year term. Voting is open. Voting is closed. The resolution has been adopted. Resolution number 16 relates to authority granted to the board of directors to operate on the shares of the company within the limits of 10% of stock capital for a unit price of EUR 50 and for an 18-year period. Voting is open. Voting is closed. The resolution has been adopted.
The next five resolutions are within the remit of the extraordinary shareholders meeting. Resolution number 17 relates to authorizing the board of directors to reduce the share capital through cancellation of treasury shares within the limit of 10% of capital share by periods of 24 months and for an 18-month period. Voting is open. Voting is closed. The resolution has been adopted. Resolution number 18 relates to delegation of power to be granted to the board of directors to increase the share capital by issuing shares or securities, giving a right to the company's shares reserved for employees enrolled in an employer-sponsored company savings plan without preferential subscription rights of the shareholders. Voting is open. Voting is closed.
The resolution has been adopted. Resolution number 19 relates to delegation of power granted to the board of directors to increase the share capital by issuing shares without preferential subscription rights of the shareholders in favor of a specific category of beneficiaries in order to enable employees, tied agents residing in some countries, as well as corporate officers to benefit from this plan, depending on the local specific terms to formulas as close as possible to those other beneficiaries of the group in the context of the previous resolutions. Voting is open. Voting is closed. The resolution has been adopted.
Resolution number 20 relates to amending Article 10 -C of the bylaws relative to the appointment of the employee shareholder representative to the board of directors in the context of vacancy, complying with the rules of gender balance representation in the board of directors. Voting is open. Voting is closed. The resolution has been adopted. Resolution number 21, last resolution, relates to amending Article 23 of the bylaw relating to shareholders meeting. Voting is open. Voting is closed. The resolution has been adopted. Thank you all.
Ladies and gentlemen, I want to thank you again for your attendance here today. I hope this meeting was fruitful and answered your questions so that you may arrange for your agenda next spring. The next shareholders meeting will be on the 22nd of April, 2027.
On the way out, our host and hostesses will get your voting boxes back and will give you a so-called resilience kit provided by AXA Prévention. In the current context, we thought it was useful to have such a resilience kit, which is made up of a survival blanket, a lamp, and a water bottle. I hope you'll never need to use it. Thank you again. Since no other items is on the agenda, I declare the meeting adjourned. Thank you.