This project aims to fundamentally re-examine the social contract and explore how to rethink trust, solidarity, and prevention in the face of contemporary challenges that undermine our collective capacity to project ourselves into the future.

By linking reflection on the social contract and on risks, Re-Contract fits directly into the mission of the AXA Foundation for Human Progress: supporting academic and field actors working for a more cohesive, more inclusive, and more resilient society, today and for future generations.

Adopting a transdisciplinary approach, the Re-Contract project is based on a state-of-the-art overview that includes philosophy, social sciences, economics, law, and opens up an innovative collaboration hypothesis with mathematics. It innovates by placing at the heart of its analysis systemic risks, the phenomenon of polycrisis, and the role of insurance—dimensions that have so far been largely absent from classical analyses.

This program, whose scientific leadership will be provided by Marie Gaille, Director of Research at CNRS and affiliated professor at École Normale Supérieure, will analyze:

• how geopolitical instability, environmental crises, rising inequalities, distrust of institutions, manipulation of information, and the multiplication of global risks are undermining the foundations of living together and trust between citizens and institutions;
• the principle of prevention, the best ways of conveying knowledge about risks to a non-specialist audience, and the different scales of action (local, national, global) at which they should be considered, in order to strengthen trust, solidarity, and collective resilience;
• the role of private and public actors in guaranteeing the safety of individuals, in a context where risks are increasingly complex and interdependent.

Ultimately, the project aims to foster the emergence of a shared culture of risk, which is essential for developing prevention strategies and renewed capacities for collective action in the present and for a shared future on planet Earth. This culture, which remains largely absent, requires the dissemination of accessible knowledge, including on diffuse risks, with cumulative or “low-noise” effects, which are often difficult to perceive but have significant long-term consequences.

AXA’s scientific philanthropy has been supporting ENS-PSL since 2018. Their major joint project was the Chaire de Geopolitique du Risque, directed by Professor J. Peter Burgess for 10 years , and carried by the Fondation de l’ENS.

In addition to the consolidated and parent company financial statements of AXA for 2025 and the payment of a dividend per share of Euros 2.321 , shareholders will notably be asked to approve the following resolutions relating to the composition of the Board:

• the renewal of the mandate of Thomas Buberl for four years, the Board having already announced its intention to reappoint him as Chief Executive Officer upon his renewal2;
• the appointment of Philomena Colatrella as director for a three-year term; and
• the renewal of the mandates of (i) Ewout Steenbergen for four years, (ii) Rachel Picard for three years to ensure a staggered replacement of Board directors, in line with the recommendations of the Afep-Medef Code, and (iii) Gérald Harlin, who has reached the age of 70, for two years in line with AXA’s Bylaws.

The share repurchase agreement will be executed in accordance with the terms of the applicable Shareholders’ Meeting authorization1.

Under the share repurchase agreement2, shares will be bought back commencing on March 2, 2026, and ending at the latest on June 16, 2026. On each day during the purchase period, the price per share to be paid by AXA3 will be determined on the basis of the volume-weighted average share price.

AXA intends to cancel all shares repurchased pursuant to this share buy-back program.

1.The Shareholders’ Meeting authorization granted on April 24, 2025 and, as applicable, the authorization which will be proposed at the Shareholders’ Meeting to be held on April 30, 2026.
2.This share buy-back program will be executed in addition to any other share buy-backs launched by AXA consistent with its capital management policy.
3.The purchase price will not exceed the maximum purchase price approved at the applicable Shareholders’ Meeting.

Approximately 42,000 employees in 40 countries, representing more than 36% of eligible employees, subscribed to Shareplan 2025.

The aggregate proceeds of the Shareplan 2025 offering, in France and abroad, amount to approximately Euro 435 million1 , corresponding to close to 13 million newly issued shares (i.e., 0.60 % of outstanding AXA shares), and increasing the total number of outstanding AXA shares to 2,136,232,264. To eliminate the dilutive effect of the Shareplan 2025 offering, AXA will repurchase and, subject to regulatory approval, cancel the same number of shares as were newly issued in connection with Shareplan 2025, in accordance with its share repurchase program authorized by the Shareholders’ Meeting of April 24, 2025.

Following Shareplan 2025, AXA’s employees hold 4.82% of AXA’s share capital and 6.61% of its voting rights.

1.Including Euro 24 million related to the matching contribution.

This debt fund will invest in small to medium-sized commercial infrastructure projects across Latin America, Asia, and Africa. It aims to build a diversified portfolio of resilient infrastructure assets, including clean water and water management, waste management, energy, transportation, hospitals, digital infrastructure, and other vital assets. The fund offers investors access to a blended pool of senior and mezzanine debt, with the goal of delivering attractive risk-adjusted returns, predictable cash flows, alongside positive social and environmental outcomes.

The first closed raised USD 340 million, including a substantial commitment from the International Finance Corporation (IFC) and the IDF members who contributed to the fund’s blueprint. The fund has also approved its first investment and has a pipeline of potential projects. Fundraising will continue into 2026, with plans to attract additional capital from insurers and other institutional investors.

Under the terms of the transaction, and in line with the announcement made upon signing, AXA has acquired 51% of the company for a consideration of Euro 0.5 billion. Call/put options to be exercised at a price tied to Prima’s earnings have been entered into between AXA and the minority stakeholders respectively for AXA to acquire the remaining stake, and are expected to be exercised in 2029 or 2030.

Including the re-capture of the business currently written by third party insurance carriers, the transaction is expected to result in an impact of -6 points on AXA Group’s Solvency II ratio, in line with the expected impact announced at signing.

The collaboration brings together AXA Egypt, the AXA Foundation for Human Progress, the Grand Egyptian Museum, and Legacy Development and Management (Legacy), a subsidiary of Hassan Allam Holding and operator of the Grand Egyptian Museum, under a shared purpose to protect what matters most and preserve Egypt’s – and Africa’s – cultural legacy for future generations. 

AXA’s partnership with the Grand Egyptian Museum will emphasize the conservation of artifacts, and the creation of inclusive public programming designed to welcome local communities and international visitors alike. By combining AXA’s global reach with the Grand Egyptian Museum’s mission, the partnership aims to strengthen public access to Egypt’s cultural patrimony while fostering cross-cultural dialogue. 

This program, called “Unlock Education,” will be rolled out over three years and will support 30 innovative social entrepreneurs who develop high-impact solutions. Their mission: create open learning environments accessible to all and transform the educational journey of children and young people, from early childhood to adolescence, to foster the conditions necessary for developing essential skills in response to societal changes.

A shared vision for education that unites and prepares for tomorrow’s challenges

In the face of increasing social fragmentation, the AXA Foundation for Human Progress and Ashoka are committed to promote innovative solutions that develop empathy, resilience, initiative, collaboration, and autonomy among young people. The goal: prepare them to become citizens capable of tackling future challenges and making positive contributions to their societies.

Global impact driven by collaboration and commitment

Over the course of these three years, the program will identify, support, and connect these 30 social entrepreneurs across seven countries, starting with France, Belgium, and Turkey in 2025. These innovators will receive financial support, personalized guidance, and access to Ashoka’s global network to amplify the impact of their innovations.

Ashoka, with its experience working with over 4,000 social entrepreneurs in 99 countries, will contribute its expertise in selecting and supporting these changemakers. Meanwhile, the AXA Foundation for Human Progress will mobilize its resources to enable Group employees to engage with social entrepreneurs, develop new skills, and help shape sustainable systemic change. AXA’s employees will have the opportunity to directly participate in innovative projects, thereby strengthening the company’s culture of innovation and agility.

Patric Deflorin is appointed Chief Executive Officer of AXA Switzerland.

Patric joined AXA Switzerland in April 2025 as Chief Distribution Officer and member of the AXA Switzerland Executive Committee. Prior to joining AXA, he spent 12 years at Die Mobiliar, a leading Swiss insurance company, where he held ExCom-level positions overseeing insurance and market management teams. Patric’s broad experience in all insurance areas, deep knowledge of the Swiss market, customer-first mindset, and proven leadership will be instrumental in continuing to drive a market-leading organization that delivers strong growth, top customer satisfaction and tech led innovation. Patric will succeed Fabrizio Petrillo, who has decided to pursue a new chapter after a distinguished 16-year journey with AXA Switzerland.

Alain Zweibrucker is appointed Chief Executive Officer of AXA’s Health business.

Alain has been CEO of AXA UK Retail and a member of the AXA UK Executive Committee since January 2024. Prior to that, he served as CFO of AXA Switzerland and has also been part of the Executive Committee at AXA Germany as Head of P&C Retail and Chief Risk Officer. With his strong international background, deep business expertise and exemplary ability to deliver transformations swiftly, Alain is ideally placed to build on our business momentum in Health and advance our ambition to become a leading global health specialist. He will succeed Nils Reich, who has decided to embark on a new career opportunity outside of AXA after two years as CEO, in which he successfully built and launched our Health strategy alongside the leadership team.

The subscription prices are based on a reference price of Euro 39.57 (the “Reference Price”), which is equal to the arithmetical average of the daily volume-weighted average price (VWAP1) of AXA’s shares over the course of 20 trading days, from October 3, 2025 (inclusive) to October 30, 2025 (inclusive).

Under the Classic offer, the subscription price is equal to 80% of the Reference Price, i.e., Euro 31.66.

Under the Guarantee Plus offer, the subscription price is equal to 93.60% of the Reference Price, i.e., Euro 37.04.

Further information on each of these offers can be found in the press release relating to Shareplan 2025 dated September 10, 2025, and published on axa.com.

Contact

For questions relating to Shareplan 2025, the employees may contact their Human Resources Department.

1.The VWAP is the arithmetic average of the average prices of AXA shares traded in a given trading day, weighted by the number of AXA shares traded at each price on Compartment A of Euronext Paris (excluding opening and closing prices).

• Guillaume Borie, a member of AXA’s Management Committee and currently Chief Executive Officer (CEO) of AXA France, is appointed Global Head of Finance, Strategy, Underwriting, Risk and Technology.  In his new role, Guillaume will continue to report to Thomas Buberl, AXA Group CEO. He will assume the responsibilities of Frédéric de Courtois.   
  
• Mathieu Godart, currently CEO of AXA P&C and Partnerships of AXA France and a member of AXA France’s Executive Committee, is appointed CEO of AXA France and joins AXA’s Management Committee, reporting to Thomas Buberl.   
  
• Karima Silvent, a member of AXA’s Management Committee and currently Group Chief Human Resources Officer, is appointed Deputy General Secretary, in charge of Human Resources, Audit, Compliance, AXA EssentiALL and GIE AXA reporting to George Stansfield, Group Deputy CEO (Directeur Général Adjoint) and General Secretary.  
  
• Matthieu Caillat, currently Chief Operating Officer and a member of AXA XL’s Executive Committee, is appointed Group Chief Technology & AI Officer, and will take over the role of AXA Group Operations CEO from Alexander Vollert, currently group Chief Operating Officer. He will join AXA’s Management Committee. He will report to Guillaume Borie.

Restricted Tier 1 Notes:

The Restricted Tier 1 Notes will have a fixed annual interest rate of 5.125% until March 16, 2032, the last day of the 6-month call window period, following which the interest rate will reset and every five years thereafter at the prevailing Euro 5-year Mid Swap rate plus a margin of 278.4 basis points.

The Restricted Tier 1 Notes qualify as Restricted Tier 1 capital under Solvency II. In line with the Solvency II requirements, they feature a loss absorption mechanism in the form of a write-down1 of the nominal amount of the Restricted Tier 1 Notes in the event that one of the solvency-related triggers2 is breached3. Interest payments are at the full discretion of AXA unless they are mandatorily prohibited. The Restricted Tier 1 Notes will be treated as capital from a regulatory and rating agency perspective within applicable limits.

They are expected to be rated BBB+ by Standard & Poor’s and A3 (hyb) by Moody’s.

Tier 2 Notes:

The Tier 2 Notes will have a fixed annual interest rate of 4.125% until July 24, 2036, the last day of the 6-month call window period, following which the interest rate will be a floating rate based on 3-month EURIBOR plus a margin of 258 basis points.

The Tier 2 Notes qualify as Tier 2 capital under Solvency II. They will be treated as capital from a regulatory and rating agency perspective within applicable limits.

They are expected to be rated A- by Standard & Poor’s and A1(hyb) by Moody’s.

1.With discretionary reinstatement subject to conditions as further described in the Prospectus dated October 14, 2025
2.As defined in the Prospectus dated October 14, 2025
3.Either at AXA Group level or at AXA SA solo level

A fragmented world: when crises erode trust

This edition of the Future Risks Report confirms a worrying trend: 93% of the global population perceive a growing number of crises (up 3 percentages points from 2024), with a direct impact on their daily lives (up 2 percentage points from 2024). More alarmingly, 59% of citizens believe that their country is fragmented, or even beset by deep social fractures (up to 77% in France and 65% in the United States).