AXA SA (AXAA) - Net Assets
Based on the latest financial reports, AXA SA (AXAA) has net assets worth €49.56 Billion EUR (≈ $57.94 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€635.54 Billion ≈ $743.01 Billion USD) and total liabilities (€585.98 Billion ≈ $685.07 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check AXA SA tangible book value ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €49.56 Billion |
| % of Total Assets | 7.8% |
| Annual Growth Rate | -4.07% |
| 5-Year Change | -34.12% |
| 10-Year Change | -34.69% |
| Growth Volatility | 11.24 |
AXA SA - Net Assets Trend (2014–2025)
This chart illustrates how AXA SA's net assets have evolved over time, based on quarterly financial data. See AXA SA liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for AXA SA (2014–2025)
The table below shows the annual net assets of AXA SA from 2014 to 2025. For live valuation and market cap data, see AXA SA (AXAA) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €49.56 Billion ≈ $57.94 Billion |
-5.57% |
| 2024-12-31 | €52.48 Billion ≈ $61.35 Billion |
+0.15% |
| 2023-12-31 | €52.40 Billion ≈ $61.26 Billion |
+8.31% |
| 2022-12-31 | €48.38 Billion ≈ $56.56 Billion |
-35.69% |
| 2021-12-31 | €75.23 Billion ≈ $87.95 Billion |
-1.24% |
| 2020-12-31 | €76.17 Billion ≈ $89.06 Billion |
+2.07% |
| 2019-12-31 | €74.63 Billion ≈ $87.25 Billion |
+1.88% |
| 2018-12-31 | €73.25 Billion ≈ $85.64 Billion |
-2.68% |
| 2017-12-31 | €75.27 Billion ≈ $88.00 Billion |
-0.81% |
| 2016-12-31 | €75.88 Billion ≈ $88.71 Billion |
-8.76% |
| 2015-12-31 | €83.17 Billion ≈ $97.23 Billion |
+6.25% |
| 2014-12-31 | €78.28 Billion ≈ $91.51 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to AXA SA's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 117.6% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €41.41 Billion | 87.79% |
| Other Components | €5.76 Billion | 12.21% |
| Total Equity | €47.17 Billion | 100.00% |
AXA SA Competitors by Market Cap
The table below lists competitors of AXA SA ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
IND.+COMM.BK CHINA ADR/20
F:ICKB
|
$78.13 Billion |
|
Glencore PLC
JSE:GLN
|
$78.14 Billion |
|
Moodys Corporation
NYSE:MCO
|
$78.32 Billion |
|
ICICI Bank Limited
F:ICBA
|
$78.49 Billion |
|
ESSILORLUXOTTICA 1/2/O.N.
F:ESLC
|
$78.07 Billion |
|
Lloyds Banking Group plc
MX:LYGN
|
$78.00 Billion |
|
Emerson Electric Company
NYSE:EMR
|
$77.89 Billion |
|
Northrop Grumman Corporation
NYSE:NOC
|
$77.86 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in AXA SA's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 49,943,000,000 to 47,171,000,000, a change of -2,772,000,000 (-5.6%).
- Net income of 9,797,000,000 contributed positively to equity growth.
- Dividend payments of 4,728,000,000 reduced retained earnings.
- Share repurchases of 7,323,000,000 reduced equity.
- New share issuances of 2,176,000,000 increased equity.
- Other factors decreased equity by 2,694,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €9.80 Billion | +20.77% |
| Dividends Paid | €4.73 Billion | -10.02% |
| Share Repurchases | €7.32 Billion | -15.52% |
| Share Issuances | €2.18 Billion | +4.61% |
| Other Changes | €-2.69 Billion | -5.71% |
| Total Change | €- | -5.55% |
Book Value vs Market Value Analysis
This analysis compares AXA SA's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.79x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has increased from 1.40x to 1.79x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-12-31 | €29.21 | €41.00 | x |
| 2018-12-31 | €26.19 | €41.00 | x |
| 2019-12-31 | €29.29 | €41.00 | x |
| 2020-12-31 | €30.01 | €41.00 | x |
| 2021-12-31 | €29.76 | €41.00 | x |
| 2022-12-31 | €20.03 | €41.00 | x |
| 2023-12-31 | €22.27 | €41.00 | x |
| 2024-12-31 | €22.96 | €41.00 | x |
| 2025-12-31 | €22.95 | €41.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently AXA SA utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 20.77%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 9.25%
- • Asset Turnover: 0.17x
- • Equity Multiplier: 13.47x
- Recent ROE (20.77%) is above the historical average (10.21%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2014 | 7.70% | 4.14% | 0.14x | 12.88x | €-1.50 Billion |
| 2015 | 8.20% | 4.86% | 0.13x | 12.95x | €-1.23 Billion |
| 2016 | 8.26% | 4.79% | 0.14x | 12.65x | €-1.23 Billion |
| 2017 | 8.92% | 4.84% | 0.15x | 12.50x | €-752.10 Million |
| 2018 | 3.43% | 2.12% | 0.11x | 14.91x | €-4.10 Billion |
| 2019 | 5.52% | 3.09% | 0.16x | 11.17x | €-3.13 Billion |
| 2020 | 4.42% | 3.08% | 0.13x | 11.24x | €-4.00 Billion |
| 2021 | 10.25% | 6.53% | 0.14x | 10.90x | €180.60 Million |
| 2022 | 14.72% | 7.17% | 0.13x | 15.36x | €2.14 Billion |
| 2023 | 14.50% | 7.36% | 0.15x | 13.00x | €2.23 Billion |
| 2024 | 15.79% | 7.64% | 0.16x | 13.09x | €2.89 Billion |
| 2025 | 20.77% | 9.25% | 0.17x | 13.47x | €5.08 Billion |
Industry Comparison
This section compares AXA SA's net assets metrics with peer companies in the Insurance - Diversified industry.
Industry Context
- Industry: Insurance - Diversified
- Average net assets among peers: $21,252,846,303
- Average return on equity (ROE) among peers: 9.31%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| AXA SA (AXAA) | €49.56 Billion | 7.70% | 11.82x | $78.11 Billion |
| NN GROUP NV UNSP.ADR/1 (2NN0) | $21.12 Billion | 5.55% | 8.89x | $19.09 Billion |
| WATERDROP INC.ADS/10 CL.A (717) | $4.77 Billion | 12.75% | 0.24x | $371.99 Million |
| Allianz SE VNA O.N. (ALV) | $46.56 Billion | 10.85% | 12.42x | $140.11 Billion |
| ALLIANZ SE UNSP.ADR 1/10 (ALVE) | $61.56 Billion | 13.87% | 14.97x | $141.45 Billion |
| ASS.GENERALI ADR 1/2/EO 1 (ASG0) | $28.97 Billion | 7.71% | 16.37x | $54.86 Billion |
| MAPFRE S.A.ADR 2 / EO-10 (CMA) | $10.51 Billion | 10.77% | 4.57x | $12.03 Billion |
| AVIVA PLC SPONS.ADR/2 (GU80) | $16.69 Billion | 11.78% | 20.09x | $22.30 Billion |
| NÜRNBERGER Beteiligungs-AG (NBG6) | $862.40 Million | 7.82% | 37.12x | $1.38 Billion |
| RheinLand Holding AG (RLV) | $228.79 Million | 2.69% | 7.78x | $115.20 Million |
About AXA SA
AXA SA, through its subsidiaries, insurance, asset management, and banking services worldwide. The company operates through France, Europe, AXA XL, Asia, Africa & EME-LATAM, and Transversal & Other segments. It offers life and savings insurance and property and casualty insurance products. The company also provides protection and retirement products for individual and professional customers; rein… Read more