AXA Group’s 2025 Solvency and Financial Condition Report (published March 2026) shows a decade of sustained portfolio rotation, with the group’s broad alternatives allocation rising from 14% of total assets in 2016 to 22% in 2025 — a shift of EUR 51bn over ten years.
Over the same period, government bonds fell from EUR 218bn (35% of assets) in 2016 to EUR 161bn (25%) in 2025 — EUR 57bn lower and the decade’s lowest share. The scale and timing of this decline mirrors the alternatives build, though the SFCR does not explicitly link the two. Corporate bonds also contracted, from 24% to 18% over the same period.
Within the alternatives composite, collective investment undertakings (CIUs, R0180) are the largest and fastest-growing component, rising from EUR 27bn (4%) to EUR 54bn (8%), near doubling over the decade.
Footnote disclosures to AXA’s SCR sensitivity analysis name private equity, infrastructure equity and private debt as components of its equity and credit exposures.
The 2025 SFCR states: “Sensitivities to equity markets are limited to listed equities. Including also private and infrastructure equities, sensitivities are +13pt and -18pts for +25% and -25%, respectively. Sensitivity to credit rating migration assumes 20% of corporate bonds held (including private debt) are downgraded by one full letter (3 notches)” (SFCR 2025, p.25, footnote 1).
However, the SFCR does not decompose the CIU bucket by fund type. Full sub-category detail requires the Universal Registration Document.
Collateralised securities (R0170) grew from EUR 12bn to EUR 29bn. Within this, the SFCR disclosures identify EUR 22bn of ABS excluding agency pools, overwhelmingly collateralised loan obligations (94% in 2025), up from EUR 13bn in 2016.
Unlisted equities (R0120) rose from EUR 10bn to EUR 19bn. Direct property (R0080) held stable at around EUR 20bn throughout.
The 2025 figures carry a structural note: AXA completed the sale of AXA Investment Managers to BNP Paribas in 2025, removing its largest in-house fund manager. How that transition affects the CIU allocation will become visible in the 2026 SFCR.
Data: QRT S020102 C0010 | Solvency II Wire Database | AXA Group (f9c38987-a99c-4d86-b352-fc0cda5cbfb0) | ABS figures: SFCR A.3 disclosures 2016–2025
