---
source_file: tmpztp6gc8c.xlsm
source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aN0dW55xUNkB1XEB_AXA_Financial_Supplement_2024.xlsx.xlsm
doc_type: spreadsheet
title: AXA/2024/FY/Financial supplement
tables: 0
parsed_at: '2026-07-05T03:15:57Z'
---

## Market Data

###### Exchange rate by currency

| — | 1H23 | FY23 | 1H24 | FY24 | Average 1H23 | Average FY23 | Average 1H24 | Average FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 1.09 | 1.10 | 1.07 | 1.04 | 1.08 | 1.08 | 1.08 | 1.08 |
| JPY | 158 | 156 | 172 | 163 | 146 | 152 | 165 | 164 |
| GBP | 0.86 | 0.87 | 0.85 | 0.83 | 0.88 | 0.87 | 0.85 | 0.85 |
| CHF | 0.98 | 0.93 | 0.96 | 0.94 | 0.99 | 0.97 | 0.96 | 0.95 |
| HKD | 8.55 | 8.63 | 8.37 | 8.04 | 8.47 | 8.47 | 8.45 | 8.44 |

###### Discount rate 5Y by currency

| % | Average 1H23 | Average FY23 | Average 1H24 | Average FY24 |
| --- | --- | --- | --- | --- |
| EUR | 3.38% | 3.48% | 2.79% | 2.84% |
| USD | 4.37% | 4.61% | 4.35% | 4.41% |
| JPY | 0.12% | 0.12% | 0.22% | 0.42% |
| GBP | 4.42% | 4.84% | 4.00% | 4.25% |
| CHF | 1.87% | 1.81% | 1.05% | 0.82% |
| HKD | 3.87% | 4.15% | 3.75% | 3.67% |

###### Discount rate 10Y by currency

| % | Closing 1H23 | Closing FY23 | Closing 1H24 | Closing FY24 |
| --- | --- | --- | --- | --- |
| EUR | 3.25% | 2.75% | 3.06% | 2.71% |
| USD | 4.25% | 4.12% | 4.54% | 4.66% |
| JPY | 0.38% | 0.62% | 1.04% | 1.07% |
| GBP | 4.72% | 3.79% | 4.27% | 4.48% |
| CHF | 1.77% | 1.16% | 0.98% | 0.38% |
| HKD | 3.98% | 3.50% | 3.79% | 3.91% |

## UE by LOB and Net Income

###### Group underlying earnings and net income build-up by business unit

| EUR million — | Group 1H23 | Group FY23 | Group 1H24 | Group FY24 | Property & Casualty 1H23 | Property & Casualty FY23 | Property & Casualty 1H24 | Property & Casualty FY24 | Life & Health 1H23 | Life & Health FY23 | Life & Health 1H24 | Life & Health FY24 | Asset Management 1H23 | Asset Management FY23 | Asset Management 1H24 | Asset Management FY24 | Holdings 1H23 | Holdings FY23 | Holdings 1H24 | Holdings FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Short-term Business — Revenues | 32,396 | 67,134 | 35,273 | 72,104 | 25,254 | 52,326 | 27,294 | 55,898 | 7,142 | 14,809 | 7,979 | 16,207 | — | — | — | — | — | — | — | — |
| Short-term Business — Combined Ratio | — | — | — | — | 90.9% | 93.2% | 90.2% | 91.0% | 98.9% | 98.9% | 97.6% | 97.4% | — | — | — | — | — | — | — | — |
| Short-term Business — Technical Margin | 2,368 | 3,701 | 2,877 | 5,421 | 2,288 | 3,534 | 2,682 | 5,006 | 80 | 168 | 195 | 415 | — | — | — | — | — | — | — | — |
| Long-term Business — CSM Release | 1,474 | 2,861 | 1,395 | 2,775 | — | — | — | — | 1,474 | 2,861 | 1,395 | 2,775 | — | — | — | — | — | — | — | — |
| Long-term Business — Technical Experience | -41 | -148 | -64 | -95 | — | — | — | — | -41 | -148 | -64 | -95 | — | — | — | — | — | — | — | — |
| Financial Result & Other — Financial Result | 1,804 | 4,022 | 2,064 | 3,971 | 1,193 | 2,721 | 1,324 | 2,559 | 431 | 889 | 536 | 975 | 15 | 39 | 24 | 35 | 166 | 374 | 181 | 402 |
| Financial Result & Other — Other Revenues | 1,397 | 2,947 | 1,459 | 3,054 | — | — | — | — | — | — | — | — | 909 | 1,880 | 937 | 2,004 | 489 | 1,067 | 522 | 1,050 |
| Financial Result & Other — Other Expenses | -1,449 | -3,238 | -1,624 | -3,479 | — | — | — | — | — | — | — | — | -682 | -1,457 | -698 | -1,493 | -766 | -1,781 | -925 | -1,986 |
| Financial Result & Other — Debt Financing Charges | -461 | -940 | -471 | -948 | — | — | — | — | — | — | — | — | — | — | — | — | -461 | -940 | -471 | -948 |
| **Financial Result & Other — Underlying Earnings Before Tax** | 5,092 | 9,207 | 5,638 | 10,700 | 3,480 | 6,255 | 4,006 | 7,565 | 1,944 | 3,769 | 2,061 | 4,070 | 241 | 462 | 263 | 546 | -574 | -1,280 | -693 | -1,482 |
| Financial Result & Other — Tax | -1,072 | -1,762 | -1,427 | -2,662 | -761 | -1,249 | -1,046 | -1,952 | -381 | -669 | -412 | -874 | -66 | -125 | -69 | -160 | 136 | 280 | 100 | 324 |
| Financial Result & Other — Income from Affiliates & Other | 180 | 337 | 122 | 218 | 43 | 109 | 2 | 3 | 119 | 193 | 103 | 186 | 18 | 35 | 16 | 29 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Minority Interests | -88 | -177 | -89 | -179 | -45 | -103 | -56 | -106 | -39 | -62 | -27 | -60 | -5 | -12 | -6 | -13 | 0 | 0 | 0 | 0 |
| **Financial Result & Other — Underlying Earnings Group Share** | 4,111 | 7,604 | 4,244 | 8,078 | 2,717 | 5,012 | 2,908 | 5,510 | 1,643 | 3,232 | 1,725 | 3,323 | 188 | 360 | 204 | 402 | -437 | -1,000 | -592 | -1,157 |
| Financial Result & Other — Underlying Earnings Growth Rate (constant FX) | 18% | 27% | 4% | 7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Financial Result & Other — Underlying ROE** | 16.6% | 14.9% | 16.6% | 15.2% | — | 15.9% | — | 16.2% | — | 13.5% | — | 13.6% | — | 24.9% | — | 26.0% | — | — | — | — |
| Financial Result & Other — Net Realized Capital Gains & Losses | -30 | 179 | 93 | 195 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other — Change in Fair Value of Assets & Derivatives | -74 | -58 | -43 | 83 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other — Amortization of customer intangibles | -93 | -137 | -50 | -131 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other — Integration and Restructuring Costs | -82 | -303 | -78 | -240 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other — Exceptional Items | 1 | -96 | -147 | -99 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Financial Result & Other — Net Income Group Share** | 3,833 | 7,189 | 4,020 | 7,886 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other — Deeply Subordinated and Undated Subordinated Debt Charges | -92 | -185 | -106 | -201 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Financial Result & Other — Underlying Earnings for EPS calculation** | 4,019 | 7,419 | 4,138 | 7,877 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Financial Result & Other — Net Income for EPS calculation** | 3,741 | 7,004 | 3,914 | 7,685 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |

## UE by Geography

###### Underlying earnings build-up by geography

| EUR million — | Group 1H23 | Group FY23 | Group 1H24 | Group FY24 | France 1H23 | France FY23 | France 1H24 | France FY24 | Europe 1H23 | Europe FY23 | Europe 1H24 | Europe FY24 | AXA XL 1H23 | AXA XL FY23 | AXA XL 1H24 | AXA XL FY24 | Asia, Africa & EME-LATAM 1H23 | Asia, Africa & EME-LATAM FY23 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | AXA IM 1H23 | AXA IM FY23 | AXA IM 1H24 | AXA IM FY24 | Transversal & Other 1H23 | Transversal & Other FY23 | Transversal & Other 1H24 | Transversal & Other FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Short-term Business — Revenues | 32,396 | 67,134 | 35,273 | 72,104 | 8,432 | 17,377 | 9,046 | 18,698 | 10,685 | 22,153 | 11,839 | 24,005 | 8,670 | 17,903 | 9,022 | 18,530 | 3,602 | 7,601 | 4,312 | 8,750 | — | — | — | — | 1,008 | 2,100 | 1,053 | 2,122 |
| Combined Ratio — Technical Margin | 2,368 | 3,701 | 2,877 | 5,421 | 516 | 1,119 | 692 | 1,470 | 823 | 828 | 998 | 1,957 | 953 | 1,717 | 1,111 | 1,820 | 77 | 15 | 70 | 81 | — | — | — | — | -2 | 22 | 6 | 93 |
| Long-term Business — CSM Release | 1,474 | 2,861 | 1,395 | 2,775 | 433 | 847 | 407 | 823 | 487 | 956 | 468 | 920 | 1 | 1 | 4 | 3 | 553 | 1,057 | 516 | 1,029 | — | — | — | — | 0 | 0 | 0 | 0 |
| Long-term Business — Technical Experience | -41 | -148 | -64 | -95 | -39 | -115 | -40 | -96 | 5 | -9 | -11 | -8 | 0 | -5 | 3 | 2 | -6 | -20 | -17 | 7 | — | — | — | — | 0 | 0 | 0 | 0 |
| Financial Result & Other — Financial Result | 1,804 | 4,022 | 2,064 | 3,971 | 357 | 731 | 350 | 613 | 738 | 1,703 | 784 | 1,486 | 239 | 601 | 283 | 616 | 266 | 531 | 382 | 741 | 15 | 39 | 24 | 35 | 190 | 418 | 241 | 480 |
| Financial Result & Other — Other Revenues | 1,397 | 2,947 | 1,459 | 3,054 | 58 | 86 | 53 | 108 | 1 | 8 | -18 | -32 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 909 | 1,880 | 937 | 2,004 | 429 | 972 | 488 | 974 |
| Financial Result & Other — Other Expenses | -1,449 | -3,238 | -1,624 | -3,479 | -83 | -158 | -83 | -180 | 19 | 1 | -10 | -25 | 0 | 0 | 0 | 0 | -9 | -16 | -9 | -20 | -682 | -1,457 | -698 | -1,493 | -693 | -1,609 | -823 | -1,761 |
| Financial Result & Other — Debt Financing Charges | -461 | -940 | -471 | -948 | 0 | 0 | 0 | 0 | -1 | -1 | -1 | -2 | -18 | -35 | -16 | -33 | -8 | -15 | -7 | -12 | — | — | — | — | -434 | -888 | -447 | -902 |
| **Financial Result & Other — Underlying Earnings Before Tax** | 5,092 | 9,207 | 5,638 | 10,700 | 1,241 | 2,510 | 1,380 | 2,738 | 2,071 | 3,486 | 2,210 | 4,297 | 1,175 | 2,280 | 1,385 | 2,409 | 873 | 1,552 | 935 | 1,826 | 241 | 462 | 263 | 546 | -511 | -1,084 | -535 | -1,116 |
| Financial Result & Other — Tax | -1,072 | -1,762 | -1,427 | -2,662 | -222 | -514 | -350 | -676 | -470 | -621 | -536 | -1,004 | -237 | -385 | -355 | -588 | -190 | -337 | -205 | -443 | -66 | -125 | -69 | -160 | 113 | 220 | 88 | 209 |
| Financial Result & Other — Income from Affiliates & Other | 180 | 337 | 122 | 218 | 8 | 10 | 4 | 9 | 0 | -3 | 0 | 0 | 0 | 0 | 0 | 0 | 154 | 295 | 102 | 181 | 18 | 35 | 16 | 29 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Minority Interests | -88 | -177 | -89 | -179 | -1 | 0 | 0 | 0 | -56 | -115 | -48 | -105 | 0 | 0 | 0 | 0 | -25 | -50 | -34 | -60 | -5 | -12 | -6 | -13 | 0 | 0 | 0 | 0 |
| **Financial Result & Other — Underlying Earnings Group share** | 4,111 | 7,604 | 4,244 | 8,078 | 1,025 | 2,006 | 1,034 | 2,071 | 1,545 | 2,747 | 1,626 | 3,187 | 938 | 1,895 | 1,030 | 1,820 | 813 | 1,460 | 798 | 1,504 | 188 | 360 | 204 | 402 | -398 | -865 | -447 | -907 |

###### Underlying earnings build-up by line of business and geography

| EUR million — | Group 1H23 | Group FY23 | Group 1H24 | Group FY24 | France 1H23 | France FY23 | France 1H24 | France FY24 | Europe 1H23 | Europe FY23 | Europe 1H24 | Europe FY24 | AXA XL 1H23 | AXA XL FY23 | AXA XL 1H24 | AXA XL FY24 | Asia, Africa & EME-LATAM 1H23 | Asia, Africa & EME-LATAM FY23 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | AXA IM 1H23 | AXA IM FY23 | AXA IM 1H24 | AXA IM FY24 | Transversal & Other 1H23 | Transversal & Other FY23 | Transversal & Other 1H24 | Transversal & Other FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Underlying Earnings by Line of Business — Property & Casualty | 2,717 | 5,012 | 2,908 | 5,510 | 508 | 1,104 | 539 | 1,161 | 1,042 | 1,557 | 1,073 | 2,029 | 949 | 1,920 | 1,032 | 1,828 | 186 | 338 | 194 | 334 | — | — | — | — | 32 | 92 | 70 | 158 |
| Underlying Earnings by Line of Business — Life & Health | 1,643 | 3,232 | 1,725 | 3,323 | 538 | 957 | 519 | 964 | 449 | 1,089 | 559 | 1,104 | 6 | 9 | 14 | 25 | 648 | 1,163 | 627 | 1,211 | — | — | — | — | 1 | 13 | 7 | 19 |
| Underlying Earnings by Line of Business — Asset Management | 188 | 360 | 204 | 402 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 188 | 360 | 204 | 402 | — | — | — | — |
| Underlying Earnings by Line of Business — Holdings | -437 | -1,000 | -592 | -1,157 | -21 | -55 | -24 | -54 | 53 | 101 | -6 | 54 | -18 | -35 | -16 | -33 | -21 | -41 | -23 | -41 | — | — | — | — | -431 | -971 | -524 | -1,083 |

## Shares & UEPS

###### Basic number of shares rollforward

| — | Outstanding Shares Excluding Treasury Shares FY23 | Outstanding Shares Excluding Treasury Shares FY24 | Weighted Average Number FY23 | Weighted Average Number FY24 |
| --- | --- | --- | --- | --- |
| **Basic Number of Shares — As of Beginning of Period** | 2,264.5 | 2,226.2 | 2,264.5 | 2,226.2 |
| Basic Number of Shares — Increase of Capital Dedicated to Employees | 13.8 | 12.9 | 1.4 | 0.9 |
| Basic Number of Shares — Exercice of Stock-options | 2.5 | 2.6 | 1.0 | 1.4 |
| Basic Number of Shares — Other Movement of Treasury Shares | 43.2 | 4.6 | 56.1 | 17.5 |
| Basic Number of Shares — Capital Increase / (Decrease) | -97.9 | -70.9 | -91.4 | -55.2 |
| **Basic Number of Shares — As at End of Period** | 2,226.2 | 2,175.4 | — | — |
| **Basic Number of Shares — During the Period** | — | — | 2,231.7 | 2,190.8 |
| Fully Diluted Number of Shares — Stock Options | — | — | 1.0 | 0.8 |
| Fully Diluted Number of Shares — Performance Shares | — | — | 5.8 | 5.6 |
| **Fully Diluted Number of Shares — During the Period (A)** | — | — | 2,238.5 | 2,197.1 |
| Earnings Group Share: — Net Income | — | — | 7,189 | 7,886 |
| Earnings Group Share: — Underlying Earnings | — | — | 7,604 | 8,078 |
| Impact of undated and deeply subordinated debts: — Undated and deeply subordinated debt charges | — | — | -185 | -201 |
| Earnings for EPS Calculation: — Net Income for EPS Calculation (B) | — | — | 7,004 | 7,685 |
| Earnings for EPS Calculation: — Underlying Earnings for EPS Calculation (C) | — | — | 7,419 | 7,877 |
| **Fully Diluted Euro per Share (EPS) — EPS (B/A)** | — | — | 3.13 | 3.50 |
| **Fully Diluted Euro per Share (EPS) — Underlying EPS (C/A)** | — | — | 3.31 | 3.59 |

## P&C UE by Sub LOB

###### Property & casualty underlying earnings build-up by line of business

| EUR million — | Total 1H23 | Total FY23 | Total 1H24 | Total FY24 | Commercial lines 1H23 | Commercial lines FY23 | Commercial lines 1H24 | Commercial lines FY24 | Personal lines 1H23 | Personal lines FY23 | Personal lines 1H24 | Personal lines FY24 | AXA XL Reinsurance 1H23 | AXA XL Reinsurance FY23 | AXA XL Reinsurance 1H24 | AXA XL Reinsurance FY24 | Intercompany eliminations 1H23 | Intercompany eliminations FY23 | Intercompany eliminations 1H24 | Intercompany eliminations FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Short-term Business — Revenues | 25,254 | 52,326 | 27,294 | 55,898 | 17,117 | 35,522 | 18,657 | 38,019 | 8,470 | 17,379 | 9,144 | 18,705 | 1,121 | 2,260 | 1,155 | 2,394 | -1,455 | -2,835 | -1,662 | -3,220 |
| Short-term Business — Current Accident Year Loss Ratio | 67.0% | 69.6% | 67.0% | 67.7% | 68.6% | 69.9% | 68.1% | 68.8% | 67.9% | 73.0% | 69.8% | 70.0% | 73.9% | 72.4% | 69.7% | 70.6% | — | — | — | — |
| Short-term Business — Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 68.2% | 68.5% | 67.4% | 67.4% | 70.0% | 69.8% | 69.2% | 69.4% | 68.9% | 70.5% | 68.8% | 68.5% | 71.1% | 69.1% | 68.0% | 67.9% | — | — | — | — |
| Short-term Business — Undiscounted Current Accident Year Nat Cats | 3.0% | 4.8% | 3.6% | 3.8% | 2.6% | 3.8% | 2.7% | 2.9% | 2.4% | 5.5% | 4.0% | 4.1% | 10.6% | 9.8% | 10.6% | 10.4% | — | — | — | — |
| Short-term Business — Current Accident Year Discounting | -4.2% | -3.7% | -3.9% | -3.6% | -4.1% | -3.6% | -3.7% | -3.5% | -3.4% | -3.0% | -3.0% | -2.6% | -7.8% | -6.5% | -8.8% | -7.7% | — | — | — | — |
| Short-term Business — Prior Year Reserve Development Ratio | -0.6% | -1.1% | -1.5% | -1.6% | -0.5% | -1.0% | -1.1% | -1.2% | -0.2% | -0.8% | -2.3% | -1.8% | -3.1% | -1.2% | -1.1% | -0.8% | — | — | — | — |
| Short-term Business — Expense Ratio | 24.5% | 24.7% | 24.7% | 25.0% | 22.9% | 23.3% | 23.1% | 23.6% | 25.8% | 25.8% | 25.5% | 25.7% | 10.0% | 10.3% | 10.0% | 9.9% | — | — | — | — |
| Short-term Business — Combined Ratio | 90.9% | 93.2% | 90.2% | 91.0% | 90.9% | 92.2% | 90.1% | 91.1% | 93.6% | 98.0% | 92.9% | 93.9% | 80.8% | 81.5% | 78.7% | 79.7% | — | — | — | — |
| Short-term Business — Technical Margin | 2,288 | 3,534 | 2,682 | 5,006 | 1,556 | 2,774 | 1,850 | 3,372 | 544 | 348 | 645 | 1,136 | 215 | 417 | 246 | 486 | -28 | -6 | -60 | 12 |
| Financial Result & Other — Financial Result | 1,193 | 2,721 | 1,324 | 2,559 | 891 | 1,895 | 993 | 1,831 | 228 | 639 | 240 | 538 | 81 | 193 | 119 | 210 | -7 | -6 | -28 | -20 |
| Financial Result & Other — Investment Income | 1,531 | 3,344 | 1,967 | 3,731 | 1,124 | 2,326 | 1,427 | 2,625 | 257 | 696 | 366 | 761 | 158 | 328 | 202 | 365 | -7 | -6 | -28 | -20 |
| Financial Result & Other — Insurance Finance Expenses | -339 | -623 | -643 | -1,172 | -233 | -431 | -434 | -794 | -29 | -57 | -126 | -223 | -77 | -135 | -83 | -155 | 0 | 0 | 0 | 0 |
| **Debt Financing Charges — Underlying Earnings Before Tax** | 3,480 | 6,255 | 4,006 | 7,565 | 2,447 | 4,669 | 2,843 | 5,203 | 772 | 987 | 886 | 1,674 | 297 | 611 | 365 | 696 | -35 | -12 | -87 | -8 |
| Debt Financing Charges — Tax | -761 | -1,249 | -1,046 | -1,952 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — Income from Affiliates & Other | 43 | 109 | 2 | 3 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — Minority Interests | -45 | -103 | -56 | -106 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Debt Financing Charges — Underlying Earnings Group share** | 2,717 | 5,012 | 2,908 | 5,510 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Debt Financing Charges — Closing Invested Assets** | 106,511 | 111,635 | 113,515 | 118,104 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — o/w VFA | 0 | 0 | 0 | 0 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — o/w Non VFA | 106,511 | 111,635 | 113,515 | 118,104 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 17,951 | 14,950 | 19,284 | 16,006 | 11,166 | 8,845 | 12,070 | 9,480 | 5,944 | 5,066 | 6,369 | 5,478 | 1,496 | 1,071 | 1,572 | 1,075 | -655 | -31 | -728 | -27 |
| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 67,150 | 69,978 | 69,800 | 71,751 | 44,058 | 45,320 | 45,710 | 46,570 | 16,521 | 17,810 | 17,809 | 18,308 | 7,050 | 6,841 | 6,704 | 6,830 | -479 | 7 | -423 | 43 |

## P&C UE by Geography

###### Property & casualty profitability analysis by geography

**PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY AXA Consolidated Financial Statements**

| EUR million — | Total 1H23 | France Total FY23 | Europe Total 1H24 | AXA XL Total FY24 | France 1H23 | France FY23 | France 1H24 | France FY24 | Europe 1H23 | Europe FY23 | Europe 1H24 | Europe FY24 | AXA XL 1H23 | AXA XL o/w AXA XL Insurance | AXA XL FY23 | AXA XL o/w AXA XL Insurance | AXA XL 1H24 | AXA XL o/w AXA XL Insurance | AXA XL FY24 | AXA XL o/w AXA XL Insurance | Asia, Africa & EME-LATAM 1H23 | Asia, Africa & EME-LATAM FY23 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Transversal & Other 1H23 | Transversal & Other FY23 | Transversal & Other 1H24 | Transversal & Other FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Short-term Business — Revenues | 25,254 | 52,326 | 27,294 | 55,898 | 4,046 | 8,488 | 4,393 | 9,194 | 9,244 | 18,988 | 10,060 | 20,400 | 8,670 | 7,549 | 17,903 | 15,644 | 9,022 | 7,867 | 18,530 | 16,136 | 2,417 | 5,105 | 2,855 | 5,825 | 878 | 1,841 | 963 | 1,948 |
| Short-term Business — Current Accident Year Loss Ratio | 67.0% | 69.6% | 67.0% | 67.7% | 68.8% | 70.3% | 69.4% | 68.9% | 64.9% | 70.2% | 66.5% | 66.9% | 69.8% | 69.2% | 70.2% | 69.9% | 67.5% | 67.2% | 69.2% | 69.0% | 68.5% | 70.3% | 68.6% | 69.3% | 50.6% | 51.5% | 53.2% | 51.0% |
| Short-term Business — Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 68.2% | 68.5% | 67.4% | 67.4% | 72.6% | 70.2% | 71.3% | 69.7% | 66.8% | 68.2% | 65.0% | 65.5% | 69.4% | 69.2% | 69.4% | 69.5% | 68.8% | 68.9% | 69.3% | 69.5% | 68.2% | 69.9% | 70.0% | 70.4% | 50.7% | 51.4% | 52.9% | 51.1% |
| Short-term Business — Undiscounted Current Accident Year Nat Cats | 3.0% | 4.8% | 3.6% | 3.8% | 2.4% | 5.3% | 3.4% | 3.8% | 2.1% | 5.7% | 4.5% | 4.1% | 5.2% | 4.4% | 4.9% | 4.2% | 3.8% | 2.8% | 4.6% | 3.8% | 1.3% | 2.0% | 0.8% | 0.9% | 0.2% | 0.6% | 1.4% | 1.1% |
| Short-term Business — Current Accident Year Discounting | -4.2% | -3.7% | -3.9% | -3.6% | -6.3% | -5.1% | -5.3% | -4.6% | -3.9% | -3.6% | -3.1% | -2.8% | -4.9% | -4.4% | -4.2% | -3.8% | -5.1% | -4.6% | -4.7% | -4.2% | -1.0% | -1.5% | -2.2% | -2.0% | -0.3% | -0.5% | -1.1% | -1.2% |
| Short-term Business — Prior Year Reserve Development Ratio | -0.6% | -1.1% | -1.5% | -1.6% | -0.1% | -3.3% | -3.5% | -3.9% | -0.6% | -1.0% | -2.1% | -2.1% | -0.7% | -0.3% | -0.1% | 0.0% | -0.1% | 0.0% | -0.1% | 0.0% | -1.7% | -0.8% | -0.1% | 0.1% | 0.5% | -0.5% | -3.7% | -5.7% |
| Short-term Business — Expense Ratio | 24.5% | 24.7% | 24.7% | 25.0% | 22.0% | 21.8% | 21.9% | 21.9% | 25.8% | 26.1% | 25.9% | 26.2% | 19.9% | 21.4% | 20.3% | 21.8% | 20.3% | 21.8% | 21.0% | 22.7% | 31.1% | 31.1% | 29.4% | 29.6% | 49.3% | 49.0% | 50.5% | 50.9% |
| Short-term Business — Combined Ratio | 90.9% | 93.2% | 90.2% | 91.0% | 90.7% | 88.8% | 87.8% | 86.8% | 90.1% | 95.3% | 90.3% | 91.0% | 89.0% | 90.2% | 90.4% | 91.7% | 87.7% | 89.0% | 90.2% | 91.7% | 97.9% | 100.5% | 98.0% | 99.1% | 100.4% | 99.9% | 100.1% | 96.2% |
| Short-term Business — Technical Margin | 2,288 | 3,534 | 2,682 | 5,006 | 377 | 954 | 538 | 1,212 | 911 | 888 | 977 | 1,844 | 953 | 737 | 1,717 | 1,300 | 1,111 | 865 | 1,820 | 1,335 | 52 | -28 | 57 | 55 | -4 | 2 | -1 | 74 |
| Financial Result & Other — Financial Result | 1,193 | 2,721 | 1,324 | 2,559 | 258 | 506 | 251 | 421 | 484 | 1,129 | 473 | 912 | 232 | 151 | 586 | 401 | 273 | 159 | 596 | 387 | 172 | 390 | 242 | 484 | 46 | 111 | 86 | 146 |
| Financial Result & Other — Investment Income | 1,531 | 3,344 | 1,967 | 3,731 | 277 | 542 | 334 | 572 | 534 | 1,222 | 658 | 1,244 | 489 | 331 | 1,046 | 726 | 614 | 416 | 1,233 | 868 | 185 | 412 | 261 | 518 | 46 | 122 | 100 | 164 |
| Financial Result & Other — Insurance Finance Expenses | -339 | -623 | -643 | -1,172 | -19 | -36 | -83 | -151 | -50 | -94 | -185 | -332 | -257 | -180 | -460 | -325 | -341 | -257 | -637 | -481 | -13 | -22 | -20 | -35 | 0 | -11 | -14 | -18 |
| **Debt Financing Charges — Underlying Earnings Before Tax** | 3,480 | 6,255 | 4,006 | 7,565 | 635 | 1,460 | 788 | 1,633 | 1,395 | 2,017 | 1,450 | 2,757 | 1,185 | 888 | 2,303 | 1,701 | 1,384 | 1,024 | 2,417 | 1,721 | 224 | 362 | 299 | 539 | 42 | 113 | 85 | 220 |
| Debt Financing Charges — Tax | -761 | -1,249 | -1,046 | -1,952 | -126 | -355 | -249 | -472 | -329 | -397 | -352 | -671 | -236 | -180 | -383 | -270 | -352 | -257 | -588 | -457 | -61 | -93 | -77 | -159 | -10 | -20 | -15 | -62 |
| Debt Financing Charges — Income from Affiliates & Other | 43 | 109 | 2 | 3 | 0 | 0 | 0 | 0 | 0 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43 | 110 | 2 | 3 | 0 | 0 | 0 | 0 |
| Debt Financing Charges — Minority Interests | -45 | -103 | -56 | -106 | -1 | 0 | 0 | 0 | -24 | -61 | -25 | -57 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20 | -41 | -30 | -49 | 0 | 0 | 0 | 0 |
| **Debt Financing Charges — Underlying Earnings Group share** | 2,717 | 5,012 | 2,908 | 5,510 | 508 | 1,104 | 539 | 1,161 | 1,042 | 1,557 | 1,073 | 2,029 | 949 | 708 | 1,920 | 1,431 | 1,032 | 767 | 1,828 | 1,264 | 186 | 338 | 194 | 334 | 32 | 92 | 70 | 158 |
| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 17,951 | 14,950 | 19,284 | 16,006 | 2,223 | 1,700 | 2,153 | 1,712 | 6,885 | 4,974 | 7,151 | 5,166 | 6,873 | 5,377 | 6,345 | 5,274 | 7,478 | 5,905 | 7,028 | 5,948 | 1,517 | 1,659 | 1,802 | 1,834 | 454 | 271 | 700 | 266 |
| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 67,150 | 69,978 | 69,800 | 71,751 | 12,792 | 13,338 | 13,485 | 13,889 | 23,448 | 24,886 | 24,834 | 25,955 | 25,031 | 17,981 | 25,147 | 18,351 | 24,865 | 18,223 | 25,915 | 19,146 | 2,935 | 3,339 | 3,385 | 3,640 | 2,944 | 3,268 | 3,231 | 2,351 |

## L&H UE by LOB

###### Life & health underlying earnings by line of business build-up

| EUR million — | Total 1H23 | Total FY23 | Total 1H24 | Total FY24 | Life 1H23 | Life FY23 | Life 1H24 | Life FY24 | Health 1H23 | Health FY23 | Health 1H24 | Health FY24 | Employee Benefits* (out of Total Life & Health) 1H23 | Employee Benefits* (out of Total Life & Health) FY23 | Employee Benefits* (out of Total Life & Health) 1H24 | Employee Benefits* (out of Total Life & Health) FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Short-term Business — Revenues | 7,142 | 14,809 | 7,979 | 16,207 | 1,970 | 4,063 | 2,112 | 4,247 | 5,172 | 10,745 | 5,867 | 11,960 | 5,034 | 10,350 | 5,592 | 11,482 |
| Short-term Business — Combined Ratio | 98.9% | 98.9% | 97.6% | 97.4% | 93.8% | 96.3% | 94.5% | 95.5% | 100.8% | 99.8% | 98.6% | 98.1% | 99.3% | 99.0% | 98.2% | 97.8% |
| Short-term Business — Technical Margin | 80 | 168 | 195 | 415 | 122 | 149 | 116 | 191 | -43 | 19 | 79 | 224 | 33 | 99 | 101 | 248 |
| Long-term Business — CSM Release | 1,474 | 2,861 | 1,395 | 2,775 | 1,202 | 2,315 | 1,136 | 2,253 | 272 | 546 | 259 | 522 | 54 | 118 | 58 | 110 |
| Long-term Business — Technical Experience | -41 | -148 | -64 | -95 | -52 | -158 | -71 | -98 | 11 | 11 | 7 | 3 | 18 | 32 | 17 | 37 |
| Long-term Business — Actual vs. Expected Cash Flows | 14 | -21 | 9 | -15 | -5 | -46 | -4 | -33 | 20 | 25 | 13 | 18 | -1 | -10 | -3 | -2 |
| Long-term Business — Risk Adjustment Release | 25 | 49 | 30 | 59 | 22 | 41 | 25 | 51 | 3 | 8 | 4 | 8 | 3 | 5 | 2 | 4 |
| Long-term Business — Changes in Onerous Contracts | -10 | -49 | -32 | 6 | -9 | -48 | -30 | 9 | 0 | -2 | -1 | -2 | 0 | 0 | 0 | 0 |
| Long-term Business — Other Long-term | -70 | -126 | -72 | -145 | -59 | -105 | -63 | -124 | -11 | -20 | -8 | -21 | 16 | 38 | 19 | 35 |
| Financial Result & Other — Financial Result | 431 | 889 | 536 | 975 | 350 | 728 | 454 | 799 | 81 | 160 | 82 | 176 | 60 | 145 | 75 | 157 |
| Financial Result & Other — Investment Income | 1,222 | 2,480 | 1,319 | 2,525 | 1,073 | 2,183 | 1,159 | 2,209 | 149 | 297 | 160 | 317 | 178 | 384 | 219 | 429 |
| Financial Result & Other — Insurance Finance Expenses | -791 | -1,592 | -783 | -1,551 | -723 | -1,454 | -705 | -1,410 | -68 | -137 | -78 | -140 | -118 | -239 | -144 | -272 |
| **Debt Financing Charges — Underlying Earnings Before Tax** | 1,944 | 3,769 | 2,061 | 4,070 | 1,622 | 3,034 | 1,634 | 3,145 | 322 | 736 | 427 | 925 | 165 | 395 | 252 | 552 |
| Debt Financing Charges — Tax | -381 | -669 | -412 | -874 | -305 | -523 | -316 | -635 | -76 | -146 | -96 | -239 | -23 | -61 | -46 | -111 |
| Debt Financing Charges — Income from Affiliates & Other | 119 | 193 | 103 | 186 | 117 | 206 | 101 | 182 | 2 | -13 | 2 | 4 | — | — | — | — |
| Debt Financing Charges — Minority Interests | -39 | -62 | -27 | -60 | -36 | -56 | -27 | -56 | -3 | -6 | 0 | -4 | — | — | — | — |
| **Debt Financing Charges — Underlying Earnings Group share** | 1,643 | 3,232 | 1,725 | 3,323 | 1,398 | 2,661 | 1,392 | 2,636 | 245 | 570 | 333 | 687 | 142 | 333 | 205 | 441 |
| **Debt Financing Charges — Closing Invested Assets** | 339,512 | 339,779 | 329,460 | 345,008 | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — o/w VFA | 220,957 | 227,634 | 234,783 | 230,205 | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — o/w Non VFA | 118,555 | 112,145 | 94,677 | 114,803 | — | — | — | — | — | — | — | — | — | — | — | — |
| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,173 | 2,008 | 2,446 | 2,096 | 154 | 154 | 157 | 96 | 2,019 | 1,854 | 2,289 | 2,000 | — | — | — | — |
| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 13,676 | 14,456 | 13,876 | 14,162 | 11,675 | 12,110 | 11,589 | 11,778 | 2,000 | 2,346 | 2,286 | 2,384 | — | — | — | — |
| **For long-term business — Best Estimate Liabilities net of reinsurance** | 306,102 | 312,129 | 295,342 | 306,249 | 286,545 | 291,952 | 275,276 | 285,391 | 19,557 | 20,177 | 20,066 | 20,858 | — | — | — | — |
| For long-term business — o/w VFA Gross of reinsurance | 260,026 | 266,805 | 264,013 | 273,094 | 240,192 | 245,954 | 243,037 | 251,273 | 19,834 | 20,850 | 20,977 | 21,821 | — | — | — | — |
| For long-term business — o/w BBA Gross of reinsurance | 55,255 | 54,477 | 50,097 | 51,845 | 55,396 | 55,035 | 50,917 | 52,713 | -140 | -558 | -821 | -868 | — | — | — | — |
| For long-term business — o/w Reinsurance | -9,180 | -9,152 | -18,768 | -18,690 | -9,043 | -9,037 | -18,679 | -18,595 | -137 | -115 | -90 | -95 | — | — | — | — |

## L&H UE by Geography

###### Life & health profitability analysis by geography

**LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY AXA Consolidated Financial Statements**

| EUR million — | Total 1H23 | France Total FY23 | Europe Total 1H24 | Total FY24 | Total France 1H23 | France FY23 | Europe France 1H24 | France FY24 | Total Europe 1H23 | France Europe FY23 | Europe 1H24 | Europe FY24 | Total AXA XL 1H23 | France AXA XL FY23 | Europe AXA XL 1H24 | AXA XL FY24 | Total Asia, Africa & EME-LATAM 1H23 | France Asia, Africa & EME-LATAM FY23 | Europe Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Transversal & Other 1H23 | Transversal & Other FY23 | Transversal & Other 1H24 | Transversal & Other FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Short-term Business — Revenues | 7,142 | 14,809 | 7,979 | 16,207 | 4,386 | 8,889 | 4,654 | 9,503 | 1,441 | 3,165 | 1,778 | 3,604 | 0 | 0 | 0 | 0 | 1,185 | 2,496 | 1,457 | 2,925 | 130 | 259 | 90 | 174 |
| Short-term Business — Combined Ratio | 98.9% | 98.9% | 97.6% | 97.4% | 96.8% | 98.1% | 96.7% | 97.3% | 106.1% | 101.9% | 98.8% | 96.9% | 0.0% | 0.0% | 0.0% | 0.0% | 97.8% | 98.3% | 99.1% | 99.1% | 98.9% | 92.2% | 92.2% | 89.1% |
| Short-term Business — Technical Margin | 80 | 168 | 195 | 415 | 140 | 165 | 155 | 258 | -87 | -61 | 21 | 113 | 0 | 0 | 0 | 0 | 26 | 43 | 13 | 26 | 1 | 20 | 7 | 19 |
| Long-term Business — CSM Release | 1,474 | 2,861 | 1,395 | 2,775 | 433 | 847 | 407 | 823 | 487 | 956 | 468 | 920 | 1 | 1 | 4 | 3 | 553 | 1,057 | 516 | 1,029 | 0 | 0 | 0 | 0 |
| Long-term Business — Technical Experience | -41 | -148 | -64 | -95 | -39 | -115 | -40 | -96 | 5 | -9 | -11 | -8 | 0 | -5 | 3 | 2 | -6 | -20 | -17 | 7 | 0 | 0 | 0 | 0 |
| Long-term Business — Actual vs. Expected Cash Flows | 14 | -21 | 9 | -15 | 7 | -20 | 8 | -8 | -9 | -22 | 5 | -11 | 0 | 1 | -2 | -3 | 16 | 21 | 0 | 8 | 0 | 0 | 0 | 0 |
| Long-term Business — Risk Adjustment Release | 25 | 49 | 30 | 59 | 4 | 11 | 5 | 15 | 9 | 14 | 11 | 21 | 0 | 1 | 0 | 1 | 11 | 24 | 13 | 23 | 0 | 0 | 0 | 0 |
| Long-term Business — Changes in Onerous Contracts | -10 | -49 | -32 | 6 | 2 | 0 | 0 | 0 | -6 | -26 | -33 | -25 | 0 | -6 | 5 | 5 | -6 | -18 | -3 | 26 | 0 | 0 | 0 | 0 |
| Long-term Business — Other Long-term | -70 | -126 | -72 | -145 | -53 | -105 | -52 | -103 | 10 | 26 | 7 | 7 | 0 | 0 | 0 | 0 | -28 | -47 | -26 | -50 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Financial Result | 431 | 889 | 536 | 975 | 98 | 223 | 100 | 192 | 226 | 504 | 284 | 504 | 7 | 16 | 10 | 19 | 101 | 146 | 142 | 260 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Investment Income | 1,222 | 2,480 | 1,319 | 2,525 | 346 | 717 | 370 | 701 | 421 | 907 | 490 | 916 | 10 | 22 | 13 | 27 | 445 | 833 | 446 | 882 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Insurance Finance Expenses | -791 | -1,592 | -783 | -1,551 | -248 | -494 | -270 | -509 | -195 | -403 | -206 | -412 | -3 | -7 | -3 | -7 | -344 | -687 | -303 | -622 | 0 | 0 | 0 | 0 |
| **Debt Financing Charges — Underlying Earnings Before Tax** | 1,944 | 3,769 | 2,061 | 4,070 | 631 | 1,121 | 622 | 1,176 | 630 | 1,391 | 762 | 1,529 | 8 | 12 | 17 | 25 | 673 | 1,227 | 654 | 1,322 | 1 | 20 | 7 | 19 |
| Debt Financing Charges — Tax | -381 | -669 | -412 | -874 | -100 | -173 | -106 | -220 | -148 | -247 | -180 | -376 | -2 | -2 | -3 | 0 | -131 | -240 | -123 | -277 | 0 | -7 | 0 | 0 |
| Debt Financing Charges — Income from Affiliates & Other | 119 | 193 | 103 | 186 | 8 | 10 | 4 | 9 | 0 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 111 | 185 | 100 | 177 | 0 | 0 | 0 | 0 |
| Debt Financing Charges — Minority Interests | -39 | -62 | -27 | -60 | -1 | 0 | 0 | 0 | -32 | -53 | -23 | -49 | 0 | 0 | 0 | 0 | -5 | -9 | -4 | -12 | 0 | 0 | 0 | 0 |
| **Debt Financing Charges — Underlying Earnings Group share** | 1,643 | 3,232 | 1,725 | 3,323 | 538 | 957 | 519 | 964 | 449 | 1,089 | 559 | 1,104 | 6 | 9 | 14 | 25 | 648 | 1,163 | 627 | 1,211 | 1 | 13 | 7 | 19 |
| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,173 | 2,008 | 2,446 | 2,096 | 60 | 33 | 50 | -2 | 1,087 | 957 | 1,228 | 967 | 0 | 0 | 0 | 0 | 1,022 | 1,012 | 1,159 | 1,124 | 5 | 6 | 9 | 6 |
| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 13,676 | 14,456 | 13,876 | 14,162 | 12,744 | 13,242 | 12,589 | 12,831 | 515 | 757 | 773 | 871 | 0 | 0 | 0 | 0 | 388 | 445 | 501 | 447 | 28 | 11 | 13 | 14 |
| **For long-term business — Best Estimate Liabilities net of reinsurance** | 306,102 | 312,129 | 295,342 | 306,249 | 124,679 | 125,937 | 112,949 | 115,280 | 134,204 | 138,040 | 135,034 | 139,257 | 323 | 334 | 324 | 345 | 46,896 | 47,818 | 47,035 | 51,368 | 0 | 0 | 0 | 0 |
| For long-term business — o/w VFA Gross of reinsurance | 260,026 | 266,805 | 264,013 | 273,094 | 117,527 | 118,614 | 116,132 | 117,942 | 120,537 | 124,312 | 121,623 | 125,513 | 0 | 0 | 0 | 0 | 21,963 | 23,879 | 26,258 | 29,639 | 0 | 0 | 0 | 0 |
| For long-term business — o/w BBA Gross of reinsurance | 55,255 | 54,477 | 50,097 | 51,845 | 9,866 | 10,114 | 9,606 | 10,019 | 13,981 | 14,035 | 13,520 | 13,810 | 1,800 | 1,791 | 1,670 | 1,659 | 29,608 | 28,537 | 25,301 | 26,356 | 0 | 0 | 0 | 0 |
| For long-term business — o/w Reinsurance | -9,180 | -9,152 | -18,768 | -18,690 | -2,715 | -2,790 | -12,790 | -12,682 | -314 | -307 | -108 | -66 | -1,477 | -1,457 | -1,346 | -1,315 | -4,675 | -4,598 | -4,524 | -4,627 | 0 | 0 | 0 | 0 |

## Life UE by Geography

###### Life profitability analysis by geography

**LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY AXA Consolidated Financial Statements**

| EUR million — | Total 1H23 | France Total FY23 | Europe Total 1H24 | Total FY24 | Total France 1H23 | France FY23 | Europe France 1H24 | France FY24 | Total Europe 1H23 | France Europe FY23 | Europe 1H24 | Europe FY24 | Total AXA XL 1H23 | France AXA XL FY23 | Europe AXA XL 1H24 | AXA XL FY24 | Total Asia, Africa & EME-LATAM 1H23 | France Asia, Africa & EME-LATAM FY23 | Europe Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Transversal & Other 1H23 | Transversal & Other FY23 | Transversal & Other 1H24 | Transversal & Other FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Short-term Business — Revenues | 1,970 | 4,063 | 2,112 | 4,247 | 1,787 | 3,682 | 1,902 | 3,843 | 50 | 103 | 53 | 109 | 0 | 0 | 0 | 0 | 132 | 278 | 157 | 296 | 0 | 0 | 0 | 0 |
| Short-term Business — Combined Ratio | 93.8% | 96.3% | 94.5% | 95.5% | 94.3% | 97.2% | 95.1% | 96.3% | 93.9% | 86.4% | 79.8% | 77.0% | 0.0% | 0.0% | 0.0% | 0.0% | 86.9% | 88.7% | 92.3% | 91.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Short-term Business — Technical Margin | 122 | 149 | 116 | 191 | 102 | 103 | 93 | 141 | 3 | 14 | 11 | 25 | 0 | 0 | 0 | 0 | 17 | 31 | 12 | 25 | 0 | 0 | 0 | 0 |
| Long-term Business — CSM Release | 1,202 | 2,315 | 1,136 | 2,253 | 433 | 847 | 407 | 823 | 413 | 803 | 390 | 759 | 1 | 1 | 4 | 3 | 354 | 664 | 336 | 669 | 0 | 0 | 0 | 0 |
| Long-term Business — Technical Experience | -52 | -158 | -71 | -98 | -39 | -115 | -40 | -96 | 12 | 10 | -4 | 12 | 0 | -5 | 3 | 2 | -25 | -49 | -30 | -16 | 0 | 0 | 0 | 0 |
| Long-term Business — Actual vs. Expected Cash Flows | -5 | -46 | -4 | -33 | 7 | -20 | 8 | -8 | -9 | -20 | 3 | -11 | 0 | 1 | -2 | -3 | -3 | -7 | -12 | -10 | 0 | 0 | 0 | 0 |
| Long-term Business — Risk Adjustment Release | 22 | 41 | 25 | 51 | 4 | 11 | 5 | 15 | 10 | 15 | 12 | 23 | 0 | 1 | 0 | 1 | 7 | 15 | 8 | 13 | 0 | 0 | 0 | 0 |
| Long-term Business — Changes in Onerous Contracts | -9 | -48 | -30 | 9 | 2 | 0 | 0 | 0 | -7 | -25 | -32 | -23 | 0 | -6 | 5 | 5 | -5 | -16 | -3 | 26 | 0 | 0 | 0 | 0 |
| Long-term Business — Other Long-term | -59 | -105 | -63 | -124 | -53 | -105 | -52 | -103 | 18 | 40 | 13 | 23 | 0 | 0 | 0 | 0 | -25 | -41 | -23 | -45 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Financial Result | 350 | 728 | 454 | 799 | 82 | 200 | 103 | 193 | 201 | 437 | 249 | 432 | 7 | 16 | 10 | 19 | 61 | 76 | 92 | 155 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Investment Income | 1,073 | 2,183 | 1,159 | 2,209 | 314 | 663 | 344 | 660 | 396 | 836 | 451 | 838 | 10 | 22 | 13 | 27 | 353 | 662 | 350 | 684 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Insurance Finance Expenses | -723 | -1,454 | -705 | -1,410 | -233 | -463 | -241 | -467 | -195 | -399 | -202 | -407 | -3 | -7 | -3 | -7 | -292 | -586 | -259 | -530 | 0 | 0 | 0 | 0 |
| **Debt Financing Charges — Underlying Earnings Before Tax** | 1,622 | 3,034 | 1,634 | 3,145 | 577 | 1,035 | 563 | 1,060 | 629 | 1,264 | 645 | 1,227 | 8 | 12 | 17 | 25 | 408 | 723 | 409 | 833 | 0 | 0 | 0 | 0 |
| Debt Financing Charges — Tax | -305 | -523 | -316 | -635 | -92 | -161 | -96 | -194 | -141 | -234 | -148 | -289 | -2 | -2 | -3 | 0 | -70 | -126 | -68 | -152 | 0 | 0 | 0 | 0 |
| Debt Financing Charges — Income from Affiliates & Other | 117 | 206 | 101 | 182 | 8 | 10 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 109 | 196 | 97 | 173 | 0 | 0 | 0 | 0 |
| Debt Financing Charges — Minority Interests | -36 | -56 | -27 | -56 | -1 | 0 | 0 | 0 | -32 | -52 | -23 | -47 | 0 | 0 | 0 | 0 | -3 | -4 | -4 | -9 | 0 | 0 | 0 | 0 |
| **Debt Financing Charges — Underlying Earnings Group share** | 1,398 | 2,661 | 1,392 | 2,636 | 492 | 884 | 470 | 875 | 456 | 978 | 474 | 891 | 6 | 9 | 14 | 25 | 444 | 790 | 434 | 845 | 0 | 0 | 0 | 0 |
| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 154 | 154 | 157 | 96 | 28 | 18 | 23 | -19 | -2 | 2 | -3 | -14 | 0 | 0 | 0 | 0 | 128 | 135 | 137 | 129 | 0 | 0 | 0 | 0 |
| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 11,675 | 12,110 | 11,589 | 11,778 | 11,427 | 11,872 | 11,349 | 11,502 | 112 | 73 | 75 | 120 | 0 | 0 | 0 | 0 | 136 | 164 | 165 | 157 | 0 | 0 | 0 | 0 |
| **For long-term business — Best Estimate Liabilities net of reinsurance** | 286,545 | 291,952 | 275,276 | 285,391 | 124,679 | 125,937 | 112,949 | 115,280 | 114,600 | 117,461 | 114,389 | 117,841 | 323 | 334 | 324 | 345 | 46,943 | 48,220 | 47,614 | 51,926 | 0 | 0 | 0 | 0 |
| For long-term business — o/w VFA Gross of reinsurance | 240,192 | 245,954 | 243,037 | 251,273 | 117,527 | 118,614 | 116,132 | 117,942 | 100,747 | 103,535 | 100,727 | 103,800 | 0 | 0 | 0 | 0 | 21,918 | 23,805 | 26,178 | 29,530 | 0 | 0 | 0 | 0 |
| For long-term business — o/w BBA Gross of reinsurance | 55,396 | 55,035 | 50,917 | 52,713 | 9,866 | 10,114 | 9,606 | 10,019 | 14,167 | 14,233 | 13,770 | 14,107 | 1,800 | 1,791 | 1,670 | 1,659 | 29,563 | 28,897 | 25,871 | 26,927 | 0 | 0 | 0 | 0 |
| For long-term business — o/w Reinsurance | -9,043 | -9,037 | -18,679 | -18,595 | -2,715 | -2,790 | -12,790 | -12,682 | -314 | -307 | -108 | -66 | -1,477 | -1,457 | -1,346 | -1,315 | -4,538 | -4,483 | -4,435 | -4,532 | 0 | 0 | 0 | 0 |

## Health UE by Geography

###### Health profitability analysis by geography

**HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY AXA Consolidated Financial Statements**

| EUR million — | Total 1H23 | France Total FY23 | Europe Total 1H24 | Total FY24 | Total France 1H23 | France FY23 | Europe France 1H24 | France FY24 | Total Europe 1H23 | France Europe FY23 | Europe 1H24 | Europe FY24 | Total AXA XL 1H23 | France AXA XL FY23 | Europe AXA XL 1H24 | AXA XL FY24 | Total Asia, Africa & EME-LATAM 1H23 | France Asia, Africa & EME-LATAM FY23 | Europe Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Transversal & Other 1H23 | Transversal & Other FY23 | Transversal & Other 1H24 | Transversal & Other FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Short-term Business — Revenues | 5,172 | 10,745 | 5,867 | 11,960 | 2,599 | 5,207 | 2,752 | 5,661 | 1,391 | 3,062 | 1,725 | 3,495 | 0 | 0 | 0 | 0 | 1,053 | 2,218 | 1,300 | 2,629 | 130 | 259 | 90 | 174 |
| Short-term Business — Combined Ratio | 100.8% | 99.8% | 98.6% | 98.1% | 98.5% | 98.8% | 97.8% | 97.9% | 106.5% | 102.4% | 99.4% | 97.5% | 0.0% | 0.0% | 0.0% | 0.0% | 99.2% | 99.5% | 100.0% | 100.0% | 98.9% | 92.2% | 92.2% | 89.1% |
| Short-term Business — Technical Margin | -43 | 19 | 79 | 224 | 38 | 62 | 62 | 117 | -90 | -75 | 10 | 88 | 0 | 0 | 0 | 0 | 9 | 11 | 1 | 1 | 1 | 20 | 7 | 19 |
| Long-term Business — CSM Release | 272 | 546 | 259 | 522 | 0 | 0 | 0 | 0 | 73 | 153 | 78 | 161 | 0 | 0 | 0 | 0 | 199 | 393 | 180 | 360 | 0 | 0 | 0 | 0 |
| Long-term Business — Technical Experience | 11 | 11 | 7 | 3 | 0 | 0 | 0 | 0 | -7 | -18 | -6 | -20 | 0 | 0 | 0 | 0 | 19 | 29 | 14 | 23 | 0 | 0 | 0 | 0 |
| Long-term Business — Actual vs. Expected Cash Flows | 20 | 25 | 13 | 18 | 0 | 0 | 0 | 0 | 1 | -2 | 1 | 0 | 0 | 0 | 0 | 0 | 19 | 27 | 12 | 18 | 0 | 0 | 0 | 0 |
| Long-term Business — Risk Adjustment Release | 3 | 8 | 4 | 8 | 0 | 0 | 0 | 0 | -1 | -1 | 0 | -2 | 0 | 0 | 0 | 0 | 4 | 9 | 5 | 10 | 0 | 0 | 0 | 0 |
| Long-term Business — Changes in Onerous Contracts | 0 | -2 | -1 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -2 | 0 | 0 | 0 | 0 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | 0 |
| Long-term Business — Other Long-term | -11 | -20 | -8 | -21 | 0 | 0 | 0 | 0 | -8 | -14 | -6 | -16 | 0 | 0 | 0 | 0 | -3 | -6 | -2 | -5 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Financial Result | 81 | 160 | 82 | 176 | 16 | 23 | -3 | -1 | 25 | 66 | 35 | 72 | 0 | 0 | 0 | 0 | 40 | 70 | 51 | 105 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Investment Income | 149 | 297 | 160 | 317 | 32 | 54 | 26 | 41 | 25 | 71 | 39 | 77 | 0 | 0 | 0 | 0 | 92 | 172 | 95 | 198 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Insurance Finance Expenses | -68 | -137 | -78 | -140 | -15 | -31 | -29 | -43 | 0 | -5 | -4 | -5 | 0 | 0 | 0 | 0 | -53 | -101 | -45 | -93 | 0 | 0 | 0 | 0 |
| **Debt Financing Charges — Underlying Earnings Before Tax** | 322 | 736 | 427 | 925 | 54 | 86 | 59 | 116 | 0 | 127 | 117 | 302 | 0 | 0 | 0 | 0 | 266 | 503 | 245 | 489 | 1 | 20 | 7 | 19 |
| Debt Financing Charges — Tax | -76 | -146 | -96 | -239 | -8 | -13 | -10 | -27 | -7 | -13 | -31 | -87 | 0 | 0 | 0 | 0 | -61 | -114 | -55 | -125 | 0 | -7 | 0 | 0 |
| Debt Financing Charges — Income from Affiliates & Other | 2 | -13 | 2 | 4 | 0 | 0 | 0 | 0 | 0 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | -11 | 2 | 4 | 0 | 0 | 0 | 0 |
| Debt Financing Charges — Minority Interests | -3 | -6 | 0 | -4 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | -1 | 0 | 0 | 0 | 0 | -3 | -5 | 0 | -3 | 0 | 0 | 0 | 0 |
| **Debt Financing Charges — Underlying Earnings Group share** | 245 | 570 | 333 | 687 | 46 | 73 | 49 | 89 | -7 | 111 | 85 | 213 | 0 | 0 | 0 | 0 | 205 | 373 | 192 | 366 | 1 | 13 | 7 | 19 |
| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,019 | 1,854 | 2,289 | 2,000 | 32 | 15 | 27 | 18 | 1,089 | 956 | 1,231 | 981 | 0 | 0 | 0 | 0 | 893 | 877 | 1,022 | 995 | 5 | 6 | 9 | 6 |
| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 2,000 | 2,346 | 2,286 | 2,384 | 1,317 | 1,370 | 1,240 | 1,329 | 403 | 684 | 698 | 751 | 0 | 0 | 0 | 0 | 252 | 281 | 336 | 290 | 28 | 11 | 13 | 14 |
| **For long-term business — Best Estimate Liabilities net of reinsurance** | 19,557 | 20,177 | 20,066 | 20,858 | 0 | 0 | 0 | 0 | 19,604 | 20,579 | 20,645 | 21,416 | 0 | 0 | 0 | 0 | -47 | -402 | -579 | -557 | 0 | 0 | 0 | 0 |
| For long-term business — o/w VFA Gross of reinsurance | 19,834 | 20,850 | 20,977 | 21,821 | 0 | 0 | 0 | 0 | 19,789 | 20,777 | 20,896 | 21,713 | 0 | 0 | 0 | 0 | 45 | 73 | 81 | 109 | 0 | 0 | 0 | 0 |
| For long-term business — o/w BBA Gross of reinsurance | -140 | -558 | -821 | -868 | 0 | 0 | 0 | 0 | -186 | -198 | -250 | -297 | 0 | 0 | 0 | 0 | 45 | -360 | -571 | -571 | 0 | 0 | 0 | 0 |
| For long-term business — o/w Reinsurance | -137 | -115 | -90 | -95 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -137 | -115 | -90 | -95 | 0 | 0 | 0 | 0 |

## Asset Management

###### Opening AUM rollforward by asset type

| EUR million — | 1H23 Total | 1H23 o/w Third Party | FY23 Total | FY23 o/w Third Party | 1H24 Total | 1H24 o/w Third Party | FY24 Total | FY24 o/w Third Party |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **Opening AUM (in Euro billion)** | 845 | 314 | 845 | 314 | 843 | 332 | 843 | 332 |
| Net Inflows | -7 | 8 | -11 | 9 | 7 | -1 | 3 | 4 |
| Scope & Other | 2 | 0 | 2 | 9 | 0 | 10 | 2 | 21 |
| Market Effect | 10 | 0 | 13 | 9 | 12 | 10 | 26 | 21 |
| Currency Impact | -10 | 0 | -5 | 9 | -4 | 10 | 5 | 21 |
| **Closing AUM (in Euro billion)** | 840 | 322 | 843 | 332 | 859 | 340 | 879 | 356 |
| Alternatives | 223 | 89 | 218 | 85 | 227 | 86 | 229 | 90 |
| Core & Other | 520 | 232 | 528 | 247 | 532 | 254 | 551 | 266 |
| Asian Joint Ventures | 97 | — | 97 | — | 101 | — | 99 | — |
| **Gross Revenues - After Intercompany Elimination** | 749 | — | 1,555 | — | 787 | — | 1,701 | — |
| **Gross Revenues - Before Intercompany Elimination** | 909 | — | 1,880 | — | 937 | — | 2,004 | — |
| Management Fees | 673 | 377 | 1,334 | 743 | 679 | 385 | 1,425 | 773 |
| Performance Fees | 2 | 0 | 45 | 32 | 18 | 8 | 57 | 21 |
| Distribution Fees | 185 | — | 388 | — | 205 | — | 409 | — |
| Other | 49 | — | 113 | — | 35 | — | 112 | — |
| **General Expenses** | -682 | — | -1,457 | — | -698 | — | -1,493 | — |
| Distribution Fees Retroceded | -185 | — | -388 | — | -205 | — | -409 | — |
| Financial Result | 15 | — | 39 | — | 24 | — | 35 | — |
| **Underlying Earnings Before Tax** | 241 | — | 462 | — | 263 | — | 546 | — |
| Tax | -66 | — | -125 | — | -69 | — | -160 | — |
| Income from Affiliates & Other | 18 | — | 35 | — | 16 | — | 29 | — |
| Minority Interests | -5 | — | -12 | — | -6 | — | -13 | — |
| **Underlying Earnings Group Share** | 188 | — | 360 | — | 204 | — | 402 | — |
| **Average Assets under Management (€bn)** | 736 | — | 736 | — | 749 | — | 759 | — |
| **Asset Management Fee bps** | 18.1 bps | — | 18.0 bps | — | 18.1 bps | — | 18.8 bps | — |
| **Underlying Cost Income Ratio** | 68.7% | — | 71.6% | — | 67.3% | — | 68.0% | — |

## Holdings

###### Holdings underlying earnings build-up (footnote: Includes Bank with Underlying Earnings Group Share of Euro -21 million as of 1H23, -56 million as of FY23, -24 million as of 1H24 and -55 million as of FY24.)

| EUR million | 1H23 | FY23 | 1H24 | FY24 |
| --- | --- | --- | --- | --- |
| Financial Result | 166 | 374 | 181 | 402 |
| Other Revenues | 489 | 1,067 | 522 | 1,050 |
| Other Expenses | -766 | -1,781 | -925 | -1,986 |
| Debt Financing Charges | -461 | -940 | -471 | -948 |
| **Underlying Earnings Before Tax** | -574 | -1,280 | -693 | -1,482 |
| Tax | 136 | 280 | 100 | 324 |
| Income from Affiliates & Other | 0 | 0 | 0 | 0 |
| Minority Interests | 0 | 0 | 0 | 0 |
| **Underlying Earnings Group share** | -437 | -1,000 | -592 | -1,157 |

###### Cash balance rollforward at AXA SA by business unit

| EUR billion | 1H23 | FY23 | 1H24 | FY24 |
| --- | --- | --- | --- | --- |
| Opening Cash Balance at AXA SA | — | 4.5 | — | 4.0 |
| Net cash remittance from subsidiaries | — | 6.5 | — | 7.7 |
| Property & Casualty | — | 3.6 | — | 4.0 |
| Life & Health | — | 2.7 | — | 3.6 |
| Asset Management & Other | — | 0.2 | — | 0.1 |
| Dividends | — | -3.8 | — | -4.4 |
| Share buy-backs | — | -1.1 | — | -1.8 |
| Holding costs and interests | — | -1.1 | — | -1.3 |
| Debt issuance | — | -0.4 | — | 0.1 |
| M&A and disposals | — | -1.1 | — | 0.0 |
| Other | — | 0.6 | — | -0.3 |
| Closing Cash Balance at AXA SA | — | 4.0 | — | 4.0 |

## Activity Indicators

###### Activity indicators by line of business

| EUR million — | 1H23 Total | 1H23 P&C | 1H23 Life & Health | 1H23 o/w Employee Benefits | 1H23 Life | 1H23 Health | 1H23 Asset Management | 1H23 Bank | FY23 Total | FY23 P&C | FY23 Life & Health | FY23 o/w Employee Benefits | FY23 Life | FY23 Health | FY23 Asset Management | FY23 Bank | 1H24 Total | 1H24 P&C | 1H24 Life & Health | 1H24 o/w Employee Benefits | 1H24 Life | 1H24 Health | 1H24 Asset Management | 1H24 Bank | FY24 Total | FY24 P&C | FY24 Life & Health | FY24 o/w Employee Benefits | FY24 Life | FY24 Health | FY24 Asset Management | FY24 Bank |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Gross Written Premiums & Other Revenues | 55,740 | 30,400 | 24,528 | 6,001 | 16,297 | 8,231 | 749 | 62 | 102,733 | 53,027 | 48,058 | 10,911 | 31,990 | 16,068 | 1,555 | 93 | 59,872 | 32,522 | 26,505 | 6,673 | 17,419 | 9,086 | 787 | 57 | 110,316 | 56,514 | 51,983 | 12,167 | 34,497 | 17,486 | 1,701 | 118 |
| IFRS17/9 New Business Value (NBV) (a) | 1,179 | — | 1,179 | — | 941 | 238 | — | — | 2,281 | — | 2,281 | — | 1,797 | 484 | — | — | 1,206 | — | 1,206 | — | 953 | 253 | — | — | 2,264 | — | 2,264 | — | 1,792 | 473 | — | — |
| New Business Contractual Service Margin (NB CSM) | 1,202 | — | 1,202 | — | 957 | 245 | — | — | 2,218 | — | 2,218 | — | 1,794 | 424 | — | — | 1,131 | — | 1,131 | — | 919 | 213 | — | — | 2,169 | — | 2,169 | — | 1,770 | 399 | — | — |
| Other NBV | 362 | — | 362 | — | 288 | 74 | — | — | 806 | — | 806 | — | 584 | 222 | — | — | 456 | — | 456 | — | 333 | 123 | — | — | 824 | — | 824 | — | 594 | 231 | — | — |
| Tax | -385 | — | -385 | — | -304 | -81 | — | — | -744 | — | -744 | — | -582 | -162 | — | — | -381 | — | -381 | — | -299 | -83 | — | — | -729 | — | -729 | — | -572 | -158 | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 23,260 | — | 23,260 | — | 17,406 | 5,855 | — | — | 45,856 | — | 45,856 | — | 33,819 | 12,036 | — | — | 25,588 | — | 25,588 | — | 18,234 | 7,354 | — | — | 50,896 | — | 50,896 | — | 36,860 | 14,036 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 5.1% | — | 5.1% | — | 5.4% | 4.1% | — | — | 5.0% | — | 5.0% | — | 5.3% | 4.0% | — | — | 4.7% | — | 4.7% | — | 5.2% | 3.4% | — | — | 4.4% | — | 4.4% | — | 4.9% | 3.4% | — | — |

###### Activity indicators by geography

| EUR million — | 1H23 Total | 1H23 France | 1H23 Europe | 1H23 AXA XL | 1H23 Asia, Africa & EME-LATAM | 1H23 AXA IM | 1H23 Transversal & Other | FY23 Total | FY23 France | FY23 Europe | FY23 AXA XL | FY23 Asia, Africa & EME-LATAM | FY23 AXA IM | FY23 Transversal & Other | 1H24 Total | 1H24 France | 1H24 Europe | 1H24 AXA XL | 1H24 Asia, Africa & EME-LATAM | 1H24 AXA IM | 1H24 Transversal & Other | FY24 Total | FY24 France | FY24 Europe | FY24 AXA XL | FY24 Asia, Africa & EME-LATAM | FY24 AXA IM | FY24 Transversal & Other |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Gross Written Premiums & Other Revenues | 55,740 | 13,859 | 20,996 | 10,534 | 8,610 | 749 | 993 | 102,733 | 27,243 | 36,617 | 18,417 | 16,990 | 1,555 | 1,912 | 59,872 | 14,719 | 22,579 | 11,220 | 9,571 | 787 | 995 | 110,316 | 28,996 | 39,298 | 19,383 | 19,083 | 1,701 | 1,856 |
| IFRS17/9 New Business Value (NBV) (a) | 1,179 | 305 | 313 | — | 562 | — | — | 2,281 | 658 | 566 | — | 1,057 | — | — | 1,206 | 354 | 348 | — | 504 | — | — | 2,264 | 682 | 597 | — | 986 | — | — |
| New Business Contractual Service Margin (NB CSM) | 1,202 | 248 | 352 | — | 602 | — | — | 2,218 | 400 | 682 | — | 1,137 | — | — | 1,131 | 203 | 398 | — | 531 | — | — | 2,169 | 391 | 731 | — | 1,047 | — | — |
| Other NBV | 362 | 163 | 52 | — | 146 | — | — | 806 | 487 | 59 | — | 260 | — | — | 456 | 275 | 50 | — | 131 | — | — | 824 | 528 | 49 | — | 247 | — | — |
| Tax | -385 | -106 | -91 | — | -187 | — | — | -744 | -229 | -175 | — | -340 | — | — | -381 | -123 | -100 | — | -158 | — | — | -729 | -237 | -184 | — | -309 | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 23,260 | 10,375 | 5,435 | — | 7,450 | — | — | 45,856 | 21,628 | 10,430 | — | 13,798 | — | — | 25,588 | 12,301 | 6,317 | — | 6,971 | — | — | 50,896 | 25,370 | 11,831 | — | 13,695 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 5.1% | 2.9% | 5.8% | — | 7.5% | — | — | 5.0% | 3.0% | 5.4% | — | 7.7% | — | — | 4.7% | 2.9% | 5.5% | — | 7.2% | — | — | 4.4% | 2.7% | 5.0% | — | 7.2% | — | — |

## Balance Sheet

###### Assets build-up

| EUR billion | FY23 restated | FY24 |
| --- | --- | --- |
| Goodwill | 17.9 | 18.1 |
| Other intangible assets | 4.6 | 4.4 |
| **Total Intangible assets** | 22.5 | 22.6 |
| Investments in real estate properties | 29.5 | 29.2 |
| Financial investments | 406.9 | 418.2 |
| Unit-linked Assets | 82.8 | 90.1 |
| **Total Investments from Insurance activities** | 519.2 | 537.5 |
| Investments from Non-Insurance Activities | 20.8 | 18.5 |
| Equity Method investments | 1.9 | 1.5 |
| Assets Arising from Insurance and Reinsurance Contracts Held | 25.2 | 26.1 |
| Present Value of Future Cash Flows | 24.1 | 24.1 |
| Contractual Service Margin | 0.7 | 1.4 |
| Risk Adjustment | 0.5 | 0.5 |
| Receivables and Other Assets | 29.2 | 24.1 |
| Assets held for sale | 0.1 | 4.5 |
| Cash and cash equivalents | 25.4 | 19.0 |
| **Total Assets** | 644.4 | 653.8 |

###### Liabilities, non-controlling interests & shareholders' equity build-up

| EUR billion | FY23 restated | FY24 |
| --- | --- | --- |
| Shareholders' Equity group share | 49.6 | 49.9 |
| Non-controlling Interests | 2.8 | 2.5 |
| **Shareholders’ equity** | 52.4 | 52.5 |
| Financing debt | 13.4 | 14.4 |
| Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts | 469.0 | 477.0 |
| Present Value of Future Cash Flows | 431.1 | 438.4 |
| Contractual Service Margin | 34.9 | 35.3 |
| Risk Adjustment | 3.1 | 3.3 |
| Other Investment Contract Liabilities | 12.1 | 12.6 |
| **Liabilities arising from insurance, reinsurance and investment contracts** | 481.1 | 489.6 |
| Liabilities Arising from Non-Insurance Activities | 10.6 | 10.1 |
| Provisions for risks and charges | 5.4 | 4.9 |
| Payables and Other liabilities | 81.4 | 80.9 |
| Liabilities held for sale | 0.0 | 1.4 |
| **Total Liabilities, Non-controlling Interests and Shareholders' Equity** | 644.4 | 653.8 |

## CSM rollforward

###### Contractual service margin rollforward by business unit

| EUR million | FY22 | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other | FY23 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **Total Group (pre-tax)** | 33,535 | 2,218 | 1,629 | -2,861 | 500 | -243 | -802 | 33,976 |
| P&C | 220 | 0 | 0 | 0 | 0 | 0 | -14 | 206 |
| Life | 25,532 | 1,794 | 1,432 | -2,315 | 304 | -385 | -373 | 25,989 |
| Health | 7,783 | 424 | 197 | -546 | 196 | 142 | -414 | 7,782 |
| **Total Group (post-tax)** | 26,315 | — | — | — | — | — | — | 26,629 |

###### Contractual service margin rollforward by business unit (footnote: Including scope changes and FX \*\* Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.)

| EUR million | FY23 Restated | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other | FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **Total Group (pre-tax)** | 34,187 | 2,169 | 1,383 | -2,775 | -998 | 432 | -545 | 33,853 |
| P&C | 206 | 0 | 0 | 0 | 0 | 0 | 76 | 282 |
| Life | 26,200 | 1,770 | 1,172 | -2,253 | -890 | 363 | -534 | 25,826 |
| Health | 7,782 | 400 | 211 | -522 | -108 | 69 | -87 | 7,744 |
| **Total Group (post-tax)** | 26,777 | — | — | — | — | — | — | 26,320 |

## Invested Assets

###### General account invested assets build-up by asset class and rating

| EUR billion — | Fair value | Asset Allocation % | o/w Participating | Duration gap | Fair Value by Rating Average rating1 | Fair Value by Rating AAA | Fair Value by Rating AA | Fair Value by Rating A | Fair Value by Rating BBB | Fair Value by Rating Below Investment Grade | Fair Value by Rating Non Rated |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| General Account Invested Assets | 465 | — | 59% | -0.2 yr | — | — | — | — | — | — | — |
| Fixed Income | 359 | 77% | 59% | — | — | — | — | — | — | — | — |
| Government Bonds | 181 | 39% | 65% | — | AA | 26% | 43% | 18% | 10% | 1% | 2% |
| Corporate Bonds and Loans | 126 | 27% | 54% | — | A | 16% | 8% | 36% | 30% | 11% | — |
| Other Fixed Income | 52 | 11% | 53% | — | — | — | — | — | — | — | — |
| Asset Backed Securities | 21 | 5% | — | — | — | 56% | 28% | 9% | 1% | 2% | 4% |
| Mortgage Loans | 31 | 7% | — | — | — | — | — | — | — | — | — |
| Real Estate | 42 | 9% | 63% | — | — | — | — | — | — | — | — |
| Infrastructure Equity | 11 | 2% | 63% | — | — | — | — | — | — | — | — |
| Listed Equities | 10 | 2% | 81% | — | — | — | — | — | — | — | — |
| Private Equity & Hedge Funds | 22 | 5% | 55% | — | — | — | — | — | — | — | — |
| Cash | 19 | 4% | 54% | — | — | — | — | — | — | — | — |
| Policy Loans | 2 | 0% | 50% | — | — | — | — | — | — | — | — |

## Supplementary Info on Asset

###### Government bonds breakdown by geographical exposure

| EUR billion | Fair Value | Belgium | France | Germany | Italy | Japan | Netherlands | Spain | Switzerland | United States | Other EU countries | Supranational | Rest of the World |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Geographical Exposure | 181 | 7% | 13% | 7% | 5% | 10% | 3% | 6% | 8% | 10% | 5% | 13% | 13% |

###### Corporate bonds and loans breakdown by industry

| EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Covered and Senior Secured Bonds | Energy | Financials | Industrial | Technology | Utilities | Other |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Industry | 126 | 2% | 6% | 4% | 12% | 25% | 2% | 27% | 6% | 2% | 7% | 6% |

###### Corporate bonds and loans exposure to financials (footnote: Includes REITS corporate bonds (Euro 4 billion).)

| EUR billion | Total | Banks | Non-Banks1 |
| --- | --- | --- | --- |
| **Total** | 34 | 28 | 7 |
| Senior Unsecured Bonds | 30 | 23 | 7 |
| Subordinated Bonds | 3 | 3 | 0 |
| Other | 1 | 1 | 0 |

###### Listed equities breakdown by asset domiciliation

| EUR billion | Fair Value | Belgium | France | Germany | Japan | Netherlands | Switzerland | United States | Other EU countries | Rest of the World |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Asset Domiciliation | 13 | 4% | 8% | 4% | 5% | 4% | 4% | 41% | 7% | 24% |

###### Listed equities breakdown by industry (footnote: Excluding hedges.)

| EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Diversified | Energy | Financials | Funds | Industrial | Technology | Utilities | Other |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Industry | 13 | 4% | 10% | 13% | 16% | 2% | 0% | 17% | 5% | 10% | 19% | 1% | 3% |

###### Real estate breakdown by geographical exposure

| EUR billion | Fair Value | Belgium | France | Germany | Italy | Japan | Spain | Switzerland | United Kingdom | United States | Other EU countries | Rest of the World |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Geographical Exposure | 42 | 5% | 25% | 10% | 3% | 6% | 5% | 13% | 6% | 13% | 5% | 9% |

###### Real estate breakdown by type

| EUR billion | Fair Value | Office | Residential | Industrial-Logistic | Retail | Others |
| --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Type | 42 | 32% | 23% | 16% | 11% | 17% |

###### Private equities breakdown by asset domiciliation

| EUR billion | Fair Value | Europe | Japan | United States | Other |
| --- | --- | --- | --- | --- | --- |
| Breakdown By Asset Domiciliation | 18 | 46% | 3% | 44% | 7% |

###### Mortgage loans breakdown by type (footnote: Loan to Value: 46%.)

| EUR billion | Fair Value | Residential | Commercial |
| --- | --- | --- | --- |
| Breakdown by Type | 24 | 68% | 32% |

## Shareholders Equity

###### Change in Group Share Consolidated Shareholders' Equity rollforward

| EUR billion | FY24 |
| --- | --- |
| **Shareholders' Equity at Beginning of the Period** | 49.6 |
| Paid-in Capital | -1.7 |
| Treasury Shares | -0.1 |
| Other Comprehensive Income Arising from Defined Benefit Plans | -0.1 |
| Fair Value Recorded in Shareholders' Equity | -1.8 |
| Other Comprehensive Income Related to Invested Assets | -1.7 |
| Other Comprehensive Income Related to (re) Insurance Contracts | -0.1 |
| Impact of Currency Fluctuations | 1.4 |
| Undated Subordinated Debt (including interest charges) | -0.9 |
| Realized Gains on Equity through Retained Earnings | 0.1 |
| Dividends | -4.4 |
| Net Income for the Period | 7.9 |
| Other | -0.1 |
| **Shareholders' Equity at End of the Period** | 49.9 |

###### Group Share Consolidated Shareholders' Equity build-up

| EUR billion | FY23 | FY24 |
| --- | --- | --- |
| Paid-in Capital | 23.5 | 21.8 |
| Treasury Shares | -1.4 | -1.5 |
| Other Comprehensive Income | -6.3 | -8.1 |
| Other Comprehensive Income Related to Invested Assets | -11.4 | -13.1 |
| Other Comprehensive Income Related to (re) Insurance Contracts | 5.1 | 5.0 |
| Other Comprehensive Income Arising from Defined Benefit Plans | -2.4 | -2.4 |
| Translation Reserves | -2.4 | -1.1 |
| Undated Subordinated Debt | 5.4 | 4.8 |
| Retained Earnings | 33.1 | 36.5 |
| **Total Shareholders' Equity at the End of the Period** | 49.6 | 49.9 |

###### Book value and shareholders' equity plus CSM per share

| EUR | FY23 | FY24 |
| --- | --- | --- |
| Book Value per Share | 22.7 | 24.5 |
| Shareholders' Equity + CSM per Share (b) | 31.7 | 32.7 |

###### Unrealized gains and losses on invested assets net of tax

| EUR billion | FY23 | FY24 |
| --- | --- | --- |
| Government Bonds (recyclable) | -3.1 | -7.5 |
| Corporate Bonds (recyclable) | -5.2 | -4.1 |
| Cash Flow hedges (recyclable) | -4.3 | -3.5 |
| Equities (non-recyclable) | 1.8 | 2.3 |
| Others (recyclable) | -0.6 | -0.3 |
| **Total Other Comprehensive Income Related to Invested Assets** | -11.4 | -13.1 |
| Real Estate | 7.5 | 6.7 |
| Other Invested Assets Not Included in Shareholders' Equity | -1.2 | -0.6 |
| **Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)** | 6.3 | 6.1 |
| **Total Unrealized Gains and Losses on Invested Assets (Net of Tax)** | -5.1 | -7.0 |

## RoE & Gearing

###### Return on equity

| EUR billion | FY23 | FY24 | Change in % points (FY24 vs FY23) |
| --- | --- | --- | --- |
| **Net Income ROE** | 14.1% | 14.8% | 0.8 pt |
| Net Income | 7.0 | 7.7 | — |
| Average Adjusted Shareholders' Equity | 49.8 | 51.8 | — |
| **Underlying ROE** | 14.9% | 15.2% | 0.3 pt |
| Underlying Earnings | 7.4 | 7.9 | — |
| Average Adjusted Shareholders' Equity | 49.8 | 51.8 | — |

###### Debt gearing build-up

| EUR billion | FY23 | FY24 |
| --- | --- | --- |
| Financing Debt | 2.4 | 3.2 |
| Financing Debt Instrument Issued | 2.4 | 3.2 |
| Financing Debt Owed to Credit Institutions | 0.0 | 0.0 |
| Dated Subordinated Debt | 11.0 | 11.2 |
| Reversal of mark-to-market of interest rates derivatives | -0.1 | -0.1 |
| **Total Gross Debt (A)** | 13.3 | 14.3 |
| Undated Deeply Subordinated Notes (TSS) | 3.5 | 2.9 |
| Deeply Subordinated Notes (TSDI) | 1.9 | 1.9 |
| **Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)** | 18.8 | 19.2 |
| Shareholders' Equity (Including Non-Controlling Interests) (a) (C) | 52.4 | 52.5 |
| **Contractual Service Margin net of tax (b) (D)** | 26.8 | 26.3 |
| **Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)** | 92.5 | 93.1 |
| **Debt Gearing (G) = (B) / (E)** | 20.3% | 20.6% |

## Information on Solvency

###### Solvency II rollforward

| EUR billion | FY23 | Regulatory & model changes | Normalized Capital Generation | Operating variance | Economic variance (incl. FX) | Dividend & share buy-backs | Debt | M&A, In-force and Other | FY24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **Eligible Own Fund (EOF)** | 57.4 | 0.0 | 8.7 | 0.0 | -1.6 | -5.9 | -0.7 | -1.9 | 55.9 |
| **Solvency Capital Requirement (SCR)** | 25.3 | 0.1 | 0.6 | 0.0 | 0.7 | 0.0 | 0.0 | -0.8 | 25.9 |
| **Solvency II Ratio** | 227% | -1% | 28% | 0% | -13% | -22% | -3% | -1% | 216% |

###### Eligible own fund tiering by sector

| EUR billion | Total | Unrestricted Tier 1 | Restricted Tier 1 | Tier 2 | Tier 3 |
| --- | --- | --- | --- | --- | --- |
| **EOF as of FY24** | 55.9 | 40.0 | 4.9 | 10.2 | 0.8 |
| Insurance Sector | 53.5 | 37.5 | 4.9 | 10.2 | 0.8 |
| Ancillary — Subject to Transitional Measures | 4.5 | — | 3.4 | 1.1 | — |
| Ancillary — Other Financial Sectors | 2.5 | 2.5 | — | — | — |
| **Ancillary — EOF as of FY23** | 57.4 | 41.0 | 5.5 | 10.1 | 0.8 |
| Ancillary — Insurance Sector | 54.7 | 38.3 | 5.5 | 10.1 | 0.8 |
| Ancillary — Subject to Transitional Measures | 6.6 | — | 5.5 | 1.1 | — |
| Ancillary — Other Financial Sectors | 2.7 | 2.7 | — | — | — |

###### Solvency II key sensitivities

| EUR billion | FY23 | FY24 |
| --- | --- | --- |
| Interest Rate +50bps | +4 pts | +2 pts |
| Interest Rate -50bps | -5 pts | -4 pts |
| Corporate Spread +50bps | -2 pts | -1 pts |
| Euro Sovereign Spreads +50bps | -8 pts | -10 pts |
| Credit Migration +20% | -4 pts | -4 pts |
| Equity* Market +25% | +13 pts | +13 pts |
| Equity* Market -25% | -15 pts | -18 pts |

## IFRS17 SHE to Group EOF

###### Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds

| EUR billion | December 31, 2024 |
| --- | --- |
| **IFRS SHAREHOLDERS' EQUITY** | 52.5 |
| Contractual Service Margin (net of tax) | 26.3 |
| **IFRS SHAREHOLDERS' EQUITY inc. CSM** | 78.8 |
| Net URCG not included in Shareholders' Equity | 6.2 |
| Elimination Undated Subordinated Debts | -4.8 |
| Elimination Intangibles | -22.9 |
| Goodwill | -19.0 |
| others | -3.8 |
| **IFRS TANGIBLE NET ASSET VALUE** | 57.3 |
| Foreseeable dividends and distribution | -5.9 |
| Technical provision adjustments | -10.2 |
| Risk Margin vs Risk Adjustment | -6.9 |
| BEL adjustment | -3.3 |
| Other adjustments | -1.2 |
| **UNRESTRICTED TIER 1** | 40.0 |
| Restricted Tier 1 + Tier 2 | 15.1 |
| Tier 3 | 0.8 |
| **GROUP ELIGIBLE OWN FUNDS** | 55.9 |