---
title: AXA/2024/FY/Financial supplement
---
# AXA/2024/FY/Financial supplement
## Market Data
Caption: 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 |
Caption: 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% |
Caption: 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
Caption: Group underlying earnings and net income build-up by business unit
| EUR million | Group | Group | Group | Group | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Life & Health | Life & Health | Life & Health | Life & Health | Asset Management | Asset Management | Asset Management | Asset Management | Holdings (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.) | Holdings (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.) | Holdings (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.) | Holdings (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.) |
| | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | 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 | | | | | | | | |
| Combined Ratio | | | | | 90.9% | 93.2% | 90.2% | 91.0% | 98.9% | 98.9% | 97.6% | 97.4% | | | | | | | | |
| 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 | | | | | | | | |
| 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 |
| Other Revenues | 1,397 | 2,947 | 1,459 | 3,054 | | | | | | | | | 909 | 1,880 | 937 | 2,004 | 489 | 1,067 | 522 | 1,050 |
| Other Expenses | -1,449 | -3,238 | -1,624 | -3,479 | | | | | | | | | -682 | -1,457 | -698 | -1,493 | -766 | -1,781 | -925 | -1,986 |
| Debt Financing Charges | -461 | -940 | -471 | -948 | | | | | | | | | | | | | -461 | -940 | -471 | -948 |
| '''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''' |
| 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 |
| Income from Affiliates & Other | 180 | 337 | 122 | 218 | 43 | 109 | 2 | 3 | 119 | 193 | 103 | 186 | 18 | 35 | 16 | 29 | 0 | 0 | 0 | 0 |
| Minority Interests | -88 | -177 | -89 | -179 | -45 | -103 | -56 | -106 | -39 | -62 | -27 | -60 | -5 | -12 | -6 | -13 | 0 | 0 | 0 | 0 |
| '''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''' |
| Underlying Earnings Growth Rate (constant FX) | 18% | 27% | 4% | 7% | | | | | | | | | | | | | | | | |
| '''Underlying ROE''' | '''16.6%''' | '''14.9%''' | '''16.6%''' | '''15.2%''' | | '''15.9%''' | | '''16.2%''' | | '''13.5%''' | | '''13.6%''' | | '''24.9%''' | | '''26.0%''' | | | | |
| Net Realized Capital Gains & Losses | -30 | 179 | 93 | 195 | | | | | | | | | | | | | | | | |
| Change in Fair Value of Assets & Derivatives | -74 | -58 | -43 | 83 | | | | | | | | | | | | | | | | |
| Amortization of customer intangibles | -93 | -137 | -50 | -131 | | | | | | | | | | | | | | | | |
| Integration and Restructuring Costs | -82 | -303 | -78 | -240 | | | | | | | | | | | | | | | | |
| Exceptional Items | 1 | -96 | -147 | -99 | | | | | | | | | | | | | | | | |
| '''Net Income Group Share''' | '''3,833''' | '''7,189''' | '''4,020''' | '''7,886''' | | | | | | | | | | | | | | | | |
| Deeply Subordinated and Undated Subordinated Debt Charges | -92 | -185 | -106 | -201 | | | | | | | | | | | | | | | | |
| '''Underlying Earnings for EPS calculation''' | '''4,019''' | '''7,419''' | '''4,138''' | '''7,877''' | | | | | | | | | | | | | | | | |
| '''Net Income for EPS calculation''' | '''3,741''' | '''7,004''' | '''3,914''' | '''7,685''' | | | | | | | | | | | | | | | | |
## UE by Geography
Caption: Underlying earnings build-up by geography
| EUR million | Group | Group | Group | Group | France | France | France | France | Europe | Europe | Europe | Europe | AXA XL | AXA XL | AXA XL | AXA XL | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | AXA IM | AXA IM | AXA IM | AXA IM | Transversal & Other | Transversal & Other | Transversal & Other | Transversal & Other |
| | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| '''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''' |
| 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 |
| 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 |
| 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 |
| '''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''' |
Caption: Underlying earnings by line of business and geography
| EUR million | Group | Group | Group | Group | France | France | France | France | Europe | Europe | Europe | Europe | AXA XL | AXA XL | AXA XL | AXA XL | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | AXA IM | AXA IM | AXA IM | AXA IM | Transversal & Other | Transversal & Other | Transversal & Other | Transversal & Other |
| | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | 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 |
| 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 |
| Asset Management | 188 | 360 | 204 | 402 | | | | | | | | | | | | | | | | | 188 | 360 | 204 | 402 | | | | |
| Holdings (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.) | -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
Caption: Basic number of shares rollforward and fully diluted EPS
| million | Outstanding Shares Excluding Treasury Shares (footnote: Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 44 million shares as of FY23 and 39 million shares as of FY24.) | Outstanding Shares Excluding Treasury Shares (footnote: Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 44 million shares as of FY23 and 39 million shares as of FY24.) | Weighted Average Number | Weighted Average Number |
| | FY23 | FY24 | FY23 | FY24 |
| --- | --- | --- | --- | --- |
| '''Basic Number of Shares''' | | | | |
| '''As of Beginning of Period''' | '''2,264.5''' | '''2,226.2''' | '''2,264.5''' | '''2,226.2''' |
| Increase of Capital Dedicated to Employees | 13.8 | 12.9 | 1.4 | 0.9 |
| Exercice of Stock-options | 2.5 | 2.6 | 1.0 | 1.4 |
| Other Movement of Treasury Shares | 43.2 | 4.6 | 56.1 | 17.5 |
| Capital Increase / (Decrease) | -97.9 | -70.9 | -91.4 | -55.2 |
| '''As at End of Period''' | '''2,226.2''' | '''2,175.4''' | | |
| '''During the Period''' | | | '''2,231.7''' | '''2,190.8''' |
| '''Fully Diluted Number of Shares''' | | | | |
| Stock Options | | | 1.0 | 0.8 |
| Performance Shares | | | 5.8 | 5.6 |
| '''During the Period (A)''' | | | '''2,238.5''' | '''2,197.1''' |
| '''Earnings Group Share:''' | | | | |
| Net Income | | | 7,189 | 7,886 |
| 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 |
| Underlying Earnings for EPS Calculation (C) | | | 7,419 | 7,877 |
| '''Fully Diluted Euro per Share (EPS)''' | | | | |
| '''EPS (B/A)''' | | | 3.13 | 3.50 |
| '''Underlying EPS (C/A)''' | | | 3.31 | 3.59 |
## P&C UE by Sub LOB
Caption: Property & casualty underlying earnings build-up by line of business
| EUR million | Total | Total | Total | Total | Commercial lines | Commercial lines | Commercial lines | Commercial lines | Personal lines | Personal lines | Personal lines | Personal lines | AXA XL Reinsurance | AXA XL Reinsurance | AXA XL Reinsurance | AXA XL Reinsurance | Intercompany eliminations | Intercompany eliminations | Intercompany eliminations | Intercompany eliminations |
| | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | 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 |
| 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% | | | | |
| 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% | | | | |
| 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% | | | | |
| 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% | | | | |
| 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% | | | | |
| 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% | | | | |
| 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% | | | | |
| 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 |
| '''Long-term Business''' | | | | | | | | | | | | | | | | | | | | |
| CSM Release | | | | | | | | | | | | | | | | | | | | |
| Technical Experience | | | | | | | | | | | | | | | | | | | | |
| '''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 |
| 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 |
| Insurance Finance Expenses | -339 | -623 | -643 | -1,172 | -233 | -431 | -434 | -794 | -29 | -57 | -126 | -223 | -77 | -135 | -83 | -155 | 0 | 0 | 0 | 0 |
| Other Revenues | | | | | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | | | | | |
| 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''' |
| Tax | -761 | -1,249 | -1,046 | -1,952 | | | | | | | | | | | | | | | | |
| Income from Affiliates & Other | 43 | 109 | 2 | 3 | | | | | | | | | | | | | | | | |
| Minority Interests | -45 | -103 | -56 | -106 | | | | | | | | | | | | | | | | |
| '''Underlying Earnings Group share''' | '''2,717''' | '''5,012''' | '''2,908''' | '''5,510''' | | | | | | | | | | | | | | | | |
| '''Closing Invested Assets''' | '''106,511''' | '''111,635''' | '''113,515''' | '''118,104''' | | | | | | | | | | | | | | | | |
| o/w VFA | 0 | 0 | 0 | 0 | | | | | | | | | | | | | | | | |
| 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''' |
| '''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
Caption: Property & casualty profitability analysis by geography
| EUR million | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | AXA Consolidated |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial Statements |
| | Total | France | Europe | AXA XL | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | Total | Total | Total | France | France | France | France | Europe | Europe | Europe | Europe | AXA XL | AXA XL | AXA XL | AXA XL | AXA XL | AXA XL | AXA XL | AXA XL | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Transversal & Other | Transversal & Other | Transversal & Other | Transversal & Other |
| | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | o/w AXA XL Insurance | FY23 | o/w AXA XL Insurance | 1H24 | o/w AXA XL Insurance | FY24 | o/w AXA XL Insurance | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | 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 |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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 |
| '''Long-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CSM Release | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Technical Experience | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| '''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 |
| 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 |
| 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 |
| Other Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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''' |
| 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 |
| 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 |
| 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 |
| '''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''' |
| '''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
Caption: Life & Health underlying earnings by line of business build-up
| EUR million | Total | Total | Total | Total | Life | Life | Life | Life | Health | Health | Health | Health | Employee Benefits* (out of Total Life & Health) (footnote: Employee Benefits include Group Protection and Group Health contracts.) | Employee Benefits* (out of Total Life & Health) | Employee Benefits* (out of Total Life & Health) | Employee Benefits* (out of Total Life & Health) |
| | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | 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 |
| 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% |
| 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 |
| Technical Experience | -41 | -148 | -64 | -95 | -52 | -158 | -71 | -98 | 11 | 11 | 7 | 3 | 18 | 32 | 17 | 37 |
| Actual vs. Expected Cash Flows | 14 | -21 | 9 | -15 | -5 | -46 | -4 | -33 | 20 | 25 | 13 | 18 | -1 | -10 | -3 | -2 |
| Risk Adjustment Release | 25 | 49 | 30 | 59 | 22 | 41 | 25 | 51 | 3 | 8 | 4 | 8 | 3 | 5 | 2 | 4 |
| Changes in Onerous Contracts | -10 | -49 | -32 | 6 | -9 | -48 | -30 | 9 | 0 | -2 | -1 | -2 | 0 | 0 | 0 | 0 |
| 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 |
| 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 |
| Insurance Finance Expenses | -791 | -1,592 | -783 | -1,551 | -723 | -1,454 | -705 | -1,410 | -68 | -137 | -78 | -140 | -118 | -239 | -144 | -272 |
| Other Revenues | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | |
| 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''' |
| Tax | -381 | -669 | -412 | -874 | -305 | -523 | -316 | -635 | -76 | -146 | -96 | -239 | -23 | -61 | -46 | -111 |
| Income from Affiliates & Other | 119 | 193 | 103 | 186 | 117 | 206 | 101 | 182 | 2 | -13 | 2 | 4 | | | | |
| Minority Interests | -39 | -62 | -27 | -60 | -36 | -56 | -27 | -56 | -3 | -6 | 0 | -4 | | | | |
| '''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''' |
| '''Closing Invested Assets''' | '''339,512''' | '''339,779''' | '''329,460''' | '''345,008''' | | | | | | | | | | | | |
| o/w VFA | 220,957 | 227,634 | 234,783 | 230,205 | | | | | | | | | | | | |
| 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''' | | | | |
| '''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''' | | | | |
| 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 | | | | |
| 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 | | | | |
| 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
Caption: Life & Health profitability analysis by geography
| EUR million | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY |
| | | | | | | | | | | | | | | | | | | | | | | | | AXA Consolidated |
| | | | | | | | | | | | | | | | | | | | | | | | | Financial Statements |
| | Total | France | Europe | | Total | France | Europe | | Total | France | Europe | | Total | France | Europe | | Total | France | Europe | | | | | Transversal & Other |
| | Total | Total | Total | Total | France | France | France | France | Europe | Europe | Europe | Europe | AXA XL | AXA XL | AXA XL | AXA XL | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Transversal & Other | Transversal & Other | Transversal & Other | Transversal & Other |
| | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | 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 |
| 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% |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Other Revenues | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | | | | | | | | | |
| 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''' |
| 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 |
| 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 |
| 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 |
| '''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''' |
| '''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''' |
| 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 |
| 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 |
| 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
Caption: Life profitability analysis by geography
| EUR million | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY |
| | | | | | | | | | | | | | | | | | | | | | | | | AXA Consolidated |
| | | | | | | | | | | | | | | | | | | | | | | | | Financial Statements |
| | Total | France | Europe | | Total | France | Europe | | Total | France | Europe | | Total | France | Europe | | Total | France | Europe | | | | | Transversal & Other |
| | Total | Total | Total | Total | France | France | France | France | Europe | Europe | Europe | Europe | AXA XL | AXA XL | AXA XL | AXA XL | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Transversal & Other | Transversal & Other | Transversal & Other | Transversal & Other |
| | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | 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 |
| 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% |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Other Revenues | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | | | | | | | | | |
| 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''' |
| 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 |
| 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 |
| 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 |
| '''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''' |
| '''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''' |
| 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 |
| 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 |
| 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
Caption: Health profitability analysis by geography
| EUR million | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY |
| | | | | | | | | | | | | | | | | | | | | | | | | AXA Consolidated |
| | | | | | | | | | | | | | | | | | | | | | | | | Financial Statements |
| | Total | France | Europe | | Total | France | Europe | | Total | France | Europe | | Total | France | Europe | | Total | France | Europe | | | | | Transversal & Other |
| | Total | Total | Total | Total | France | France | France | France | Europe | Europe | Europe | Europe | AXA XL | AXA XL | AXA XL | AXA XL | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Asia, Africa & EME-LATAM | Transversal & Other | Transversal & Other | Transversal & Other | Transversal & Other |
| | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | FY24 | 1H23 | FY23 | 1H24 | 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 |
| 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% |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Other Revenues | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | | | | | | | | | |
| 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''' |
| 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 |
| 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 |
| 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 |
| '''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''' |
| '''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''' |
| 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 |
| 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 |
| 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
Caption: Asset management rollforward
| EUR million | 1H23 | 1H23 | FY23 | FY23 | 1H24 | 1H24 | FY24 | FY24 |
| | Total | o/w Third Party | Total | o/w Third Party | Total | o/w Third Party | Total | 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
Caption: 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''' |
Caption: Holdings cash balance rollforward
| EUR billion | 1H23 | FY23 | 1H24 | FY24 |
| --- | --- | --- | --- | --- |
| '''Opening Cash Balance at AXA SA (footnote: Includes liquid invested assets.)''' | | '''4.5''' | | '''4.0''' |
| Net cash remittance from subsidiaries (footnote: Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.2 billion in 2023 and Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).) | | 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 (footnote: Includes an additional Euro +0.7 billion share buy-back in 2024 to offset the earnings dilution resulting from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).) | | -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 (footnote: Includes liquid invested assets.)''' | | '''4.0''' | | '''4.0''' |
## Activity Indicators
Caption: Activity indicators by line of business
| EUR million | 1H23 | 1H23 | 1H23 | 1H23 | 1H23 | 1H23 | 1H23 | 1H23 | FY23 | FY23 | FY23 | FY23 | FY23 | FY23 | FY23 | FY23 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | FY24 | FY24 | FY24 | FY24 | FY24 | FY24 | FY24 | FY24 |
| | Total | P&C | Life & Health | o/w Employee Benefits (footnote: Employee Benefits include Group Protection and Group Health contracts.) | Life | Health | Asset Management | Bank | Total | P&C | Life & Health | o/w Employee Benefits (footnote: Employee Benefits include Group Protection and Group Health contracts.) | Life | Health | Asset Management | Bank | Total | P&C | Life & Health | o/w Employee Benefits (footnote: Employee Benefits include Group Protection and Group Health contracts.) | Life | Health | Asset Management | Bank | Total | P&C | Life & Health | o/w Employee Benefits (footnote: Employee Benefits include Group Protection and Group Health contracts.) | Life | Health | Asset Management | 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 (footnote: Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.) | 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% | | |
Caption: Activity indicators by geography
| EUR million | 1H23 | 1H23 | 1H23 | 1H23 | 1H23 | 1H23 | 1H23 | FY23 | FY23 | FY23 | FY23 | FY23 | FY23 | FY23 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | FY24 | FY24 | FY24 | FY24 | FY24 | FY24 | FY24 |
| | Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | 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 (footnote: Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.) | 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
Caption: Assets build-up, IFRS 17/9
| EUR billion | FY23 restated (footnote: 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.) | 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''' |
Caption: Liabilities, non-controlling interests and shareholders' equity build-up, IFRS 17/9
| EUR billion | FY23 restated (footnote: 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.) | 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
Caption: Contractual Service Margin (CSM) rollforward by business unit
| EUR million | FY22 | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other (footnote: Including scope changes and FX.) | 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''' |
Caption: Contractual Service Margin (CSM) 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 (footnote: Including scope changes and FX.) | 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
Caption: General account invested assets by asset class and rating
| EUR billion | Fair value | Asset Allocation % | o/w Participating | Duration gap | Fair Value by Rating | Fair Value by Rating | Fair Value by Rating | Fair Value by Rating | Fair Value by Rating | Fair Value by Rating | Fair Value by Rating |
| | Fair value | Asset Allocation % | o/w Participating | Duration gap | Average rating1 | AAA | AA | A | BBB | Below Investment Grade | Non Rated (footnote: Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.1billion, AA: Euro 0.5 billion, A: Euro 1.2 billion, BBB: Euro 2.5 billion, Below investment grade: Euro 7.4 billion.) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''General Account Invested Assets (footnote: Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.)''' | '''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 (footnote: Includes 93% of CLOs.) | 21 | 5% | | | | 56% | 28% | 9% | 1% | 2% | 4% |
| Mortgage Loans (footnote: Residential loans (Euro 16 billion), commercial & agricultural loans (Euro 8 billion) and Agency Pools (Euro 7 billion).) | 31 | 7% | | | | | | | | | |
| Real Estate | 42 | 9% | 63% | | | | | | | | |
| Infrastructure Equity | 11 | 2% | 63% | | | | | | | | |
| Listed Equities (footnote: Includes hedges. Listed equities excluding hedges at €13bn (basis for % of participating).) | 10 | 2% | 81% | | | | | | | | |
| Private Equity & Hedge Funds (footnote: Private Equity (Euro 18 billion), Hedge Funds (Euro 4 billion) and Non-listed Equities (Euro 1 billion), which excludes internal Group participations (Euro 5 billion) starting from FY23.) | 22 | 5% | 55% | | | | | | | | |
| Cash | 19 | 4% | 54% | | | | | | | | |
| Policy Loans | 2 | 0% | 50% | | | | | | | | |
## Supplementary Info on Asset
Caption: 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% |
Caption: 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% |
Caption: Financials exposure breakdown by type (footnote: Includes REITS corporate bonds (Euro 4 billion).)
| EUR billion | Total | Banks | Non-Banks1 (footnote: Excludes banking operations and Euro 7 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).) |
| --- | --- | --- | --- |
| '''Total''' | '''34''' | '''28''' | '''7''' |
| Senior Unsecured Bonds | 30 | 23 | 7 |
| Subordinated Bonds (footnote: Includes AT1 (Euro 0.2 billion).) | 3 | 3 | 0 |
| Other | 1 | 1 | 0 |
Caption: 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% |
Caption: 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% |
Caption: 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% |
Caption: Real estate breakdown by type
| EUR billion | Fair Value | Office | Residential | Industrial-Logistic | Retail | Others |
| --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Type | '''42''' | 32% | 23% | 16% | 11% | 17% |
Caption: Private equities breakdown by asset domiciliation
| EUR billion | Fair Value | Europe | Japan | United States | Other |
| --- | --- | --- | --- | --- | --- |
| Breakdown By Asset Domiciliation | '''18''' | 46% | 3% | 44% | 7% |
Caption: Mortgage loans breakdown by type (footnote: Loan to Value: 46%.)
| EUR billion | Fair Value | Residential | Commercial |
| --- | --- | --- | --- |
| Breakdown by Type | '''24''' | 68% | 32% |
## Shareholders Equity
Caption: 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''' |
Caption: 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''' |
Caption: Book value per share and shareholders' equity plus CSM per share
| EUR | FY23 | FY24 |
| --- | --- | --- |
| '''Book Value per Share (footnote: Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.)''' | '''22.7''' | '''24.5''' |
| '''Shareholders' Equity + CSM per Share (b) (footnote: Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share. (c) Restated FY23 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.)''' | '''31.7''' | '''32.7''' |
Caption: Unrealized gains and losses on invested assets net of tax breakdown
| 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
Caption: 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 (footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).) | 7.0 | 7.7 | |
| Average Adjusted Shareholders' Equity (footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).) | 49.8 | 51.8 | |
| '''Underlying ROE''' | '''14.9%''' | '''15.2%''' | '''0.3 pt''' |
| Underlying Earnings (footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).) | 7.4 | 7.9 | |
| Average Adjusted Shareholders' Equity (footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).) | 49.8 | 51.8 | |
Caption: 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) (footnote: Shareholders' equity includes undated and deeply subordinated debts; (b) Restated FY23 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.)''' | '''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
Caption: 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%''' |
Caption: 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 (footnote: Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.) | 4.5 | | 3.4 | 1.1 | |
| Other Financial Sectors | '''2.5''' | 2.5 | | | |
| '''EOF as of FY23''' | '''57.4''' | '''41.0''' | '''5.5''' | '''10.1''' | '''0.8''' |
| Insurance Sector | '''54.7''' | 38.3 | 5.5 | 10.1 | 0.8 |
| Ancillary | | | | | |
| Subject to Transitional Measures (footnote: Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.) | 6.6 | | 5.5 | 1.1 | |
| Other Financial Sectors | '''2.7''' | 2.7 | | | |
Caption: 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% (footnote: Includes listed, private and insfrastructure equities. Listed equities sensitivities in FY24 are +0.3pts and -3pts for +25pts and -25pts, respectively.) | -15 pts | -18 pts |
## IFRS17 SHE to Group EOF
Caption: 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 (footnote: Difference with IFRS17/9 off balance sheet net OCI on assets held at cost driven by differences in tax treatment.) | 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''' |