---
title: AXA/2025/FY/Financial supplement
---
# AXA/2025/FY/Financial supplement
## Market Data
Caption: Exchange rate by currency
| | 1H24 | FY24 | 1H25 | FY25 | Average 1H24 | Average FY24 | Average 1H25 | Average FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 1.07 | 1.04 | 1.17 | 1.17 | 1.08 | 1.08 | 1.09 | 1.13 |
| JPY | 172 | 163 | 170 | 184 | 165 | 164 | 162 | 169 |
| GBP | 0.85 | 0.83 | 0.86 | 0.87 | 0.85 | 0.85 | 0.84 | 0.86 |
| CHF | 0.96 | 0.94 | 0.93 | 0.93 | 0.96 | 0.95 | 0.94 | 0.94 |
| HKD | 8.37 | 8.04 | 9.21 | 9.14 | 8.45 | 8.44 | 8.53 | 8.82 |
Caption: Discount rate 5Y by currency
| % | Average 1H24 | Average FY24 | Average 1H25 | Average FY25 |
| --- | --- | --- | --- | --- |
| EUR | 2.79% | 2.84% | 2.57% | 2.59% |
| USD | 4.35% | 4.41% | 4.40% | 4.23% |
| JPY | 0.22% | 0.42% | 0.89% | 1.01% |
| GBP | 4.00% | 4.25% | 4.38% | 4.31% |
| CHF | 1.05% | 0.82% | 0.18% | 0.16% |
| HKD | 3.75% | 3.67% | 3.45% | 3.18% |
Caption: Discount rate 10Y by currency
| % | Closing 1H24 | Closing FY24 | Closing 1H25 | Closing FY25 |
| --- | --- | --- | --- | --- |
| EUR | 3.06% | 2.71% | 2.91% | 3.17% |
| USD | 4.54% | 4.66% | 4.43% | 4.45% |
| JPY | 1.04% | 1.07% | 1.44% | 2.08% |
| GBP | 4.27% | 4.48% | 4.56% | 4.55% |
| CHF | 0.98% | 0.38% | 0.53% | 0.67% |
| HKD | 3.79% | 3.91% | 3.02% | 3.21% |
## 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 (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | Asset Management (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | Asset Management (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | Asset Management (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | Holdings (footnote: Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.) | Holdings (footnote: Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.) | Holdings (footnote: Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.) | Holdings (footnote: Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.) |
| | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Short-term Business''' | | | | | | | | | | | | | | | | | | | | |
| Revenues | 35,273 | 72,104 | 37,209 | 75,071 | 27,294 | 55,898 | 28,697 | 57,656 | 7,979 | 16,207 | 8,512 | 17,416 | | | | | | | | |
| Combined Ratio | | | | | 90.2% | 91.0% | 90.0% | 90.6% | 97.6% | 97.4% | 97.1% | 97.2% | | | | | | | | |
| Technical Margin | 2,877 | 5,421 | 3,107 | 5,888 | 2,682 | 5,006 | 2,859 | 5,409 | 195 | 415 | 248 | 479 | | | | | | | | |
| '''Long-term Business''' | | | | | | | | | | | | | | | | | | | | |
| CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | | | | | 1,395 | 2,775 | 1,428 | 2,954 | | | | | | | | |
| Technical Experience | -64 | -95 | -30 | -150 | | | | | -64 | -95 | -30 | -150 | | | | | | | | |
| '''Financial Result & Other''' | | | | | | | | | | | | | | | | | | | | |
| Financial Result | 2,064 | 3,971 | 2,148 | 4,013 | 1,324 | 2,559 | 1,343 | 2,631 | 536 | 975 | 563 | 946 | 24 | 35 | 14 | 14 | 181 | 402 | 228 | 422 |
| Other Revenues | 1,459 | 3,054 | 1,625 | 2,167 | | | | | | | | | 937 | 2,004 | 1,018 | 1,018 | 522 | 1,050 | 607 | 1,149 |
| Other Expenses | -1,624 | -3,479 | -1,868 | -2,900 | | | | | | | | | -698 | -1,493 | -793 | -793 | -925 | -1,986 | -1,075 | -2,107 |
| Debt Financing Charges | -471 | -948 | -452 | -928 | | | | | | | | | | | | | -471 | -948 | -452 | -928 |
| '''Underlying Earnings Before Tax''' | '''5,638''' | '''10,700''' | '''5,958''' | '''11,044''' | '''4,006''' | '''7,565''' | '''4,202''' | '''8,040''' | '''2,061''' | '''4,070''' | '''2,209''' | '''4,229''' | '''263''' | '''546''' | '''239''' | '''239''' | '''-693''' | '''-1,482''' | '''-692''' | '''-1,464''' |
| Tax | -1,427 | -2,662 | -1,503 | -2,644 | -1,046 | -1,952 | -1,074 | -2,060 | -412 | -874 | -462 | -800 | -69 | -160 | -68 | -68 | 100 | 324 | 101 | 284 |
| Income from Affiliates & Other | 122 | 218 | 111 | 168 | 2 | 3 | 1 | 3 | 103 | 186 | 101 | 157 | 16 | 29 | 8 | 8 | 0 | 0 | 0 | 0 |
| Minority Interests | -89 | -179 | -101 | -199 | -56 | -106 | -63 | -111 | -27 | -60 | -34 | -85 | -6 | -13 | -4 | -4 | 0 | 0 | 0 | 0 |
| '''Underlying Earnings Group Share''' | '''4,244''' | '''8,078''' | '''4,465''' | '''8,368''' | '''2,908''' | '''5,510''' | '''3,067''' | '''5,872''' | '''1,725''' | '''3,323''' | '''1,814''' | '''3,501''' | '''204''' | '''402''' | '''175''' | '''175''' | '''-592''' | '''-1,157''' | '''-591''' | '''-1,180''' |
| Underlying Earnings Growth Rate (constant FX) | 4% | 7% | 6% | 6% | | | | | | | | | | | | | | | | |
| '''Underlying ROE''' | '''16.6%''' | '''15.2%''' | '''17.5%''' | '''16.0%''' | | '''16.2%''' | | '''17.3%''' | | '''13.6%''' | | '''14.4%''' | | '''26.0%''' | | '''n.a.''' | | | | |
| Net Realized Capital Gains & Losses | 93 | 195 | 66 | 138 | | | | | | | | | | | | | | | | |
| Change in Fair Value of Assets & Derivatives | -43 | 83 | -467 | -813 | | | | | | | | | | | | | | | | |
| Amortization of customer intangibles | -50 | -131 | -48 | -86 | | | | | | | | | | | | | | | | |
| Integration and Restructuring Costs | -78 | -240 | -63 | -197 | | | | | | | | | | | | | | | | |
| Exceptional Items | -147 | -99 | -30 | 2,386 | | | | | | | | | | | | | | | | |
| '''Net Income Group Share''' | '''4,020''' | '''7,886''' | '''3,922''' | '''9,797''' | | | | | | | | | | | | | | | | |
| Deeply Subordinated and Undated Subordinated Debt Charges | -106 | -201 | -86 | -174 | | | | | | | | | | | | | | | | |
| '''Underlying Earnings for EPS calculation''' | '''4,138''' | '''7,877''' | '''4,379''' | '''8,195''' | | | | | | | | | | | | | | | | |
| '''Net Income for EPS calculation''' | '''3,914''' | '''7,685''' | '''3,836''' | '''9,623''' | | | | | | | | | | | | | | | | |
## 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 (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | AXA IM (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | AXA IM (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | AXA IM (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | Transversal & Other | Transversal & Other | Transversal & Other | Transversal & Other |
| | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Short-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | 35,273 | 72,104 | 37,209 | 75,071 | 9,046 | 18,698 | 9,567 | 19,555 | 11,839 | 24,005 | 12,661 | 25,724 | 9,022 | 18,530 | 9,428 | 18,699 | 4,312 | 8,750 | 4,478 | 8,986 | | | | | 1,053 | 2,122 | 1,075 | 2,107 |
| Combined Ratio | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Technical Margin | 2,877 | 5,421 | 3,107 | 5,888 | 692 | 1,470 | 658 | 1,485 | 998 | 1,957 | 1,176 | 2,357 | 1,111 | 1,820 | 1,074 | 1,928 | 70 | 81 | 150 | 9 | | | | | 6 | 93 | 49 | 109 |
| '''Long-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 407 | 823 | 419 | 895 | 468 | 920 | 471 | 984 | 4 | 3 | 0 | 1 | 516 | 1,029 | 538 | 1,074 | | | | | 0 | 0 | 0 | 0 |
| Technical Experience | -64 | -95 | -30 | -150 | -40 | -96 | -37 | -81 | -11 | -8 | 8 | -70 | 3 | 2 | 0 | -5 | -17 | 7 | -1 | 6 | | | | | 0 | 0 | 0 | 0 |
| '''Financial Result & Other''' | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Financial Result | 2,064 | 3,971 | 2,148 | 4,013 | 350 | 613 | 380 | 667 | 784 | 1,486 | 765 | 1,398 | 283 | 616 | 308 | 651 | 382 | 741 | 425 | 782 | 24 | 35 | 14 | 14 | 241 | 480 | 255 | 502 |
| Other Revenues | 1,459 | 3,054 | 1,625 | 2,167 | 53 | 108 | 44 | 91 | -18 | -32 | -8 | -12 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -3 | 937 | 2,004 | 1,018 | 1,018 | 488 | 974 | 573 | 1,073 |
| Other Expenses | -1,624 | -3,479 | -1,868 | -2,900 | -83 | -180 | -79 | -168 | -10 | -25 | -6 | -3 | 0 | 0 | 0 | 0 | -9 | -20 | -14 | -26 | -698 | -1,493 | -793 | -793 | -823 | -1,761 | -976 | -1,910 |
| Debt Financing Charges | -471 | -948 | -452 | -928 | 0 | 0 | 0 | 0 | -1 | -2 | -1 | -2 | -16 | -33 | -16 | -32 | -7 | -12 | -4 | -6 | | | | | -447 | -902 | -431 | -887 |
| '''Underlying Earnings Before Tax''' | '''5,638''' | '''10,700''' | '''5,958''' | '''11,044''' | '''1,380''' | '''2,738''' | '''1,384''' | '''2,888''' | '''2,210''' | '''4,297''' | '''2,406''' | '''4,651''' | '''1,385''' | '''2,409''' | '''1,366''' | '''2,543''' | '''935''' | '''1,826''' | '''1,093''' | '''1,835''' | '''263''' | '''546''' | '''239''' | '''239''' | '''-535''' | '''-1,116''' | '''-530''' | '''-1,113''' |
| Tax | -1,427 | -2,662 | -1,503 | -2,644 | -350 | -676 | -308 | -665 | -536 | -1,004 | -568 | -1,039 | -355 | -588 | -342 | -650 | -205 | -443 | -294 | -434 | -69 | -160 | -68 | -68 | 88 | 209 | 76 | 212 |
| Income from Affiliates & Other | 122 | 218 | 111 | 168 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102 | 181 | 103 | 160 | 16 | 29 | 8 | 8 | 0 | 0 | 0 | 0 |
| Minority Interests | -89 | -179 | -101 | -199 | 0 | 0 | 0 | 0 | -48 | -105 | -56 | -126 | 0 | 0 | 0 | 0 | -34 | -60 | -39 | -68 | -6 | -13 | -4 | -4 | 0 | 0 | -1 | -2 |
| '''Underlying Earnings Group share''' | '''4,244''' | '''8,078''' | '''4,465''' | '''8,368''' | '''1,034''' | '''2,071''' | '''1,076''' | '''2,224''' | '''1,626''' | '''3,187''' | '''1,782''' | '''3,486''' | '''1,030''' | '''1,820''' | '''1,024''' | '''1,893''' | '''798''' | '''1,504''' | '''862''' | '''1,493''' | '''204''' | '''402''' | '''175''' | '''175''' | '''-447''' | '''-907''' | '''-455''' | '''-903''' |
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 (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | AXA IM (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | AXA IM (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | AXA IM (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | Transversal & Other | Transversal & Other | Transversal & Other | Transversal & Other |
| | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Underlying Earnings by Line of Business''' | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property & Casualty | 2,908 | 5,510 | 3,067 | 5,872 | 539 | 1,161 | 574 | 1,237 | 1,073 | 2,029 | 1,152 | 2,216 | 1,032 | 1,828 | 1,032 | 1,913 | 194 | 334 | 233 | 355 | | | | | 70 | 158 | 75 | 151 |
| Life & Health | 1,725 | 3,323 | 1,814 | 3,501 | 519 | 964 | 524 | 1,039 | 559 | 1,104 | 616 | 1,264 | 14 | 25 | 8 | 12 | 627 | 1,211 | 653 | 1,165 | | | | | 7 | 19 | 14 | 22 |
| Asset Management | 204 | 402 | 175 | 175 | | | | | | | | | | | | | | | | | 204 | 402 | 175 | 175 | | | | |
| Holdings (footnote: Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.) | -592 | -1,157 | -591 | -1,180 | -24 | -54 | -23 | -52 | -6 | 54 | 14 | 6 | -16 | -33 | -16 | -32 | -23 | -41 | -24 | -26 | | | | | -524 | -1,083 | -543 | -1,076 |
## Shares & UEPS
Caption: Shares and underlying earnings per share build-up
| million | Outstanding Shares Excluding Treasury Shares (footnote: Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 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 35 million shares as of FY25 and 39 million shares as of FY24.) | Weighted Average Number | Weighted Average Number |
| | FY24 | FY25 | FY24 | FY25 |
| --- | --- | --- | --- | --- |
| '''Basic Number of Shares''' | | | | |
| '''As of Beginning of Period''' | '''2,226.2''' | '''2,175.4''' | '''2,226.2''' | '''2,175.4''' |
| Increase of Capital Dedicated to Employees | 12.9 | 12.7 | 0.9 | 1.0 |
| Exercice of Stock-options | 2.6 | 1.1 | 1.4 | 0.6 |
| Other Movement of Treasury Shares | 4.6 | 4.2 | 17.5 | 6.3 |
| Capital Increase / (Decrease) | -70.9 | -138.0 | -55.2 | -64.9 |
| '''As at End of Period''' | '''2,175.4''' | '''2,055.4''' | | |
| '''During the Period''' | | | '''2,190.8''' | '''2,118.3''' |
| '''Fully Diluted Number of Shares''' | | | | |
| Stock Options | | | 0.8 | 0.6 |
| Performance Shares | | | 5.6 | 5.1 |
| '''During the Period (A)''' | | | '''2,197.1''' | '''2,124.0''' |
| '''Earnings Group Share:''' | | | | |
| Net Income | | | 7,886 | 9,797 |
| Underlying Earnings | | | 8,078 | 8,368 |
| '''Impact of undated and deeply subordinated debts:''' | | | | |
| Undated and deeply subordinated debt charges | | | -201 | -174 |
| '''Earnings for EPS Calculation:''' | | | | |
| Net Income for EPS Calculation (B) | | | 7,685 | 9,623 |
| Underlying Earnings for EPS Calculation (C) | | | 7,877 | 8,195 |
| '''Fully Diluted Euro per Share (EPS)''' | | | | |
| '''EPS (B/A)''' | | | 3.50 | 4.53 |
| '''Underlying EPS (C/A)''' | | | 3.59 | 3.86 |
## 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 |
| | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Short-term Business''' | | | | | | | | | | | | | | | | | | | | |
| Revenues | 27,294 | 55,898 | 28,697 | 57,656 | 18,657 | 38,019 | 19,575 | 39,090 | 9,144 | 18,705 | 9,513 | 19,276 | 1,155 | 2,394 | 1,299 | 2,493 | -1,662 | -3,220 | -1,689 | -3,203 |
| Current Accident Year Loss Ratio | 67.0% | 67.7% | 66.7% | 66.9% | 68.1% | 68.8% | 68.0% | 68.0% | 69.8% | 70.0% | 68.8% | 69.1% | 69.7% | 70.6% | 70.8% | 71.9% | | | | |
| Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 67.4% | 67.4% | 67.0% | 67.0% | 69.2% | 69.4% | 69.3% | 68.8% | 68.8% | 68.5% | 67.5% | 67.9% | 68.0% | 67.9% | 69.4% | 71.5% | | | | |
| Undiscounted Current Accident Year Nat Cats | 3.6% | 3.8% | 3.5% | 3.4% | 2.7% | 2.9% | 2.7% | 2.6% | 4.0% | 4.1% | 3.8% | 3.6% | 10.6% | 10.4% | 9.2% | 8.7% | | | | |
| Current Accident Year Discounting | -3.9% | -3.6% | -3.9% | -3.5% | -3.7% | -3.5% | -3.9% | -3.5% | -3.0% | -2.6% | -2.6% | -2.4% | -8.8% | -7.7% | -7.8% | -8.3% | | | | |
| Prior Year Reserve Development Ratio | -1.5% | -1.6% | -1.1% | -1.1% | -1.1% | -1.2% | -1.3% | -0.8% | -2.3% | -1.8% | -0.6% | -1.6% | -1.1% | -0.8% | -0.3% | 0.0% | | | | |
| Expense Ratio | 24.7% | 25.0% | 24.5% | 24.8% | 23.1% | 23.6% | 23.2% | 23.5% | 25.5% | 25.7% | 25.1% | 25.2% | 10.0% | 9.9% | 9.1% | 9.4% | | | | |
| Combined Ratio | 90.2% | 91.0% | 90.0% | 90.6% | 90.1% | 91.1% | 89.9% | 90.7% | 92.9% | 93.9% | 93.3% | 92.8% | 78.7% | 79.7% | 79.6% | 81.4% | | | | |
| Technical Margin | 2,682 | 5,006 | 2,859 | 5,409 | 1,850 | 3,372 | 1,968 | 3,616 | 645 | 1,136 | 638 | 1,392 | 246 | 486 | 265 | 464 | -60 | 12 | -12 | -63 |
| '''Long-term Business''' | | | | | | | | | | | | | | | | | | | | |
| CSM Release | | | | | | | | | | | | | | | | | | | | |
| Technical Experience | | | | | | | | | | | | | | | | | | | | |
| '''Financial Result & Other''' | | | | | | | | | | | | | | | | | | | | |
| Financial Result | 1,324 | 2,559 | 1,343 | 2,631 | 993 | 1,831 | 1,004 | 1,941 | 240 | 538 | 275 | 523 | 119 | 210 | 85 | 186 | -28 | -20 | -20 | -20 |
| Investment Income | 1,967 | 3,731 | 2,088 | 3,988 | 1,427 | 2,625 | 1,512 | 2,864 | 366 | 761 | 422 | 794 | 202 | 365 | 174 | 350 | -28 | -20 | -20 | -20 |
| Insurance Finance Expenses | -643 | -1,172 | -745 | -1,358 | -434 | -794 | -508 | -922 | -126 | -223 | -148 | -272 | -83 | -155 | -90 | -163 | 0 | 0 | 0 | 0 |
| Other Revenues | | | | | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | | | | | |
| Debt Financing Charges | | | | | | | | | | | | | | | | | | | | |
| '''Underlying Earnings Before Tax''' | '''4,006''' | '''7,565''' | '''4,202''' | '''8,040''' | '''2,843''' | '''5,203''' | '''2,973''' | '''5,557''' | '''886''' | '''1,674''' | '''913''' | '''1,914''' | '''365''' | '''696''' | '''349''' | '''650''' | '''-87''' | '''-8''' | '''-33''' | '''-82''' |
| Tax | -1,046 | -1,952 | -1,074 | -2,060 | | | | | | | | | | | | | | | | |
| Income from Affiliates & Other | 2 | 3 | 1 | 3 | | | | | | | | | | | | | | | | |
| Minority Interests | -56 | -106 | -63 | -111 | | | | | | | | | | | | | | | | |
| '''Underlying Earnings Group share''' | '''2,908''' | '''5,510''' | '''3,067''' | '''5,872''' | | | | | | | | | | | | | | | | |
| '''Closing Invested Assets''' | '''113,515''' | '''118,104''' | '''116,895''' | '''117,507''' | | | | | | | | | | | | | | | | |
| o/w VFA | 0 | 0 | 0 | 0 | | | | | | | | | | | | | | | | |
| o/w Non VFA | 113,515 | 118,104 | 116,895 | 117,507 | | | | | | | | | | | | | | | | |
| For short-term business | | | | | | | | | | | | | | | | | | | | |
| '''Liabilities for remaining coverage net of reinsurance''' | '''19,284''' | '''16,006''' | '''19,766''' | '''16,040''' | '''12,070''' | '''9,480''' | '''12,240''' | '''9,127''' | '''6,369''' | '''5,478''' | '''6,831''' | '''5,871''' | '''1,572''' | '''1,075''' | '''1,436''' | '''1,009''' | '''-728''' | '''-27''' | '''-740''' | '''32''' |
| '''Best Estimate for incurred Claims net of reinsurance''' | '''69,800''' | '''71,751''' | '''70,215''' | '''70,567''' | '''45,710''' | '''46,570''' | '''46,591''' | '''47,002''' | '''17,809''' | '''18,308''' | '''17,781''' | '''17,402''' | '''6,704''' | '''6,830''' | '''6,290''' | '''6,198''' | '''-423''' | '''43''' | '''-447''' | '''-35''' |
## P&C UE by Geography
Caption: Property & casualty underlying earnings build-up by geography
| EUR million | 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 |
| | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | o/w AXA XL Insurance | FY24 | o/w AXA XL Insurance | 1H25 | o/w AXA XL Insurance | FY25 | o/w AXA XL Insurance | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Short-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | 27,294 | 55,898 | 28,697 | 57,656 | 4,393 | 9,194 | 4,697 | 9,768 | 10,060 | 20,400 | 10,610 | 21,305 | 9,022 | 7,867 | 18,530 | 16,136 | 9,428 | 8,129 | 18,699 | 16,207 | 2,855 | 5,825 | 2,975 | 5,949 | 963 | 1,948 | 987 | 1,935 |
| Current Accident Year Loss Ratio | 67.0% | 67.7% | 66.7% | 66.9% | 69.4% | 68.9% | 70.6% | 70.1% | 66.5% | 66.9% | 64.7% | 65.1% | 67.5% | 67.2% | 69.2% | 69.0% | 68.4% | 68.0% | 68.8% | 68.3% | 68.6% | 69.3% | 68.2% | 69.6% | 53.2% | 51.0% | 48.0% | 44.6% |
| Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 67.4% | 67.4% | 67.0% | 67.0% | 71.3% | 69.7% | 70.6% | 70.2% | 65.0% | 65.5% | 64.1% | 64.3% | 68.8% | 68.9% | 69.3% | 69.5% | 69.7% | 69.8% | 69.8% | 69.6% | 70.0% | 70.4% | 69.7% | 70.2% | 52.9% | 51.1% | 48.0% | 44.5% |
| Undiscounted Current Accident Year Nat Cats | 3.6% | 3.8% | 3.5% | 3.4% | 3.4% | 3.8% | 4.8% | 4.5% | 4.5% | 4.1% | 3.3% | 3.1% | 3.8% | 2.8% | 4.6% | 3.8% | 4.2% | 3.4% | 3.9% | 3.1% | 0.8% | 0.9% | 0.8% | 1.6% | 1.4% | 1.1% | 1.3% | 1.2% |
| Current Accident Year Discounting | -3.9% | -3.6% | -3.9% | -3.5% | -5.3% | -4.6% | -4.8% | -4.6% | -3.1% | -2.8% | -2.7% | -2.3% | -5.1% | -4.6% | -4.7% | -4.2% | -5.5% | -5.2% | -4.9% | -4.4% | -2.2% | -2.0% | -2.3% | -2.2% | -1.1% | -1.2% | -1.2% | -1.1% |
| Prior Year Reserve Development Ratio | -1.5% | -1.6% | -1.1% | -1.1% | -3.5% | -3.9% | -2.6% | -2.9% | -2.1% | -2.1% | -1.1% | -1.3% | -0.1% | 0.0% | -0.1% | 0.0% | -0.2% | -0.2% | 0.0% | 0.0% | -0.1% | 0.1% | -1.0% | -0.2% | -3.7% | -5.7% | -4.0% | -1.9% |
| Expense Ratio | 24.7% | 25.0% | 24.5% | 24.8% | 21.9% | 21.9% | 20.7% | 20.4% | 25.9% | 26.2% | 26.0% | 26.2% | 20.3% | 21.8% | 21.0% | 22.7% | 20.4% | 22.2% | 20.9% | 22.6% | 29.4% | 29.6% | 29.0% | 29.8% | 50.5% | 50.9% | 52.5% | 52.8% |
| Combined Ratio | 90.2% | 91.0% | 90.0% | 90.6% | 87.8% | 86.8% | 88.6% | 87.5% | 90.3% | 91.0% | 89.6% | 90.0% | 87.7% | 89.0% | 90.2% | 91.7% | 88.6% | 90.0% | 89.7% | 91.0% | 98.0% | 99.1% | 96.2% | 99.2% | 100.1% | 96.2% | 96.5% | 95.5% |
| Technical Margin | 2,682 | 5,006 | 2,859 | 5,409 | 538 | 1,212 | 533 | 1,220 | 977 | 1,844 | 1,104 | 2,127 | 1,111 | 865 | 1,820 | 1,335 | 1,074 | 809 | 1,928 | 1,464 | 57 | 55 | 114 | 48 | -1 | 74 | 35 | 86 |
| '''Long-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CSM Release | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Technical Experience | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Financial Result & Other''' | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Financial Result | 1,324 | 2,559 | 1,343 | 2,631 | 251 | 421 | 261 | 468 | 473 | 912 | 461 | 876 | 273 | 159 | 596 | 387 | 298 | 213 | 632 | 445 | 242 | 484 | 261 | 530 | 86 | 146 | 62 | 125 |
| Investment Income | 1,967 | 3,731 | 2,088 | 3,988 | 334 | 572 | 373 | 675 | 658 | 1,244 | 667 | 1,257 | 614 | 416 | 1,233 | 868 | 681 | 507 | 1,331 | 981 | 261 | 518 | 292 | 585 | 100 | 164 | 74 | 140 |
| Insurance Finance Expenses | -643 | -1,172 | -745 | -1,358 | -83 | -151 | -112 | -207 | -185 | -332 | -206 | -381 | -341 | -257 | -637 | -481 | -384 | -294 | -699 | -536 | -20 | -35 | -31 | -55 | -14 | -18 | -12 | -15 |
| Other Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Debt Financing Charges | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Underlying Earnings Before Tax''' | '''4,006''' | '''7,565''' | '''4,202''' | '''8,040''' | '''788''' | '''1,633''' | '''794''' | '''1,688''' | '''1,450''' | '''2,757''' | '''1,564''' | '''3,002''' | '''1,384''' | '''1,024''' | '''2,417''' | '''1,721''' | '''1,372''' | '''1,022''' | '''2,560''' | '''1,910''' | '''299''' | '''539''' | '''375''' | '''579''' | '''85''' | '''220''' | '''97''' | '''211''' |
| Tax | -1,046 | -1,952 | -1,074 | -2,060 | -249 | -472 | -220 | -451 | -352 | -671 | -384 | -734 | -352 | -257 | -588 | -457 | -339 | -252 | -647 | -482 | -77 | -159 | -110 | -170 | -15 | -62 | -21 | -58 |
| Income from Affiliates & Other | 2 | 3 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 1 | 3 | 0 | 0 | 0 | 0 |
| Minority Interests | -56 | -106 | -63 | -111 | 0 | 0 | 0 | 0 | -25 | -57 | -28 | -52 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30 | -49 | -34 | -57 | 0 | 0 | -1 | -2 |
| '''Underlying Earnings Group share''' | '''2,908''' | '''5,510''' | '''3,067''' | '''5,872''' | '''539''' | '''1,161''' | '''574''' | '''1,237''' | '''1,073''' | '''2,029''' | '''1,152''' | '''2,216''' | '''1,032''' | '''767''' | '''1,828''' | '''1,264''' | '''1,032''' | '''770''' | '''1,913''' | '''1,427''' | '''194''' | '''334''' | '''233''' | '''355''' | '''70''' | '''158''' | '''75''' | '''151''' |
| For short-term business | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Liabilities for remaining coverage net of reinsurance''' | '''19,284''' | '''16,006''' | '''19,766''' | '''16,040''' | '''2,153''' | '''1,712''' | '''2,221''' | '''1,783''' | '''7,151''' | '''5,166''' | '''7,591''' | '''5,534''' | '''7,478''' | '''5,905''' | '''7,028''' | '''5,948''' | '''7,315''' | '''5,879''' | '''6,467''' | '''5,461''' | '''1,802''' | '''1,834''' | '''1,935''' | '''2,024''' | '''700''' | '''266''' | '''705''' | '''231''' |
| '''Best Estimate for incurred Claims net of reinsurance''' | '''69,800''' | '''71,751''' | '''70,215''' | '''70,567''' | '''13,485''' | '''13,889''' | '''13,900''' | '''13,882''' | '''24,834''' | '''25,955''' | '''26,003''' | '''25,737''' | '''24,865''' | '''18,223''' | '''25,915''' | '''19,146''' | '''24,533''' | '''18,295''' | '''25,044''' | '''18,897''' | '''3,385''' | '''3,640''' | '''3,510''' | '''3,804''' | '''3,231''' | '''2,351''' | '''2,269''' | '''2,101''' |
## L&H UE by LOB
Caption: Life & health underlying earnings build-up by line of business
| 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) |
| | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Short-term Business''' | | | | | | | | | | | | | | | | |
| Revenues | 7,979 | 16,207 | 8,512 | 17,416 | 2,112 | 4,247 | 2,211 | 4,444 | 5,867 | 11,960 | 6,301 | 12,972 | 5,592 | 11,482 | 5,931 | 12,035 |
| Combined Ratio | 97.6% | 97.4% | 97.1% | 97.2% | 94.5% | 95.5% | 95.2% | 95.4% | 98.6% | 98.1% | 97.8% | 97.9% | 98.2% | 97.8% | 97.4% | 97.1% |
| Technical Margin | 195 | 415 | 248 | 479 | 116 | 191 | 107 | 206 | 79 | 224 | 141 | 273 | 101 | 248 | 156 | 347 |
| '''Long-term Business''' | | | | | | | | | | | | | | | | |
| CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 1,136 | 2,253 | 1,158 | 2,415 | 259 | 522 | 270 | 539 | 58 | 110 | 59 | 107 |
| Technical Experience | -64 | -95 | -30 | -150 | -71 | -98 | -28 | -139 | 7 | 3 | -2 | -11 | 17 | 37 | 22 | 38 |
| Actual vs. Expected Cash Flows | 9 | -15 | 12 | 39 | -4 | -33 | 10 | 37 | 13 | 18 | 2 | 2 | -3 | -2 | -5 | -8 |
| Risk Adjustment Release | 30 | 59 | 44 | 72 | 25 | 51 | 37 | 59 | 4 | 8 | 7 | 13 | 2 | 4 | 7 | 8 |
| Changes in Onerous Contracts | -32 | 6 | -12 | -29 | -30 | 9 | -10 | -25 | -1 | -2 | -2 | -4 | 0 | 0 | 0 | 0 |
| Other Long-term | -72 | -145 | -74 | -232 | -63 | -124 | -65 | -211 | -8 | -21 | -9 | -22 | 19 | 35 | 20 | 38 |
| '''Financial Result & Other''' | | | | | | | | | | | | | | | | |
| Financial Result | 536 | 975 | 563 | 946 | 454 | 799 | 462 | 738 | 82 | 176 | 101 | 209 | 75 | 157 | 91 | 175 |
| Investment Income | 1,319 | 2,525 | 1,329 | 2,484 | 1,159 | 2,209 | 1,159 | 2,142 | 160 | 317 | 170 | 341 | 219 | 429 | 232 | 456 |
| Insurance Finance Expenses | -783 | -1,551 | -767 | -1,538 | -705 | -1,410 | -697 | -1,405 | -78 | -140 | -69 | -133 | -144 | -272 | -141 | -281 |
| Other Revenues | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | |
| Debt Financing Charges | | | | | | | | | | | | | | | | |
| '''Underlying Earnings Before Tax''' | '''2,061''' | '''4,070''' | '''2,209''' | '''4,229''' | '''1,634''' | '''3,145''' | '''1,699''' | '''3,219''' | '''427''' | '''925''' | '''510''' | '''1,010''' | '''252''' | '''552''' | '''328''' | '''666''' |
| Tax | -412 | -874 | -462 | -800 | -316 | -635 | -329 | -584 | -96 | -239 | -133 | -216 | -46 | -111 | -64 | -110 |
| Income from Affiliates & Other | 103 | 186 | 101 | 157 | 101 | 182 | 93 | 154 | 2 | 4 | 8 | 2 | | | | |
| Minority Interests | -27 | -60 | -34 | -85 | -27 | -56 | -30 | -75 | 0 | -4 | -3 | -9 | | | | |
| '''Underlying Earnings Group share''' | '''1,725''' | '''3,323''' | '''1,814''' | '''3,501''' | '''1,392''' | '''2,636''' | '''1,433''' | '''2,715''' | '''333''' | '''687''' | '''381''' | '''787''' | '''205''' | '''441''' | '''264''' | '''556''' |
| '''Closing Invested Assets''' | '''329,460''' | '''345,008''' | '''338,447''' | '''334,840''' | | | | | | | | | | | | |
| o/w VFA | 234,783 | 230,205 | 229,844 | 226,937 | | | | | | | | | | | | |
| o/w Non VFA | 94,677 | 114,803 | 108,603 | 107,903 | | | | | | | | | | | | |
| For short-term business | | | | | | | | | | | | | | | | |
| '''Liabilities for remaining coverage net of reinsurance''' | '''2,446''' | '''2,096''' | '''2,856''' | '''2,511''' | '''157''' | '''96''' | '''105''' | '''21''' | '''2,289''' | '''2,000''' | '''2,750''' | '''2,490''' | | | | |
| '''Best Estimate for incurred Claims net of reinsurance''' | '''13,876''' | '''14,162''' | '''13,960''' | '''14,592''' | '''11,589''' | '''11,778''' | '''11,623''' | '''11,205''' | '''2,286''' | '''2,384''' | '''2,337''' | '''3,386''' | | | | |
| For long-term business | | | | | | | | | | | | | | | | |
| '''Best Estimate Liabilities net of reinsurance''' | '''295,342''' | '''306,249''' | '''301,040''' | '''300,391''' | '''275,276''' | '''285,391''' | '''280,314''' | '''280,280''' | '''20,066''' | '''20,858''' | '''20,726''' | '''20,112''' | | | | |
| o/w VFA Gross of reinsurance | 264,013 | 273,094 | 266,960 | 271,902 | 243,037 | 251,273 | 244,964 | 250,326 | 20,977 | 21,821 | 21,996 | 21,576 | | | | |
| o/w BBA Gross of reinsurance | 50,097 | 51,845 | 51,524 | 45,307 | 50,917 | 52,713 | 52,731 | 46,724 | -821 | -868 | -1,207 | -1,417 | | | | |
| o/w Reinsurance | -18,768 | -18,690 | -17,443 | -16,817 | -18,679 | -18,595 | -17,381 | -16,770 | -90 | -95 | -62 | -47 | | | | |
## L&H UE by Geography
Caption: Life & health underlying earnings build-up by geography
| EUR million | 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 |
| | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Short-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | 7,979 | 16,207 | 8,512 | 17,416 | 4,654 | 9,503 | 4,870 | 9,787 | 1,778 | 3,604 | 2,051 | 4,419 | 0 | 0 | 0 | 0 | 1,457 | 2,925 | 1,503 | 3,037 | 90 | 174 | 88 | 172 |
| Combined Ratio | 97.6% | 97.4% | 97.1% | 97.2% | 96.7% | 97.3% | 97.4% | 97.3% | 98.8% | 96.9% | 96.4% | 94.8% | 0.0% | 0.0% | 0.0% | 0.0% | 99.1% | 99.1% | 97.6% | 101.3% | 92.2% | 89.1% | 83.6% | 86.7% |
| Technical Margin | 195 | 415 | 248 | 479 | 155 | 258 | 124 | 265 | 21 | 113 | 73 | 230 | 0 | 0 | 0 | 0 | 13 | 26 | 36 | -39 | 7 | 19 | 14 | 23 |
| '''Long-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | |
| CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 407 | 823 | 419 | 895 | 468 | 920 | 471 | 984 | 4 | 3 | 0 | 1 | 516 | 1,029 | 538 | 1,074 | 0 | 0 | 0 | 0 |
| Technical Experience | -64 | -95 | -30 | -150 | -40 | -96 | -37 | -81 | -11 | -8 | 8 | -70 | 3 | 2 | 0 | -5 | -17 | 7 | -1 | 6 | 0 | 0 | 0 | 0 |
| Actual vs. Expected Cash Flows | 9 | -15 | 12 | 39 | 8 | -8 | 2 | 15 | 5 | -11 | -11 | -6 | -2 | -3 | -1 | -6 | 0 | 8 | 22 | 35 | 0 | 0 | 0 | 0 |
| Risk Adjustment Release | 30 | 59 | 44 | 72 | 5 | 15 | 9 | 14 | 11 | 21 | 21 | 32 | 0 | 1 | 0 | 1 | 13 | 23 | 13 | 25 | 0 | 0 | 0 | 0 |
| Changes in Onerous Contracts | -32 | 6 | -12 | -29 | 0 | 0 | 0 | 0 | -33 | -25 | -13 | -36 | 5 | 5 | 0 | 0 | -3 | 26 | 1 | 7 | 0 | 0 | 0 | 0 |
| Other Long-term | -72 | -145 | -74 | -232 | -52 | -103 | -49 | -111 | 7 | 7 | 12 | -61 | 0 | 0 | 0 | 0 | -26 | -50 | -37 | -61 | 0 | 0 | 0 | 0 |
| '''Financial Result & Other''' | | | | | | | | | | | | | | | | | | | | | | | | |
| Financial Result | 536 | 975 | 563 | 946 | 100 | 192 | 118 | 197 | 284 | 504 | 269 | 477 | 10 | 19 | 10 | 20 | 142 | 260 | 165 | 250 | 0 | 0 | 0 | 2 |
| Investment Income | 1,319 | 2,525 | 1,329 | 2,484 | 370 | 701 | 370 | 703 | 490 | 916 | 478 | 889 | 13 | 27 | 14 | 27 | 446 | 882 | 467 | 862 | 0 | 0 | 0 | 2 |
| Insurance Finance Expenses | -783 | -1,551 | -767 | -1,538 | -270 | -509 | -252 | -507 | -206 | -412 | -209 | -411 | -3 | -7 | -4 | -8 | -303 | -622 | -301 | -612 | 0 | 0 | 0 | 0 |
| Other Revenues | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | | | | | | | | | |
| Debt Financing Charges | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Underlying Earnings Before Tax''' | '''2,061''' | '''4,070''' | '''2,209''' | '''4,229''' | '''622''' | '''1,176''' | '''624''' | '''1,276''' | '''762''' | '''1,529''' | '''821''' | '''1,622''' | '''17''' | '''25''' | '''10''' | '''16''' | '''654''' | '''1,322''' | '''739''' | '''1,291''' | '''7''' | '''19''' | '''14''' | '''25''' |
| Tax | -412 | -874 | -462 | -800 | -106 | -220 | -100 | -237 | -180 | -376 | -176 | -285 | -3 | 0 | -2 | -4 | -123 | -277 | -182 | -272 | 0 | 0 | -1 | -4 |
| Income from Affiliates & Other | 103 | 186 | 101 | 157 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 177 | 101 | 157 | 0 | 0 | 0 | 0 |
| Minority Interests | -27 | -60 | -34 | -85 | 0 | 0 | 0 | 0 | -23 | -49 | -28 | -74 | 0 | 0 | 0 | 0 | -4 | -12 | -5 | -11 | 0 | 0 | 0 | 0 |
| '''Underlying Earnings Group share''' | '''1,725''' | '''3,323''' | '''1,814''' | '''3,501''' | '''519''' | '''964''' | '''524''' | '''1,039''' | '''559''' | '''1,104''' | '''616''' | '''1,264''' | '''14''' | '''25''' | '''8''' | '''12''' | '''627''' | '''1,211''' | '''653''' | '''1,165''' | '''7''' | '''19''' | '''14''' | '''22''' |
| For short-term business | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Liabilities for remaining coverage net of reinsurance''' | '''2,446''' | '''2,096''' | '''2,856''' | '''2,511''' | '''50''' | '''-2''' | '''28''' | '''-6''' | '''1,228''' | '''967''' | '''1,619''' | '''1,352''' | '''0''' | '''0''' | '''0''' | '''0''' | '''1,159''' | '''1,124''' | '''1,204''' | '''1,155''' | '''9''' | '''6''' | '''5''' | '''10''' |
| '''Best Estimate for incurred Claims net of reinsurance''' | '''13,876''' | '''14,162''' | '''13,960''' | '''14,592''' | '''12,589''' | '''12,831''' | '''12,443''' | '''12,850''' | '''773''' | '''871''' | '''1,015''' | '''1,186''' | '''0''' | '''0''' | '''0''' | '''0''' | '''501''' | '''447''' | '''487''' | '''541''' | '''13''' | '''14''' | '''15''' | '''15''' |
| For long-term business | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Best Estimate Liabilities net of reinsurance''' | '''295,342''' | '''306,249''' | '''301,040''' | '''300,391''' | '''112,949''' | '''115,280''' | '''114,525''' | '''114,424''' | '''135,034''' | '''139,257''' | '''137,584''' | '''136,725''' | '''324''' | '''345''' | '''310''' | '''309''' | '''47,035''' | '''51,368''' | '''48,620''' | '''48,934''' | '''0''' | '''0''' | '''0''' | '''0''' |
| o/w VFA Gross of reinsurance | 264,013 | 273,094 | 266,960 | 271,902 | 116,132 | 117,942 | 116,770 | 117,266 | 121,623 | 125,513 | 121,135 | 122,782 | 0 | 0 | 0 | 0 | 26,258 | 29,639 | 29,055 | 31,854 | 0 | 0 | 0 | 0 |
| o/w BBA Gross of reinsurance | 50,097 | 51,845 | 51,524 | 45,307 | 9,606 | 10,019 | 9,848 | 8,873 | 13,520 | 13,810 | 16,410 | 13,760 | 1,670 | 1,659 | 1,522 | 1,473 | 25,301 | 26,356 | 23,743 | 21,201 | 0 | 0 | 0 | 0 |
| o/w Reinsurance | -18,768 | -18,690 | -17,443 | -16,817 | -12,790 | -12,682 | -12,093 | -11,715 | -108 | -66 | 39 | 183 | -1,346 | -1,315 | -1,212 | -1,164 | -4,524 | -4,627 | -4,178 | -4,121 | 0 | 0 | 0 | 0 |
## Life UE by Geography
Caption: Life underlying earnings build-up by geography
| EUR million | 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 |
| | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Short-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | 2,112 | 4,247 | 2,211 | 4,444 | 1,902 | 3,843 | 2,005 | 4,044 | 53 | 109 | 54 | 106 | 0 | 0 | 0 | 0 | 157 | 296 | 152 | 295 | 0 | 0 | 0 | 0 |
| Combined Ratio | 94.5% | 95.5% | 95.2% | 95.4% | 95.1% | 96.3% | 95.9% | 96.1% | 79.8% | 77.0% | 79.0% | 77.3% | 0.0% | 0.0% | 0.0% | 0.0% | 92.3% | 91.5% | 91.5% | 91.6% | 0.0% | 0.0% | 0.0% | 0.0% |
| Technical Margin | 116 | 191 | 107 | 206 | 93 | 141 | 83 | 158 | 11 | 25 | 11 | 24 | 0 | 0 | 0 | 0 | 12 | 25 | 13 | 25 | 0 | 0 | 0 | 0 |
| '''Long-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | |
| CSM Release | 1,136 | 2,253 | 1,158 | 2,415 | 407 | 823 | 419 | 895 | 390 | 759 | 386 | 804 | 4 | 3 | 0 | 1 | 336 | 669 | 353 | 715 | 0 | 0 | 0 | 0 |
| Technical Experience | -71 | -98 | -28 | -139 | -40 | -96 | -37 | -81 | -4 | 12 | 13 | -53 | 3 | 2 | 0 | -5 | -30 | -16 | -4 | 0 | 0 | 0 | 0 | 0 |
| Actual vs. Expected Cash Flows | -4 | -33 | 10 | 37 | 8 | -8 | 2 | 15 | 3 | -11 | -11 | -6 | -2 | -3 | -1 | -6 | -12 | -10 | 20 | 33 | 0 | 0 | 0 | 0 |
| Risk Adjustment Release | 25 | 51 | 37 | 59 | 5 | 15 | 9 | 14 | 12 | 23 | 20 | 30 | 0 | 1 | 0 | 1 | 8 | 13 | 8 | 14 | 0 | 0 | 0 | 0 |
| Changes in Onerous Contracts | -30 | 9 | -10 | -25 | 0 | 0 | 0 | 0 | -32 | -23 | -13 | -33 | 5 | 5 | 0 | 0 | -3 | 26 | 3 | 8 | 0 | 0 | 0 | 0 |
| Other Long-term | -63 | -124 | -65 | -211 | -52 | -103 | -49 | -111 | 13 | 23 | 17 | -44 | 0 | 0 | 0 | 0 | -23 | -45 | -34 | -55 | 0 | 0 | 0 | 0 |
| '''Financial Result & Other''' | | | | | | | | | | | | | | | | | | | | | | | | |
| Financial Result | 454 | 799 | 462 | 738 | 103 | 193 | 114 | 185 | 249 | 432 | 232 | 401 | 10 | 19 | 10 | 20 | 92 | 155 | 105 | 132 | 0 | 0 | 0 | 0 |
| Investment Income | 1,159 | 2,209 | 1,159 | 2,142 | 344 | 660 | 346 | 649 | 451 | 838 | 438 | 809 | 13 | 27 | 14 | 27 | 350 | 684 | 361 | 657 | 0 | 0 | 0 | 0 |
| Insurance Finance Expenses | -705 | -1,410 | -697 | -1,405 | -241 | -467 | -232 | -464 | -202 | -407 | -206 | -408 | -3 | -7 | -4 | -8 | -259 | -530 | -256 | -525 | 0 | 0 | 0 | 0 |
| Other Revenues | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | | | | | | | | | |
| Debt Financing Charges | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Underlying Earnings Before Tax''' | '''1,634''' | '''3,145''' | '''1,699''' | '''3,219''' | '''563''' | '''1,060''' | '''579''' | '''1,156''' | '''645''' | '''1,227''' | '''643''' | '''1,176''' | '''17''' | '''25''' | '''10''' | '''16''' | '''409''' | '''833''' | '''468''' | '''872''' | '''0''' | '''0''' | '''0''' | '''0''' |
| Tax | -316 | -635 | -329 | -584 | -96 | -194 | -93 | -213 | -148 | -289 | -131 | -183 | -3 | 0 | -2 | -4 | -68 | -152 | -103 | -184 | 0 | 0 | 0 | 0 |
| Income from Affiliates & Other | 101 | 182 | 93 | 154 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97 | 173 | 93 | 154 | 0 | 0 | 0 | 0 |
| Minority Interests | -27 | -56 | -30 | -75 | 0 | 0 | 0 | 0 | -23 | -47 | -28 | -70 | 0 | 0 | 0 | 0 | -4 | -9 | -3 | -5 | 0 | 0 | 0 | 0 |
| '''Underlying Earnings Group share''' | '''1,392''' | '''2,636''' | '''1,433''' | '''2,715''' | '''470''' | '''875''' | '''486''' | '''943''' | '''474''' | '''891''' | '''484''' | '''923''' | '''14''' | '''25''' | '''8''' | '''12''' | '''434''' | '''845''' | '''456''' | '''837''' | '''0''' | '''0''' | '''0''' | '''0''' |
| For short-term business | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Liabilities for remaining coverage net of reinsurance''' | '''157''' | '''96''' | '''105''' | '''21''' | '''23''' | '''-19''' | '''4''' | '''-41''' | '''-3''' | '''-14''' | '''-35''' | '''-24''' | '''0''' | '''0''' | '''0''' | '''0''' | '''137''' | '''129''' | '''137''' | '''86''' | '''0''' | '''0''' | '''0''' | '''0''' |
| '''Best Estimate for incurred Claims net of reinsurance''' | '''11,589''' | '''11,778''' | '''11,623''' | '''11,205''' | '''11,349''' | '''11,502''' | '''11,352''' | '''10,939''' | '''75''' | '''120''' | '''118''' | '''124''' | '''0''' | '''0''' | '''0''' | '''0''' | '''165''' | '''157''' | '''154''' | '''142''' | '''0''' | '''0''' | '''0''' | '''0''' |
| For long-term business | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Best Estimate Liabilities net of reinsurance''' | '''275,276''' | '''285,391''' | '''280,314''' | '''280,280''' | '''112,949''' | '''115,280''' | '''114,525''' | '''114,424''' | '''114,389''' | '''117,841''' | '''116,058''' | '''115,433''' | '''324''' | '''345''' | '''310''' | '''309''' | '''47,614''' | '''51,926''' | '''49,420''' | '''50,113''' | '''0''' | '''0''' | '''0''' | '''0''' |
| o/w VFA Gross of reinsurance | 243,037 | 251,273 | 244,964 | 250,326 | 116,132 | 117,942 | 116,770 | 117,266 | 100,727 | 103,800 | 99,267 | 101,144 | 0 | 0 | 0 | 0 | 26,178 | 29,530 | 28,928 | 31,916 | 0 | 0 | 0 | 0 |
| o/w BBA Gross of reinsurance | 50,917 | 52,713 | 52,731 | 46,724 | 9,606 | 10,019 | 9,848 | 8,873 | 13,770 | 14,107 | 16,752 | 14,106 | 1,670 | 1,659 | 1,522 | 1,473 | 25,871 | 26,927 | 24,608 | 22,272 | 0 | 0 | 0 | 0 |
| o/w Reinsurance | -18,679 | -18,595 | -17,381 | -16,770 | -12,790 | -12,682 | -12,093 | -11,715 | -108 | -66 | 39 | 183 | -1,346 | -1,315 | -1,212 | -1,164 | -4,435 | -4,532 | -4,116 | -4,074 | 0 | 0 | 0 | 0 |
## Health UE by Geography
Caption: Health underlying earnings build-up by geography
| EUR million | 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 |
| | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Short-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | 5,867 | 11,960 | 6,301 | 12,972 | 2,752 | 5,661 | 2,865 | 5,744 | 1,725 | 3,495 | 1,997 | 4,314 | 0 | 0 | 0 | 0 | 1,300 | 2,629 | 1,350 | 2,742 | 90 | 174 | 88 | 172 |
| Combined Ratio | 98.6% | 98.1% | 97.8% | 97.9% | 97.8% | 97.9% | 98.5% | 98.1% | 99.4% | 97.5% | 96.9% | 95.2% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 98.3% | 102.3% | 92.2% | 89.1% | 83.6% | 86.7% |
| Technical Margin | 79 | 224 | 141 | 273 | 62 | 117 | 42 | 108 | 10 | 88 | 62 | 206 | 0 | 0 | 0 | 0 | 1 | 1 | 23 | -64 | 7 | 19 | 14 | 23 |
| '''Long-term Business''' | | | | | | | | | | | | | | | | | | | | | | | | |
| CSM Release | 259 | 522 | 270 | 539 | 0 | 0 | 0 | 0 | 78 | 161 | 84 | 180 | 0 | 0 | 0 | 0 | 180 | 360 | 186 | 359 | 0 | 0 | 0 | 0 |
| Technical Experience | 7 | 3 | -2 | -11 | 0 | 0 | 0 | 0 | -6 | -20 | -5 | -17 | 0 | 0 | 0 | 0 | 14 | 23 | 3 | 6 | 0 | 0 | 0 | 0 |
| Actual vs. Expected Cash Flows | 13 | 18 | 2 | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 18 | 2 | 2 | 0 | 0 | 0 | 0 |
| Risk Adjustment Release | 4 | 8 | 7 | 13 | 0 | 0 | 0 | 0 | 0 | -2 | 1 | 3 | 0 | 0 | 0 | 0 | 5 | 10 | 5 | 11 | 0 | 0 | 0 | 0 |
| Changes in Onerous Contracts | -1 | -2 | -2 | -4 | 0 | 0 | 0 | 0 | -1 | -2 | 0 | -3 | 0 | 0 | 0 | 0 | -1 | 0 | -1 | -1 | 0 | 0 | 0 | 0 |
| Other Long-term | -8 | -21 | -9 | -22 | 0 | 0 | 0 | 0 | -6 | -16 | -6 | -16 | 0 | 0 | 0 | 0 | -2 | -5 | -3 | -5 | 0 | 0 | 0 | 0 |
| '''Financial Result & Other''' | | | | | | | | | | | | | | | | | | | | | | | | |
| Financial Result | 82 | 176 | 101 | 209 | -3 | -1 | 4 | 12 | 35 | 72 | 37 | 76 | 0 | 0 | 0 | 0 | 51 | 105 | 60 | 118 | 0 | 0 | 0 | 2 |
| Investment Income | 160 | 317 | 170 | 341 | 26 | 41 | 24 | 55 | 39 | 77 | 40 | 79 | 0 | 0 | 0 | 0 | 95 | 198 | 106 | 205 | 0 | 0 | 0 | 2 |
| Insurance Finance Expenses | -78 | -140 | -69 | -133 | -29 | -43 | -20 | -42 | -4 | -5 | -4 | -3 | 0 | 0 | 0 | 0 | -45 | -93 | -45 | -87 | 0 | 0 | 0 | 0 |
| Other Revenues | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Expenses | | | | | | | | | | | | | | | | | | | | | | | | |
| Debt Financing Charges | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Underlying Earnings Before Tax''' | '''427''' | '''925''' | '''510''' | '''1,010''' | '''59''' | '''116''' | '''46''' | '''120''' | '''117''' | '''302''' | '''178''' | '''446''' | '''0''' | '''0''' | '''0''' | '''0''' | '''245''' | '''489''' | '''272''' | '''419''' | '''7''' | '''19''' | '''14''' | '''25''' |
| Tax | -96 | -239 | -133 | -216 | -10 | -27 | -7 | -24 | -31 | -87 | -46 | -101 | 0 | 0 | 0 | 0 | -55 | -125 | -80 | -88 | 0 | 0 | -1 | -4 |
| Income from Affiliates & Other | 2 | 4 | 8 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 4 | 8 | 2 | 0 | 0 | 0 | 0 |
| Minority Interests | 0 | -4 | -3 | -9 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | -4 | 0 | 0 | 0 | 0 | 0 | -3 | -3 | -6 | 0 | 0 | 0 | 0 |
| '''Underlying Earnings Group share''' | '''333''' | '''687''' | '''381''' | '''787''' | '''49''' | '''89''' | '''39''' | '''96''' | '''85''' | '''213''' | '''132''' | '''341''' | '''0''' | '''0''' | '''0''' | '''0''' | '''192''' | '''366''' | '''197''' | '''328''' | '''7''' | '''19''' | '''14''' | '''22''' |
| For short-term business | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Liabilities for remaining coverage net of reinsurance''' | '''2,289''' | '''2,000''' | '''2,750''' | '''2,490''' | '''27''' | '''18''' | '''24''' | '''35''' | '''1,231''' | '''981''' | '''1,654''' | '''1,375''' | '''0''' | '''0''' | '''0''' | '''0''' | '''1,022''' | '''995''' | '''1,067''' | '''1,069''' | '''9''' | '''6''' | '''5''' | '''10''' |
| '''Best Estimate for incurred Claims net of reinsurance''' | '''2,286''' | '''2,384''' | '''2,337''' | '''3,386''' | '''1,240''' | '''1,329''' | '''1,091''' | '''1,911''' | '''698''' | '''751''' | '''898''' | '''1,062''' | '''0''' | '''0''' | '''0''' | '''0''' | '''336''' | '''290''' | '''334''' | '''398''' | '''13''' | '''14''' | '''15''' | '''15''' |
| For long-term business | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Best Estimate Liabilities net of reinsurance''' | '''20,066''' | '''20,858''' | '''20,726''' | '''20,112''' | '''0''' | '''0''' | '''0''' | '''0''' | '''20,645''' | '''21,416''' | '''21,527''' | '''21,291''' | '''0''' | '''0''' | '''0''' | '''0''' | '''-579''' | '''-557''' | '''-800''' | '''-1,180''' | '''0''' | '''0''' | '''0''' | '''0''' |
| o/w VFA Gross of reinsurance | 20,977 | 21,821 | 21,996 | 21,576 | 0 | 0 | 0 | 0 | 20,896 | 21,713 | 21,868 | 21,637 | 0 | 0 | 0 | 0 | 81 | 109 | 128 | -62 | 0 | 0 | 0 | 0 |
| o/w BBA Gross of reinsurance | -821 | -868 | -1,207 | -1,417 | 0 | 0 | 0 | 0 | -250 | -297 | -342 | -346 | 0 | 0 | 0 | 0 | -571 | -571 | -866 | -1,071 | 0 | 0 | 0 | 0 |
| o/w Reinsurance | -90 | -95 | -62 | -47 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -90 | -95 | -62 | -47 | 0 | 0 | 0 | 0 |
## Asset Management
Caption: Asset management underlying earnings build-up
| EUR million | 1H24 | 1H24 | FY24 | FY24 | 1H25 | 1H25 | FY25 (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) | FY25 (footnote: AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.) |
| | 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)''' | '''843''' | '''332''' | '''843''' | '''332''' | '''879''' | '''356''' | '''879''' | '''356''' |
| Net Inflows | 7 | -1 | 3 | 4 | -3 | -10 | -3 | -10 |
| Scope & Other | 0 | 10 | 2 | 21 | 0 | -6 | 0 | -6 |
| Market Effect | 12 | 10 | 26 | 21 | -3 | -6 | -3 | -6 |
| Currency Impact | -4 | 10 | 5 | 21 | -21 | -6 | -21 | -6 |
| '''Closing AUM (in Euro billion)''' | '''859''' | '''340''' | '''879''' | '''356''' | '''853''' | '''341''' | '''853''' | '''341''' |
| Alternatives | 227 | 86 | 229 | 90 | 233 | 95 | 233 | 95 |
| Core & Other | 532 | 254 | 551 | 266 | 528 | 246 | 528 | 246 |
| Asian Joint Ventures | 101 | | 99 | | 92 | | 92 | |
| '''Gross Revenues - After Intercompany Elimination''' | '''787''' | | '''1,701''' | | '''875''' | | '''875''' | |
| '''Gross Revenues - Before Intercompany Elimination''' | '''937''' | | '''2,004''' | | '''1,018''' | | '''1,018''' | |
| Management Fees | 679 | 385 | 1,425 | 773 | 724 | 439 | 724 | 439 |
| Performance Fees | 18 | 8 | 57 | 21 | 16 | 9 | 16 | 9 |
| Distribution Fees | 205 | | 409 | | 231 | | 231 | |
| Other | 35 | | 112 | | 46 | | 46 | |
| '''General Expenses''' | '''-698''' | | '''-1,493''' | | '''-793''' | | '''-793''' | |
| Distribution Fees Retroceded | -205 | | -409 | | -231 | | -231 | |
| Financial Result | 24 | | 35 | | 14 | | 14 | |
| '''Underlying Earnings Before Tax''' | '''263''' | | '''546''' | | '''239''' | | '''239''' | |
| Tax | -69 | | -160 | | -68 | | -68 | |
| Income from Affiliates & Other | 16 | | 29 | | 8 | | 8 | |
| Minority Interests | -6 | | -13 | | -4 | | -4 | |
| '''Underlying Earnings Group Share''' | '''204''' | | '''402''' | | '''175''' | | '''175''' | |
| '''Average Assets under Management (€bn)''' | '''749''' | | '''759''' | | '''769''' | | '''769''' | |
| '''Asset Management Fee bps''' | '''18.1 bps''' | | '''18.8 bps''' | | '''18.8 bps''' | | '''18.8 bps''' | |
| '''Underlying Cost Income Ratio''' | '''67.3%''' | | '''68.0%''' | | '''71.4%''' | | '''71.4%''' | |
## Holdings
Caption: Holdings underlying earnings build-up (footnote: Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.)
| EUR million | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- |
| Financial Result | 181 | 402 | 228 | 422 |
| Other Revenues | 522 | 1,050 | 607 | 1,149 |
| Other Expenses | -925 | -1,986 | -1,075 | -2,107 |
| Debt Financing Charges | -471 | -948 | -452 | -928 |
| '''Underlying Earnings Before Tax''' | '''-693''' | '''-1,482''' | '''-692''' | '''-1,464''' |
| Tax | 100 | 324 | 101 | 284 |
| Income from Affiliates & Other | 0 | 0 | 0 | 0 |
| Minority Interests | 0 | 0 | 0 | 0 |
| '''Underlying Earnings Group share''' | '''-592''' | '''-1,157''' | '''-591''' | '''-1,180''' |
Caption: Holdings cash balance rollforward
| EUR million | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- |
| '''Opening Cash Balance at AXA SA² (in Euro billion)''' | | '''4.0''' | | '''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 +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).) | | 7.7 | | 7.5 |
| Property & Casualty | | 4.0 | | 5.1 |
| Life & Health | | 3.6 | | 2.5 |
| Asset Management & Other | | 0.1 | | 0.0 |
| Dividends | | -4.4 | | -4.6 |
| Share buy-backs (footnote: On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 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).) | | -1.8 | | -4.7 |
| Holding costs and interests | | -1.3 | | -1.3 |
| Debt issuance | | 0.1 | | 1.6 |
| M&A and disposals | | 0.0 | | 3.8 |
| Other | | -0.3 | | -0.7 |
| '''Closing Cash Balance at AXA SA (footnote: Includes liquid invested assets.)''' | | '''4.0''' | | '''5.6''' |
## Activity Indicators
Caption: Activity indicators by line of business
| EUR million | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | FY24 | FY24 | FY24 | FY24 | FY24 | FY24 | FY24 | FY24 | 1H25 | 1H25 | 1H25 | 1H25 | 1H25 | 1H25 | 1H25 | 1H25 | FY25 | FY25 | FY25 | FY25 | FY25 | FY25 | FY25 | FY25 |
| | 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 | 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 | 64,251 | 34,097 | 29,230 | 7,223 | 19,081 | 10,149 | 875 | 49 | 115,524 | 58,038 | 56,512 | 12,867 | 37,499 | 19,014 | 875 | 99 |
| IFRS17/9 New Business Value (NBV) (a) | 1,206 | | 1,206 | | 953 | 253 | | | 2,264 | | 2,264 | | 1,792 | 473 | | | 1,189 | | 1,189 | | 928 | 260 | | | 2,233 | | 2,233 | | 1,747 | 486 | | |
| New Business Contractual Service Margin (NB CSM) | 1,131 | | 1,131 | | 919 | 213 | | | 2,169 | | 2,169 | | 1,770 | 399 | | | 1,184 | | 1,184 | | 950 | 234 | | | 2,199 | | 2,199 | | 1,822 | 377 | | |
| 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.) | 456 | | 456 | | 333 | 123 | | | 824 | | 824 | | 594 | 231 | | | 382 | | 382 | | 270 | 113 | | | 757 | | 757 | | 491 | 266 | | |
| Tax | -381 | | -381 | | -299 | -83 | | | -729 | | -729 | | -572 | -158 | | | -378 | | -378 | | -292 | -86 | | | -724 | | -724 | | -567 | -157 | | |
| Present Value of Expected Premiums (PVEP) (b) | 25,588 | | 25,588 | | 18,234 | 7,354 | | | 50,896 | | 50,896 | | 36,860 | 14,036 | | | 25,918 | | 25,918 | | 19,487 | 6,430 | | | 49,357 | | 49,357 | | 37,103 | 12,254 | | |
| IFRS17/9 NBV Margin (a)/(b) | 4.7% | | 4.7% | | 5.2% | 3.4% | | | 4.4% | | 4.4% | | 4.9% | 3.4% | | | 4.6% | | 4.6% | | 4.8% | 4.0% | | | 4.5% | | 4.5% | | 4.7% | 4.0% | | |
Caption: Activity indicators by geography
| EUR million | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | 1H24 | FY24 | FY24 | FY24 | FY24 | FY24 | FY24 | FY24 | 1H25 | 1H25 | 1H25 | 1H25 | 1H25 | 1H25 | 1H25 | FY25 | FY25 | FY25 | FY25 | FY25 | FY25 | FY25 |
| | 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 | 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 | 64,251 | 15,670 | 24,649 | 11,749 | 10,302 | 875 | 1,006 | 115,524 | 30,598 | 43,005 | 19,277 | 19,925 | 875 | 1,844 |
| IFRS17/9 New Business Value (NBV) (a) | 1,206 | 354 | 348 | | 504 | | | 2,264 | 682 | 597 | | 986 | | | 1,189 | 315 | 364 | | 510 | | | 2,233 | 695 | 578 | | 959 | | |
| New Business Contractual Service Margin (NB CSM) | 1,131 | 203 | 398 | | 531 | | | 2,169 | 391 | 731 | | 1,047 | | | 1,184 | 199 | 443 | | 541 | | | 2,199 | 431 | 740 | | 1,028 | | |
| 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.) | 456 | 275 | 50 | | 131 | | | 824 | 528 | 49 | | 247 | | | 382 | 225 | 28 | | 129 | | | 757 | 506 | 12 | | 239 | | |
| Tax | -381 | -123 | -100 | | -158 | | | -729 | -237 | -184 | | -309 | | | -378 | -109 | -107 | | -161 | | | -724 | -242 | -174 | | -308 | | |
| Present Value of Expected Premiums (PVEP) (b) | 25,588 | 12,301 | 6,317 | | 6,971 | | | 50,896 | 25,370 | 11,831 | | 13,695 | | | 25,918 | 11,662 | 6,843 | | 7,413 | | | 49,357 | 22,858 | 12,651 | | 13,847 | | |
| IFRS17/9 NBV Margin (a)/(b) | 4.7% | 2.9% | 5.5% | | 7.2% | | | 4.4% | 2.7% | 5.0% | | 7.2% | | | 4.6% | 2.7% | 5.3% | | 6.9% | | | 4.5% | 3.0% | 4.6% | | 6.9% | | |
## Balance Sheet
Caption: Assets build-up
| EUR billion | FY24 | FY25 |
| --- | --- | --- |
| Goodwill | 18.1 | 17.8 |
| Other intangible assets | 4.4 | 4.4 |
| '''Total Intangible assets''' | '''22.6''' | '''22.2''' |
| Investments in real estate properties | 29.2 | 27.8 |
| Financial investments | 418.2 | 401.8 |
| Unit-linked Assets | 90.1 | 97.2 |
| '''Total Investments from Insurance activities''' | '''537.5''' | '''526.9''' |
| Investments from Non-Insurance Activities | 18.5 | 16.6 |
| Equity Method investments | 1.5 | 1.5 |
| Assets Arising from Insurance and Reinsurance Contracts Held | 26.1 | 23.9 |
| Present Value of Future Cash Flows | 24.1 | 22.0 |
| Contractual Service Margin | 1.4 | 1.4 |
| Risk Adjustment | 0.5 | 0.5 |
| Receivables and Other Assets | 24.1 | 21.9 |
| Assets held for sale | 4.5 | 0.2 |
| Cash and cash equivalents | 19.0 | 22.2 |
| '''Total Assets''' | '''653.8''' | '''635.5''' |
Caption: Liabilities, non-controlling interests & shareholders' equity build-up
| EUR billion | FY24 | FY25 |
| --- | --- | --- |
| Shareholders' Equity group share | 49.9 | 47.2 |
| Non-controlling Interests | 2.5 | 2.4 |
| '''Shareholders’ equity''' | '''52.5''' | '''49.6''' |
| Financing debt | 14.4 | 15.8 |
| Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts | 477.0 | 470.4 |
| Present Value of Future Cash Flows | 438.4 | 432.6 |
| Contractual Service Margin | 35.3 | 34.7 |
| Risk Adjustment | 3.3 | 3.1 |
| Other Investment Contract Liabilities | 12.6 | 12.8 |
| '''Liabilities arising from insurance, reinsurance and investment contracts''' | '''489.6''' | '''483.2''' |
| Liabilities Arising from Non-Insurance Activities | 10.1 | 9.9 |
| Provisions for risks and charges | 4.9 | 4.6 |
| Payables and Other liabilities | 80.9 | 72.5 |
| Liabilities held for sale | 1.4 | 0.0 |
| '''Total Liabilities, Non-controlling Interests and Shareholders' Equity''' | '''653.8''' | '''635.5''' |
## CSM rollforward
Caption: Contractual service margin rollforward, pre-tax and post-tax
| EUR million | 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.) | 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''' |
Caption: Contractual service margin rollforward, pre-tax and post-tax
| EUR million | FY24 | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other (footnote: Including scope changes and FX.) | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Total Group (pre-tax)''' | '''33,853''' | '''2,199''' | '''1,328''' | '''-2,954''' | '''594''' | '''-316''' | '''-1,451''' | '''33,253''' |
| P&C | 282 | 0 | 0 | 0 | 0 | 0 | -21 | 261 |
| Life | 25,826 | 1,822 | 1,150 | -2,415 | 487 | -526 | -903 | 25,442 |
| Health | 7,744 | 377 | 178 | -539 | 107 | 210 | -527 | 7,550 |
| '''Total Group (post-tax)''' | '''26,320''' | | | | | | | '''25,864''' |
## Invested Assets
Caption: General account invested assets by asset allocation 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 (footnote: Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.) | AAA | AA | A | BBB | Below Investment Grade | Non Rated |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''General Account Invested Assets1 (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.)''' | '''450''' | | '''60%''' | '''-0.4 yr''' | | | | | | | |
| Fixed Income | 345 | 77% | 60% | | | | | | | | |
| Government Bonds | 167 | 37% | 66% | | '''AA''' | 27% | 31% | 28% | 10% | 2% | 2% |
| Corporate Bonds and Loans | 121 | 27% | 55% | | '''A''' | 16% | 6% | 39% | 28% | 11% | |
| Other Fixed Income | 56 | 13% | 52% | | | | | | | | |
| Asset Backed Securities2 (footnote: Includes 91% of CLOs.) | 25 | 6% | 48% | | | 54% | 28% | 10% | 3% | 1% | 4% |
| Mortgage Loans3 (footnote: Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).) | 31 | 7% | 56% | | | | | | | | |
| Real Estate | 41 | 9% | 63% | | | | | | | | |
| Infrastructure Equity | 10 | 2% | 64% | | | | | | | | |
| Listed Equities4 (footnote: Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).) | 10 | 2% | 82% | | | | | | | | |
| Private Equity & Hedge Funds5 (footnote: Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).) | 23 | 5% | 55% | | | | | | | | |
| Cash | 19 | 4% | 50% | | | | | | | | |
| Policy Loans | 2 | 0% | 51% | | | | | | | | |
## Supplementary Info on Asset
### Government Bonds
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 | '''167''' | 6% | 12% | 6% | 5% | 8% | 3% | 6% | 9% | 10% | 8% | 13% | 15% |
### Corporate Bonds and Loans
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 (footnote: Includes REITS corporate bonds (Euro 3 billion).) | Energy | Financials | Industrial | Technology | Utilities | Other |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Industry | '''121''' | 2% | 6% | 4% | 11% | 29% | 1% | 28% | 6% | 2% | 8% | 3% |
### Corporate Bonds and Loans
Caption: Financials exposure by type
| EUR billion | Total | Banks | Non-Banks1 (footnote: Excluding Non-listed Equity.) |
| --- | --- | --- | --- |
| '''Total''' | '''33.4''' | '''27.5''' | '''6.0''' |
| Senior Unsecured Bonds | 29.8 | 24.3 | 5.5 |
| Subordinated Bonds2 (footnote: Includes AT1 (Euro 0.4 billion).) | 3.0 | 2.7 | 0.4 |
| Other | 0.6 | 0.5 | 0.1 |
### Listed Equities1
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 | '''10''' | 3% | 7% | 3% | 7% | 2% | 4% | 37% | 9% | 27% |
### Listed Equities1
Caption: Listed equities breakdown by industry (footnote: Including hedges.)
| EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Diversified | Energy | Financials | Funds | Industrial | Technology | Utilities | Other |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Industry | '''10''' | 5% | 11% | 9% | 14% | 3% | 0% | 20% | 6% | 12% | 17% | 1% | 0% |
### Real Estate
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 | '''41''' | 5% | 25% | 11% | 3% | 5% | 4% | 13% | 7% | 12% | 5% | 10% |
### Real Estate
Caption: Real estate breakdown by type
| EUR billion | Fair Value | Office | Residential | Industrial-Logistic | Retail | Others |
| --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Type | '''41''' | 33% | 22% | 15% | 12% | 18% |
### Private Equities1
Caption: Private equities breakdown by asset domiciliation
| EUR billion | Fair Value | Europe | Japan | United States | Other |
| --- | --- | --- | --- | --- | --- |
| Breakdown By Asset Domiciliation | '''17''' | 45% | 5% | 46% | 5% |
### Mortgage Loans1,2
Caption: Mortgage loans breakdown by type (footnote: Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).)
| EUR billion | Fair Value | Residential | Commercial (footnote: Loan to Value: 46%.) |
| --- | --- | --- | --- |
| Breakdown by Type | '''23''' | 69% | 31% |
## Shareholders Equity
Caption: Group share consolidated shareholders' equity rollforward
| EUR billion | FY25 |
| --- | --- |
| '''Shareholders' Equity at Beginning of the Period''' | '''49.9''' |
| Paid-in Capital | -4.9 |
| Treasury Shares | -0.1 |
| Other Comprehensive Income Arising from Defined Benefit Plans | -0.3 |
| Fair Value Recorded in Shareholders' Equity | 1.3 |
| Other Comprehensive Income Related to Invested Assets | -4.2 |
| Other Comprehensive Income Related to (re) Insurance Contracts | 5.4 |
| Impact of Currency Fluctuations | -3.5 |
| Undated Subordinated Debt (including interest charges) | -0.3 |
| Realized Gains on Equity through Retained Earnings | 0.1 |
| Dividends | -4.6 |
| Net Income for the Period | 9.8 |
| Other | -0.2 |
| '''Shareholders' Equity at End of the Period''' | '''47.2''' |
Caption: Group share consolidated shareholders' equity build-up
| EUR billion | FY24 | FY25 |
| --- | --- | --- |
| Paid-in Capital | 21.8 | 16.9 |
| Treasury Shares | -1.5 | -1.6 |
| Other Comprehensive Income Arising from Defined Benefit Plans | -2.4 | -2.8 |
| Other Comprehensive Income | -8.1 | -6.8 |
| Other Comprehensive Income Related to Invested Assets | -13.1 | -17.3 |
| Other Comprehensive Income Related to (re) Insurance Contracts | 5.0 | 10.5 |
| Translation Reserves | -1.1 | -4.6 |
| Undated Subordinated Debt | 4.8 | 4.6 |
| Retained Earnings | 36.5 | 41.4 |
| '''Total Shareholders' Equity at the End of the Period''' | '''49.9''' | '''47.2''' |
Caption: Book value per share and shareholders' equity plus CSM per share
| EUR | FY24 | FY25 |
| --- | --- | --- |
| '''Book Value per Share (footnote: Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.)''' | '''24.5''' | '''24.0''' |
| '''Shareholders' Equity + CSM per Share (footnote: Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.)''' | '''32.7''' | '''33.2''' |
Caption: Unrealized gains and losses on invested assets net of tax build-up
| EUR billion | FY24 | FY25 |
| --- | --- | --- |
| Government Bonds (recyclable) | -7.5 | -13.0 |
| Corporate Bonds (recyclable) | -4.1 | -3.0 |
| Cash Flow hedges (recyclable) | -3.5 | -3.3 |
| Equities (non-recyclable) | 2.3 | 2.1 |
| Others (recyclable) | -0.3 | -0.1 |
| '''Total Other Comprehensive Income Related to Invested Assets''' | '''-13.1''' | '''-17.3''' |
| Real Estate | 6.7 | 6.5 |
| Other Invested Assets Not Included in Shareholders' Equity | -0.6 | -0.1 |
| '''Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)''' | '''6.1''' | '''6.4''' |
| '''Total Unrealized Gains and Losses on Invested Assets (Net of Tax)''' | '''-7.0''' | '''-10.9''' |
## RoE & Gearing
Caption: Return on equity
| EUR billion | FY24 | FY25 | Change in % points (FY25 vs FY24) |
| --- | --- | --- | --- |
| '''Net Income ROE''' | '''14.8%''' | '''18.8%''' | '''3.9 pt''' |
| Net Income (footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).) | 7.7 | 9.6 | |
| Average Adjusted Shareholders' Equity (footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).) | 51.8 | 51.3 | |
| '''Underlying ROE''' | '''15.2%''' | '''16.0%''' | '''0.8 pt''' |
| Underlying Earnings (footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).) | 7.9 | 8.2 | |
| Average Adjusted Shareholders' Equity (footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).) | 51.8 | 51.3 | |
Caption: Consolidated financial structure and debt gearing
| EUR billion | FY24 | FY25 |
| --- | --- | --- |
| Financing Debt | 3.2 | 3.2 |
| Financing Debt Instrument Issued | 3.2 | 3.2 |
| Financing Debt Owed to Credit Institutions | 0.0 | 0.0 |
| Dated Subordinated Debt | 11.2 | 12.6 |
| Reversal of mark-to-market of interest rates derivatives | -0.1 | -0.1 |
| '''Total Gross Debt (A)''' | '''14.3''' | '''15.7''' |
| Undated Deeply Subordinated Notes (TSS) | 2.9 | 4.3 |
| Deeply Subordinated Notes (TSDI) | 1.9 | 0.3 |
| '''Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)''' | '''19.2''' | '''20.3''' |
| '''Shareholders' Equity (Including Non-Controlling Interests) (a) (C) (footnote: Shareholders' equity includes undated and deeply subordinated debts.)''' | '''52.5''' | '''49.6''' |
| '''Contractual Service Margin net of tax (D)''' | '''26.3''' | '''25.9''' |
| '''Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)''' | '''93.1''' | '''91.1''' |
| '''Debt Gearing (G) = (B) / (E)''' | '''20.6%''' | '''22.3%''' |
## Information on Solvency II
Caption: Solvency II rollforward
| EUR billion | FY24 | Regulatory & model changes | Normalized Capital Generation | Operating variance | Economic variance (incl. FX) | Dividend & share buy-backs | Debt | M&A, In-force and Other | FY25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Eligible Own Fund (EOF)''' | '''55.9''' | '''0.2''' | '''8.8''' | '''-0.4''' | '''-2.1''' | '''-6.0''' | '''1.6''' | '''-1.7''' | '''56.4''' |
| '''Solvency Capital Requirement (SCR)''' | '''25.9''' | '''0.0''' | '''0.6''' | '''0.0''' | '''-1.2''' | '''0.0''' | '''0.0''' | '''-0.2''' | '''25.2''' |
| '''Solvency II Ratio''' | '''216%''' | '''0%''' | '''28%''' | '''-1%''' | '''4%''' | '''-24%''' | '''6%''' | '''-5%''' | '''224%''' |
Caption: Eligible Own Fund tiering
| EUR billion | Total | Unrestricted Tier 1 | Restricted Tier 1 | Tier 2 | Tier 3 |
| --- | --- | --- | --- | --- | --- |
| '''EOF as of FY25''' | '''56.4''' | 39.6 | 4.7 | 11.6 | 0.4 |
| Insurance Sector | '''55.1''' | 38.4 | 4.7 | 11.6 | 0.4 |
| Ancillary | | | | | |
| Subject to Transitional Measures (footnote: Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.) | 2.4 | | 1.4 | 1.0 | |
| Other Financial Sectors | '''1.2''' | 1.2 | | | |
| '''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 applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.) | 4.5 | | 3.4 | 1.1 | |
| Other Financial Sectors | '''2.5''' | 2.5 | | | |
Caption: Solvency II key sensitivities
| EUR billion | FY24 | FY25 |
| --- | --- | --- |
| Interest Rate +50 bps | +2 pts | +2 pts |
| Interest Rate -50 bps | -4 pts | -1 pt |
| Corporate Spread +50bps | -1 pt | -1 pt |
| Euro Government Spreads +50bps | -10 pts | -7 pts |
| Credit Migration +20% | -4 pts | -4 pts |
| Listed Equities +25% | +0 pt | -1 pt |
| Listed Equities -25% | -3 pts | +2 pts |
| Private and Infrastructure Equity +25% | +13 pts | +14 pts |
| Private and Infrastructure Equity -25% | -15 pts | -19 pts |
| Inflation swap curve +50bps | -6 pts | -5 pts |
## IFRS17 SHE to Group EOF
Caption: Reconciliation IFRS17/9 shareholders' equity to Solvency II eligible own funds
| EUR billion | FY25 |
| --- | --- |
| '''IFRS SHAREHOLDERS' EQUITY''' | '''49.6''' |
| Contractual Service Margin (net of tax) | 25.9 |
| '''IFRS SHAREHOLDERS' EQUITY inc. CSM''' | '''75.5''' |
| Net URCG not included in Shareholders' Equity | 6.4 |
| Elimination Undated Subordinated Debts | -4.6 |
| Elimination Intangibles | -21.3 |
| Goodwill | -17.8 |
| others | -3.5 |
| '''IFRS TANGIBLE NET ASSET VALUE''' | '''56.0''' |
| Foreseeable dividends and distribution | -6.3 |
| Technical provision adjustments | -9.6 |
| Risk Margin vs Risk Adjustment | -6.4 |
| BEL adjustment | -3.2 |
| Other adjustments | -0.6 |
| '''UNRESTRICTED TIER 1''' | '''39.6''' |
| Restricted Tier 1 + Tier 2 | 16.4 |
| Tier 3 | 0.4 |
| '''GROUP ELIGIBLE OWN FUNDS''' | '''56.4''' |