---
source_file: tmpjvfmfox_.xlsx
source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx
doc_type: spreadsheet
title: AXA/2025/FY/Financial supplement
tables: 0
parsed_at: '2026-07-05T02:26:46Z'
---

## Market Data

###### 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 |

###### 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% |

###### 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

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

| EUR million — | Group 1H24 | Group FY24 | Group 1H25 | Group FY25 | Property & Casualty 1H24 | Property & Casualty FY24 | Property & Casualty 1H25 | Property & Casualty FY25 | Life & Health 1H24 | Life & Health FY24 | Life & Health 1H25 | Life & Health FY25 | Asset Management 1H24 | Asset Management FY24 | Asset Management 1H25 | Asset Management FY25 | Holdings 1H24 | Holdings FY24 | Holdings 1H25 | Holdings 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 | — | — | — | — | — | — | — | — |
| Short-term Business — Combined Ratio | — | — | — | — | 90.2% | 91.0% | 90.0% | 90.6% | 97.6% | 97.4% | 97.1% | 97.2% | — | — | — | — | — | — | — | — |
| Short-term Business — 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 | — | — | — | — | — | — | — | — |
| Long-term Business — 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 |
| Financial Result & Other — Other Revenues | 1,459 | 3,054 | 1,625 | 2,167 | — | — | — | — | — | — | — | — | 937 | 2,004 | 1,018 | 1,018 | 522 | 1,050 | 607 | 1,149 |
| Financial Result & Other — Other Expenses | -1,624 | -3,479 | -1,868 | -2,900 | — | — | — | — | — | — | — | — | -698 | -1,493 | -793 | -793 | -925 | -1,986 | -1,075 | -2,107 |
| Financial Result & Other — Debt Financing Charges | -471 | -948 | -452 | -928 | — | — | — | — | — | — | — | — | — | — | — | — | -471 | -948 | -452 | -928 |
| **Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — Income from Affiliates & Other | 122 | 218 | 111 | 168 | 2 | 3 | 1 | 3 | 103 | 186 | 101 | 157 | 16 | 29 | 8 | 8 | 0 | 0 | 0 | 0 |
| Financial Result & Other — Minority Interests | -89 | -179 | -101 | -199 | -56 | -106 | -63 | -111 | -27 | -60 | -34 | -85 | -6 | -13 | -4 | -4 | 0 | 0 | 0 | 0 |
| **Financial Result & Other — 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 |
| Financial Result & Other — Underlying Earnings Growth Rate (constant FX) | 4% | 7% | 6% | 6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Financial Result & Other — Underlying ROE** | 16.6% | 15.2% | 17.5% | 16.0% | — | 16.2% | — | 17.3% | — | 13.6% | — | 14.4% | — | 26.0% | — | n.a. | — | — | — | — |
| Financial Result & Other — Net Realized Capital Gains & Losses | 93 | 195 | 66 | 138 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other — Change in Fair Value of Assets & Derivatives | -43 | 83 | -467 | -813 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other — Amortization of customer intangibles | -50 | -131 | -48 | -86 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other — Integration and Restructuring Costs | -78 | -240 | -63 | -197 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other — Exceptional Items | -147 | -99 | -30 | 2,386 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Financial Result & Other — Net Income Group Share** | 4,020 | 7,886 | 3,922 | 9,797 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other — Deeply Subordinated and Undated Subordinated Debt Charges | -106 | -201 | -86 | -174 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Financial Result & Other — Underlying Earnings for EPS calculation** | 4,138 | 7,877 | 4,379 | 8,195 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Financial Result & Other — Net Income for EPS calculation** | 3,914 | 7,685 | 3,836 | 9,623 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |

## UE by Geography

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

| EUR million — | Group 1H24 | Group FY24 | Group 1H25 | Group FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | AXA IM 1H24 | AXA IM FY24 | AXA IM 1H25 | AXA IM FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other 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 |
| Long-term Business — 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| **Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| **Financial Result & Other — 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 |

###### Underlying earnings by line of business and geography

| EUR million — | Group 1H24 | Group FY24 | Group 1H25 | Group FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | AXA IM 1H24 | AXA IM FY24 | AXA IM 1H25 | AXA IM FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other 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 |
| Underlying Earnings by Line of Business — 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 |
| Underlying Earnings by Line of Business — Asset Management | 204 | 402 | 175 | 175 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 204 | 402 | 175 | 175 | — | — | — | — |
| Underlying Earnings by Line of Business — Holdings | -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

###### Basic number of shares rollforward

| — | Outstanding Shares Excluding Treasury Shares FY24 | Outstanding Shares Excluding Treasury Shares FY25 | Weighted Average Number FY24 | Weighted Average Number FY25 |
| --- | --- | --- | --- | --- |
| **Basic Number of Shares — As of Beginning of Period** | 2,226.2 | 2,175.4 | 2,226.2 | 2,175.4 |
| Basic Number of Shares — Increase of Capital Dedicated to Employees | 12.9 | 12.7 | 0.9 | 1.0 |
| Basic Number of Shares — Exercice of Stock-options | 2.6 | 1.1 | 1.4 | 0.6 |
| Basic Number of Shares — Other Movement of Treasury Shares | 4.6 | 4.2 | 17.5 | 6.3 |
| Basic Number of Shares — Capital Increase / (Decrease) | -70.9 | -138.0 | -55.2 | -64.9 |
| **Basic Number of Shares — As at End of Period** | 2,175.4 | 2,055.4 | — | — |
| **Basic Number of Shares — During the Period** | — | — | 2,190.8 | 2,118.3 |
| Fully Diluted Number of Shares — Stock Options | — | — | 0.8 | 0.6 |
| Fully Diluted Number of Shares — Performance Shares | — | — | 5.6 | 5.1 |
| **Fully Diluted Number of Shares — During the Period (A)** | — | — | 2,197.1 | 2,124.0 |
| Earnings Group Share: — Net Income | — | — | 7,886 | 9,797 |
| Earnings Group Share: — 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 |
| Earnings for EPS Calculation: — Underlying Earnings for EPS Calculation (C) | — | — | 7,877 | 8,195 |
| **Fully Diluted Euro per Share (EPS) — EPS (B/A)** | — | — | 3.50 | 4.53 |
| **Fully Diluted Euro per Share (EPS) — Underlying EPS (C/A)** | — | — | 3.59 | 3.86 |

## P&C UE by Sub LOB

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

| EUR million — | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | Commercial lines 1H24 | Commercial lines FY24 | Commercial lines 1H25 | Commercial lines FY25 | Personal lines 1H24 | Personal lines FY24 | Personal lines 1H25 | Personal lines FY25 | AXA XL Reinsurance 1H24 | AXA XL Reinsurance FY24 | AXA XL Reinsurance 1H25 | AXA XL Reinsurance FY25 | Intercompany eliminations 1H24 | Intercompany eliminations FY24 | Intercompany eliminations 1H25 | Intercompany eliminations 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 |
| Short-term Business — 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% | — | — | — | — |
| Short-term Business — 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% | — | — | — | — |
| Short-term Business — 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% | — | — | — | — |
| Short-term Business — 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% | — | — | — | — |
| Short-term Business — 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% | — | — | — | — |
| Short-term Business — 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% | — | — | — | — |
| Short-term Business — 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% | — | — | — | — |
| Short-term Business — 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 |
| 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| **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 |
| Debt Financing Charges — Tax | -1,046 | -1,952 | -1,074 | -2,060 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — Income from Affiliates & Other | 2 | 3 | 1 | 3 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — Minority Interests | -56 | -106 | -63 | -111 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Debt Financing Charges — Underlying Earnings Group share** | 2,908 | 5,510 | 3,067 | 5,872 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| **Debt Financing Charges — Closing Invested Assets** | 113,515 | 118,104 | 116,895 | 117,507 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — o/w VFA | 0 | 0 | 0 | 0 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — 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 |
| **For short-term business — 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

###### Property & casualty underlying earnings build-up by geography

| EUR million — | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL o/w AXA XL Insurance | AXA XL FY24 | AXA XL o/w AXA XL Insurance | AXA XL 1H25 | AXA XL o/w AXA XL Insurance | AXA XL FY25 | AXA XL o/w AXA XL Insurance | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other 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 |
| Short-term Business — 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% |
| Short-term Business — 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% |
| Short-term Business — 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% |
| Short-term Business — 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% |
| Short-term Business — 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% |
| Short-term Business — 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% |
| Short-term Business — 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% |
| Short-term Business — 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 |
| 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| **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 |
| Debt Financing Charges — 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 |
| Debt Financing Charges — 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 |
| Debt Financing Charges — 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 |
| **Debt Financing Charges — 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 |
| **For short-term business — 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

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

| EUR million — | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | Life 1H24 | Life FY24 | Life 1H25 | Life FY25 | Health 1H24 | Health FY24 | Health 1H25 | Health FY25 | Employee Benefits* (out of Total Life & Health) 1H24 | Employee Benefits* (out of Total Life & Health) FY24 | Employee Benefits* (out of Total Life & Health) 1H25 | Employee Benefits* (out of Total Life & Health) 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 |
| Short-term Business — 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% |
| Short-term Business — 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 |
| Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | -71 | -98 | -28 | -139 | 7 | 3 | -2 | -11 | 17 | 37 | 22 | 38 |
| Long-term Business — Actual vs. Expected Cash Flows | 9 | -15 | 12 | 39 | -4 | -33 | 10 | 37 | 13 | 18 | 2 | 2 | -3 | -2 | -5 | -8 |
| Long-term Business — Risk Adjustment Release | 30 | 59 | 44 | 72 | 25 | 51 | 37 | 59 | 4 | 8 | 7 | 13 | 2 | 4 | 7 | 8 |
| Long-term Business — Changes in Onerous Contracts | -32 | 6 | -12 | -29 | -30 | 9 | -10 | -25 | -1 | -2 | -2 | -4 | 0 | 0 | 0 | 0 |
| Long-term Business — 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — Insurance Finance Expenses | -783 | -1,551 | -767 | -1,538 | -705 | -1,410 | -697 | -1,405 | -78 | -140 | -69 | -133 | -144 | -272 | -141 | -281 |
| **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 |
| Debt Financing Charges — Tax | -412 | -874 | -462 | -800 | -316 | -635 | -329 | -584 | -96 | -239 | -133 | -216 | -46 | -111 | -64 | -110 |
| Debt Financing Charges — Income from Affiliates & Other | 103 | 186 | 101 | 157 | 101 | 182 | 93 | 154 | 2 | 4 | 8 | 2 | — | — | — | — |
| Debt Financing Charges — Minority Interests | -27 | -60 | -34 | -85 | -27 | -56 | -30 | -75 | 0 | -4 | -3 | -9 | — | — | — | — |
| **Debt Financing Charges — 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 |
| **Debt Financing Charges — Closing Invested Assets** | 329,460 | 345,008 | 338,447 | 334,840 | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — o/w VFA | 234,783 | 230,205 | 229,844 | 226,937 | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges — 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 | — | — | — | — |
| **For short-term business — 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 | — | — | — | — |
| For long-term business — 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 | — | — | — | — |
| For long-term business — 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 | — | — | — | — |
| For long-term business — 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

###### Life & health underlying earnings build-up by geography

| EUR million — | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other 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 |
| Short-term Business — 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% |
| Short-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| **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 |
| Debt Financing Charges — 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 |
| Debt Financing Charges — 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 |
| Debt Financing Charges — 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 |
| **Debt Financing Charges — 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 |
| **For short-term business — 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 |
| For long-term business — 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 |
| For long-term business — 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 |
| For long-term business — 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

###### Life underlying earnings build-up by geography

| EUR million — | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other 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 |
| Short-term Business — 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% |
| Short-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| **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 |
| Debt Financing Charges — 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 |
| Debt Financing Charges — 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 |
| Debt Financing Charges — 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 |
| **Debt Financing Charges — 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 |
| **For short-term business — 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 |
| For long-term business — 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 |
| For long-term business — 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 |
| For long-term business — 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

###### Health underlying earnings build-up by geography

| EUR million — | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other 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 |
| Short-term Business — 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% |
| Short-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Long-term Business — 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 |
| Financial Result & Other — 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 |
| Financial Result & Other — 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 |
| **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 |
| Debt Financing Charges — 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 |
| Debt Financing Charges — 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 |
| Debt Financing Charges — 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 |
| **Debt Financing Charges — 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 |
| **For short-term business — 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 |
| For long-term business — 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 |
| For long-term business — 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 |
| For long-term business — 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

###### Asset management opening AUM rollforward

| EUR million — | 1H24 Total | 1H24 o/w Third Party | FY24 Total | FY24 o/w Third Party | 1H25 Total | 1H25 o/w Third Party | FY25 Total | FY25 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

###### 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 |

###### Holdings cash balance rollforward

| EUR billion | 1H24 | FY24 | 1H25 | FY25 |
| --- | --- | --- | --- | --- |
| Opening Cash Balance at AXA SA | — | 4.0 | — | 4.0 |
| Net cash remittance from subsidiaries | — | 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 | — | -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 | — | 4.0 | — | 5.6 |

## Activity Indicators

###### Activity indicators by line of business build-up

| EUR million — | 1H24 Total | 1H24 P&C | 1H24 Life & Health | 1H24 o/w Employee Benefits | 1H24 Life | 1H24 Health | 1H24 Asset Management | 1H24 Bank | FY24 Total | FY24 P&C | FY24 Life & Health | FY24 o/w Employee Benefits | FY24 Life | FY24 Health | FY24 Asset Management | FY24 Bank | 1H25 Total | 1H25 P&C | 1H25 Life & Health | 1H25 o/w Employee Benefits | 1H25 Life | 1H25 Health | 1H25 Asset Management | 1H25 Bank | FY25 Total | FY25 P&C | FY25 Life & Health | FY25 o/w Employee Benefits | FY25 Life | FY25 Health | FY25 Asset Management | FY25 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 | 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% | — | — |

###### Activity indicators by geography build-up

| EUR million — | 1H24 Total | 1H24 France | 1H24 Europe | 1H24 AXA XL | 1H24 Asia, Africa & EME-LATAM | 1H24 AXA IM | 1H24 Transversal & Other | FY24 Total | FY24 France | FY24 Europe | FY24 AXA XL | FY24 Asia, Africa & EME-LATAM | FY24 AXA IM | FY24 Transversal & Other | 1H25 Total | 1H25 France | 1H25 Europe | 1H25 AXA XL | 1H25 Asia, Africa & EME-LATAM | 1H25 AXA IM | 1H25 Transversal & Other | FY25 Total | FY25 France | FY25 Europe | FY25 AXA XL | FY25 Asia, Africa & EME-LATAM | FY25 AXA IM | FY25 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 | 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

###### 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 |

###### 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

###### Contractual service margin rollforward, pre-tax and post-tax

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

###### 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 | 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

###### General account invested assets breakdown by asset class and rating

| EUR billion — | Fair value | Asset Allocation % | o/w Participating | Duration gap | Fair Value by Rating Average rating1 | Fair Value by Rating AAA | Fair Value by Rating AA | Fair Value by Rating A | Fair Value by Rating BBB | Fair Value by Rating Below Investment Grade | Fair Value by Rating Non Rated |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| General Account Invested Assets | 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 Securities | 25 | 6% | 48% | — | — | 54% | 28% | 10% | 3% | 1% | 4% |
| Mortgage Loans | 31 | 7% | 56% | — | — | — | — | — | — | — | — |
| Real Estate | 41 | 9% | 63% | — | — | — | — | — | — | — | — |
| Infrastructure Equity | 10 | 2% | 64% | — | — | — | — | — | — | — | — |
| Listed Equities | 10 | 2% | 82% | — | — | — | — | — | — | — | — |
| Private Equity & Hedge Funds | 23 | 5% | 55% | — | — | — | — | — | — | — | — |
| Cash | 19 | 4% | 50% | — | — | — | — | — | — | — | — |
| Policy Loans | 2 | 0% | 51% | — | — | — | — | — | — | — | — |

## Supplementary Info on Asset

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

| EUR billion | Fair Value | Belgium | France | Germany | Italy | Japan | Netherlands | Spain | Switzerland | United States | Other EU countries | Supranational | Rest of the World |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Geographical Exposure | 167 | 6% | 12% | 6% | 5% | 8% | 3% | 6% | 9% | 10% | 8% | 13% | 15% |

###### 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 | 121 | 2% | 6% | 4% | 11% | 29% | 1% | 28% | 6% | 2% | 8% | 3% |

###### Corporate bonds and loans exposure to financials by type (footnote: Includes REITS corporate bonds (Euro 3 billion).)

| EUR billion | Total | Banks | Non-Banks1 |
| --- | --- | --- | --- |
| **Total** | 33.4 | 27.5 | 6.0 |
| Senior Unsecured Bonds | 29.8 | 24.3 | 5.5 |
| Subordinated Bonds | 3.0 | 2.7 | 0.4 |
| Other | 0.6 | 0.5 | 0.1 |

###### 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 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 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 breakdown by type

| EUR billion | Fair Value | Office | Residential | Industrial-Logistic | Retail | Others |
| --- | --- | --- | --- | --- | --- | --- |
| Breakdown By Type | 41 | 33% | 22% | 15% | 12% | 18% |

###### Private equities breakdown by asset domiciliation (footnote: Excluding Non-listed Equity.)

| EUR billion | Fair Value | Europe | Japan | United States | Other |
| --- | --- | --- | --- | --- | --- |
| Breakdown By Asset Domiciliation | 17 | 45% | 5% | 46% | 5% |

###### Mortgage loans breakdown by type

| EUR billion | Fair Value | Residential | Commercial |
| --- | --- | --- | --- |
| Breakdown by Type | 23 | 69% | 31% |

## Shareholders Equity

###### Change in 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 |

###### 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 |

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

| EUR | FY24 | FY25 |
| --- | --- | --- |
| Book Value per Share | 24.5 | 24.0 |
| Shareholders' Equity + CSM per Share | 32.7 | 33.2 |

###### 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

###### Return on equity by type

| EUR billion | FY24 | FY25 | Change in % points (FY25 vs FY24) |
| --- | --- | --- | --- |
| **Net Income ROE** | 14.8% | 18.8% | 3.9 pt |
| Net Income | 7.7 | 9.6 | — |
| Average Adjusted Shareholders' Equity | 51.8 | 51.3 | — |
| **Underlying ROE** | 15.2% | 16.0% | 0.8 pt |
| Underlying Earnings | 7.9 | 8.2 | — |
| Average Adjusted Shareholders' Equity | 51.8 | 51.3 | — |

###### Debt gearing build-up

| 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) | 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

###### 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% |

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

| 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 | 2.4 | — | 1.4 | 1.0 | — |
| Ancillary — Other Financial Sectors | 1.2 | 1.2 | — | — | — |
| **Ancillary — EOF as of FY24** | 55.9 | 40.0 | 4.9 | 10.2 | 0.8 |
| Ancillary — Insurance Sector | 53.5 | 37.5 | 4.9 | 10.2 | 0.8 |
| Ancillary — Subject to Transitional Measures | 4.5 | — | 3.4 | 1.1 | — |
| Ancillary — Other Financial Sectors | 2.5 | 2.5 | — | — | — |

###### 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

###### Reconciliation IFRS 17/9 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 |