--- title: AXA/2025/Half-year earnings presentation source_file: tmphkr6w62c.pdf source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aN0eV55xUNkB1XGR_AXA_Half_Year_Results_2025.pdf doc_type: slides pages: 40 tables: 10 pictures: 40 parsed_at: '2026-06-05T12:34:37Z' --- ### Half Year 2025 Earnings Presentation August 1, 2025 **IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES** Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as 'expects', 'anticipates', 'may', 'plan' or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, 'would' and 'could' . Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA's control, and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this presentation. Please refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2024 (the ' 2024 Universal Registration Document') for a description of certain important factors, risks and uncertainties that may affect AXA's business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forwardlooking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations. In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures ('APMs'), used by Management in analyzing AXA's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA's results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS. 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Half-Year Financial Report as of June 30, 2025 (the ' 2025 Half-year Financial Report'), on the pages indicated under the heading 'Alternative Performance Measures' . For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in the 2024 Universal Registration Document. The 2025 Half-year Financial Report and the 2024 Universal Registration Document are available on the AXA Group website (www.axa.com). AXA's half-yearly financial statements for the six months ended June 30, 2025, were examined by the Board of Directors on July 31, 2025, and were subject to a limited review by AXA's statutory auditors, whose report was issued on August 1, 2025. Please see the Glossary for the definitions of terms used in this presentation and key qualifying information. ## Thomas Buberl, Group CEO 1H25 Highlights ### Thomas Buberl, Group CEO 1 1H25 Highlights ### Half Year 2025 | Continued strong delivery +7% Revenues vs. 1H24 High organic growth Consistent results +8% UEPS vs. 1H24 Attractive return on equity 17.5% ROE 1H25 220% Solvency II ratio 1H25 Strong balance sheet On track to achieve the key 'Unlock the Future' plan targets ### Consistent execution, in line with plan In Euro billion Underlying earnings Delivering high organic growth Consistent performance in operating businesses Investing to further scale the business +7% topline growth maintaining momentum across all lines Further margin improvement in P&C and Health and higher net flows in L&S Growth initiatives, expanding distribution footprint and Data & AI Change at constant FX. [Chart/image description:] The slide contains a bar chart titled "Underlying earnings" with the following data: - 1H24: 4.2 - 1H25: 4.5 There is an arrow indicating a +6% change from 1H24 to 1H25. **Attractive model, with clear drivers for sustainable growth in a changing environment** Balanced & diversified business Committed to disciplined capital deployment Activating levers for growth Rejuvenating Life & Savings business through revamped product range Achieving specialization in Health through services & vertical integration Expanding and diversifying distribution in P&C Transforming core capabilities through Data & AI Strengthening customer loyalty through tailored offerings and enhancing customer experience Euro 3.8 billion share buy-back launched to offset loss of AXA IM earnings 2 1. Excluding AXA IM revenues. [Chart/image description:] The slide contains a donut chart showing "Life & Health" and "Property & Casualty" with a total GWP of "€63bn". The chart is segmented by region: - France: 30% - AXA XL: 20% - Europe: 20% - Asia, Africa & EME-LATAM, Transversal: 30% ## Frédéric de Courtois Group Deputy CEO 1H25 Business Update ### Frédéric de Courtois Group Deputy CEO 1H25 Business Update ### Acquisition of Prima, the leading Direct player in Italy… €0.5bn Consideration for 51% of the company 1 ca.11x P/E 2 Fast-growing Motor franchise in Italy with leading position in new business Superior pricing model delivering attractive margins Multi-channel distribution through price comparison websites (40%), direct-to-site (30%) and multi-tied agents (30%) Lean tech-focused organization with a fully digitized platform +36% CAGR between 2021 and 2024 through superior customer selection Ranking 5 FY24 Motor market share in Italy 1. AXA will own 51% of the MGA and has a put/call option with an exercise price tied to Prima 's earnings granted on the remaining 49% currently held by the founder and management to be exercised in 2029 or 2030. 2. Taking into account the capital required to back the planned re-capture of premiums and underwriting margin currently earned by third party insurance carriers. 3. Italy only. [Chart/image description:] The slide contains a bar chart titled "FY24 Motor market share in Italy" with the following data: - Peer 1: #1, 25% - Peer 2: #2, 20% - Peer 3: #3, 15% - AXA + Prima: #4, 10% (represented by a solid blue bar) - AXA: #5, 5% (represented by a patterned blue bar) ### …strengthening our Direct franchise Expanding our customer reach by complementing our traditional distribution channels 1. Before the acquisition of Prima. [Chart/image description:] The slide contains a world map with a large arrow pointing from "€3.5bn FY24 GWP" to "€4.7bn GWP". The map highlights regions where AXA is "Active across 8 countries with top 3 position in 4 countries". The "€4.7bn GWP" is labeled "Including prima". ## Alban de Mailly Nesle Group CFO 1H25 Financial Performance ### Alban de Mailly Nesle Group CFO 1H25 Financial Performance **P&C | Growth in volumes in Personal lines with conducive pricing while maintaining pricing discipline in Commercial lines** In Euro billion GWP & Other Revenues Change at constant scope and FX. 1. Price effect. 2. Includes exposure adjustments and mix & other effects. [Chart/image description:] The slide contains a stacked bar chart titled "GWP & Other Revenues" showing data for 1H24 and 1H25, broken down by "Commercial lines", "AXA XL Reinsurance", and "Personal lines". - **1H24 Total:** 32.5 - Commercial lines: 20.0 - AXA XL Reinsurance: 1.6 - Personal lines: 10.9 - **1H25 Total:** 34.1 (Change: +6%) - Commercial lines: 21.2 (Change: +5%) - AXA XL Reinsurance: 2.0 (Change: +11%) - Personal lines: 10.9 (Change: +7%) The chart also includes columns for "Change", "o/w pricing¹", and "o/w volume²": - **Commercial lines:** - Change: +5% - o/w pricing¹: +3% - o/w volume²: +2% - **AXA XL Reinsurance:** - Change: +11% - o/w pricing¹: +0.5% - o/w volume²: +11% - **Personal lines:** - Change: +7% - o/w pricing¹: +6% - o/w volume²: +2% There are also three bullet points describing the changes: - Continued pricing momentum in Mid-market and SME - Disciplined growth and focus on retention at AXA XL Insurance - Growth supported by alternative capital - Favorable pricing trends and good growth in new contracts ### P&C | Attractive combined ratio at 90% Combined ratio Better undiscounted current year loss ratio excluding Nat Cat mainly from improved margin in Personal lines. Commercial lines margin remains attractive, including from disciplined cycle management at AXA XL Nat Cat charges below normalized load Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology Lower reliance on prior year reserve development Change on a reported basis. [Chart/image description:] The slide contains a stacked bar chart titled "Combined ratio" comparing 1H24 and 1H25. - **1H24:** 90.2% - Nat Cat: 3.6% - Undiscounted CY loss ratio (ex Nat Cat): 67.4% - Expense ratio: 24.7% - Prior year reserve development: -1.5% - Discount: -3.9% - **1H25:** 90.0% - Nat Cat: 3.5% - Undiscounted CY loss ratio (ex Nat Cat): 67.0% - Expense ratio: 24.5% - Prior year reserve development: -1.1% - Discount: -3.9% ### P&C | Earnings growth from higher underwriting result In Euro million Underlying Earnings Better underwriting result from higher volumes and improved all-year combined ratio Increase in investment income reflecting higher net cash flows and better reinvestment yields Unwind of discount of claims reserves, in line with expectations Change at constant FX. [Chart/image description:] The slide contains a waterfall chart showing "Underlying Earnings" in Euro million. - **1H24:** 2,908 - **Underwriting result:** +196 - **Investment income:** +181 - **Insurance finance expenses:** -114 - **Tax:** -49 - **Affiliates, FX & other:** -53 - **1H25:** 3,067 The "Underwriting result", "Investment income", "Insurance finance expenses", "Tax", and "Affiliates, FX & other" bars are grouped under "Financial result". **Life & Health | Continued momentum in premiums, strong improvement in net flows** In Euro billion o/w 1H25 Employee Benefits 1 Euro 7.2 billion (+4% vs. 1H24) Change at constant scope and FX. 1. Including both short-term and long-term Employee Benefits GWP and other revenues. [Chart/image description:] The slide contains three bar charts. **Chart 1: Life GWP & Other Revenues** - **1H24 Total:** 17.4 - Protection: 9.0 - Unit-linked: 4.4 - Capital light G/A: 2.7 - Traditional G/A: 1.3 - **1H25 Total:** 19.1 (Change: +9%) - Protection: 9.0 (Change: +9%) - Unit-linked: 4.4 (Change: +9%) - Capital light G/A: 4.7 (Change: +15%) - Traditional G/A: 1.0 (Change: -11%) **Chart 2: Health GWP & Other Revenues** - **1H24 Total:** 9.1 - Individual: 5.4 - Group: 3.7 - **1H25 Total:** 10.1 (Change: +6%) - Individual: 5.5 (Change: +7%) - Group: 4.7 (Change: +4%) **Chart 3: Net flows: €+3.6bn vs. €+0.0bn in 1H24** - Protection: +3.0 - Health: +1.5 - Unit-Linked: +0.4 - Capital light G/A: +1.3 - Traditional G/A: -2.6 ### Life & Health | Higher new business volumes in Savings In Euro billion Higher PVEP from higher volumes in Savings and Protection, partly offset by Health, mainly from France NBV impacted as strong sales in Savings and Protection were offset by unfavorable change in assumptions in Japan in the second half of 2024, and a negative mix effect in multinational Employee Benefits contracts Change at constant scope and FX. [Chart/image description:] The slide contains three bar charts. The first bar chart, titled "PVEP", shows values for 1H24 and 1H25. For 1H24: - Total PVEP is 25.6. - Protection & Health is 20.5. - Unit-Linked is 3.0. - Capital-light G/A is 1.6. - Traditional G/A is 0.5. For 1H25: - Total PVEP is 25.9, representing a +1% change from 1H24. - Protection & Health is 16.6, representing a -4% change from 1H24. - Unit-Linked is 3.6, representing a +11% change from 1H24. - Capital-light G/A is 4.5, representing a +13% change from 1H24. - Traditional G/A is 1.2, representing a -4% change from 1H24. The second bar chart, titled "NBV margin", shows values for 1H24 and 1H25. - For 1H24, the NBV margin is 4.7%. - For 1H25, the NBV margin is 4.6%, representing a -0.1pt change from 1H24. The third bar chart, titled "NBV", shows values for 1H24 and 1H25. - For 1H24, the NBV is 1.2. - For 1H25, the NBV is 1.2, representing a -2% change from 1H24. ### Life & Health | Normalized CSM growth from quality new business In Euro billion Contractual Service Margin rollforward Normalized CSM growth at 3% from higher new business CSM (+4%) Unfavorable FX mainly from HKD and JPY depreciation Change at constant scope and FX. [Chart/image description:] The slide contains a waterfall chart titled "Contractual Service Margin rollforward". - The starting value for FY24 is 33.9. - New business CSM adds +1.2. - Underlying return on in-force adds +0.7. - CSM release subtracts -1.4. - Economic variance subtracts -0.1. - Operating variance subtracts -0.1. - Affiliates, FX & other subtracts -1.0. - The ending value for 1H25 is 33.2. - The "Normalized CSM growth" is +3%. Below the waterfall chart, there are two data points: - o/w Life: 25.8 for FY24 and 25.2 for 1H25. - o/w Health: 7.7 for FY24 and 7.7 for 1H25. **Life & Health | Earnings growth supported by higher technical result In Euro million** Underlying Earnings in billions o/w Life o/w Health Higher technical result from better short-term result in Health reflecting pricing and underwriting actions, and claims management initiatives CSM release up 2% Higher financial result from better reinvestment yields Higher taxes due to higher pre-tax earnings combined with a one-off impact from an increase in corporate tax in Japan Change at constant FX [Chart/image description:] The slide contains a waterfall chart titled "Underlying Earnings". - The starting value for 1H24 is 1,725. - Technical result (incl. experience) adds +86. - CSM release adds +28. - Financial result adds +38. - Tax subtracts -51. - FX and other subtracts -12. - The ending value for 1H25 is 1,814, representing a +5% change from 1H24. - The 1H25 value of 1,814 is composed of Technical & financial results (781), CSM release (1,428), and Tax, FX & others (-394). Below the waterfall chart, there are two data points: - o/w Life: 1.4 for 1H24 and 1.4 for 1H25, representing a +3% vs. 1H24. - o/w Health: 0.3 for 1H24 and 0.4 for 1H25, representing a +15% vs. 1H24. ### UEPS growth at 8%, net income impacted by unfavorable FX In Euro billion Underlying earnings Net Income Strong performance from operating businesses Holdings cost flat vs 1H24 Unfavorable impact from FX Underlying earnings per share In Euro +6% from earnings growth +3% from capital management -1% from FX Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share. [Chart/image description:] The slide contains a bar chart titled "Underlying earnings per share". - For 1H24, the value is 1.87. - For 1H25, the value is 2.03, representing a +8% change from 1H24. | EUR bn | 1H24 | 1H25 | Change | | --- | --- | --- | --- | | Property & Casualty | 2.9 | 3.1 | +7% | | Life & Health | 1.7 | 1.8 | +5% | | Asset Management | 0.2 | 0.2 | -14% | | Holdings & other | -0.6 | -0.6 | - | | Underlying earnings | 4.2 | 4.5 | +6% | | Non-financial flows | -0.3 | -0.1 | | | Financial flows (incl. RCG) | +0.1 | -0.4 | | | Net income | 4.0 | 3.9 | -2% | **Shareholders' Equity reflecting payment of dividends, execution of share buy-backs, and the impact of unfavorable FX** In Euro billion Shareholders' equity 1 1. Shareholders' equity Group share [Chart/image description:] The slide contains a bar chart showing Shareholders' equity. - For FY24: - SHE (excl. OCI) is 58.0. - Net OCI is -8.1. - Total Shareholders' equity is 49.9. - SHE (excl. OCI & undated subordinated debt) is 53.2. - Debt gearing is 20.6%. - Underlying ROE is 15.2%. - For 1H25: - SHE (excl. OCI) is 52.7. - Net OCI is -7.2. - Total Shareholders' equity is 45.5. - SHE (excl. OCI & undated subordinated debt) is 47.0. - Debt gearing is 23.4%. - Underlying ROE is 17.5%.
| FY24 Shareholders' equity | 49.9 | | --- | --- | | Change in Net OCI | 0.9 | | Net income for the period | 3.9 | | Dividend | -4.6 | | Ordinary share buy-backs | -1.2 | | Net change in undated and deeply subordinated debt | 1.0 | | Forex | -3.4 | | Other | -1.0 | | 1H25 Shareholders' equity | 45.5 | ### Solvency II at 220% In Euro billion [Chart/image description:] The slide contains three waterfall charts and one bar chart. The first waterfall chart, titled "Eligible Own Funds (EOF)", shows values in Euro billion. - FY24: 55.9 - Change 1: -0.3 - Change 2: +4.8 - Change 3: -0.2 - Change 4: -3.3 - Change 5: -2.9 - Change 6: +1.4 - 1H25: 55.4 The second waterfall chart, titled "Solvency II ratio", shows values in percentage points. - FY24: 216% - Regulatory & model changes: -1pt - Normalized capital generation: +15pts - Operating variance: -1pt - Economic variance & FX: 0pt - Divided & annual share buy-back: -12pts - Management actions, debt & other: +3pts - 1H25: 220% The third waterfall chart, titled "Solvency Capital Requirement (SCR)", shows values in Euro billion. - FY24: 25.9 - Change 1: 0.0 - Change 2: +0.4 - Change 3: 0.0 - Change 4: -1.4 - Change 5: 0.0 - Change 6: +0.3 - 1H25: 25.2 The bar chart on the right is titled "Ratio as of June 30, 2025" and shows sensitivities in percentage points. The baseline is 220%. - Interest rate +50bps: +2 pts - Interest rate -50bps: -4 pts - Corporate spreads +50bps: -1 pt - Euro Sovereign spreads +50bps¹: -7 pts - Credit migration²: -4 pts - Listed Equity (excl. PE & Infra) +25%: 0 pt - Listed Equity (excl. PE & Infra) -25%: 0 pt - PE & Infra +25%: +13 pts - PE & Infra -25%: -15 pts - Inflation swap curve +50bps: -5 pts ## Thomas Buberl Group CEO Conclusion ### Thomas Buberl Group CEO Conclusion ### Conclusion Executing on priorities, with UEPS growth at the high end of the 6%-8% target range Activating levers for organic growth in a changing environment Diversified franchise, well positioned to deliver sustainable results Strategy to drive value creation for shareholders Confident in the delivery of our plan [Chart/image description:] The slide contains five bullet points, each preceded by a green checkmark icon. The last bullet point is visually emphasized by being placed inside a light blue rounded rectangle. ### August 1, 2025 Q&A Half Year 2025 Earnings ### AXA Investor Relations | Keep in touch Investor Relations +33 1 40 75 48 42 investor.relations@axa.com [Chart/image description:] The slide contains a "Contact us" section with the following information: - Investor Relations - Phone: +33 1 40 75 48 42 - Email: investor.relations@axa.com - "Follow us" section with social media icons for YouTube, Facebook, Instagram, X (formerly Twitter), LinkedIn, and a hand holding a plant icon, with the website www.axa.com.
| September 11 | Kepler Cheuvreux Conference | Paris | | --- | --- | --- | | September 15 | 2025 Investor Roundtable | London | | September 16 | Bank of America FinancialsCEO Conference | London | | October 31 | 9M25 Activity Indicators Release | Conference call | ### Appendices Half Year 2025 Earnings August 1, 2025 ### Gross financial debt and maturity breakdown as of June 30, 2025 In Euro billion [Chart/image description:] The slide contains three bar charts and one stacked bar chart. The stacked bar chart titled "Gross financial debt¹" shows: - FY24: Tier 1: 4.8, Tier 2: 10.8, Senior debt: 3.5. Total: 19.2. - 1H25: Tier 1: 5.8, Tier 2: 11.5, Senior debt: 3.5. Total: 20.7. - Debt gearing: FY24: 20.6%, 1H25: 23.4%. The bar chart titled "Contractual maturity breakdown" shows: - 2025: 0.5 - 2026: 0.5 - 2027: 0.5 - 2028: 0.5 - 2029: 0.5 - 2030: 0.9 - 2031-2039: 1.5 - >2040: 10.0 - Undated: 5.8 (Tier 1), 0.7 (Tier 2), 0.1 (Senior debt). Total: 6.6. The stacked bar chart titled "Economic maturity breakdown²" shows: - 2025: Tier 1: 1.0 - 2026: Tier 1: 0.1 - 2027: Tier 1: 2.4 - 2028: Tier 1: 0.2 - 2029: Tier 1: 2.0 - 2030: Tier 1: 0.9 - 2031-2039: Tier 1: 5.7, Tier 2: 1.5. Total: 7.2. - >2040: Tier 1: 0.5 - Undated: Tier 1: 4.1, Tier 2: 0.7, Senior debt: 0.1. Total: 4.9. - A note next to the "Undated" bar states "Undated debt excludes Tier 1 RT1". The legend for all charts indicates: - Tier 1 (dark blue) - Tier 2 (medium blue) - Senior debt (light blue) ### General Account Invested Assets 1. Other fixed income includes Asset Backed Securities (Euro 23 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 7 billion) 2. Previously included infrastructure equity 3. Includes hedges. Listed equities excluding hedges at Euro 13 billion Includes Private Equity (Euro 18 billion), Hedge Funds (Euro 4 billion) and Non-listed Equities (Euro 1 billion) 5. Please refer to the financial supplement for more details [Chart/image description:] The slide contains a donut chart and a table. The donut chart titled "1H25 Total General Account invested assets" shows: - Total: Euro 453 billion - Segments and their approximate visual proportions (clockwise from top): - Fixed income (dark blue, largest segment) - Real estate (dark teal) - Infrastructure equity (light teal) - Listed equities (light blue) - Private equity and hedge funds (light grey) - Cash (medium grey) - Policy loans (dark grey, smallest segment) The legend for the donut chart shows: - Fixed income (dark blue) - Real estate (dark teal) - Infrastructure equity (light teal) - Listed equities (light blue) - Private equity and hedge funds (light grey) - Cash (medium grey) - Policy loans (dark grey) The table titled "Invested assets (100%) In Euro billion" shows: - Fixed income: 348 (77%) - o/w Government bonds: 173 (38%) - o/w Corporate bonds and loans: 122 (27%) - o/w Other fixed income¹: 52 (12%) - Real estate²: 41 (9%) - Infrastructure equity: 11 (2%) - Listed equities³: 8 (2%) - Private equity and hedge funds⁴: 22 (5%) - Cash: 22 (5%) - Policy loans: 2 (0%) - Total Insurance Invested Assets⁵: 453 (100%)
| 1. | Debt and Invested Assets | p.28 | | --- | --- | --- | | 2. | Additional IFRS17 Disclosures | p.32 | | 3. | Sustainability | p.36 | ### Investment portfolio | Fixed Income reinvestment 1H25 Fixed Income reinvestment Government bonds & related (33%) - Average rating: AA Investment grade credit (44%)- Average rating: A ABS/CLO/IG fund financing (17%) Below investment grade credit (6%) 1H25 Fixed Income reinvestment yield Euro 28 billion fixed income invested at 3.9% Average duration of 9 years Includes Euro 7 billion of Alternatives invested at 4.9% (mainly CLOs, ABS, fund financing and Private HY) [Chart/image description:] The slide contains a donut chart and a bar chart. The donut chart titled "1H25 Fixed Income reinvestment" shows: - Total: Euro 28 billion - Segments and their approximate visual proportions (clockwise from top): - Government bonds & related (33%) - Average rating: AA (dark blue) - Investment grade credit (44%) - Average rating: A (medium blue) - ABS/CLO/IG fund financing (17%) (light blue) - Below investment grade credit (6%) (lightest blue) The bar chart titled "1H25 Fixed Income reinvestment yield" shows: - Core fixed income: 3.5% - Alternative fixed income: 4.9% - Total fixed income: 3.9% [Chart/image description:] The slide shows a table of contents with the following entries: 1. Debt and Invested Assets, p.28 3. Additional IFRS17 Disclosures, p.32 4. Sustainability, p.36 ### P&C | Focus on Reserves 1H25 reserve ratios impacted by FX movements and strong growth in net earned premiums Technical reserves ratio (Net undiscounted technical reserves 1 /Net earned premiums) 1. Includes undiscounted liabilities for incurred claims, liabilities for remaining coverage and risk adjustment, net of reinsurance. [Chart/image description:] The slide contains two bar charts. The first bar chart is titled "Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)". The x-axis represents fiscal years from FY18 to 1H25. The y-axis represents the ratio in percentage. The data points are: - FY18: 179% - FY19: 185% - FY20: 193% - FY21: 188% - FY22: 189% - FY22 (IFRS17): 198% - FY23 (IFRS17): 195% - FY24 (IFRS17): 180% - 1H25 (IFRS17): 177% The second bar chart is titled "Technical reserves ratio (Net undiscounted technical reserves /Net earned premiums)". The x-axis represents fiscal years from FY18 to 1H25. The y-axis represents the ratio in percentage. The data points are: - FY18: 213% - FY19: 227% - FY20: 233% - FY21: 226% - FY22: 227% - FY22 (IFRS17): 234% - FY23 (IFRS17): 232% - FY24 (IFRS17): 216% - 1H25 (IFRS17): 221% ### P&C | Margin Analysis Changes versus 1H24 at constant FX 1. Reinvestment yield on fixed income assets [Chart/image description:] The slide contains a process diagram with three main sections: "Technical Result", "Financial Result", and "Underlying Earnings before tax". **Technical Result** - **Current Accident Year Undiscounted Technical Margin** - 1H25: 1,416 - Change: +230 - Gross Earned Premiums: 28,697, +7% - Current Accident Year Undiscounted Combined Ratio: 95.1%, -0.5pt - o/w Net Cats: 3.5%, -0.1pt - **Current Accident Year Discounting** - 1H25: (values not provided in the image, only in the structured text) - Change: (values not provided in the image, only in the structured text) - Discounting Ratio (in Combined Ratio points): -3.9%, 0.0pt - Current Accident Year Net Claims reserves: €11.1bn - Duration: 3.9 years - Current Accident Year Discount rate: 2.8% - **Prior Years' Reserve Development (PYD)** - 1H25: 332 - Change: -102 - PYD ratio: -1.1%, +0.4pt **Financial Result** - **Investment Income** - 1H25: 2,088 - Change: +181 - 1H25 Average Assets: €116bn - Asset book yield: 3.6% - 1H25 Reinvestment yield: 4.3% - **Insurance Finance Expenses** - 1H25: -745 - Change: -114 - 1H25 Reserves at locked-in rate: €73bn - Liability book yield: 2.0% **Underlying Earnings before tax** - 1H25: 4,202 - Change: +262 - Tax: -1,074, -49 - Affiliates, Minority interests & Other: -62, -12 - Underlying Earnings: 3,067, +200 - Growth vs. 1H24 (at constant FX): +7% Arrows connect the "Technical Result" and "Financial Result" sections to the "Underlying Earnings before tax" section, indicating their contribution. Specifically, there are plus signs (+) on the arrows connecting "Current Accident Year Undiscounted Technical Margin", "Current Accident Year Discounting", "Prior Years' Reserve Development (PYD)", "Investment Income", and "Insurance Finance Expenses" to the final "Underlying Earnings before tax" calculation.
| EUR bn | 1H25 | % | | --- | --- | --- | | Fixed income | 348 | 77% | | o/w Governmentbonds | 173 | 38% | | o/w Corporate bonds andloans | 122 | 27% | | o/w Other fixed income 1 | 52 | 12% | | Real estate 2 | 41 | 9% | | Infrastructure equity | 11 | 2% | | Listed equities 3 | 8 | 2% | | Private equityandhedge funds 4 | 22 | 5% | | Cash | 22 | 5% | | Policy loans | 2 | 0% | | Total Insurance Invested Assets 5 | 453 | 100% | ### L&H | Margin Analysis Caption: Technical Result In Euro million, pre-tax - - - Caption: Financial Result In Euro million, pre-tax Changes versus 1H24 at constant FX 1. Reinvestment yield on fixed income assets. [Chart/image description:] The slide contains a process diagram with three main sections: "Technical Result", "Financial Result", and "Underlying Earnings before tax". **Technical Result** - **Short-term Technical Margin** - 1H25: 248 - Change: +56 - Gross Earned Premiums: 8,512, +9% - All Year Combined Ratio: 97.1%, -0.4pt - **Long-term Technical Margin** - 1H25: 1,398 - Change: +58 - CSM release: 1,428, +28 - Technical experience: -30, +30 **Financial Result** - **Investment Income (non-VFA only)** - 1H25: 1,329 - Change: +23 - 1H25 Average Assets: €97bn - Asset book yield: 2.7% - 1H25 Reinvestment yield: 3.7% - **Insurance Finance Expenses (non-VFA only)** - 1H25: -767 - Change: +15 - 1H25 Reserves at locked-in rate: €62bn - Liability book yield: 2.5% **Underlying Earnings before tax** - 1H25: 2,209 - Change: +152 - Tax: -462, -51 - Affiliates, Minority interests & Other: 67, -10 - Underlying Earnings: 1,814, +91 - Growth vs. 1H24 (at constant FX): +5% Arrows connect the "Technical Result" and "Financial Result" sections to the "Underlying Earnings before tax" section, indicating their contribution. Specifically, there are plus signs (+) on the arrows connecting "Short-term Technical Margin", "Long-term Technical Margin", "Investment Income (non-VFA only)", and "Insurance Finance Expenses (non-VFA only)" to the final "Underlying Earnings before tax" calculation.
| 1. | Debt and Invested Assets | p.28 | | --- | --- | --- | | 3. | Additional IFRS17 Disclosures | p.32 | | 4. | Sustainability | p.36 |
| EUR m | 1H25 | Change | | --- | --- | --- | | Tax | -1,074 | -49 | | Affiliates, Minority interests & Other | -62 | -12 | | Underlying Earnings | 3,067 | +200 | | Growthvs. 1H24 (at constant FX) | | +7% |
| | 1H25 | Change | | --- | --- | --- | | Short-term Technical Margin | 248 | +56 | | Gross Earned Premiums | 8,512 | +9% | | All Year Combined Ratio | 97.1% | -0.4pt |
| | 1H25 | Change | | --- | --- | --- | | Long-term Technical Margin | 1,398 | +58 | | CSM release | 1,428 | +28 | | Technical experience | -30 | +30 |
| | 1H25 | Change | | --- | --- | --- | | Investment Income (non-VFA only) | 1,329 | +23 | | 1H25 Average Assets | €97bn | | | Asset book yield | 2.7% | | | 1H25 Reinvestment yield 1 | 3.7% | | [Chart/image description:] The slide shows a table of contents with the following entries: 1. Debt and Invested Assets, p.28 3. Additional IFRS17 Disclosures, p.32 4. Sustainability, p.36 ### Sustainability Performance & Ratings Memberof DowJones SustainabilityIndices PoweredbytheS&PGlobalCSA 2024 ranking: 98 th percentile in Dow Jones Best-in-Class Europe & World indices 2024 score: AAA ESG Risk Rating: 16.3 -Low risk 1 2025 score: 4.3/5 in FTSE4Good Index Series 2024 score: C [Chart/image description:] The slide presents a visual overview of AXA's sustainability performance and ratings from various organizations. - **Dow Jones Sustainability Indices**: Logo displayed. Text indicates "Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA". - **MSCI**: Logo displayed. - **CDP**: Logo displayed. - **Morningstar Sustainalytics**: Logo displayed. - **FTSE Russell**: Logo displayed. Text indicates "An LSEG Business". The ratings are presented in distinct boxes associated with each organization: - **Dow Jones Sustainability Indices**: "2024 ranking: 98th percentile in Dow Jones Best-in-Class Europe & World indices". - **MSCI**: "2024 score: AAA". - **CDP**: "2024 score: C". - **Sustainalytics**: "ESG Risk Rating: 16.3 - Low risk". - **FTSE4Good Index Series**: "2025 score: 4.3/5 in FTSE4Good Index Series". The bottom right corner contains the AXA logo and the text "". ### August 1, 2025 Thank you Half Year 2025 Earnings ### Scope France: includes insurance activities, banking activities and holding Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium (insurance activities and holding) and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), and AXA Life Europe (insurance activities) AXA XL: includes insurance and reinsurance activities and holding Asia, Africa & EME-LATAM: includes (i) insurance activities and holding in Japan, insurance activities in Hong Kong, Thailand P&C, Indonesia L&S (excluding the bancassurance entity), China P&C, South Korea, and Asia Holding which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesian L&S and India (L&S insurance activities until March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) which are fully consolidated, (iii) Mexico (insurance activities), Colombia (insurance activities), Türkiye (insurance activities and holding) and Brazil (insurance activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to net income, (iv) AXA Mediterranean Holding Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA and other Central Holdings AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method ### Glossary (1/2) Building Block Approach (BBA): also referred to as 'General Measurement Model', compulsory measurement model for long-term non-participating business Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% Capital management policy: subject to annual Board and Shareholders' Annual General Meeting approvals and absent (i) for share buy-backs, any significant earnings event (i.e., significant deviation in the Group's UE) and (2) for dividends, the occurrence of a significant capital event (i.e., an event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment Commerciallines:excluding AXA XL Reinsurance Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period CSMreleaseratio:ratio of (i) CSM release to (ii) sum of opening CSM stock and all the movements of the rollforward (excluding CSM release) Current year undiscounted loss ratio (excl. Nat Cat): the ratio of undiscounted current year claims charges gross of reinsurance (excluding Nat Cat charges), plus undiscounted current year accident year result of reinsurance ceded plus change in loss component to current year revenues gross of reinsurance Economicvariance:corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force Eligible Own Funds ('EOF'): represents the surplus derived from a Solvency II balance sheet. EOF is defined as the excess of market value of assets over best estimate liabilities and risk margin as per Solvency II regulation Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow G/A: General Account Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) Key financial targets: (i) underlying earnings per share growth of 6-8% CAGR target range between 2023 and 2026E, (ii) underlying return on equity between 14% and 16% between 2024 and 2026E, and (iii) cumulative organic cash upstream in excess of Euro 21 billion for 2024-2026E. New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided NewBusinessValuemargin(NBVmargin):ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ### Glossary (2/2) Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance PremiumAllocationApproach(PAA):optional measurement model for short-term business Price effect: a percentage of total gross written premiums in the prior year Price increases on renewals: a percentage of renewed premiums Present value of expected premiums (PVEP): represents the new business volume, equal to the present value at time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share Solvency II ratio: is calculated as per Solvency II and is equal to EOF divided by SCR. It is estimated primarily using AXA's internal model calibrated based on an adverse 1/200-year shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). Solvency II sensitivities: are subject to important qualifications and assumptions. Please refer to Section C -Risk profile -Preliminary information - Sensitivity analyses of the AXA Group Solvency II ratio of AXA's Solvency and Financial Condition Report (SFCR) for the reporting period ended December 31, 2024 available on the AXA Group website (www.axa.com) Solvency Capital Requirement (SCR): the denominator of the Solvency II ratio, set at a level to ensure that insurers and reinsurers are able to meet their obligations towards policyholders and beneficiaries over the next 12 months, with a 99.5% probability. It can be calculated either based on the standard formula or an internal model Technical experience: consists of the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses Underlyingreturn on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance Variable Fee Approach (VFA): compulsory measurement model for long-term participating business