View source for AXA/2025/FY/Financial supplement

{{Infobox doc_archive
  | organization         = AXA
  | year                 = 2025
  | period               = FY
  | period_label         = FY25
  | document_category    = Financial supplement
  | document_name        = AXA FY 2025 Financial Supplement (Excel)
  | publication_date     = 2026-02-26
  | language             = English
  | pages                = 21
  | source_url           = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx
  | summary_md           = File:AXA-2025-FY-Financial_supplement.md
  | intro_sentence       = This article summarizes AXA's Financial supplement published on 2026-02-26 (21 pages).
  | wide                 = yes
  | document             = Document:AXA/2025/FY/Financial supplement
  | doc_id               = gr2rpazfcv
}}

''This article summarizes [[Definition:AXA|AXA]]'s Financial supplement published on 2026-02-26 (21 pages).''

{{chunk|doc=gr2rpazfcv|c=1|p=1}}
== Market Data ==

<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Exchange rate by currency
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Average 1H24
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | Average 1H25
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | USD
| style="text-align:right" | 1.07
| style="text-align:right" | 1.04
| style="text-align:right" | 1.17
| style="text-align:right" | 1.17
| style="text-align:right" | 1.08
| style="text-align:right" | 1.08
| style="text-align:right" | 1.09
| style="text-align:right" | 1.13
|-
| style="text-align:left" | JPY
| style="text-align:right" | 172
| style="text-align:right" | 163
| style="text-align:right" | 170
| style="text-align:right" | 184
| style="text-align:right" | 165
| style="text-align:right" | 164
| style="text-align:right" | 162
| style="text-align:right" | 169
|-
| style="text-align:left" | GBP
| style="text-align:right" | 0.85
| style="text-align:right" | 0.83
| style="text-align:right" | 0.86
| style="text-align:right" | 0.87
| style="text-align:right" | 0.85
| style="text-align:right" | 0.85
| style="text-align:right" | 0.84
| style="text-align:right" | 0.86
|-
| style="text-align:left" | CHF
| style="text-align:right" | 0.96
| style="text-align:right" | 0.94
| style="text-align:right" | 0.93
| style="text-align:right" | 0.93
| style="text-align:right" | 0.96
| style="text-align:right" | 0.95
| style="text-align:right" | 0.94
| style="text-align:right" | 0.94
|-
| style="text-align:left" | HKD
| style="text-align:right" | 8.37
| style="text-align:right" | 8.04
| style="text-align:right" | 9.21
| style="text-align:right" | 9.14
| style="text-align:right" | 8.45
| style="text-align:right" | 8.44
| style="text-align:right" | 8.53
| style="text-align:right" | 8.82
|}
</div>

<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Discount rate 5Y by currency
|-
! style="text-align:left" | %
! class="col-s" style="text-align:right" | Average 1H24
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | Average 1H25
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.79%
| style="text-align:right" | 2.84%
| style="text-align:right" | 2.57%
| style="text-align:right" | 2.59%
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.35%
| style="text-align:right" | 4.41%
| style="text-align:right" | 4.40%
| style="text-align:right" | 4.23%
|-
| style="text-align:left" | JPY
| style="text-align:right" | 0.22%
| style="text-align:right" | 0.42%
| style="text-align:right" | 0.89%
| style="text-align:right" | 1.01%
|-
| style="text-align:left" | GBP
| style="text-align:right" | 4.00%
| style="text-align:right" | 4.25%
| style="text-align:right" | 4.38%
| style="text-align:right" | 4.31%
|-
| style="text-align:left" | CHF
| style="text-align:right" | 1.05%
| style="text-align:right" | 0.82%
| style="text-align:right" | 0.18%
| style="text-align:right" | 0.16%
|-
| style="text-align:left" | HKD
| style="text-align:right" | 3.75%
| style="text-align:right" | 3.67%
| style="text-align:right" | 3.45%
| style="text-align:right" | 3.18%
|}
</div>

<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|+ Discount rate 10Y by currency
|-
! style="text-align:left" | %
! class="col-s" style="text-align:right" | Closing 1H24
! class="col-s" style="text-align:right" | Closing [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | Closing 1H25
! class="col-s" style="text-align:right" | Closing [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | EUR
| style="text-align:right" | 3.06%
| style="text-align:right" | 2.71%
| style="text-align:right" | 2.91%
| style="text-align:right" | 3.17%
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.54%
| style="text-align:right" | 4.66%
| style="text-align:right" | 4.43%
| style="text-align:right" | 4.45%
|-
| style="text-align:left" | JPY
| style="text-align:right" | 1.04%
| style="text-align:right" | 1.07%
| style="text-align:right" | 1.44%
| style="text-align:right" | 2.08%
|-
| style="text-align:left" | GBP
| style="text-align:right" | 4.27%
| style="text-align:right" | 4.48%
| style="text-align:right" | 4.56%
| style="text-align:right" | 4.55%
|-
| style="text-align:left" | CHF
| style="text-align:right" | 0.98%
| style="text-align:right" | 0.38%
| style="text-align:right" | 0.53%
| style="text-align:right" | 0.67%
|-
| style="text-align:left" | HKD
| style="text-align:right" | 3.79%
| style="text-align:right" | 3.91%
| style="text-align:right" | 3.02%
| style="text-align:right" | 3.21%
|}
</div>

{{chunk|doc=gr2rpazfcv|c=2|p=2}}
== UE by LOB and Net Income ==

<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Group [[Definition:Underlying earnings|underlying earnings]] build-up by [[Definition:Business mix|line of business]] and net income
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | [[Definition:AXA|Group]]
! colspan="4" style="text-align:center" | [[Definition:Property & casualty|Property &amp; Casualty]]
! colspan="4" style="text-align:center" | [[Definition:Life & health|Life &amp; Health]]
! colspan="4" style="text-align:center" | [[Definition:AXA Investment Managers|Asset Management]] {{fn ref|1|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | Holdings {{fn ref|2|2=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.}}
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Short-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 35,273
| style="text-align:right" | 72,104
| style="text-align:right" | 37,209
| style="text-align:right" | 75,071
| style="text-align:right" | 27,294
| style="text-align:right" | 55,898
| style="text-align:right" | 28,697
| style="text-align:right" | 57,656
| style="text-align:right" | 7,979
| style="text-align:right" | 16,207
| style="text-align:right" | 8,512
| style="text-align:right" | 17,416
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.0%
| style="text-align:right" | 90.6%
| style="text-align:right" | 97.6%
| style="text-align:right" | 97.4%
| style="text-align:right" | 97.1%
| style="text-align:right" | 97.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 2,877
| style="text-align:right" | 5,421
| style="text-align:right" | 3,107
| style="text-align:right" | 5,888
| style="text-align:right" | 2,682
| style="text-align:right" | 5,006
| style="text-align:right" | 2,859
| style="text-align:right" | 5,409
| style="text-align:right" | 195
| style="text-align:right" | 415
| style="text-align:right" | 248
| style="text-align:right" | 479
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Long-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Financial Result &amp; Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 2,064
| style="text-align:right" | 3,971
| style="text-align:right" | 2,148
| style="text-align:right" | 4,013
| style="text-align:right" | 1,324
| style="text-align:right" | 2,559
| style="text-align:right" | 1,343
| style="text-align:right" | 2,631
| style="text-align:right" | 536
| style="text-align:right" | 975
| style="text-align:right" | 563
| style="text-align:right" | 946
| style="text-align:right" | 24
| style="text-align:right" | 35
| style="text-align:right" | 14
| style="text-align:right" | 14
| style="text-align:right" | 181
| style="text-align:right" | 402
| style="text-align:right" | 228
| style="text-align:right" | 422
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | 1,459
| style="text-align:right" | 3,054
| style="text-align:right" | 1,625
| style="text-align:right" | 2,167
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 937
| style="text-align:right" | 2,004
| style="text-align:right" | 1,018
| style="text-align:right" | 1,018
| style="text-align:right" | 522
| style="text-align:right" | 1,050
| style="text-align:right" | 607
| style="text-align:right" | 1,149
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | -1,624
| style="text-align:right" | -3,479
| style="text-align:right" | -1,868
| style="text-align:right" | -2,900
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -698
| style="text-align:right" | -1,493
| style="text-align:right" | -793
| style="text-align:right" | -793
| style="text-align:right" | -925
| style="text-align:right" | -1,986
| style="text-align:right" | -1,075
| style="text-align:right" | -2,107
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | -471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] Before Tax</b>
| style="text-align:right" | <b>5,638</b>
| style="text-align:right" | <b>10,700</b>
| style="text-align:right" | <b>5,958</b>
| style="text-align:right" | <b>11,044</b>
| style="text-align:right" | <b>4,006</b>
| style="text-align:right" | <b>7,565</b>
| style="text-align:right" | <b>4,202</b>
| style="text-align:right" | <b>8,040</b>
| style="text-align:right" | <b>2,061</b>
| style="text-align:right" | <b>4,070</b>
| style="text-align:right" | <b>2,209</b>
| style="text-align:right" | <b>4,229</b>
| style="text-align:right" | <b>263</b>
| style="text-align:right" | <b>546</b>
| style="text-align:right" | <b>239</b>
| style="text-align:right" | <b>239</b>
| style="text-align:right" | <b>-693</b>
| style="text-align:right" | <b>-1,482</b>
| style="text-align:right" | <b>-692</b>
| style="text-align:right" | <b>-1,464</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | -1,427
| style="text-align:right" | -2,662
| style="text-align:right" | -1,503
| style="text-align:right" | -2,644
| style="text-align:right" | -1,046
| style="text-align:right" | -1,952
| style="text-align:right" | -1,074
| style="text-align:right" | -2,060
| style="text-align:right" | -412
| style="text-align:right" | -874
| style="text-align:right" | -462
| style="text-align:right" | -800
| style="text-align:right" | -69
| style="text-align:right" | -160
| style="text-align:right" | -68
| style="text-align:right" | -68
| style="text-align:right" | 100
| style="text-align:right" | 324
| style="text-align:right" | 101
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 122
| style="text-align:right" | 218
| style="text-align:right" | 111
| style="text-align:right" | 168
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | 103
| style="text-align:right" | 186
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | 16
| style="text-align:right" | 29
| style="text-align:right" | 8
| style="text-align:right" | 8
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -89
| style="text-align:right" | -179
| style="text-align:right" | -101
| style="text-align:right" | -199
| style="text-align:right" | -56
| style="text-align:right" | -106
| style="text-align:right" | -63
| style="text-align:right" | -111
| style="text-align:right" | -27
| style="text-align:right" | -60
| style="text-align:right" | -34
| style="text-align:right" | -85
| style="text-align:right" | -6
| style="text-align:right" | -13
| style="text-align:right" | -4
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings Group Share]]</b>
| style="text-align:right" | <b>4,244</b>
| style="text-align:right" | <b>8,078</b>
| style="text-align:right" | <b>4,465</b>
| style="text-align:right" | <b>8,368</b>
| style="text-align:right" | <b>2,908</b>
| style="text-align:right" | <b>5,510</b>
| style="text-align:right" | <b>3,067</b>
| style="text-align:right" | <b>5,872</b>
| style="text-align:right" | <b>1,725</b>
| style="text-align:right" | <b>3,323</b>
| style="text-align:right" | <b>1,814</b>
| style="text-align:right" | <b>3,501</b>
| style="text-align:right" | <b>204</b>
| style="text-align:right" | <b>402</b>
| style="text-align:right" | <b>175</b>
| style="text-align:right" | <b>175</b>
| style="text-align:right" | <b>-592</b>
| style="text-align:right" | <b>-1,157</b>
| style="text-align:right" | <b>-591</b>
| style="text-align:right" | <b>-1,180</b>
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Growth Rate (constant [[Definition:Foreign exchange|FX]])
| style="text-align:right" | 4%
| style="text-align:right" | 7%
| style="text-align:right" | 6%
| style="text-align:right" | 6%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Underlying ROE</b>
| style="text-align:right" | <b>16.6%</b>
| style="text-align:right" | <b>15.2%</b>
| style="text-align:right" | <b>17.5%</b>
| style="text-align:right" | <b>16.0%</b>
| style="text-align:right" | —
| style="text-align:right" | <b>16.2%</b>
| style="text-align:right" | —
| style="text-align:right" | <b>17.3%</b>
| style="text-align:right" | —
| style="text-align:right" | <b>13.6%</b>
| style="text-align:right" | —
| style="text-align:right" | <b>14.4%</b>
| style="text-align:right" | —
| style="text-align:right" | <b>26.0%</b>
| style="text-align:right" | —
| style="text-align:right" | <b>n.a.</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Realized Capital Gains &amp; Losses
| style="text-align:right" | 93
| style="text-align:right" | 195
| style="text-align:right" | 66
| style="text-align:right" | 138
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Change in Fair Value of Assets &amp; Derivatives
| style="text-align:right" | -43
| style="text-align:right" | 83
| style="text-align:right" | -467
| style="text-align:right" | -813
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Amortization of customer intangibles
| style="text-align:right" | -50
| style="text-align:right" | -131
| style="text-align:right" | -48
| style="text-align:right" | -86
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Integration and Restructuring Costs
| style="text-align:right" | -78
| style="text-align:right" | -240
| style="text-align:right" | -63
| style="text-align:right" | -197
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Exceptional Items
| style="text-align:right" | -147
| style="text-align:right" | -99
| style="text-align:right" | -30
| style="text-align:right" | 2,386
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Net Income Group Share</b>
| style="text-align:right" | <b>4,020</b>
| style="text-align:right" | <b>7,886</b>
| style="text-align:right" | <b>3,922</b>
| style="text-align:right" | <b>9,797</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Deeply Subordinated and Undated Subordinated Debt Charges
| style="text-align:right" | -106
| style="text-align:right" | -201
| style="text-align:right" | -86
| style="text-align:right" | -174
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] for EPS calculation</b>
| style="text-align:right" | <b>4,138</b>
| style="text-align:right" | <b>7,877</b>
| style="text-align:right" | <b>4,379</b>
| style="text-align:right" | <b>8,195</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Net Income for EPS calculation</b>
| style="text-align:right" | <b>3,914</b>
| style="text-align:right" | <b>7,685</b>
| style="text-align:right" | <b>3,836</b>
| style="text-align:right" | <b>9,623</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

{{fn note|1=1|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
{{fn note|1=2|2=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.}}

{{chunk|doc=gr2rpazfcv|c=3|p=3}}
== UE by Geography ==

<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ [[Definition:Underlying earnings|Underlying earnings]] build-up by geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | [[Definition:AXA|Group]]
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Investment Managers|AXA IM]] {{fn ref|3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Short-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 35,273
| style="text-align:right" | 72,104
| style="text-align:right" | 37,209
| style="text-align:right" | 75,071
| style="text-align:right" | 9,046
| style="text-align:right" | 18,698
| style="text-align:right" | 9,567
| style="text-align:right" | 19,555
| style="text-align:right" | 11,839
| style="text-align:right" | 24,005
| style="text-align:right" | 12,661
| style="text-align:right" | 25,724
| style="text-align:right" | 9,022
| style="text-align:right" | 18,530
| style="text-align:right" | 9,428
| style="text-align:right" | 18,699
| style="text-align:right" | 4,312
| style="text-align:right" | 8,750
| style="text-align:right" | 4,478
| style="text-align:right" | 8,986
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,053
| style="text-align:right" | 2,122
| style="text-align:right" | 1,075
| style="text-align:right" | 2,107
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 2,877
| style="text-align:right" | 5,421
| style="text-align:right" | 3,107
| style="text-align:right" | 5,888
| style="text-align:right" | 692
| style="text-align:right" | 1,470
| style="text-align:right" | 658
| style="text-align:right" | 1,485
| style="text-align:right" | 998
| style="text-align:right" | 1,957
| style="text-align:right" | 1,176
| style="text-align:right" | 2,357
| style="text-align:right" | 1,111
| style="text-align:right" | 1,820
| style="text-align:right" | 1,074
| style="text-align:right" | 1,928
| style="text-align:right" | 70
| style="text-align:right" | 81
| style="text-align:right" | 150
| style="text-align:right" | 9
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 6
| style="text-align:right" | 93
| style="text-align:right" | 49
| style="text-align:right" | 109
|-
| style="text-align:left" | <b>Long-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | 407
| style="text-align:right" | 823
| style="text-align:right" | 419
| style="text-align:right" | 895
| style="text-align:right" | 468
| style="text-align:right" | 920
| style="text-align:right" | 471
| style="text-align:right" | 984
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 516
| style="text-align:right" | 1,029
| style="text-align:right" | 538
| style="text-align:right" | 1,074
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | -40
| style="text-align:right" | -96
| style="text-align:right" | -37
| style="text-align:right" | -81
| style="text-align:right" | -11
| style="text-align:right" | -8
| style="text-align:right" | 8
| style="text-align:right" | -70
| style="text-align:right" | 3
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | -5
| style="text-align:right" | -17
| style="text-align:right" | 7
| style="text-align:right" | -1
| style="text-align:right" | 6
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | <b>Financial Result &amp; Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 2,064
| style="text-align:right" | 3,971
| style="text-align:right" | 2,148
| style="text-align:right" | 4,013
| style="text-align:right" | 350
| style="text-align:right" | 613
| style="text-align:right" | 380
| style="text-align:right" | 667
| style="text-align:right" | 784
| style="text-align:right" | 1,486
| style="text-align:right" | 765
| style="text-align:right" | 1,398
| style="text-align:right" | 283
| style="text-align:right" | 616
| style="text-align:right" | 308
| style="text-align:right" | 651
| style="text-align:right" | 382
| style="text-align:right" | 741
| style="text-align:right" | 425
| style="text-align:right" | 782
| style="text-align:right" | 24
| style="text-align:right" | 35
| style="text-align:right" | 14
| style="text-align:right" | 14
| style="text-align:right" | 241
| style="text-align:right" | 480
| style="text-align:right" | 255
| style="text-align:right" | 502
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | 1,459
| style="text-align:right" | 3,054
| style="text-align:right" | 1,625
| style="text-align:right" | 2,167
| style="text-align:right" | 53
| style="text-align:right" | 108
| style="text-align:right" | 44
| style="text-align:right" | 91
| style="text-align:right" | -18
| style="text-align:right" | -32
| style="text-align:right" | -8
| style="text-align:right" | -12
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -3
| style="text-align:right" | 937
| style="text-align:right" | 2,004
| style="text-align:right" | 1,018
| style="text-align:right" | 1,018
| style="text-align:right" | 488
| style="text-align:right" | 974
| style="text-align:right" | 573
| style="text-align:right" | 1,073
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | -1,624
| style="text-align:right" | -3,479
| style="text-align:right" | -1,868
| style="text-align:right" | -2,900
| style="text-align:right" | -83
| style="text-align:right" | -180
| style="text-align:right" | -79
| style="text-align:right" | -168
| style="text-align:right" | -10
| style="text-align:right" | -25
| style="text-align:right" | -6
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -9
| style="text-align:right" | -20
| style="text-align:right" | -14
| style="text-align:right" | -26
| style="text-align:right" | -698
| style="text-align:right" | -1,493
| style="text-align:right" | -793
| style="text-align:right" | -793
| style="text-align:right" | -823
| style="text-align:right" | -1,761
| style="text-align:right" | -976
| style="text-align:right" | -1,910
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | -471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -16
| style="text-align:right" | -33
| style="text-align:right" | -16
| style="text-align:right" | -32
| style="text-align:right" | -7
| style="text-align:right" | -12
| style="text-align:right" | -4
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -447
| style="text-align:right" | -902
| style="text-align:right" | -431
| style="text-align:right" | -887
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] Before Tax</b>
| style="text-align:right" | <b>5,638</b>
| style="text-align:right" | <b>10,700</b>
| style="text-align:right" | <b>5,958</b>
| style="text-align:right" | <b>11,044</b>
| style="text-align:right" | <b>1,380</b>
| style="text-align:right" | <b>2,738</b>
| style="text-align:right" | <b>1,384</b>
| style="text-align:right" | <b>2,888</b>
| style="text-align:right" | <b>2,210</b>
| style="text-align:right" | <b>4,297</b>
| style="text-align:right" | <b>2,406</b>
| style="text-align:right" | <b>4,651</b>
| style="text-align:right" | <b>1,385</b>
| style="text-align:right" | <b>2,409</b>
| style="text-align:right" | <b>1,366</b>
| style="text-align:right" | <b>2,543</b>
| style="text-align:right" | <b>935</b>
| style="text-align:right" | <b>1,826</b>
| style="text-align:right" | <b>1,093</b>
| style="text-align:right" | <b>1,835</b>
| style="text-align:right" | <b>263</b>
| style="text-align:right" | <b>546</b>
| style="text-align:right" | <b>239</b>
| style="text-align:right" | <b>239</b>
| style="text-align:right" | <b>-535</b>
| style="text-align:right" | <b>-1,116</b>
| style="text-align:right" | <b>-530</b>
| style="text-align:right" | <b>-1,113</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | -1,427
| style="text-align:right" | -2,662
| style="text-align:right" | -1,503
| style="text-align:right" | -2,644
| style="text-align:right" | -350
| style="text-align:right" | -676
| style="text-align:right" | -308
| style="text-align:right" | -665
| style="text-align:right" | -536
| style="text-align:right" | -1,004
| style="text-align:right" | -568
| style="text-align:right" | -1,039
| style="text-align:right" | -355
| style="text-align:right" | -588
| style="text-align:right" | -342
| style="text-align:right" | -650
| style="text-align:right" | -205
| style="text-align:right" | -443
| style="text-align:right" | -294
| style="text-align:right" | -434
| style="text-align:right" | -69
| style="text-align:right" | -160
| style="text-align:right" | -68
| style="text-align:right" | -68
| style="text-align:right" | 88
| style="text-align:right" | 209
| style="text-align:right" | 76
| style="text-align:right" | 212
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 122
| style="text-align:right" | 218
| style="text-align:right" | 111
| style="text-align:right" | 168
| style="text-align:right" | 4
| style="text-align:right" | 9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 102
| style="text-align:right" | 181
| style="text-align:right" | 103
| style="text-align:right" | 160
| style="text-align:right" | 16
| style="text-align:right" | 29
| style="text-align:right" | 8
| style="text-align:right" | 8
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -89
| style="text-align:right" | -179
| style="text-align:right" | -101
| style="text-align:right" | -199
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -48
| style="text-align:right" | -105
| style="text-align:right" | -56
| style="text-align:right" | -126
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -34
| style="text-align:right" | -60
| style="text-align:right" | -39
| style="text-align:right" | -68
| style="text-align:right" | -6
| style="text-align:right" | -13
| style="text-align:right" | -4
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -2
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings Group share]]</b>
| style="text-align:right" | <b>4,244</b>
| style="text-align:right" | <b>8,078</b>
| style="text-align:right" | <b>4,465</b>
| style="text-align:right" | <b>8,368</b>
| style="text-align:right" | <b>1,034</b>
| style="text-align:right" | <b>2,071</b>
| style="text-align:right" | <b>1,076</b>
| style="text-align:right" | <b>2,224</b>
| style="text-align:right" | <b>1,626</b>
| style="text-align:right" | <b>3,187</b>
| style="text-align:right" | <b>1,782</b>
| style="text-align:right" | <b>3,486</b>
| style="text-align:right" | <b>1,030</b>
| style="text-align:right" | <b>1,820</b>
| style="text-align:right" | <b>1,024</b>
| style="text-align:right" | <b>1,893</b>
| style="text-align:right" | <b>798</b>
| style="text-align:right" | <b>1,504</b>
| style="text-align:right" | <b>862</b>
| style="text-align:right" | <b>1,493</b>
| style="text-align:right" | <b>204</b>
| style="text-align:right" | <b>402</b>
| style="text-align:right" | <b>175</b>
| style="text-align:right" | <b>175</b>
| style="text-align:right" | <b>-447</b>
| style="text-align:right" | <b>-907</b>
| style="text-align:right" | <b>-455</b>
| style="text-align:right" | <b>-903</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ [[Definition:Underlying earnings|Underlying earnings]] by [[Definition:Business mix|line of business]] and geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | [[Definition:AXA|Group]]
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Investment Managers|AXA IM]] {{fn ref|3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] by [[Definition:Business mix|Line of Business]]</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Property & casualty|Property &amp; Casualty]]
| style="text-align:right" | 2,908
| style="text-align:right" | 5,510
| style="text-align:right" | 3,067
| style="text-align:right" | 5,872
| style="text-align:right" | 539
| style="text-align:right" | 1,161
| style="text-align:right" | 574
| style="text-align:right" | 1,237
| style="text-align:right" | 1,073
| style="text-align:right" | 2,029
| style="text-align:right" | 1,152
| style="text-align:right" | 2,216
| style="text-align:right" | 1,032
| style="text-align:right" | 1,828
| style="text-align:right" | 1,032
| style="text-align:right" | 1,913
| style="text-align:right" | 194
| style="text-align:right" | 334
| style="text-align:right" | 233
| style="text-align:right" | 355
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 70
| style="text-align:right" | 158
| style="text-align:right" | 75
| style="text-align:right" | 151
|-
| style="text-align:left" | [[Definition:Life & health|Life &amp; Health]]
| style="text-align:right" | 1,725
| style="text-align:right" | 3,323
| style="text-align:right" | 1,814
| style="text-align:right" | 3,501
| style="text-align:right" | 519
| style="text-align:right" | 964
| style="text-align:right" | 524
| style="text-align:right" | 1,039
| style="text-align:right" | 559
| style="text-align:right" | 1,104
| style="text-align:right" | 616
| style="text-align:right" | 1,264
| style="text-align:right" | 14
| style="text-align:right" | 25
| style="text-align:right" | 8
| style="text-align:right" | 12
| style="text-align:right" | 627
| style="text-align:right" | 1,211
| style="text-align:right" | 653
| style="text-align:right" | 1,165
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 22
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|Asset Management]]
| style="text-align:right" | 204
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 204
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Holdings {{fn ref|4|2=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.}}
| style="text-align:right" | -592
| style="text-align:right" | -1,157
| style="text-align:right" | -591
| style="text-align:right" | -1,180
| style="text-align:right" | -24
| style="text-align:right" | -54
| style="text-align:right" | -23
| style="text-align:right" | -52
| style="text-align:right" | -6
| style="text-align:right" | 54
| style="text-align:right" | 14
| style="text-align:right" | 6
| style="text-align:right" | -16
| style="text-align:right" | -33
| style="text-align:right" | -16
| style="text-align:right" | -32
| style="text-align:right" | -23
| style="text-align:right" | -41
| style="text-align:right" | -24
| style="text-align:right" | -26
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -524
| style="text-align:right" | -1,083
| style="text-align:right" | -543
| style="text-align:right" | -1,076
|}
</div>

{{fn note|1=3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
{{fn note|1=4|2=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.}}

{{chunk|doc=gr2rpazfcv|c=4|p=4}}
== Shares & UEPS ==

<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|+ Basic number of shares rollforward
|-
! style="text-align:left" | million
! colspan="2" style="text-align:center" | Outstanding Shares Excluding Treasury Shares {{fn ref|5|2=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}
! colspan="2" style="text-align:center" | Weighted Average Number
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Basic Number of Shares</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>As of Beginning of Period</b>
| style="text-align:right" | <b>2,226.2</b>
| style="text-align:right" | <b>2,175.4</b>
| style="text-align:right" | <b>2,226.2</b>
| style="text-align:right" | <b>2,175.4</b>
|-
| style="text-align:left" | Increase of Capital Dedicated to Employees
| style="text-align:right" | 12.9
| style="text-align:right" | 12.7
| style="text-align:right" | 0.9
| style="text-align:right" | 1.0
|-
| style="text-align:left" | Exercice of Stock-options
| style="text-align:right" | 2.6
| style="text-align:right" | 1.1
| style="text-align:right" | 1.4
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Other Movement of Treasury Shares
| style="text-align:right" | 4.6
| style="text-align:right" | 4.2
| style="text-align:right" | 17.5
| style="text-align:right" | 6.3
|-
| style="text-align:left" | Capital Increase / (Decrease)
| style="text-align:right" | -70.9
| style="text-align:right" | -138.0
| style="text-align:right" | -55.2
| style="text-align:right" | -64.9
|-
| style="text-align:left" | <b>As at End of Period</b>
| style="text-align:right" | <b>2,175.4</b>
| style="text-align:right" | <b>2,055.4</b>
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>During the Period</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | <b>2,190.8</b>
| style="text-align:right" | <b>2,118.3</b>
|-
| style="text-align:left" | <b>Fully Diluted Number of Shares</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Stock Options
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.8
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Performance Shares
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 5.6
| style="text-align:right" | 5.1
|-
| style="text-align:left" | <b>During the Period (A)</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | <b>2,197.1</b>
| style="text-align:right" | <b>2,124.0</b>
|-
| style="text-align:left" | <b>Earnings Group Share:</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Income
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7,886
| style="text-align:right" | 9,797
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
|-
| style="text-align:left" | <b>Impact of undated and deeply subordinated debts:</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Undated and deeply subordinated debt charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -201
| style="text-align:right" | -174
|-
| style="text-align:left" | <b>Earnings for EPS Calculation:</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Income for EPS Calculation (B)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7,685
| style="text-align:right" | 9,623
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] for EPS Calculation (C)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7,877
| style="text-align:right" | 8,195
|-
| style="text-align:left" | <b>Fully Diluted Euro per Share (EPS)</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>EPS (B/A)</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 3.50
| style="text-align:right" | 4.53
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings per share|Underlying EPS]] (C/A)</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
|}
</div>

{{fn note|1=5|2=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}

{{chunk|doc=gr2rpazfcv|c=5|p=5}}
== P&C UE by Sub LOB ==

<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|+ [[Definition:Property & casualty|Property &amp; casualty]] [[Definition:Underlying earnings|underlying earnings]] build-up by [[Definition:Business mix|line of business]]
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Commercial lines
! colspan="4" style="text-align:center" | Personal lines
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]] Reinsurance
! colspan="4" style="text-align:center" | Intercompany eliminations
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Short-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 27,294
| style="text-align:right" | 55,898
| style="text-align:right" | 28,697
| style="text-align:right" | 57,656
| style="text-align:right" | 18,657
| style="text-align:right" | 38,019
| style="text-align:right" | 19,575
| style="text-align:right" | 39,090
| style="text-align:right" | 9,144
| style="text-align:right" | 18,705
| style="text-align:right" | 9,513
| style="text-align:right" | 19,276
| style="text-align:right" | 1,155
| style="text-align:right" | 2,394
| style="text-align:right" | 1,299
| style="text-align:right" | 2,493
| style="text-align:right" | -1,662
| style="text-align:right" | -3,220
| style="text-align:right" | -1,689
| style="text-align:right" | -3,203
|-
| style="text-align:left" | Current Accident Year Loss Ratio
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.7%
| style="text-align:right" | 66.7%
| style="text-align:right" | 66.9%
| style="text-align:right" | 68.1%
| style="text-align:right" | 68.8%
| style="text-align:right" | 68.0%
| style="text-align:right" | 68.0%
| style="text-align:right" | 69.8%
| style="text-align:right" | 70.0%
| style="text-align:right" | 68.8%
| style="text-align:right" | 69.1%
| style="text-align:right" | 69.7%
| style="text-align:right" | 70.6%
| style="text-align:right" | 70.8%
| style="text-align:right" | 71.9%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.0%
| style="text-align:right" | 69.2%
| style="text-align:right" | 69.4%
| style="text-align:right" | 69.3%
| style="text-align:right" | 68.8%
| style="text-align:right" | 68.8%
| style="text-align:right" | 68.5%
| style="text-align:right" | 67.5%
| style="text-align:right" | 67.9%
| style="text-align:right" | 68.0%
| style="text-align:right" | 67.9%
| style="text-align:right" | 69.4%
| style="text-align:right" | 71.5%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
| style="text-align:right" | 3.5%
| style="text-align:right" | 3.4%
| style="text-align:right" | 2.7%
| style="text-align:right" | 2.9%
| style="text-align:right" | 2.7%
| style="text-align:right" | 2.6%
| style="text-align:right" | 4.0%
| style="text-align:right" | 4.1%
| style="text-align:right" | 3.8%
| style="text-align:right" | 3.6%
| style="text-align:right" | 10.6%
| style="text-align:right" | 10.4%
| style="text-align:right" | 9.2%
| style="text-align:right" | 8.7%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Current Accident Year Discounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.5%
| style="text-align:right" | -3.7%
| style="text-align:right" | -3.5%
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.5%
| style="text-align:right" | -3.0%
| style="text-align:right" | -2.6%
| style="text-align:right" | -2.6%
| style="text-align:right" | -2.4%
| style="text-align:right" | -8.8%
| style="text-align:right" | -7.7%
| style="text-align:right" | -7.8%
| style="text-align:right" | -8.3%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Prior Year Reserve Development Ratio
| style="text-align:right" | -1.5%
| style="text-align:right" | -1.6%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.2%
| style="text-align:right" | -1.3%
| style="text-align:right" | -0.8%
| style="text-align:right" | -2.3%
| style="text-align:right" | -1.8%
| style="text-align:right" | -0.6%
| style="text-align:right" | -1.6%
| style="text-align:right" | -1.1%
| style="text-align:right" | -0.8%
| style="text-align:right" | -0.3%
| style="text-align:right" | 0.0%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Expense Ratio
| style="text-align:right" | 24.7%
| style="text-align:right" | 25.0%
| style="text-align:right" | 24.5%
| style="text-align:right" | 24.8%
| style="text-align:right" | 23.1%
| style="text-align:right" | 23.6%
| style="text-align:right" | 23.2%
| style="text-align:right" | 23.5%
| style="text-align:right" | 25.5%
| style="text-align:right" | 25.7%
| style="text-align:right" | 25.1%
| style="text-align:right" | 25.2%
| style="text-align:right" | 10.0%
| style="text-align:right" | 9.9%
| style="text-align:right" | 9.1%
| style="text-align:right" | 9.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.0%
| style="text-align:right" | 90.6%
| style="text-align:right" | 90.1%
| style="text-align:right" | 91.1%
| style="text-align:right" | 89.9%
| style="text-align:right" | 90.7%
| style="text-align:right" | 92.9%
| style="text-align:right" | 93.9%
| style="text-align:right" | 93.3%
| style="text-align:right" | 92.8%
| style="text-align:right" | 78.7%
| style="text-align:right" | 79.7%
| style="text-align:right" | 79.6%
| style="text-align:right" | 81.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 2,682
| style="text-align:right" | 5,006
| style="text-align:right" | 2,859
| style="text-align:right" | 5,409
| style="text-align:right" | 1,850
| style="text-align:right" | 3,372
| style="text-align:right" | 1,968
| style="text-align:right" | 3,616
| style="text-align:right" | 645
| style="text-align:right" | 1,136
| style="text-align:right" | 638
| style="text-align:right" | 1,392
| style="text-align:right" | 246
| style="text-align:right" | 486
| style="text-align:right" | 265
| style="text-align:right" | 464
| style="text-align:right" | -60
| style="text-align:right" | 12
| style="text-align:right" | -12
| style="text-align:right" | -63
|-
| style="text-align:left" | <b>Long-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Financial Result &amp; Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 1,324
| style="text-align:right" | 2,559
| style="text-align:right" | 1,343
| style="text-align:right" | 2,631
| style="text-align:right" | 993
| style="text-align:right" | 1,831
| style="text-align:right" | 1,004
| style="text-align:right" | 1,941
| style="text-align:right" | 240
| style="text-align:right" | 538
| style="text-align:right" | 275
| style="text-align:right" | 523
| style="text-align:right" | 119
| style="text-align:right" | 210
| style="text-align:right" | 85
| style="text-align:right" | 186
| style="text-align:right" | -28
| style="text-align:right" | -20
| style="text-align:right" | -20
| style="text-align:right" | -20
|-
| class="wt-indent-1" style="text-align:left" | Investment Income
| style="text-align:right" | 1,967
| style="text-align:right" | 3,731
| style="text-align:right" | 2,088
| style="text-align:right" | 3,988
| style="text-align:right" | 1,427
| style="text-align:right" | 2,625
| style="text-align:right" | 1,512
| style="text-align:right" | 2,864
| style="text-align:right" | 366
| style="text-align:right" | 761
| style="text-align:right" | 422
| style="text-align:right" | 794
| style="text-align:right" | 202
| style="text-align:right" | 365
| style="text-align:right" | 174
| style="text-align:right" | 350
| style="text-align:right" | -28
| style="text-align:right" | -20
| style="text-align:right" | -20
| style="text-align:right" | -20
|-
| class="wt-indent-1" style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -643
| style="text-align:right" | -1,172
| style="text-align:right" | -745
| style="text-align:right" | -1,358
| style="text-align:right" | -434
| style="text-align:right" | -794
| style="text-align:right" | -508
| style="text-align:right" | -922
| style="text-align:right" | -126
| style="text-align:right" | -223
| style="text-align:right" | -148
| style="text-align:right" | -272
| style="text-align:right" | -83
| style="text-align:right" | -155
| style="text-align:right" | -90
| style="text-align:right" | -163
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] Before Tax</b>
| style="text-align:right" | <b>4,006</b>
| style="text-align:right" | <b>7,565</b>
| style="text-align:right" | <b>4,202</b>
| style="text-align:right" | <b>8,040</b>
| style="text-align:right" | <b>2,843</b>
| style="text-align:right" | <b>5,203</b>
| style="text-align:right" | <b>2,973</b>
| style="text-align:right" | <b>5,557</b>
| style="text-align:right" | <b>886</b>
| style="text-align:right" | <b>1,674</b>
| style="text-align:right" | <b>913</b>
| style="text-align:right" | <b>1,914</b>
| style="text-align:right" | <b>365</b>
| style="text-align:right" | <b>696</b>
| style="text-align:right" | <b>349</b>
| style="text-align:right" | <b>650</b>
| style="text-align:right" | <b>-87</b>
| style="text-align:right" | <b>-8</b>
| style="text-align:right" | <b>-33</b>
| style="text-align:right" | <b>-82</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | -1,046
| style="text-align:right" | -1,952
| style="text-align:right" | -1,074
| style="text-align:right" | -2,060
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -56
| style="text-align:right" | -106
| style="text-align:right" | -63
| style="text-align:right" | -111
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings Group share]]</b>
| style="text-align:right" | <b>2,908</b>
| style="text-align:right" | <b>5,510</b>
| style="text-align:right" | <b>3,067</b>
| style="text-align:right" | <b>5,872</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Closing Invested Assets</b>
| style="text-align:right" | <b>113,515</b>
| style="text-align:right" | <b>118,104</b>
| style="text-align:right" | <b>116,895</b>
| style="text-align:right" | <b>117,507</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w VFA
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w Non VFA
| style="text-align:right" | 113,515
| style="text-align:right" | 118,104
| style="text-align:right" | 116,895
| style="text-align:right" | 117,507
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>
| style="text-align:right" | <b>19,284</b>
| style="text-align:right" | <b>16,006</b>
| style="text-align:right" | <b>19,766</b>
| style="text-align:right" | <b>16,040</b>
| style="text-align:right" | <b>12,070</b>
| style="text-align:right" | <b>9,480</b>
| style="text-align:right" | <b>12,240</b>
| style="text-align:right" | <b>9,127</b>
| style="text-align:right" | <b>6,369</b>
| style="text-align:right" | <b>5,478</b>
| style="text-align:right" | <b>6,831</b>
| style="text-align:right" | <b>5,871</b>
| style="text-align:right" | <b>1,572</b>
| style="text-align:right" | <b>1,075</b>
| style="text-align:right" | <b>1,436</b>
| style="text-align:right" | <b>1,009</b>
| style="text-align:right" | <b>-728</b>
| style="text-align:right" | <b>-27</b>
| style="text-align:right" | <b>-740</b>
| style="text-align:right" | <b>32</b>
|-
| style="text-align:left" | <b>Best Estimate for incurred Claims net of reinsurance</b>
| style="text-align:right" | <b>69,800</b>
| style="text-align:right" | <b>71,751</b>
| style="text-align:right" | <b>70,215</b>
| style="text-align:right" | <b>70,567</b>
| style="text-align:right" | <b>45,710</b>
| style="text-align:right" | <b>46,570</b>
| style="text-align:right" | <b>46,591</b>
| style="text-align:right" | <b>47,002</b>
| style="text-align:right" | <b>17,809</b>
| style="text-align:right" | <b>18,308</b>
| style="text-align:right" | <b>17,781</b>
| style="text-align:right" | <b>17,402</b>
| style="text-align:right" | <b>6,704</b>
| style="text-align:right" | <b>6,830</b>
| style="text-align:right" | <b>6,290</b>
| style="text-align:right" | <b>6,198</b>
| style="text-align:right" | <b>-423</b>
| style="text-align:right" | <b>43</b>
| style="text-align:right" | <b>-447</b>
| style="text-align:right" | <b>-35</b>
|}
</div>

{{chunk|doc=gr2rpazfcv|c=6|p=6}}
== P&C UE by Geography ==

<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ [[Definition:Property & casualty|Property &amp; casualty]] [[Definition:Underlying earnings|underlying earnings]] build-up by geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="8" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] Insurance
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] Insurance
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] Insurance
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] Insurance
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Short-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 27,294
| style="text-align:right" | 55,898
| style="text-align:right" | 28,697
| style="text-align:right" | 57,656
| style="text-align:right" | 4,393
| style="text-align:right" | 9,194
| style="text-align:right" | 4,697
| style="text-align:right" | 9,768
| style="text-align:right" | 10,060
| style="text-align:right" | 20,400
| style="text-align:right" | 10,610
| style="text-align:right" | 21,305
| style="text-align:right" | 9,022
| style="text-align:right" | 7,867
| style="text-align:right" | 18,530
| style="text-align:right" | 16,136
| style="text-align:right" | 9,428
| style="text-align:right" | 8,129
| style="text-align:right" | 18,699
| style="text-align:right" | 16,207
| style="text-align:right" | 2,855
| style="text-align:right" | 5,825
| style="text-align:right" | 2,975
| style="text-align:right" | 5,949
| style="text-align:right" | 963
| style="text-align:right" | 1,948
| style="text-align:right" | 987
| style="text-align:right" | 1,935
|-
| style="text-align:left" | Current Accident Year Loss Ratio
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.7%
| style="text-align:right" | 66.7%
| style="text-align:right" | 66.9%
| style="text-align:right" | 69.4%
| style="text-align:right" | 68.9%
| style="text-align:right" | 70.6%
| style="text-align:right" | 70.1%
| style="text-align:right" | 66.5%
| style="text-align:right" | 66.9%
| style="text-align:right" | 64.7%
| style="text-align:right" | 65.1%
| style="text-align:right" | 67.5%
| style="text-align:right" | 67.2%
| style="text-align:right" | 69.2%
| style="text-align:right" | 69.0%
| style="text-align:right" | 68.4%
| style="text-align:right" | 68.0%
| style="text-align:right" | 68.8%
| style="text-align:right" | 68.3%
| style="text-align:right" | 68.6%
| style="text-align:right" | 69.3%
| style="text-align:right" | 68.2%
| style="text-align:right" | 69.6%
| style="text-align:right" | 53.2%
| style="text-align:right" | 51.0%
| style="text-align:right" | 48.0%
| style="text-align:right" | 44.6%
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.0%
| style="text-align:right" | 71.3%
| style="text-align:right" | 69.7%
| style="text-align:right" | 70.6%
| style="text-align:right" | 70.2%
| style="text-align:right" | 65.0%
| style="text-align:right" | 65.5%
| style="text-align:right" | 64.1%
| style="text-align:right" | 64.3%
| style="text-align:right" | 68.8%
| style="text-align:right" | 68.9%
| style="text-align:right" | 69.3%
| style="text-align:right" | 69.5%
| style="text-align:right" | 69.7%
| style="text-align:right" | 69.8%
| style="text-align:right" | 69.8%
| style="text-align:right" | 69.6%
| style="text-align:right" | 70.0%
| style="text-align:right" | 70.4%
| style="text-align:right" | 69.7%
| style="text-align:right" | 70.2%
| style="text-align:right" | 52.9%
| style="text-align:right" | 51.1%
| style="text-align:right" | 48.0%
| style="text-align:right" | 44.5%
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
| style="text-align:right" | 3.5%
| style="text-align:right" | 3.4%
| style="text-align:right" | 3.4%
| style="text-align:right" | 3.8%
| style="text-align:right" | 4.8%
| style="text-align:right" | 4.5%
| style="text-align:right" | 4.5%
| style="text-align:right" | 4.1%
| style="text-align:right" | 3.3%
| style="text-align:right" | 3.1%
| style="text-align:right" | 3.8%
| style="text-align:right" | 2.8%
| style="text-align:right" | 4.6%
| style="text-align:right" | 3.8%
| style="text-align:right" | 4.2%
| style="text-align:right" | 3.4%
| style="text-align:right" | 3.9%
| style="text-align:right" | 3.1%
| style="text-align:right" | 0.8%
| style="text-align:right" | 0.9%
| style="text-align:right" | 0.8%
| style="text-align:right" | 1.6%
| style="text-align:right" | 1.4%
| style="text-align:right" | 1.1%
| style="text-align:right" | 1.3%
| style="text-align:right" | 1.2%
|-
| class="wt-indent-1" style="text-align:left" | Current Accident Year Discounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.5%
| style="text-align:right" | -5.3%
| style="text-align:right" | -4.6%
| style="text-align:right" | -4.8%
| style="text-align:right" | -4.6%
| style="text-align:right" | -3.1%
| style="text-align:right" | -2.8%
| style="text-align:right" | -2.7%
| style="text-align:right" | -2.3%
| style="text-align:right" | -5.1%
| style="text-align:right" | -4.6%
| style="text-align:right" | -4.7%
| style="text-align:right" | -4.2%
| style="text-align:right" | -5.5%
| style="text-align:right" | -5.2%
| style="text-align:right" | -4.9%
| style="text-align:right" | -4.4%
| style="text-align:right" | -2.2%
| style="text-align:right" | -2.0%
| style="text-align:right" | -2.3%
| style="text-align:right" | -2.2%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.2%
| style="text-align:right" | -1.2%
| style="text-align:right" | -1.1%
|-
| style="text-align:left" | Prior Year Reserve Development Ratio
| style="text-align:right" | -1.5%
| style="text-align:right" | -1.6%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.1%
| style="text-align:right" | -3.5%
| style="text-align:right" | -3.9%
| style="text-align:right" | -2.6%
| style="text-align:right" | -2.9%
| style="text-align:right" | -2.1%
| style="text-align:right" | -2.1%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.3%
| style="text-align:right" | -0.1%
| style="text-align:right" | 0.0%
| style="text-align:right" | -0.1%
| style="text-align:right" | 0.0%
| style="text-align:right" | -0.2%
| style="text-align:right" | -0.2%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | -0.1%
| style="text-align:right" | 0.1%
| style="text-align:right" | -1.0%
| style="text-align:right" | -0.2%
| style="text-align:right" | -3.7%
| style="text-align:right" | -5.7%
| style="text-align:right" | -4.0%
| style="text-align:right" | -1.9%
|-
| style="text-align:left" | Expense Ratio
| style="text-align:right" | 24.7%
| style="text-align:right" | 25.0%
| style="text-align:right" | 24.5%
| style="text-align:right" | 24.8%
| style="text-align:right" | 21.9%
| style="text-align:right" | 21.9%
| style="text-align:right" | 20.7%
| style="text-align:right" | 20.4%
| style="text-align:right" | 25.9%
| style="text-align:right" | 26.2%
| style="text-align:right" | 26.0%
| style="text-align:right" | 26.2%
| style="text-align:right" | 20.3%
| style="text-align:right" | 21.8%
| style="text-align:right" | 21.0%
| style="text-align:right" | 22.7%
| style="text-align:right" | 20.4%
| style="text-align:right" | 22.2%
| style="text-align:right" | 20.9%
| style="text-align:right" | 22.6%
| style="text-align:right" | 29.4%
| style="text-align:right" | 29.6%
| style="text-align:right" | 29.0%
| style="text-align:right" | 29.8%
| style="text-align:right" | 50.5%
| style="text-align:right" | 50.9%
| style="text-align:right" | 52.5%
| style="text-align:right" | 52.8%
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.0%
| style="text-align:right" | 90.6%
| style="text-align:right" | 87.8%
| style="text-align:right" | 86.8%
| style="text-align:right" | 88.6%
| style="text-align:right" | 87.5%
| style="text-align:right" | 90.3%
| style="text-align:right" | 91.0%
| style="text-align:right" | 89.6%
| style="text-align:right" | 90.0%
| style="text-align:right" | 87.7%
| style="text-align:right" | 89.0%
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.7%
| style="text-align:right" | 88.6%
| style="text-align:right" | 90.0%
| style="text-align:right" | 89.7%
| style="text-align:right" | 91.0%
| style="text-align:right" | 98.0%
| style="text-align:right" | 99.1%
| style="text-align:right" | 96.2%
| style="text-align:right" | 99.2%
| style="text-align:right" | 100.1%
| style="text-align:right" | 96.2%
| style="text-align:right" | 96.5%
| style="text-align:right" | 95.5%
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 2,682
| style="text-align:right" | 5,006
| style="text-align:right" | 2,859
| style="text-align:right" | 5,409
| style="text-align:right" | 538
| style="text-align:right" | 1,212
| style="text-align:right" | 533
| style="text-align:right" | 1,220
| style="text-align:right" | 977
| style="text-align:right" | 1,844
| style="text-align:right" | 1,104
| style="text-align:right" | 2,127
| style="text-align:right" | 1,111
| style="text-align:right" | 865
| style="text-align:right" | 1,820
| style="text-align:right" | 1,335
| style="text-align:right" | 1,074
| style="text-align:right" | 809
| style="text-align:right" | 1,928
| style="text-align:right" | 1,464
| style="text-align:right" | 57
| style="text-align:right" | 55
| style="text-align:right" | 114
| style="text-align:right" | 48
| style="text-align:right" | -1
| style="text-align:right" | 74
| style="text-align:right" | 35
| style="text-align:right" | 86
|-
| style="text-align:left" | <b>Long-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Financial Result &amp; Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 1,324
| style="text-align:right" | 2,559
| style="text-align:right" | 1,343
| style="text-align:right" | 2,631
| style="text-align:right" | 251
| style="text-align:right" | 421
| style="text-align:right" | 261
| style="text-align:right" | 468
| style="text-align:right" | 473
| style="text-align:right" | 912
| style="text-align:right" | 461
| style="text-align:right" | 876
| style="text-align:right" | 273
| style="text-align:right" | 159
| style="text-align:right" | 596
| style="text-align:right" | 387
| style="text-align:right" | 298
| style="text-align:right" | 213
| style="text-align:right" | 632
| style="text-align:right" | 445
| style="text-align:right" | 242
| style="text-align:right" | 484
| style="text-align:right" | 261
| style="text-align:right" | 530
| style="text-align:right" | 86
| style="text-align:right" | 146
| style="text-align:right" | 62
| style="text-align:right" | 125
|-
| style="text-align:left" | Investment Income
| style="text-align:right" | 1,967
| style="text-align:right" | 3,731
| style="text-align:right" | 2,088
| style="text-align:right" | 3,988
| style="text-align:right" | 334
| style="text-align:right" | 572
| style="text-align:right" | 373
| style="text-align:right" | 675
| style="text-align:right" | 658
| style="text-align:right" | 1,244
| style="text-align:right" | 667
| style="text-align:right" | 1,257
| style="text-align:right" | 614
| style="text-align:right" | 416
| style="text-align:right" | 1,233
| style="text-align:right" | 868
| style="text-align:right" | 681
| style="text-align:right" | 507
| style="text-align:right" | 1,331
| style="text-align:right" | 981
| style="text-align:right" | 261
| style="text-align:right" | 518
| style="text-align:right" | 292
| style="text-align:right" | 585
| style="text-align:right" | 100
| style="text-align:right" | 164
| style="text-align:right" | 74
| style="text-align:right" | 140
|-
| style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -643
| style="text-align:right" | -1,172
| style="text-align:right" | -745
| style="text-align:right" | -1,358
| style="text-align:right" | -83
| style="text-align:right" | -151
| style="text-align:right" | -112
| style="text-align:right" | -207
| style="text-align:right" | -185
| style="text-align:right" | -332
| style="text-align:right" | -206
| style="text-align:right" | -381
| style="text-align:right" | -341
| style="text-align:right" | -257
| style="text-align:right" | -637
| style="text-align:right" | -481
| style="text-align:right" | -384
| style="text-align:right" | -294
| style="text-align:right" | -699
| style="text-align:right" | -536
| style="text-align:right" | -20
| style="text-align:right" | -35
| style="text-align:right" | -31
| style="text-align:right" | -55
| style="text-align:right" | -14
| style="text-align:right" | -18
| style="text-align:right" | -12
| style="text-align:right" | -15
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] Before Tax</b>
| style="text-align:right" | <b>4,006</b>
| style="text-align:right" | <b>7,565</b>
| style="text-align:right" | <b>4,202</b>
| style="text-align:right" | <b>8,040</b>
| style="text-align:right" | <b>788</b>
| style="text-align:right" | <b>1,633</b>
| style="text-align:right" | <b>794</b>
| style="text-align:right" | <b>1,688</b>
| style="text-align:right" | <b>1,450</b>
| style="text-align:right" | <b>2,757</b>
| style="text-align:right" | <b>1,564</b>
| style="text-align:right" | <b>3,002</b>
| style="text-align:right" | <b>1,384</b>
| style="text-align:right" | <b>1,024</b>
| style="text-align:right" | <b>2,417</b>
| style="text-align:right" | <b>1,721</b>
| style="text-align:right" | <b>1,372</b>
| style="text-align:right" | <b>1,022</b>
| style="text-align:right" | <b>2,560</b>
| style="text-align:right" | <b>1,910</b>
| style="text-align:right" | <b>299</b>
| style="text-align:right" | <b>539</b>
| style="text-align:right" | <b>375</b>
| style="text-align:right" | <b>579</b>
| style="text-align:right" | <b>85</b>
| style="text-align:right" | <b>220</b>
| style="text-align:right" | <b>97</b>
| style="text-align:right" | <b>211</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | -1,046
| style="text-align:right" | -1,952
| style="text-align:right" | -1,074
| style="text-align:right" | -2,060
| style="text-align:right" | -249
| style="text-align:right" | -472
| style="text-align:right" | -220
| style="text-align:right" | -451
| style="text-align:right" | -352
| style="text-align:right" | -671
| style="text-align:right" | -384
| style="text-align:right" | -734
| style="text-align:right" | -352
| style="text-align:right" | -257
| style="text-align:right" | -588
| style="text-align:right" | -457
| style="text-align:right" | -339
| style="text-align:right" | -252
| style="text-align:right" | -647
| style="text-align:right" | -482
| style="text-align:right" | -77
| style="text-align:right" | -159
| style="text-align:right" | -110
| style="text-align:right" | -170
| style="text-align:right" | -15
| style="text-align:right" | -62
| style="text-align:right" | -21
| style="text-align:right" | -58
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -56
| style="text-align:right" | -106
| style="text-align:right" | -63
| style="text-align:right" | -111
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -25
| style="text-align:right" | -57
| style="text-align:right" | -28
| style="text-align:right" | -52
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -30
| style="text-align:right" | -49
| style="text-align:right" | -34
| style="text-align:right" | -57
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -2
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings Group share]]</b>
| style="text-align:right" | <b>2,908</b>
| style="text-align:right" | <b>5,510</b>
| style="text-align:right" | <b>3,067</b>
| style="text-align:right" | <b>5,872</b>
| style="text-align:right" | <b>539</b>
| style="text-align:right" | <b>1,161</b>
| style="text-align:right" | <b>574</b>
| style="text-align:right" | <b>1,237</b>
| style="text-align:right" | <b>1,073</b>
| style="text-align:right" | <b>2,029</b>
| style="text-align:right" | <b>1,152</b>
| style="text-align:right" | <b>2,216</b>
| style="text-align:right" | <b>1,032</b>
| style="text-align:right" | <b>767</b>
| style="text-align:right" | <b>1,828</b>
| style="text-align:right" | <b>1,264</b>
| style="text-align:right" | <b>1,032</b>
| style="text-align:right" | <b>770</b>
| style="text-align:right" | <b>1,913</b>
| style="text-align:right" | <b>1,427</b>
| style="text-align:right" | <b>194</b>
| style="text-align:right" | <b>334</b>
| style="text-align:right" | <b>233</b>
| style="text-align:right" | <b>355</b>
| style="text-align:right" | <b>70</b>
| style="text-align:right" | <b>158</b>
| style="text-align:right" | <b>75</b>
| style="text-align:right" | <b>151</b>
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>
| style="text-align:right" | <b>19,284</b>
| style="text-align:right" | <b>16,006</b>
| style="text-align:right" | <b>19,766</b>
| style="text-align:right" | <b>16,040</b>
| style="text-align:right" | <b>2,153</b>
| style="text-align:right" | <b>1,712</b>
| style="text-align:right" | <b>2,221</b>
| style="text-align:right" | <b>1,783</b>
| style="text-align:right" | <b>7,151</b>
| style="text-align:right" | <b>5,166</b>
| style="text-align:right" | <b>7,591</b>
| style="text-align:right" | <b>5,534</b>
| style="text-align:right" | <b>7,478</b>
| style="text-align:right" | <b>5,905</b>
| style="text-align:right" | <b>7,028</b>
| style="text-align:right" | <b>5,948</b>
| style="text-align:right" | <b>7,315</b>
| style="text-align:right" | <b>5,879</b>
| style="text-align:right" | <b>6,467</b>
| style="text-align:right" | <b>5,461</b>
| style="text-align:right" | <b>1,802</b>
| style="text-align:right" | <b>1,834</b>
| style="text-align:right" | <b>1,935</b>
| style="text-align:right" | <b>2,024</b>
| style="text-align:right" | <b>700</b>
| style="text-align:right" | <b>266</b>
| style="text-align:right" | <b>705</b>
| style="text-align:right" | <b>231</b>
|-
| style="text-align:left" | <b>Best Estimate for incurred Claims net of reinsurance</b>
| style="text-align:right" | <b>69,800</b>
| style="text-align:right" | <b>71,751</b>
| style="text-align:right" | <b>70,215</b>
| style="text-align:right" | <b>70,567</b>
| style="text-align:right" | <b>13,485</b>
| style="text-align:right" | <b>13,889</b>
| style="text-align:right" | <b>13,900</b>
| style="text-align:right" | <b>13,882</b>
| style="text-align:right" | <b>24,834</b>
| style="text-align:right" | <b>25,955</b>
| style="text-align:right" | <b>26,003</b>
| style="text-align:right" | <b>25,737</b>
| style="text-align:right" | <b>24,865</b>
| style="text-align:right" | <b>18,223</b>
| style="text-align:right" | <b>25,915</b>
| style="text-align:right" | <b>19,146</b>
| style="text-align:right" | <b>24,533</b>
| style="text-align:right" | <b>18,295</b>
| style="text-align:right" | <b>25,044</b>
| style="text-align:right" | <b>18,897</b>
| style="text-align:right" | <b>3,385</b>
| style="text-align:right" | <b>3,640</b>
| style="text-align:right" | <b>3,510</b>
| style="text-align:right" | <b>3,804</b>
| style="text-align:right" | <b>3,231</b>
| style="text-align:right" | <b>2,351</b>
| style="text-align:right" | <b>2,269</b>
| style="text-align:right" | <b>2,101</b>
|}
</div>

{{chunk|doc=gr2rpazfcv|c=7|p=7}}
== L&H UE by LOB ==

<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ [[Definition:Life & health|Life &amp; health]] [[Definition:Underlying earnings|underlying earnings]] build-up by [[Definition:Business mix|line of business]]
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health
! class="col-s" style="text-align:right" | Employee Benefits* (out of Total [[Definition:Life & health|Life &amp; Health]]) {{fn ref|6|2=Employee Benefits include Group Protection and Group Health contracts.}}
! colspan="3" style="text-align:center" | Employee Benefits* (out of Total [[Definition:Life & health|Life &amp; Health]])
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Short-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 7,979
| style="text-align:right" | 16,207
| style="text-align:right" | 8,512
| style="text-align:right" | 17,416
| style="text-align:right" | 2,112
| style="text-align:right" | 4,247
| style="text-align:right" | 2,211
| style="text-align:right" | 4,444
| style="text-align:right" | 5,867
| style="text-align:right" | 11,960
| style="text-align:right" | 6,301
| style="text-align:right" | 12,972
| style="text-align:right" | 5,592
| style="text-align:right" | 11,482
| style="text-align:right" | 5,931
| style="text-align:right" | 12,035
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 97.6%
| style="text-align:right" | 97.4%
| style="text-align:right" | 97.1%
| style="text-align:right" | 97.2%
| style="text-align:right" | 94.5%
| style="text-align:right" | 95.5%
| style="text-align:right" | 95.2%
| style="text-align:right" | 95.4%
| style="text-align:right" | 98.6%
| style="text-align:right" | 98.1%
| style="text-align:right" | 97.8%
| style="text-align:right" | 97.9%
| style="text-align:right" | 98.2%
| style="text-align:right" | 97.8%
| style="text-align:right" | 97.4%
| style="text-align:right" | 97.1%
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 195
| style="text-align:right" | 415
| style="text-align:right" | 248
| style="text-align:right" | 479
| style="text-align:right" | 116
| style="text-align:right" | 191
| style="text-align:right" | 107
| style="text-align:right" | 206
| style="text-align:right" | 79
| style="text-align:right" | 224
| style="text-align:right" | 141
| style="text-align:right" | 273
| style="text-align:right" | 101
| style="text-align:right" | 248
| style="text-align:right" | 156
| style="text-align:right" | 347
|-
| style="text-align:left" | <b>Long-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | 1,136
| style="text-align:right" | 2,253
| style="text-align:right" | 1,158
| style="text-align:right" | 2,415
| style="text-align:right" | 259
| style="text-align:right" | 522
| style="text-align:right" | 270
| style="text-align:right" | 539
| style="text-align:right" | 58
| style="text-align:right" | 110
| style="text-align:right" | 59
| style="text-align:right" | 107
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | -71
| style="text-align:right" | -98
| style="text-align:right" | -28
| style="text-align:right" | -139
| style="text-align:right" | 7
| style="text-align:right" | 3
| style="text-align:right" | -2
| style="text-align:right" | -11
| style="text-align:right" | 17
| style="text-align:right" | 37
| style="text-align:right" | 22
| style="text-align:right" | 38
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | 9
| style="text-align:right" | -15
| style="text-align:right" | 12
| style="text-align:right" | 39
| style="text-align:right" | -4
| style="text-align:right" | -33
| style="text-align:right" | 10
| style="text-align:right" | 37
| style="text-align:right" | 13
| style="text-align:right" | 18
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | -3
| style="text-align:right" | -2
| style="text-align:right" | -5
| style="text-align:right" | -8
|-
| class="wt-indent-1" style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | 30
| style="text-align:right" | 59
| style="text-align:right" | 44
| style="text-align:right" | 72
| style="text-align:right" | 25
| style="text-align:right" | 51
| style="text-align:right" | 37
| style="text-align:right" | 59
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 7
| style="text-align:right" | 13
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 7
| style="text-align:right" | 8
|-
| class="wt-indent-1" style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | -32
| style="text-align:right" | 6
| style="text-align:right" | -12
| style="text-align:right" | -29
| style="text-align:right" | -30
| style="text-align:right" | 9
| style="text-align:right" | -10
| style="text-align:right" | -25
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other Long-term
| style="text-align:right" | -72
| style="text-align:right" | -145
| style="text-align:right" | -74
| style="text-align:right" | -232
| style="text-align:right" | -63
| style="text-align:right" | -124
| style="text-align:right" | -65
| style="text-align:right" | -211
| style="text-align:right" | -8
| style="text-align:right" | -21
| style="text-align:right" | -9
| style="text-align:right" | -22
| style="text-align:right" | 19
| style="text-align:right" | 35
| style="text-align:right" | 20
| style="text-align:right" | 38
|-
| style="text-align:left" | <b>Financial Result &amp; Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 536
| style="text-align:right" | 975
| style="text-align:right" | 563
| style="text-align:right" | 946
| style="text-align:right" | 454
| style="text-align:right" | 799
| style="text-align:right" | 462
| style="text-align:right" | 738
| style="text-align:right" | 82
| style="text-align:right" | 176
| style="text-align:right" | 101
| style="text-align:right" | 209
| style="text-align:right" | 75
| style="text-align:right" | 157
| style="text-align:right" | 91
| style="text-align:right" | 175
|-
| class="wt-indent-1" style="text-align:left" | Investment Income
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
| style="text-align:right" | 1,329
| style="text-align:right" | 2,484
| style="text-align:right" | 1,159
| style="text-align:right" | 2,209
| style="text-align:right" | 1,159
| style="text-align:right" | 2,142
| style="text-align:right" | 160
| style="text-align:right" | 317
| style="text-align:right" | 170
| style="text-align:right" | 341
| style="text-align:right" | 219
| style="text-align:right" | 429
| style="text-align:right" | 232
| style="text-align:right" | 456
|-
| class="wt-indent-1" style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
| style="text-align:right" | -767
| style="text-align:right" | -1,538
| style="text-align:right" | -705
| style="text-align:right" | -1,410
| style="text-align:right" | -697
| style="text-align:right" | -1,405
| style="text-align:right" | -78
| style="text-align:right" | -140
| style="text-align:right" | -69
| style="text-align:right" | -133
| style="text-align:right" | -144
| style="text-align:right" | -272
| style="text-align:right" | -141
| style="text-align:right" | -281
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] Before Tax</b>
| style="text-align:right" | <b>2,061</b>
| style="text-align:right" | <b>4,070</b>
| style="text-align:right" | <b>2,209</b>
| style="text-align:right" | <b>4,229</b>
| style="text-align:right" | <b>1,634</b>
| style="text-align:right" | <b>3,145</b>
| style="text-align:right" | <b>1,699</b>
| style="text-align:right" | <b>3,219</b>
| style="text-align:right" | <b>427</b>
| style="text-align:right" | <b>925</b>
| style="text-align:right" | <b>510</b>
| style="text-align:right" | <b>1,010</b>
| style="text-align:right" | <b>252</b>
| style="text-align:right" | <b>552</b>
| style="text-align:right" | <b>328</b>
| style="text-align:right" | <b>666</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | -412
| style="text-align:right" | -874
| style="text-align:right" | -462
| style="text-align:right" | -800
| style="text-align:right" | -316
| style="text-align:right" | -635
| style="text-align:right" | -329
| style="text-align:right" | -584
| style="text-align:right" | -96
| style="text-align:right" | -239
| style="text-align:right" | -133
| style="text-align:right" | -216
| style="text-align:right" | -46
| style="text-align:right" | -111
| style="text-align:right" | -64
| style="text-align:right" | -110
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 103
| style="text-align:right" | 186
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | 101
| style="text-align:right" | 182
| style="text-align:right" | 93
| style="text-align:right" | 154
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 2
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -27
| style="text-align:right" | -60
| style="text-align:right" | -34
| style="text-align:right" | -85
| style="text-align:right" | -27
| style="text-align:right" | -56
| style="text-align:right" | -30
| style="text-align:right" | -75
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | -9
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings Group share]]</b>
| style="text-align:right" | <b>1,725</b>
| style="text-align:right" | <b>3,323</b>
| style="text-align:right" | <b>1,814</b>
| style="text-align:right" | <b>3,501</b>
| style="text-align:right" | <b>1,392</b>
| style="text-align:right" | <b>2,636</b>
| style="text-align:right" | <b>1,433</b>
| style="text-align:right" | <b>2,715</b>
| style="text-align:right" | <b>333</b>
| style="text-align:right" | <b>687</b>
| style="text-align:right" | <b>381</b>
| style="text-align:right" | <b>787</b>
| style="text-align:right" | <b>205</b>
| style="text-align:right" | <b>441</b>
| style="text-align:right" | <b>264</b>
| style="text-align:right" | <b>556</b>
|-
| style="text-align:left" | <b>Closing Invested Assets</b>
| style="text-align:right" | <b>329,460</b>
| style="text-align:right" | <b>345,008</b>
| style="text-align:right" | <b>338,447</b>
| style="text-align:right" | <b>334,840</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w VFA
| style="text-align:right" | 234,783
| style="text-align:right" | 230,205
| style="text-align:right" | 229,844
| style="text-align:right" | 226,937
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w Non VFA
| style="text-align:right" | 94,677
| style="text-align:right" | 114,803
| style="text-align:right" | 108,603
| style="text-align:right" | 107,903
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>
| style="text-align:right" | <b>2,446</b>
| style="text-align:right" | <b>2,096</b>
| style="text-align:right" | <b>2,856</b>
| style="text-align:right" | <b>2,511</b>
| style="text-align:right" | <b>157</b>
| style="text-align:right" | <b>96</b>
| style="text-align:right" | <b>105</b>
| style="text-align:right" | <b>21</b>
| style="text-align:right" | <b>2,289</b>
| style="text-align:right" | <b>2,000</b>
| style="text-align:right" | <b>2,750</b>
| style="text-align:right" | <b>2,490</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Best Estimate for incurred Claims net of reinsurance</b>
| style="text-align:right" | <b>13,876</b>
| style="text-align:right" | <b>14,162</b>
| style="text-align:right" | <b>13,960</b>
| style="text-align:right" | <b>14,592</b>
| style="text-align:right" | <b>11,589</b>
| style="text-align:right" | <b>11,778</b>
| style="text-align:right" | <b>11,623</b>
| style="text-align:right" | <b>11,205</b>
| style="text-align:right" | <b>2,286</b>
| style="text-align:right" | <b>2,384</b>
| style="text-align:right" | <b>2,337</b>
| style="text-align:right" | <b>3,386</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Best Estimate Liabilities net of reinsurance</b>
| style="text-align:right" | <b>295,342</b>
| style="text-align:right" | <b>306,249</b>
| style="text-align:right" | <b>301,040</b>
| style="text-align:right" | <b>300,391</b>
| style="text-align:right" | <b>275,276</b>
| style="text-align:right" | <b>285,391</b>
| style="text-align:right" | <b>280,314</b>
| style="text-align:right" | <b>280,280</b>
| style="text-align:right" | <b>20,066</b>
| style="text-align:right" | <b>20,858</b>
| style="text-align:right" | <b>20,726</b>
| style="text-align:right" | <b>20,112</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
| style="text-align:right" | 266,960
| style="text-align:right" | 271,902
| style="text-align:right" | 243,037
| style="text-align:right" | 251,273
| style="text-align:right" | 244,964
| style="text-align:right" | 250,326
| style="text-align:right" | 20,977
| style="text-align:right" | 21,821
| style="text-align:right" | 21,996
| style="text-align:right" | 21,576
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
| style="text-align:right" | 51,524
| style="text-align:right" | 45,307
| style="text-align:right" | 50,917
| style="text-align:right" | 52,713
| style="text-align:right" | 52,731
| style="text-align:right" | 46,724
| style="text-align:right" | -821
| style="text-align:right" | -868
| style="text-align:right" | -1,207
| style="text-align:right" | -1,417
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
| style="text-align:right" | -17,443
| style="text-align:right" | -16,817
| style="text-align:right" | -18,679
| style="text-align:right" | -18,595
| style="text-align:right" | -17,381
| style="text-align:right" | -16,770
| style="text-align:right" | -90
| style="text-align:right" | -95
| style="text-align:right" | -62
| style="text-align:right" | -47
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

{{fn note|1=6|2=Employee Benefits include Group Protection and Group Health contracts.}}

{{chunk|doc=gr2rpazfcv|c=8|p=8}}
== L&H UE by Geography ==

<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ [[Definition:Life & health|Life &amp; health]] [[Definition:Underlying earnings|underlying earnings]] build-up by geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Short-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 7,979
| style="text-align:right" | 16,207
| style="text-align:right" | 8,512
| style="text-align:right" | 17,416
| style="text-align:right" | 4,654
| style="text-align:right" | 9,503
| style="text-align:right" | 4,870
| style="text-align:right" | 9,787
| style="text-align:right" | 1,778
| style="text-align:right" | 3,604
| style="text-align:right" | 2,051
| style="text-align:right" | 4,419
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1,457
| style="text-align:right" | 2,925
| style="text-align:right" | 1,503
| style="text-align:right" | 3,037
| style="text-align:right" | 90
| style="text-align:right" | 174
| style="text-align:right" | 88
| style="text-align:right" | 172
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 97.6%
| style="text-align:right" | 97.4%
| style="text-align:right" | 97.1%
| style="text-align:right" | 97.2%
| style="text-align:right" | 96.7%
| style="text-align:right" | 97.3%
| style="text-align:right" | 97.4%
| style="text-align:right" | 97.3%
| style="text-align:right" | 98.8%
| style="text-align:right" | 96.9%
| style="text-align:right" | 96.4%
| style="text-align:right" | 94.8%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 99.1%
| style="text-align:right" | 99.1%
| style="text-align:right" | 97.6%
| style="text-align:right" | 101.3%
| style="text-align:right" | 92.2%
| style="text-align:right" | 89.1%
| style="text-align:right" | 83.6%
| style="text-align:right" | 86.7%
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 195
| style="text-align:right" | 415
| style="text-align:right" | 248
| style="text-align:right" | 479
| style="text-align:right" | 155
| style="text-align:right" | 258
| style="text-align:right" | 124
| style="text-align:right" | 265
| style="text-align:right" | 21
| style="text-align:right" | 113
| style="text-align:right" | 73
| style="text-align:right" | 230
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 13
| style="text-align:right" | 26
| style="text-align:right" | 36
| style="text-align:right" | -39
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 23
|-
| style="text-align:left" | <b>Long-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | 407
| style="text-align:right" | 823
| style="text-align:right" | 419
| style="text-align:right" | 895
| style="text-align:right" | 468
| style="text-align:right" | 920
| style="text-align:right" | 471
| style="text-align:right" | 984
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 516
| style="text-align:right" | 1,029
| style="text-align:right" | 538
| style="text-align:right" | 1,074
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | -40
| style="text-align:right" | -96
| style="text-align:right" | -37
| style="text-align:right" | -81
| style="text-align:right" | -11
| style="text-align:right" | -8
| style="text-align:right" | 8
| style="text-align:right" | -70
| style="text-align:right" | 3
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | -5
| style="text-align:right" | -17
| style="text-align:right" | 7
| style="text-align:right" | -1
| style="text-align:right" | 6
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | 9
| style="text-align:right" | -15
| style="text-align:right" | 12
| style="text-align:right" | 39
| style="text-align:right" | 8
| style="text-align:right" | -8
| style="text-align:right" | 2
| style="text-align:right" | 15
| style="text-align:right" | 5
| style="text-align:right" | -11
| style="text-align:right" | -11
| style="text-align:right" | -6
| style="text-align:right" | -2
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | -6
| style="text-align:right" | 0
| style="text-align:right" | 8
| style="text-align:right" | 22
| style="text-align:right" | 35
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | 30
| style="text-align:right" | 59
| style="text-align:right" | 44
| style="text-align:right" | 72
| style="text-align:right" | 5
| style="text-align:right" | 15
| style="text-align:right" | 9
| style="text-align:right" | 14
| style="text-align:right" | 11
| style="text-align:right" | 21
| style="text-align:right" | 21
| style="text-align:right" | 32
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 13
| style="text-align:right" | 23
| style="text-align:right" | 13
| style="text-align:right" | 25
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | -32
| style="text-align:right" | 6
| style="text-align:right" | -12
| style="text-align:right" | -29
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -33
| style="text-align:right" | -25
| style="text-align:right" | -13
| style="text-align:right" | -36
| style="text-align:right" | 5
| style="text-align:right" | 5
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -3
| style="text-align:right" | 26
| style="text-align:right" | 1
| style="text-align:right" | 7
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other Long-term
| style="text-align:right" | -72
| style="text-align:right" | -145
| style="text-align:right" | -74
| style="text-align:right" | -232
| style="text-align:right" | -52
| style="text-align:right" | -103
| style="text-align:right" | -49
| style="text-align:right" | -111
| style="text-align:right" | 7
| style="text-align:right" | 7
| style="text-align:right" | 12
| style="text-align:right" | -61
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -26
| style="text-align:right" | -50
| style="text-align:right" | -37
| style="text-align:right" | -61
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | <b>Financial Result &amp; Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 536
| style="text-align:right" | 975
| style="text-align:right" | 563
| style="text-align:right" | 946
| style="text-align:right" | 100
| style="text-align:right" | 192
| style="text-align:right" | 118
| style="text-align:right" | 197
| style="text-align:right" | 284
| style="text-align:right" | 504
| style="text-align:right" | 269
| style="text-align:right" | 477
| style="text-align:right" | 10
| style="text-align:right" | 19
| style="text-align:right" | 10
| style="text-align:right" | 20
| style="text-align:right" | 142
| style="text-align:right" | 260
| style="text-align:right" | 165
| style="text-align:right" | 250
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Investment Income
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
| style="text-align:right" | 1,329
| style="text-align:right" | 2,484
| style="text-align:right" | 370
| style="text-align:right" | 701
| style="text-align:right" | 370
| style="text-align:right" | 703
| style="text-align:right" | 490
| style="text-align:right" | 916
| style="text-align:right" | 478
| style="text-align:right" | 889
| style="text-align:right" | 13
| style="text-align:right" | 27
| style="text-align:right" | 14
| style="text-align:right" | 27
| style="text-align:right" | 446
| style="text-align:right" | 882
| style="text-align:right" | 467
| style="text-align:right" | 862
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
| style="text-align:right" | -767
| style="text-align:right" | -1,538
| style="text-align:right" | -270
| style="text-align:right" | -509
| style="text-align:right" | -252
| style="text-align:right" | -507
| style="text-align:right" | -206
| style="text-align:right" | -412
| style="text-align:right" | -209
| style="text-align:right" | -411
| style="text-align:right" | -3
| style="text-align:right" | -7
| style="text-align:right" | -4
| style="text-align:right" | -8
| style="text-align:right" | -303
| style="text-align:right" | -622
| style="text-align:right" | -301
| style="text-align:right" | -612
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] Before Tax</b>
| style="text-align:right" | <b>2,061</b>
| style="text-align:right" | <b>4,070</b>
| style="text-align:right" | <b>2,209</b>
| style="text-align:right" | <b>4,229</b>
| style="text-align:right" | <b>622</b>
| style="text-align:right" | <b>1,176</b>
| style="text-align:right" | <b>624</b>
| style="text-align:right" | <b>1,276</b>
| style="text-align:right" | <b>762</b>
| style="text-align:right" | <b>1,529</b>
| style="text-align:right" | <b>821</b>
| style="text-align:right" | <b>1,622</b>
| style="text-align:right" | <b>17</b>
| style="text-align:right" | <b>25</b>
| style="text-align:right" | <b>10</b>
| style="text-align:right" | <b>16</b>
| style="text-align:right" | <b>654</b>
| style="text-align:right" | <b>1,322</b>
| style="text-align:right" | <b>739</b>
| style="text-align:right" | <b>1,291</b>
| style="text-align:right" | <b>7</b>
| style="text-align:right" | <b>19</b>
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>25</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | -412
| style="text-align:right" | -874
| style="text-align:right" | -462
| style="text-align:right" | -800
| style="text-align:right" | -106
| style="text-align:right" | -220
| style="text-align:right" | -100
| style="text-align:right" | -237
| style="text-align:right" | -180
| style="text-align:right" | -376
| style="text-align:right" | -176
| style="text-align:right" | -285
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | -123
| style="text-align:right" | -277
| style="text-align:right" | -182
| style="text-align:right" | -272
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 103
| style="text-align:right" | 186
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | 4
| style="text-align:right" | 9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 100
| style="text-align:right" | 177
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -27
| style="text-align:right" | -60
| style="text-align:right" | -34
| style="text-align:right" | -85
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -23
| style="text-align:right" | -49
| style="text-align:right" | -28
| style="text-align:right" | -74
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | -12
| style="text-align:right" | -5
| style="text-align:right" | -11
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings Group share]]</b>
| style="text-align:right" | <b>1,725</b>
| style="text-align:right" | <b>3,323</b>
| style="text-align:right" | <b>1,814</b>
| style="text-align:right" | <b>3,501</b>
| style="text-align:right" | <b>519</b>
| style="text-align:right" | <b>964</b>
| style="text-align:right" | <b>524</b>
| style="text-align:right" | <b>1,039</b>
| style="text-align:right" | <b>559</b>
| style="text-align:right" | <b>1,104</b>
| style="text-align:right" | <b>616</b>
| style="text-align:right" | <b>1,264</b>
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>25</b>
| style="text-align:right" | <b>8</b>
| style="text-align:right" | <b>12</b>
| style="text-align:right" | <b>627</b>
| style="text-align:right" | <b>1,211</b>
| style="text-align:right" | <b>653</b>
| style="text-align:right" | <b>1,165</b>
| style="text-align:right" | <b>7</b>
| style="text-align:right" | <b>19</b>
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>22</b>
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>
| style="text-align:right" | <b>2,446</b>
| style="text-align:right" | <b>2,096</b>
| style="text-align:right" | <b>2,856</b>
| style="text-align:right" | <b>2,511</b>
| style="text-align:right" | <b>50</b>
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | <b>28</b>
| style="text-align:right" | <b>-6</b>
| style="text-align:right" | <b>1,228</b>
| style="text-align:right" | <b>967</b>
| style="text-align:right" | <b>1,619</b>
| style="text-align:right" | <b>1,352</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>1,159</b>
| style="text-align:right" | <b>1,124</b>
| style="text-align:right" | <b>1,204</b>
| style="text-align:right" | <b>1,155</b>
| style="text-align:right" | <b>9</b>
| style="text-align:right" | <b>6</b>
| style="text-align:right" | <b>5</b>
| style="text-align:right" | <b>10</b>
|-
| style="text-align:left" | <b>Best Estimate for incurred Claims net of reinsurance</b>
| style="text-align:right" | <b>13,876</b>
| style="text-align:right" | <b>14,162</b>
| style="text-align:right" | <b>13,960</b>
| style="text-align:right" | <b>14,592</b>
| style="text-align:right" | <b>12,589</b>
| style="text-align:right" | <b>12,831</b>
| style="text-align:right" | <b>12,443</b>
| style="text-align:right" | <b>12,850</b>
| style="text-align:right" | <b>773</b>
| style="text-align:right" | <b>871</b>
| style="text-align:right" | <b>1,015</b>
| style="text-align:right" | <b>1,186</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>501</b>
| style="text-align:right" | <b>447</b>
| style="text-align:right" | <b>487</b>
| style="text-align:right" | <b>541</b>
| style="text-align:right" | <b>13</b>
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>15</b>
| style="text-align:right" | <b>15</b>
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Best Estimate Liabilities net of reinsurance</b>
| style="text-align:right" | <b>295,342</b>
| style="text-align:right" | <b>306,249</b>
| style="text-align:right" | <b>301,040</b>
| style="text-align:right" | <b>300,391</b>
| style="text-align:right" | <b>112,949</b>
| style="text-align:right" | <b>115,280</b>
| style="text-align:right" | <b>114,525</b>
| style="text-align:right" | <b>114,424</b>
| style="text-align:right" | <b>135,034</b>
| style="text-align:right" | <b>139,257</b>
| style="text-align:right" | <b>137,584</b>
| style="text-align:right" | <b>136,725</b>
| style="text-align:right" | <b>324</b>
| style="text-align:right" | <b>345</b>
| style="text-align:right" | <b>310</b>
| style="text-align:right" | <b>309</b>
| style="text-align:right" | <b>47,035</b>
| style="text-align:right" | <b>51,368</b>
| style="text-align:right" | <b>48,620</b>
| style="text-align:right" | <b>48,934</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
|-
| style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
| style="text-align:right" | 266,960
| style="text-align:right" | 271,902
| style="text-align:right" | 116,132
| style="text-align:right" | 117,942
| style="text-align:right" | 116,770
| style="text-align:right" | 117,266
| style="text-align:right" | 121,623
| style="text-align:right" | 125,513
| style="text-align:right" | 121,135
| style="text-align:right" | 122,782
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 26,258
| style="text-align:right" | 29,639
| style="text-align:right" | 29,055
| style="text-align:right" | 31,854
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
| style="text-align:right" | 51,524
| style="text-align:right" | 45,307
| style="text-align:right" | 9,606
| style="text-align:right" | 10,019
| style="text-align:right" | 9,848
| style="text-align:right" | 8,873
| style="text-align:right" | 13,520
| style="text-align:right" | 13,810
| style="text-align:right" | 16,410
| style="text-align:right" | 13,760
| style="text-align:right" | 1,670
| style="text-align:right" | 1,659
| style="text-align:right" | 1,522
| style="text-align:right" | 1,473
| style="text-align:right" | 25,301
| style="text-align:right" | 26,356
| style="text-align:right" | 23,743
| style="text-align:right" | 21,201
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
| style="text-align:right" | -17,443
| style="text-align:right" | -16,817
| style="text-align:right" | -12,790
| style="text-align:right" | -12,682
| style="text-align:right" | -12,093
| style="text-align:right" | -11,715
| style="text-align:right" | -108
| style="text-align:right" | -66
| style="text-align:right" | 39
| style="text-align:right" | 183
| style="text-align:right" | -1,346
| style="text-align:right" | -1,315
| style="text-align:right" | -1,212
| style="text-align:right" | -1,164
| style="text-align:right" | -4,524
| style="text-align:right" | -4,627
| style="text-align:right" | -4,178
| style="text-align:right" | -4,121
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|}
</div>

{{chunk|doc=gr2rpazfcv|c=9|p=9}}
== Life UE by Geography ==

<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ Life [[Definition:Underlying earnings|underlying earnings]] build-up by geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Short-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 2,112
| style="text-align:right" | 4,247
| style="text-align:right" | 2,211
| style="text-align:right" | 4,444
| style="text-align:right" | 1,902
| style="text-align:right" | 3,843
| style="text-align:right" | 2,005
| style="text-align:right" | 4,044
| style="text-align:right" | 53
| style="text-align:right" | 109
| style="text-align:right" | 54
| style="text-align:right" | 106
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 157
| style="text-align:right" | 296
| style="text-align:right" | 152
| style="text-align:right" | 295
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 94.5%
| style="text-align:right" | 95.5%
| style="text-align:right" | 95.2%
| style="text-align:right" | 95.4%
| style="text-align:right" | 95.1%
| style="text-align:right" | 96.3%
| style="text-align:right" | 95.9%
| style="text-align:right" | 96.1%
| style="text-align:right" | 79.8%
| style="text-align:right" | 77.0%
| style="text-align:right" | 79.0%
| style="text-align:right" | 77.3%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 92.3%
| style="text-align:right" | 91.5%
| style="text-align:right" | 91.5%
| style="text-align:right" | 91.6%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 116
| style="text-align:right" | 191
| style="text-align:right" | 107
| style="text-align:right" | 206
| style="text-align:right" | 93
| style="text-align:right" | 141
| style="text-align:right" | 83
| style="text-align:right" | 158
| style="text-align:right" | 11
| style="text-align:right" | 25
| style="text-align:right" | 11
| style="text-align:right" | 24
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 12
| style="text-align:right" | 25
| style="text-align:right" | 13
| style="text-align:right" | 25
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | <b>Long-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,136
| style="text-align:right" | 2,253
| style="text-align:right" | 1,158
| style="text-align:right" | 2,415
| style="text-align:right" | 407
| style="text-align:right" | 823
| style="text-align:right" | 419
| style="text-align:right" | 895
| style="text-align:right" | 390
| style="text-align:right" | 759
| style="text-align:right" | 386
| style="text-align:right" | 804
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 336
| style="text-align:right" | 669
| style="text-align:right" | 353
| style="text-align:right" | 715
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | -71
| style="text-align:right" | -98
| style="text-align:right" | -28
| style="text-align:right" | -139
| style="text-align:right" | -40
| style="text-align:right" | -96
| style="text-align:right" | -37
| style="text-align:right" | -81
| style="text-align:right" | -4
| style="text-align:right" | 12
| style="text-align:right" | 13
| style="text-align:right" | -53
| style="text-align:right" | 3
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | -5
| style="text-align:right" | -30
| style="text-align:right" | -16
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | -4
| style="text-align:right" | -33
| style="text-align:right" | 10
| style="text-align:right" | 37
| style="text-align:right" | 8
| style="text-align:right" | -8
| style="text-align:right" | 2
| style="text-align:right" | 15
| style="text-align:right" | 3
| style="text-align:right" | -11
| style="text-align:right" | -11
| style="text-align:right" | -6
| style="text-align:right" | -2
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | -6
| style="text-align:right" | -12
| style="text-align:right" | -10
| style="text-align:right" | 20
| style="text-align:right" | 33
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | 25
| style="text-align:right" | 51
| style="text-align:right" | 37
| style="text-align:right" | 59
| style="text-align:right" | 5
| style="text-align:right" | 15
| style="text-align:right" | 9
| style="text-align:right" | 14
| style="text-align:right" | 12
| style="text-align:right" | 23
| style="text-align:right" | 20
| style="text-align:right" | 30
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 8
| style="text-align:right" | 13
| style="text-align:right" | 8
| style="text-align:right" | 14
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | -30
| style="text-align:right" | 9
| style="text-align:right" | -10
| style="text-align:right" | -25
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -32
| style="text-align:right" | -23
| style="text-align:right" | -13
| style="text-align:right" | -33
| style="text-align:right" | 5
| style="text-align:right" | 5
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -3
| style="text-align:right" | 26
| style="text-align:right" | 3
| style="text-align:right" | 8
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other Long-term
| style="text-align:right" | -63
| style="text-align:right" | -124
| style="text-align:right" | -65
| style="text-align:right" | -211
| style="text-align:right" | -52
| style="text-align:right" | -103
| style="text-align:right" | -49
| style="text-align:right" | -111
| style="text-align:right" | 13
| style="text-align:right" | 23
| style="text-align:right" | 17
| style="text-align:right" | -44
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -23
| style="text-align:right" | -45
| style="text-align:right" | -34
| style="text-align:right" | -55
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | <b>Financial Result &amp; Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 454
| style="text-align:right" | 799
| style="text-align:right" | 462
| style="text-align:right" | 738
| style="text-align:right" | 103
| style="text-align:right" | 193
| style="text-align:right" | 114
| style="text-align:right" | 185
| style="text-align:right" | 249
| style="text-align:right" | 432
| style="text-align:right" | 232
| style="text-align:right" | 401
| style="text-align:right" | 10
| style="text-align:right" | 19
| style="text-align:right" | 10
| style="text-align:right" | 20
| style="text-align:right" | 92
| style="text-align:right" | 155
| style="text-align:right" | 105
| style="text-align:right" | 132
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Investment Income
| style="text-align:right" | 1,159
| style="text-align:right" | 2,209
| style="text-align:right" | 1,159
| style="text-align:right" | 2,142
| style="text-align:right" | 344
| style="text-align:right" | 660
| style="text-align:right" | 346
| style="text-align:right" | 649
| style="text-align:right" | 451
| style="text-align:right" | 838
| style="text-align:right" | 438
| style="text-align:right" | 809
| style="text-align:right" | 13
| style="text-align:right" | 27
| style="text-align:right" | 14
| style="text-align:right" | 27
| style="text-align:right" | 350
| style="text-align:right" | 684
| style="text-align:right" | 361
| style="text-align:right" | 657
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -705
| style="text-align:right" | -1,410
| style="text-align:right" | -697
| style="text-align:right" | -1,405
| style="text-align:right" | -241
| style="text-align:right" | -467
| style="text-align:right" | -232
| style="text-align:right" | -464
| style="text-align:right" | -202
| style="text-align:right" | -407
| style="text-align:right" | -206
| style="text-align:right" | -408
| style="text-align:right" | -3
| style="text-align:right" | -7
| style="text-align:right" | -4
| style="text-align:right" | -8
| style="text-align:right" | -259
| style="text-align:right" | -530
| style="text-align:right" | -256
| style="text-align:right" | -525
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] Before Tax</b>
| style="text-align:right" | <b>1,634</b>
| style="text-align:right" | <b>3,145</b>
| style="text-align:right" | <b>1,699</b>
| style="text-align:right" | <b>3,219</b>
| style="text-align:right" | <b>563</b>
| style="text-align:right" | <b>1,060</b>
| style="text-align:right" | <b>579</b>
| style="text-align:right" | <b>1,156</b>
| style="text-align:right" | <b>645</b>
| style="text-align:right" | <b>1,227</b>
| style="text-align:right" | <b>643</b>
| style="text-align:right" | <b>1,176</b>
| style="text-align:right" | <b>17</b>
| style="text-align:right" | <b>25</b>
| style="text-align:right" | <b>10</b>
| style="text-align:right" | <b>16</b>
| style="text-align:right" | <b>409</b>
| style="text-align:right" | <b>833</b>
| style="text-align:right" | <b>468</b>
| style="text-align:right" | <b>872</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | -316
| style="text-align:right" | -635
| style="text-align:right" | -329
| style="text-align:right" | -584
| style="text-align:right" | -96
| style="text-align:right" | -194
| style="text-align:right" | -93
| style="text-align:right" | -213
| style="text-align:right" | -148
| style="text-align:right" | -289
| style="text-align:right" | -131
| style="text-align:right" | -183
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | -68
| style="text-align:right" | -152
| style="text-align:right" | -103
| style="text-align:right" | -184
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 101
| style="text-align:right" | 182
| style="text-align:right" | 93
| style="text-align:right" | 154
| style="text-align:right" | 4
| style="text-align:right" | 9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 97
| style="text-align:right" | 173
| style="text-align:right" | 93
| style="text-align:right" | 154
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -27
| style="text-align:right" | -56
| style="text-align:right" | -30
| style="text-align:right" | -75
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -23
| style="text-align:right" | -47
| style="text-align:right" | -28
| style="text-align:right" | -70
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | -9
| style="text-align:right" | -3
| style="text-align:right" | -5
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings Group share]]</b>
| style="text-align:right" | <b>1,392</b>
| style="text-align:right" | <b>2,636</b>
| style="text-align:right" | <b>1,433</b>
| style="text-align:right" | <b>2,715</b>
| style="text-align:right" | <b>470</b>
| style="text-align:right" | <b>875</b>
| style="text-align:right" | <b>486</b>
| style="text-align:right" | <b>943</b>
| style="text-align:right" | <b>474</b>
| style="text-align:right" | <b>891</b>
| style="text-align:right" | <b>484</b>
| style="text-align:right" | <b>923</b>
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>25</b>
| style="text-align:right" | <b>8</b>
| style="text-align:right" | <b>12</b>
| style="text-align:right" | <b>434</b>
| style="text-align:right" | <b>845</b>
| style="text-align:right" | <b>456</b>
| style="text-align:right" | <b>837</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>
| style="text-align:right" | <b>157</b>
| style="text-align:right" | <b>96</b>
| style="text-align:right" | <b>105</b>
| style="text-align:right" | <b>21</b>
| style="text-align:right" | <b>23</b>
| style="text-align:right" | <b>-19</b>
| style="text-align:right" | <b>4</b>
| style="text-align:right" | <b>-41</b>
| style="text-align:right" | <b>-3</b>
| style="text-align:right" | <b>-14</b>
| style="text-align:right" | <b>-35</b>
| style="text-align:right" | <b>-24</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>137</b>
| style="text-align:right" | <b>129</b>
| style="text-align:right" | <b>137</b>
| style="text-align:right" | <b>86</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
|-
| style="text-align:left" | <b>Best Estimate for incurred Claims net of reinsurance</b>
| style="text-align:right" | <b>11,589</b>
| style="text-align:right" | <b>11,778</b>
| style="text-align:right" | <b>11,623</b>
| style="text-align:right" | <b>11,205</b>
| style="text-align:right" | <b>11,349</b>
| style="text-align:right" | <b>11,502</b>
| style="text-align:right" | <b>11,352</b>
| style="text-align:right" | <b>10,939</b>
| style="text-align:right" | <b>75</b>
| style="text-align:right" | <b>120</b>
| style="text-align:right" | <b>118</b>
| style="text-align:right" | <b>124</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>165</b>
| style="text-align:right" | <b>157</b>
| style="text-align:right" | <b>154</b>
| style="text-align:right" | <b>142</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Best Estimate Liabilities net of reinsurance</b>
| style="text-align:right" | <b>275,276</b>
| style="text-align:right" | <b>285,391</b>
| style="text-align:right" | <b>280,314</b>
| style="text-align:right" | <b>280,280</b>
| style="text-align:right" | <b>112,949</b>
| style="text-align:right" | <b>115,280</b>
| style="text-align:right" | <b>114,525</b>
| style="text-align:right" | <b>114,424</b>
| style="text-align:right" | <b>114,389</b>
| style="text-align:right" | <b>117,841</b>
| style="text-align:right" | <b>116,058</b>
| style="text-align:right" | <b>115,433</b>
| style="text-align:right" | <b>324</b>
| style="text-align:right" | <b>345</b>
| style="text-align:right" | <b>310</b>
| style="text-align:right" | <b>309</b>
| style="text-align:right" | <b>47,614</b>
| style="text-align:right" | <b>51,926</b>
| style="text-align:right" | <b>49,420</b>
| style="text-align:right" | <b>50,113</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
|-
| style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 243,037
| style="text-align:right" | 251,273
| style="text-align:right" | 244,964
| style="text-align:right" | 250,326
| style="text-align:right" | 116,132
| style="text-align:right" | 117,942
| style="text-align:right" | 116,770
| style="text-align:right" | 117,266
| style="text-align:right" | 100,727
| style="text-align:right" | 103,800
| style="text-align:right" | 99,267
| style="text-align:right" | 101,144
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 26,178
| style="text-align:right" | 29,530
| style="text-align:right" | 28,928
| style="text-align:right" | 31,916
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,917
| style="text-align:right" | 52,713
| style="text-align:right" | 52,731
| style="text-align:right" | 46,724
| style="text-align:right" | 9,606
| style="text-align:right" | 10,019
| style="text-align:right" | 9,848
| style="text-align:right" | 8,873
| style="text-align:right" | 13,770
| style="text-align:right" | 14,107
| style="text-align:right" | 16,752
| style="text-align:right" | 14,106
| style="text-align:right" | 1,670
| style="text-align:right" | 1,659
| style="text-align:right" | 1,522
| style="text-align:right" | 1,473
| style="text-align:right" | 25,871
| style="text-align:right" | 26,927
| style="text-align:right" | 24,608
| style="text-align:right" | 22,272
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -18,679
| style="text-align:right" | -18,595
| style="text-align:right" | -17,381
| style="text-align:right" | -16,770
| style="text-align:right" | -12,790
| style="text-align:right" | -12,682
| style="text-align:right" | -12,093
| style="text-align:right" | -11,715
| style="text-align:right" | -108
| style="text-align:right" | -66
| style="text-align:right" | 39
| style="text-align:right" | 183
| style="text-align:right" | -1,346
| style="text-align:right" | -1,315
| style="text-align:right" | -1,212
| style="text-align:right" | -1,164
| style="text-align:right" | -4,435
| style="text-align:right" | -4,532
| style="text-align:right" | -4,116
| style="text-align:right" | -4,074
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|}
</div>

{{chunk|doc=gr2rpazfcv|c=10|p=10}}
== Health UE by Geography ==

<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ Health [[Definition:Underlying earnings|underlying earnings]] build-up by geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Short-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 5,867
| style="text-align:right" | 11,960
| style="text-align:right" | 6,301
| style="text-align:right" | 12,972
| style="text-align:right" | 2,752
| style="text-align:right" | 5,661
| style="text-align:right" | 2,865
| style="text-align:right" | 5,744
| style="text-align:right" | 1,725
| style="text-align:right" | 3,495
| style="text-align:right" | 1,997
| style="text-align:right" | 4,314
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1,300
| style="text-align:right" | 2,629
| style="text-align:right" | 1,350
| style="text-align:right" | 2,742
| style="text-align:right" | 90
| style="text-align:right" | 174
| style="text-align:right" | 88
| style="text-align:right" | 172
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 98.6%
| style="text-align:right" | 98.1%
| style="text-align:right" | 97.8%
| style="text-align:right" | 97.9%
| style="text-align:right" | 97.8%
| style="text-align:right" | 97.9%
| style="text-align:right" | 98.5%
| style="text-align:right" | 98.1%
| style="text-align:right" | 99.4%
| style="text-align:right" | 97.5%
| style="text-align:right" | 96.9%
| style="text-align:right" | 95.2%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 100.0%
| style="text-align:right" | 100.0%
| style="text-align:right" | 98.3%
| style="text-align:right" | 102.3%
| style="text-align:right" | 92.2%
| style="text-align:right" | 89.1%
| style="text-align:right" | 83.6%
| style="text-align:right" | 86.7%
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 79
| style="text-align:right" | 224
| style="text-align:right" | 141
| style="text-align:right" | 273
| style="text-align:right" | 62
| style="text-align:right" | 117
| style="text-align:right" | 42
| style="text-align:right" | 108
| style="text-align:right" | 10
| style="text-align:right" | 88
| style="text-align:right" | 62
| style="text-align:right" | 206
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 23
| style="text-align:right" | -64
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 23
|-
| style="text-align:left" | <b>Long-term Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 259
| style="text-align:right" | 522
| style="text-align:right" | 270
| style="text-align:right" | 539
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 78
| style="text-align:right" | 161
| style="text-align:right" | 84
| style="text-align:right" | 180
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 180
| style="text-align:right" | 360
| style="text-align:right" | 186
| style="text-align:right" | 359
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | 7
| style="text-align:right" | 3
| style="text-align:right" | -2
| style="text-align:right" | -11
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -6
| style="text-align:right" | -20
| style="text-align:right" | -5
| style="text-align:right" | -17
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 14
| style="text-align:right" | 23
| style="text-align:right" | 3
| style="text-align:right" | 6
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | 13
| style="text-align:right" | 18
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 12
| style="text-align:right" | 18
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 7
| style="text-align:right" | 13
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 5
| style="text-align:right" | 10
| style="text-align:right" | 5
| style="text-align:right" | 11
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | 0
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -1
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other Long-term
| style="text-align:right" | -8
| style="text-align:right" | -21
| style="text-align:right" | -9
| style="text-align:right" | -22
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -6
| style="text-align:right" | -16
| style="text-align:right" | -6
| style="text-align:right" | -16
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -5
| style="text-align:right" | -3
| style="text-align:right" | -5
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | <b>Financial Result &amp; Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 82
| style="text-align:right" | 176
| style="text-align:right" | 101
| style="text-align:right" | 209
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | 4
| style="text-align:right" | 12
| style="text-align:right" | 35
| style="text-align:right" | 72
| style="text-align:right" | 37
| style="text-align:right" | 76
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 51
| style="text-align:right" | 105
| style="text-align:right" | 60
| style="text-align:right" | 118
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Investment Income
| style="text-align:right" | 160
| style="text-align:right" | 317
| style="text-align:right" | 170
| style="text-align:right" | 341
| style="text-align:right" | 26
| style="text-align:right" | 41
| style="text-align:right" | 24
| style="text-align:right" | 55
| style="text-align:right" | 39
| style="text-align:right" | 77
| style="text-align:right" | 40
| style="text-align:right" | 79
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 95
| style="text-align:right" | 198
| style="text-align:right" | 106
| style="text-align:right" | 205
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -78
| style="text-align:right" | -140
| style="text-align:right" | -69
| style="text-align:right" | -133
| style="text-align:right" | -29
| style="text-align:right" | -43
| style="text-align:right" | -20
| style="text-align:right" | -42
| style="text-align:right" | -4
| style="text-align:right" | -5
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -45
| style="text-align:right" | -93
| style="text-align:right" | -45
| style="text-align:right" | -87
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] Before Tax</b>
| style="text-align:right" | <b>427</b>
| style="text-align:right" | <b>925</b>
| style="text-align:right" | <b>510</b>
| style="text-align:right" | <b>1,010</b>
| style="text-align:right" | <b>59</b>
| style="text-align:right" | <b>116</b>
| style="text-align:right" | <b>46</b>
| style="text-align:right" | <b>120</b>
| style="text-align:right" | <b>117</b>
| style="text-align:right" | <b>302</b>
| style="text-align:right" | <b>178</b>
| style="text-align:right" | <b>446</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>245</b>
| style="text-align:right" | <b>489</b>
| style="text-align:right" | <b>272</b>
| style="text-align:right" | <b>419</b>
| style="text-align:right" | <b>7</b>
| style="text-align:right" | <b>19</b>
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>25</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | -96
| style="text-align:right" | -239
| style="text-align:right" | -133
| style="text-align:right" | -216
| style="text-align:right" | -10
| style="text-align:right" | -27
| style="text-align:right" | -7
| style="text-align:right" | -24
| style="text-align:right" | -31
| style="text-align:right" | -87
| style="text-align:right" | -46
| style="text-align:right" | -101
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -55
| style="text-align:right" | -125
| style="text-align:right" | -80
| style="text-align:right" | -88
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | -9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | -6
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings Group share]]</b>
| style="text-align:right" | <b>333</b>
| style="text-align:right" | <b>687</b>
| style="text-align:right" | <b>381</b>
| style="text-align:right" | <b>787</b>
| style="text-align:right" | <b>49</b>
| style="text-align:right" | <b>89</b>
| style="text-align:right" | <b>39</b>
| style="text-align:right" | <b>96</b>
| style="text-align:right" | <b>85</b>
| style="text-align:right" | <b>213</b>
| style="text-align:right" | <b>132</b>
| style="text-align:right" | <b>341</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>192</b>
| style="text-align:right" | <b>366</b>
| style="text-align:right" | <b>197</b>
| style="text-align:right" | <b>328</b>
| style="text-align:right" | <b>7</b>
| style="text-align:right" | <b>19</b>
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>22</b>
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>
| style="text-align:right" | <b>2,289</b>
| style="text-align:right" | <b>2,000</b>
| style="text-align:right" | <b>2,750</b>
| style="text-align:right" | <b>2,490</b>
| style="text-align:right" | <b>27</b>
| style="text-align:right" | <b>18</b>
| style="text-align:right" | <b>24</b>
| style="text-align:right" | <b>35</b>
| style="text-align:right" | <b>1,231</b>
| style="text-align:right" | <b>981</b>
| style="text-align:right" | <b>1,654</b>
| style="text-align:right" | <b>1,375</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>1,022</b>
| style="text-align:right" | <b>995</b>
| style="text-align:right" | <b>1,067</b>
| style="text-align:right" | <b>1,069</b>
| style="text-align:right" | <b>9</b>
| style="text-align:right" | <b>6</b>
| style="text-align:right" | <b>5</b>
| style="text-align:right" | <b>10</b>
|-
| style="text-align:left" | <b>Best Estimate for incurred Claims net of reinsurance</b>
| style="text-align:right" | <b>2,286</b>
| style="text-align:right" | <b>2,384</b>
| style="text-align:right" | <b>2,337</b>
| style="text-align:right" | <b>3,386</b>
| style="text-align:right" | <b>1,240</b>
| style="text-align:right" | <b>1,329</b>
| style="text-align:right" | <b>1,091</b>
| style="text-align:right" | <b>1,911</b>
| style="text-align:right" | <b>698</b>
| style="text-align:right" | <b>751</b>
| style="text-align:right" | <b>898</b>
| style="text-align:right" | <b>1,062</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>336</b>
| style="text-align:right" | <b>290</b>
| style="text-align:right" | <b>334</b>
| style="text-align:right" | <b>398</b>
| style="text-align:right" | <b>13</b>
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>15</b>
| style="text-align:right" | <b>15</b>
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Best Estimate Liabilities net of reinsurance</b>
| style="text-align:right" | <b>20,066</b>
| style="text-align:right" | <b>20,858</b>
| style="text-align:right" | <b>20,726</b>
| style="text-align:right" | <b>20,112</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>20,645</b>
| style="text-align:right" | <b>21,416</b>
| style="text-align:right" | <b>21,527</b>
| style="text-align:right" | <b>21,291</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-579</b>
| style="text-align:right" | <b>-557</b>
| style="text-align:right" | <b>-800</b>
| style="text-align:right" | <b>-1,180</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
|-
| style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 20,977
| style="text-align:right" | 21,821
| style="text-align:right" | 21,996
| style="text-align:right" | 21,576
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 20,896
| style="text-align:right" | 21,713
| style="text-align:right" | 21,868
| style="text-align:right" | 21,637
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 81
| style="text-align:right" | 109
| style="text-align:right" | 128
| style="text-align:right" | -62
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | -821
| style="text-align:right" | -868
| style="text-align:right" | -1,207
| style="text-align:right" | -1,417
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -250
| style="text-align:right" | -297
| style="text-align:right" | -342
| style="text-align:right" | -346
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -571
| style="text-align:right" | -571
| style="text-align:right" | -866
| style="text-align:right" | -1,071
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -90
| style="text-align:right" | -95
| style="text-align:right" | -62
| style="text-align:right" | -47
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -90
| style="text-align:right" | -95
| style="text-align:right" | -62
| style="text-align:right" | -47
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|}
</div>

{{chunk|doc=gr2rpazfcv|c=11|p=11}}
== Asset Management ==

<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ [[Definition:AXA Investment Managers|Asset management]] rollforward
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:center" | 1H24
! colspan="2" style="text-align:center" | [[Definition:Full year 2024|FY24]]
! colspan="2" style="text-align:center" | 1H25
! colspan="2" style="text-align:center" | [[Definition:Full year 2025|FY25]] {{fn ref|7|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-m" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-m" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-m" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
|-
| style="text-align:left" | <b>Opening [[Definition:Assets under management|AUM]] (in Euro billion)</b>
| style="text-align:right" | <b>843</b>
| style="text-align:right" | <b>332</b>
| style="text-align:right" | <b>843</b>
| style="text-align:right" | <b>332</b>
| style="text-align:right" | <b>879</b>
| style="text-align:right" | <b>356</b>
| style="text-align:right" | <b>879</b>
| style="text-align:right" | <b>356</b>
|-
| style="text-align:left" | Net Inflows
| style="text-align:right" | 7
| style="text-align:right" | -1
| style="text-align:right" | 3
| style="text-align:right" | 4
| style="text-align:right" | -3
| style="text-align:right" | -10
| style="text-align:right" | -3
| style="text-align:right" | -10
|-
| style="text-align:left" | Scope &amp; Other
| style="text-align:right" | 0
| style="text-align:right" | 10
| style="text-align:right" | 2
| style="text-align:right" | 21
| style="text-align:right" | 0
| style="text-align:right" | -6
| style="text-align:right" | 0
| style="text-align:right" | -6
|-
| style="text-align:left" | Market Effect
| style="text-align:right" | 12
| style="text-align:right" | 10
| style="text-align:right" | 26
| style="text-align:right" | 21
| style="text-align:right" | -3
| style="text-align:right" | -6
| style="text-align:right" | -3
| style="text-align:right" | -6
|-
| style="text-align:left" | Currency Impact
| style="text-align:right" | -4
| style="text-align:right" | 10
| style="text-align:right" | 5
| style="text-align:right" | 21
| style="text-align:right" | -21
| style="text-align:right" | -6
| style="text-align:right" | -21
| style="text-align:right" | -6
|-
| style="text-align:left" | <b>Closing [[Definition:Assets under management|AUM]] (in Euro billion)</b>
| style="text-align:right" | <b>859</b>
| style="text-align:right" | <b>340</b>
| style="text-align:right" | <b>879</b>
| style="text-align:right" | <b>356</b>
| style="text-align:right" | <b>853</b>
| style="text-align:right" | <b>341</b>
| style="text-align:right" | <b>853</b>
| style="text-align:right" | <b>341</b>
|-
| class="wt-indent-1" style="text-align:left" | Alternatives
| style="text-align:right" | 227
| style="text-align:right" | 86
| style="text-align:right" | 229
| style="text-align:right" | 90
| style="text-align:right" | 233
| style="text-align:right" | 95
| style="text-align:right" | 233
| style="text-align:right" | 95
|-
| class="wt-indent-1" style="text-align:left" | Core &amp; Other
| style="text-align:right" | 532
| style="text-align:right" | 254
| style="text-align:right" | 551
| style="text-align:right" | 266
| style="text-align:right" | 528
| style="text-align:right" | 246
| style="text-align:right" | 528
| style="text-align:right" | 246
|-
| class="wt-indent-1" style="text-align:left" | Asian Joint Ventures
| style="text-align:right" | 101
| style="text-align:right" | —
| style="text-align:right" | 99
| style="text-align:right" | —
| style="text-align:right" | 92
| style="text-align:right" | —
| style="text-align:right" | 92
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Gross Revenues - After Intercompany Elimination</b>
| style="text-align:right" | <b>787</b>
| style="text-align:right" | —
| style="text-align:right" | <b>1,701</b>
| style="text-align:right" | —
| style="text-align:right" | <b>875</b>
| style="text-align:right" | —
| style="text-align:right" | <b>875</b>
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Gross Revenues - Before Intercompany Elimination</b>
| style="text-align:right" | <b>937</b>
| style="text-align:right" | —
| style="text-align:right" | <b>2,004</b>
| style="text-align:right" | —
| style="text-align:right" | <b>1,018</b>
| style="text-align:right" | —
| style="text-align:right" | <b>1,018</b>
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Management Fees
| style="text-align:right" | 679
| style="text-align:right" | 385
| style="text-align:right" | 1,425
| style="text-align:right" | 773
| style="text-align:right" | 724
| style="text-align:right" | 439
| style="text-align:right" | 724
| style="text-align:right" | 439
|-
| class="wt-indent-1" style="text-align:left" | Performance Fees
| style="text-align:right" | 18
| style="text-align:right" | 8
| style="text-align:right" | 57
| style="text-align:right" | 21
| style="text-align:right" | 16
| style="text-align:right" | 9
| style="text-align:right" | 16
| style="text-align:right" | 9
|-
| class="wt-indent-1" style="text-align:left" | Distribution Fees
| style="text-align:right" | 205
| style="text-align:right" | —
| style="text-align:right" | 409
| style="text-align:right" | —
| style="text-align:right" | 231
| style="text-align:right" | —
| style="text-align:right" | 231
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other
| style="text-align:right" | 35
| style="text-align:right" | —
| style="text-align:right" | 112
| style="text-align:right" | —
| style="text-align:right" | 46
| style="text-align:right" | —
| style="text-align:right" | 46
| style="text-align:right" | —
|-
| style="text-align:left" | <b>General Expenses</b>
| style="text-align:right" | <b>-698</b>
| style="text-align:right" | —
| style="text-align:right" | <b>-1,493</b>
| style="text-align:right" | —
| style="text-align:right" | <b>-793</b>
| style="text-align:right" | —
| style="text-align:right" | <b>-793</b>
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Distribution Fees Retroceded
| style="text-align:right" | -205
| style="text-align:right" | —
| style="text-align:right" | -409
| style="text-align:right" | —
| style="text-align:right" | -231
| style="text-align:right" | —
| style="text-align:right" | -231
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 24
| style="text-align:right" | —
| style="text-align:right" | 35
| style="text-align:right" | —
| style="text-align:right" | 14
| style="text-align:right" | —
| style="text-align:right" | 14
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] Before Tax</b>
| style="text-align:right" | <b>263</b>
| style="text-align:right" | —
| style="text-align:right" | <b>546</b>
| style="text-align:right" | —
| style="text-align:right" | <b>239</b>
| style="text-align:right" | —
| style="text-align:right" | <b>239</b>
| style="text-align:right" | —
|-
| style="text-align:left" | Tax
| style="text-align:right" | -69
| style="text-align:right" | —
| style="text-align:right" | -160
| style="text-align:right" | —
| style="text-align:right" | -68
| style="text-align:right" | —
| style="text-align:right" | -68
| style="text-align:right" | —
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 16
| style="text-align:right" | —
| style="text-align:right" | 29
| style="text-align:right" | —
| style="text-align:right" | 8
| style="text-align:right" | —
| style="text-align:right" | 8
| style="text-align:right" | —
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | -13
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings Group Share]]</b>
| style="text-align:right" | <b>204</b>
| style="text-align:right" | —
| style="text-align:right" | <b>402</b>
| style="text-align:right" | —
| style="text-align:right" | <b>175</b>
| style="text-align:right" | —
| style="text-align:right" | <b>175</b>
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Average [[Definition:Assets under management|Assets under Management]] (€bn)</b>
| style="text-align:right" | <b>749</b>
| style="text-align:right" | —
| style="text-align:right" | <b>759</b>
| style="text-align:right" | —
| style="text-align:right" | <b>769</b>
| style="text-align:right" | —
| style="text-align:right" | <b>769</b>
| style="text-align:right" | —
|-
| style="text-align:left" | <b>[[Definition:AXA Investment Managers|Asset Management]] Fee bps</b>
| style="text-align:right" | <b>18.1 bps</b>
| style="text-align:right" | —
| style="text-align:right" | <b>18.8 bps</b>
| style="text-align:right" | —
| style="text-align:right" | <b>18.8 bps</b>
| style="text-align:right" | —
| style="text-align:right" | <b>18.8 bps</b>
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Underlying Cost Income Ratio</b>
| style="text-align:right" | <b>67.3%</b>
| style="text-align:right" | —
| style="text-align:right" | <b>68.0%</b>
| style="text-align:right" | —
| style="text-align:right" | <b>71.4%</b>
| style="text-align:right" | —
| style="text-align:right" | <b>71.4%</b>
| style="text-align:right" | —
|}
</div>

{{fn note|1=7|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}

{{chunk|doc=gr2rpazfcv|c=12|p=12}}
== Holdings ==

<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|+ Holdings [[Definition:Underlying earnings|underlying earnings]] build-up {{fn ref|8|2=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.}}
|-
! style="text-align:left" | In EUR million
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 181
| style="text-align:right" | 402
| style="text-align:right" | 228
| style="text-align:right" | 422
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | 522
| style="text-align:right" | 1,050
| style="text-align:right" | 607
| style="text-align:right" | 1,149
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | -925
| style="text-align:right" | -1,986
| style="text-align:right" | -1,075
| style="text-align:right" | -2,107
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | -471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] Before Tax</b>
| style="text-align:right" | <b>-693</b>
| style="text-align:right" | <b>-1,482</b>
| style="text-align:right" | <b>-692</b>
| style="text-align:right" | <b>-1,464</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | 100
| style="text-align:right" | 324
| style="text-align:right" | 101
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings Group share]]</b>
| style="text-align:right" | <b>-592</b>
| style="text-align:right" | <b>-1,157</b>
| style="text-align:right" | <b>-591</b>
| style="text-align:right" | <b>-1,180</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|+ Holdings cash balance rollforward
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Opening Cash Balance at [[Definition:AXA|AXA]] SA {{fn ref|9|2=Includes liquid invested assets.}}</b>
| style="text-align:right" | —
| style="text-align:right" | <b>4.0</b>
| style="text-align:right" | —
| style="text-align:right" | <b>4.0</b>
|-
| style="text-align:left" | Net cash remittance from subsidiaries {{fn ref|10|2=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}}
| style="text-align:right" | —
| style="text-align:right" | 7.7
| style="text-align:right" | —
| style="text-align:right" | 7.5
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:Property & casualty|Property &amp; Casualty]]
| style="text-align:right" | —
| style="text-align:right" | 4.0
| style="text-align:right" | —
| style="text-align:right" | 5.1
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:Life & health|Life &amp; Health]]
| style="text-align:right" | —
| style="text-align:right" | 3.6
| style="text-align:right" | —
| style="text-align:right" | 2.5
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:AXA Investment Managers|Asset Management]] &amp; Other
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 0.0
|-
| style="text-align:left" | [[Definition:Dividend|Dividends]]
| style="text-align:right" | —
| style="text-align:right" | -4.4
| style="text-align:right" | —
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Share buy-backs {{fn ref|11|2=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}
| style="text-align:right" | —
| style="text-align:right" | -1.8
| style="text-align:right" | —
| style="text-align:right" | -4.7
|-
| style="text-align:left" | Holding costs and interests
| style="text-align:right" | —
| style="text-align:right" | -1.3
| style="text-align:right" | —
| style="text-align:right" | -1.3
|-
| style="text-align:left" | Debt issuance
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 1.6
|-
| style="text-align:left" | M&amp;A and disposals
| style="text-align:right" | —
| style="text-align:right" | 0.0
| style="text-align:right" | —
| style="text-align:right" | 3.8
|-
| style="text-align:left" | Other
| style="text-align:right" | —
| style="text-align:right" | -0.3
| style="text-align:right" | —
| style="text-align:right" | -0.7
|-
| style="text-align:left" | <b>Closing Cash Balance at [[Definition:AXA|AXA]] SA {{fn ref|9|2=Includes liquid invested assets.}}</b>
| style="text-align:right" | —
| style="text-align:right" | <b>4.0</b>
| style="text-align:right" | —
| style="text-align:right" | <b>5.6</b>
|}
</div>

{{fn note|1=8|2=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.}}
{{fn note|1=9|2=Includes liquid invested assets.}}
{{fn note|1=10|2=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}}
{{fn note|1=11|2=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}

{{chunk|doc=gr2rpazfcv|c=13|p=13}}
== Activity Indicators ==

<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|+ Activity indicators by [[Definition:Business mix|line of business]]
|-
! style="text-align:left" | In EUR million
! colspan="8" style="text-align:center" | 1H24
! colspan="8" style="text-align:center" | [[Definition:Full year 2024|FY24]]
! colspan="8" style="text-align:center" | 1H25
! colspan="8" style="text-align:center" | [[Definition:Full year 2025|FY25]]
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&amp;C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life &amp; Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset Management]]
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&amp;C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life &amp; Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset Management]]
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&amp;C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life &amp; Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset Management]]
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&amp;C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life &amp; Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset Management]]
! class="col-s" style="text-align:right" | Bank
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross Written Premiums &amp; Other Revenues]]
| style="text-align:right" | 59,872
| style="text-align:right" | 32,522
| style="text-align:right" | 26,505
| style="text-align:right" | 6,673
| style="text-align:right" | 17,419
| style="text-align:right" | 9,086
| style="text-align:right" | 787
| style="text-align:right" | 57
| style="text-align:right" | 110,316
| style="text-align:right" | 56,514
| style="text-align:right" | 51,983
| style="text-align:right" | 12,167
| style="text-align:right" | 34,497
| style="text-align:right" | 17,486
| style="text-align:right" | 1,701
| style="text-align:right" | 118
| style="text-align:right" | 64,251
| style="text-align:right" | 34,097
| style="text-align:right" | 29,230
| style="text-align:right" | 7,223
| style="text-align:right" | 19,081
| style="text-align:right" | 10,149
| style="text-align:right" | 875
| style="text-align:right" | 49
| style="text-align:right" | 115,524
| style="text-align:right" | 58,038
| style="text-align:right" | 56,512
| style="text-align:right" | 12,867
| style="text-align:right" | 37,499
| style="text-align:right" | 19,014
| style="text-align:right" | 875
| style="text-align:right" | 99
|-
| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)
| style="text-align:right" | 1,206
| style="text-align:right" | —
| style="text-align:right" | 1,206
| style="text-align:right" | —
| style="text-align:right" | 953
| style="text-align:right" | 253
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,264
| style="text-align:right" | —
| style="text-align:right" | 2,264
| style="text-align:right" | —
| style="text-align:right" | 1,792
| style="text-align:right" | 473
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,189
| style="text-align:right" | —
| style="text-align:right" | 1,189
| style="text-align:right" | —
| style="text-align:right" | 928
| style="text-align:right" | 260
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,233
| style="text-align:right" | —
| style="text-align:right" | 2,233
| style="text-align:right" | —
| style="text-align:right" | 1,747
| style="text-align:right" | 486
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | —
| style="text-align:right" | 1,131
| style="text-align:right" | —
| style="text-align:right" | 919
| style="text-align:right" | 213
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,169
| style="text-align:right" | —
| style="text-align:right" | 2,169
| style="text-align:right" | —
| style="text-align:right" | 1,770
| style="text-align:right" | 399
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,184
| style="text-align:right" | —
| style="text-align:right" | 1,184
| style="text-align:right" | —
| style="text-align:right" | 950
| style="text-align:right" | 234
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,199
| style="text-align:right" | —
| style="text-align:right" | 2,199
| style="text-align:right" | —
| style="text-align:right" | 1,822
| style="text-align:right" | 377
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other NBV {{fn ref|13|2=Includes expected profits from short term Life &amp; Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}
| style="text-align:right" | 456
| style="text-align:right" | —
| style="text-align:right" | 456
| style="text-align:right" | —
| style="text-align:right" | 333
| style="text-align:right" | 123
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 824
| style="text-align:right" | —
| style="text-align:right" | 824
| style="text-align:right" | —
| style="text-align:right" | 594
| style="text-align:right" | 231
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 382
| style="text-align:right" | —
| style="text-align:right" | 382
| style="text-align:right" | —
| style="text-align:right" | 270
| style="text-align:right" | 113
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 757
| style="text-align:right" | —
| style="text-align:right" | 757
| style="text-align:right" | —
| style="text-align:right" | 491
| style="text-align:right" | 266
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Tax
| style="text-align:right" | -381
| style="text-align:right" | —
| style="text-align:right" | -381
| style="text-align:right" | —
| style="text-align:right" | -299
| style="text-align:right" | -83
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -729
| style="text-align:right" | —
| style="text-align:right" | -729
| style="text-align:right" | —
| style="text-align:right" | -572
| style="text-align:right" | -158
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -378
| style="text-align:right" | —
| style="text-align:right" | -378
| style="text-align:right" | —
| style="text-align:right" | -292
| style="text-align:right" | -86
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -724
| style="text-align:right" | —
| style="text-align:right" | -724
| style="text-align:right" | —
| style="text-align:right" | -567
| style="text-align:right" | -157
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | —
| style="text-align:right" | 25,588
| style="text-align:right" | —
| style="text-align:right" | 18,234
| style="text-align:right" | 7,354
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | —
| style="text-align:right" | 36,860
| style="text-align:right" | 14,036
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 25,918
| style="text-align:right" | —
| style="text-align:right" | 25,918
| style="text-align:right" | —
| style="text-align:right" | 19,487
| style="text-align:right" | 6,430
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 49,357
| style="text-align:right" | —
| style="text-align:right" | 49,357
| style="text-align:right" | —
| style="text-align:right" | 37,103
| style="text-align:right" | 12,254
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | —
| style="text-align:right" | 4.7%
| style="text-align:right" | —
| style="text-align:right" | 5.2%
| style="text-align:right" | 3.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | —
| style="text-align:right" | 4.9%
| style="text-align:right" | 3.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | 4.8%
| style="text-align:right" | 4.0%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.5%
| style="text-align:right" | —
| style="text-align:right" | 4.5%
| style="text-align:right" | —
| style="text-align:right" | 4.7%
| style="text-align:right" | 4.0%
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|+ Activity indicators by geography
|-
! style="text-align:left" | In EUR million
! colspan="7" style="text-align:center" | 1H24
! colspan="7" style="text-align:center" | [[Definition:Full year 2024|FY24]]
! colspan="7" style="text-align:center" | 1H25
! colspan="7" style="text-align:center" | [[Definition:Full year 2025|FY25]]
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross Written Premiums &amp; Other Revenues]]
| style="text-align:right" | 59,872
| style="text-align:right" | 14,719
| style="text-align:right" | 22,579
| style="text-align:right" | 11,220
| style="text-align:right" | 9,571
| style="text-align:right" | 787
| style="text-align:right" | 995
| style="text-align:right" | 110,316
| style="text-align:right" | 28,996
| style="text-align:right" | 39,298
| style="text-align:right" | 19,383
| style="text-align:right" | 19,083
| style="text-align:right" | 1,701
| style="text-align:right" | 1,856
| style="text-align:right" | 64,251
| style="text-align:right" | 15,670
| style="text-align:right" | 24,649
| style="text-align:right" | 11,749
| style="text-align:right" | 10,302
| style="text-align:right" | 875
| style="text-align:right" | 1,006
| style="text-align:right" | 115,524
| style="text-align:right" | 30,598
| style="text-align:right" | 43,005
| style="text-align:right" | 19,277
| style="text-align:right" | 19,925
| style="text-align:right" | 875
| style="text-align:right" | 1,844
|-
| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)
| style="text-align:right" | 1,206
| style="text-align:right" | 354
| style="text-align:right" | 348
| style="text-align:right" | —
| style="text-align:right" | 504
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,264
| style="text-align:right" | 682
| style="text-align:right" | 597
| style="text-align:right" | —
| style="text-align:right" | 986
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,189
| style="text-align:right" | 315
| style="text-align:right" | 364
| style="text-align:right" | —
| style="text-align:right" | 510
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,233
| style="text-align:right" | 695
| style="text-align:right" | 578
| style="text-align:right" | —
| style="text-align:right" | 959
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | 203
| style="text-align:right" | 398
| style="text-align:right" | —
| style="text-align:right" | 531
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,169
| style="text-align:right" | 391
| style="text-align:right" | 731
| style="text-align:right" | —
| style="text-align:right" | 1,047
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,184
| style="text-align:right" | 199
| style="text-align:right" | 443
| style="text-align:right" | —
| style="text-align:right" | 541
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,199
| style="text-align:right" | 431
| style="text-align:right" | 740
| style="text-align:right" | —
| style="text-align:right" | 1,028
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other NBV {{fn ref|13|2=Includes expected profits from short term Life &amp; Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}
| style="text-align:right" | 456
| style="text-align:right" | 275
| style="text-align:right" | 50
| style="text-align:right" | —
| style="text-align:right" | 131
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 824
| style="text-align:right" | 528
| style="text-align:right" | 49
| style="text-align:right" | —
| style="text-align:right" | 247
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 382
| style="text-align:right" | 225
| style="text-align:right" | 28
| style="text-align:right" | —
| style="text-align:right" | 129
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 757
| style="text-align:right" | 506
| style="text-align:right" | 12
| style="text-align:right" | —
| style="text-align:right" | 239
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Tax
| style="text-align:right" | -381
| style="text-align:right" | -123
| style="text-align:right" | -100
| style="text-align:right" | —
| style="text-align:right" | -158
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -729
| style="text-align:right" | -237
| style="text-align:right" | -184
| style="text-align:right" | —
| style="text-align:right" | -309
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -378
| style="text-align:right" | -109
| style="text-align:right" | -107
| style="text-align:right" | —
| style="text-align:right" | -161
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -724
| style="text-align:right" | -242
| style="text-align:right" | -174
| style="text-align:right" | —
| style="text-align:right" | -308
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | 12,301
| style="text-align:right" | 6,317
| style="text-align:right" | —
| style="text-align:right" | 6,971
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | 25,370
| style="text-align:right" | 11,831
| style="text-align:right" | —
| style="text-align:right" | 13,695
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 25,918
| style="text-align:right" | 11,662
| style="text-align:right" | 6,843
| style="text-align:right" | —
| style="text-align:right" | 7,413
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 49,357
| style="text-align:right" | 22,858
| style="text-align:right" | 12,651
| style="text-align:right" | —
| style="text-align:right" | 13,847
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | 2.9%
| style="text-align:right" | 5.5%
| style="text-align:right" | —
| style="text-align:right" | 7.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | 2.7%
| style="text-align:right" | 5.0%
| style="text-align:right" | —
| style="text-align:right" | 7.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.6%
| style="text-align:right" | 2.7%
| style="text-align:right" | 5.3%
| style="text-align:right" | —
| style="text-align:right" | 6.9%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.5%
| style="text-align:right" | 3.0%
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | 6.9%
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

{{fn note|1=12|2=Employee Benefits include Group Protection and Group Health contracts.}}
{{fn note|1=13|2=Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}

{{chunk|doc=gr2rpazfcv|c=14|p=14}}
== Balance Sheet ==

<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|+ Assets build-up
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Goodwill
| style="text-align:right" | 18.1
| style="text-align:right" | 17.8
|-
| style="text-align:left" | Other intangible assets
| style="text-align:right" | 4.4
| style="text-align:right" | 4.4
|-
| style="text-align:left" | <b>Total Intangible assets</b>
| style="text-align:right" | <b>22.6</b>
| style="text-align:right" | <b>22.2</b>
|-
| style="text-align:left" | Investments in real estate properties
| style="text-align:right" | 29.2
| style="text-align:right" | 27.8
|-
| style="text-align:left" | Financial investments
| style="text-align:right" | 418.2
| style="text-align:right" | 401.8
|-
| style="text-align:left" | Unit-linked Assets
| style="text-align:right" | 90.1
| style="text-align:right" | 97.2
|-
| style="text-align:left" | <b>Total Investments from Insurance activities</b>
| style="text-align:right" | <b>537.5</b>
| style="text-align:right" | <b>526.9</b>
|-
| style="text-align:left" | Investments from Non-Insurance Activities
| style="text-align:right" | 18.5
| style="text-align:right" | 16.6
|-
| style="text-align:left" | Equity Method investments
| style="text-align:right" | 1.5
| style="text-align:right" | 1.5
|-
| style="text-align:left" | Assets Arising from Insurance and Reinsurance Contracts Held
| style="text-align:right" | 26.1
| style="text-align:right" | 23.9
|-
| class="wt-indent-2" style="text-align:left" | Present Value of Future Cash Flows
| style="text-align:right" | 24.1
| style="text-align:right" | 22.0
|-
| class="wt-indent-2" style="text-align:left" | Contractual Service Margin
| style="text-align:right" | 1.4
| style="text-align:right" | 1.4
|-
| class="wt-indent-2" style="text-align:left" | Risk Adjustment
| style="text-align:right" | 0.5
| style="text-align:right" | 0.5
|-
| style="text-align:left" | Receivables and Other Assets
| style="text-align:right" | 24.1
| style="text-align:right" | 21.9
|-
| style="text-align:left" | Assets held for sale
| style="text-align:right" | 4.5
| style="text-align:right" | 0.2
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 19.0
| style="text-align:right" | 22.2
|-
| style="text-align:left" | <b>Total Assets</b>
| style="text-align:right" | <b>653.8</b>
| style="text-align:right" | <b>635.5</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|+ Liabilities, non-controlling interests, and shareholders' equity build-up
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Shareholders' Equity group share
| style="text-align:right" | 49.9
| style="text-align:right" | 47.2
|-
| style="text-align:left" | Non-controlling Interests
| style="text-align:right" | 2.5
| style="text-align:right" | 2.4
|-
| style="text-align:left" | <b>Shareholders’ equity</b>
| style="text-align:right" | <b>52.5</b>
| style="text-align:right" | <b>49.6</b>
|-
| style="text-align:left" | Financing debt
| style="text-align:right" | 14.4
| style="text-align:right" | 15.8
|-
| style="text-align:left" | Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts
| style="text-align:right" | 477.0
| style="text-align:right" | 470.4
|-
| class="wt-indent-2" style="text-align:left" | Present Value of Future Cash Flows
| style="text-align:right" | 438.4
| style="text-align:right" | 432.6
|-
| class="wt-indent-2" style="text-align:left" | Contractual Service Margin
| style="text-align:right" | 35.3
| style="text-align:right" | 34.7
|-
| class="wt-indent-2" style="text-align:left" | Risk Adjustment
| style="text-align:right" | 3.3
| style="text-align:right" | 3.1
|-
| style="text-align:left" | Other Investment Contract Liabilities
| style="text-align:right" | 12.6
| style="text-align:right" | 12.8
|-
| style="text-align:left" | <b>Liabilities arising from insurance, reinsurance and investment contracts</b>
| style="text-align:right" | <b>489.6</b>
| style="text-align:right" | <b>483.2</b>
|-
| style="text-align:left" | Liabilities Arising from Non-Insurance Activities
| style="text-align:right" | 10.1
| style="text-align:right" | 9.9
|-
| style="text-align:left" | Provisions for risks and charges
| style="text-align:right" | 4.9
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Payables and Other liabilities
| style="text-align:right" | 80.9
| style="text-align:right" | 72.5
|-
| style="text-align:left" | Liabilities held for sale
| style="text-align:right" | 1.4
| style="text-align:right" | 0.0
|-
| style="text-align:left" | <b>Total Liabilities, Non-controlling Interests and Shareholders' Equity</b>
| style="text-align:right" | <b>653.8</b>
| style="text-align:right" | <b>635.5</b>
|}
</div>

{{chunk|doc=gr2rpazfcv|c=15|p=15}}
== CSM rollforward ==

<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|+ Contractual Service Margin (CSM) rollforward by [[Definition:Business mix|business unit]]
|-
! style="text-align:left" | In EUR million
! class="col-m" style="text-align:right" | FY23 Restated {{fn ref|14|2=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! class="col-m" style="text-align:right" | New Business CSM
! class="col-m" style="text-align:right" | Underlying Return on inforce
! class="col-m" style="text-align:right" | CSM Release
! class="col-m" style="text-align:right" | Economic Variance
! class="col-s" style="text-align:right" | Operating Variance
! class="col-m" style="text-align:right" | Other {{fn ref|15|2=Including scope changes and FX.}}
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
|-
| style="text-align:left" | <b>Total Group (pre-tax)</b>
| style="text-align:right" | <b>34,187</b>
| style="text-align:right" | <b>2,169</b>
| style="text-align:right" | <b>1,383</b>
| style="text-align:right" | <b>-2,775</b>
| style="text-align:right" | <b>-998</b>
| style="text-align:right" | <b>432</b>
| style="text-align:right" | <b>-545</b>
| style="text-align:right" | <b>33,853</b>
|-
| class="wt-indent-2" style="text-align:left" | [[Definition:Property & casualty|P&amp;C]]
| style="text-align:right" | 206
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 76
| style="text-align:right" | 282
|-
| class="wt-indent-2" style="text-align:left" | Life
| style="text-align:right" | 26,200
| style="text-align:right" | 1,770
| style="text-align:right" | 1,172
| style="text-align:right" | -2,253
| style="text-align:right" | -890
| style="text-align:right" | 363
| style="text-align:right" | -534
| style="text-align:right" | 25,826
|-
| class="wt-indent-2" style="text-align:left" | Health
| style="text-align:right" | 7,782
| style="text-align:right" | 400
| style="text-align:right" | 211
| style="text-align:right" | -522
| style="text-align:right" | -108
| style="text-align:right" | 69
| style="text-align:right" | -87
| style="text-align:right" | 7,744
|-
| style="text-align:left" | <b>Total Group (post-tax)</b>
| style="text-align:right" | <b>26,777</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | <b>26,320</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t22" class="wikitable fintable"
|+ Contractual Service Margin (CSM) rollforward by [[Definition:Business mix|business unit]]
|-
! style="text-align:left" | In EUR million
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | New Business CSM
! class="col-m" style="text-align:right" | Underlying Return on inforce
! class="col-m" style="text-align:right" | CSM Release
! class="col-s" style="text-align:right" | Economic Variance
! class="col-m" style="text-align:right" | Operating Variance
! class="col-m" style="text-align:right" | Other {{fn ref|15|2=Including scope changes and FX.}}
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Total Group (pre-tax)</b>
| style="text-align:right" | <b>33,853</b>
| style="text-align:right" | <b>2,199</b>
| style="text-align:right" | <b>1,328</b>
| style="text-align:right" | <b>-2,954</b>
| style="text-align:right" | <b>594</b>
| style="text-align:right" | <b>-316</b>
| style="text-align:right" | <b>-1,451</b>
| style="text-align:right" | <b>33,253</b>
|-
| class="wt-indent-2" style="text-align:left" | [[Definition:Property & casualty|P&amp;C]]
| style="text-align:right" | 282
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -21
| style="text-align:right" | 261
|-
| class="wt-indent-2" style="text-align:left" | Life
| style="text-align:right" | 25,826
| style="text-align:right" | 1,822
| style="text-align:right" | 1,150
| style="text-align:right" | -2,415
| style="text-align:right" | 487
| style="text-align:right" | -526
| style="text-align:right" | -903
| style="text-align:right" | 25,442
|-
| class="wt-indent-2" style="text-align:left" | Health
| style="text-align:right" | 7,744
| style="text-align:right" | 377
| style="text-align:right" | 178
| style="text-align:right" | -539
| style="text-align:right" | 107
| style="text-align:right" | 210
| style="text-align:right" | -527
| style="text-align:right" | 7,550
|-
| style="text-align:left" | <b>Total Group (post-tax)</b>
| style="text-align:right" | <b>26,320</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | <b>25,864</b>
|}
</div>

{{fn note|1=14|2=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
{{fn note|1=15|2=Including scope changes and FX.}}

{{chunk|doc=gr2rpazfcv|c=16|p=16}}
== Invested Assets ==

<div style="overflow-x:auto">
{| id="t23" class="wikitable fintable"
|+ General Account invested assets build-up by asset class and rating
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair value
! class="col-s" style="text-align:right" | Asset Allocation %
! class="col-s" style="text-align:right" | o/w Participating
! class="col-m" style="text-align:right" | Duration gap
! colspan="7" style="text-align:center" | Fair Value by Rating
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Fair value
! class="col-s" style="text-align:right" | Asset Allocation %
! class="col-s" style="text-align:right" | o/w Participating
! class="col-m" style="text-align:right" | Duration gap
! class="col-s" style="text-align:right" | Average rating1 {{fn ref|21|2=Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}}
! class="col-s" style="text-align:right" | AAA
! class="col-s" style="text-align:right" | AA
! class="col-s" style="text-align:right" | A
! class="col-s" style="text-align:right" | BBB
! class="col-s" style="text-align:right" | Below Investment Grade
! class="col-s" style="text-align:right" | Non Rated
|-
| style="text-align:left" | <b>General Account Invested Assets {{fn ref|16|2=Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}}</b>
| style="text-align:right" | <b>450</b>
| style="text-align:right" | —
| style="text-align:right" | <b>60%</b>
| style="text-align:right" | <b>-0.4 yr</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Fixed Income
| style="text-align:right" | 345
| style="text-align:right" | 77%
| style="text-align:right" | 60%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Government Bonds
| style="text-align:right" | 167
| style="text-align:right" | 37%
| style="text-align:right" | 66%
| style="text-align:right" | —
| style="text-align:right" | <b>AA</b>
| style="text-align:right" | 27%
| style="text-align:right" | 31%
| style="text-align:right" | 28%
| style="text-align:right" | 10%
| style="text-align:right" | 2%
| style="text-align:right" | 2%
|-
| class="wt-indent-1" style="text-align:left" | Corporate Bonds and Loans
| style="text-align:right" | 121
| style="text-align:right" | 27%
| style="text-align:right" | 55%
| style="text-align:right" | —
| style="text-align:right" | <b>A</b>
| style="text-align:right" | 16%
| style="text-align:right" | 6%
| style="text-align:right" | 39%
| style="text-align:right" | 28%
| style="text-align:right" | 11%
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other Fixed Income
| style="text-align:right" | 56
| style="text-align:right" | 13%
| style="text-align:right" | 52%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-2" style="text-align:left" | Asset Backed Securities {{fn ref|17|2=Includes 91% of CLOs.}}
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:right" | 48%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 54%
| style="text-align:right" | 28%
| style="text-align:right" | 10%
| style="text-align:right" | 3%
| style="text-align:right" | 1%
| style="text-align:right" | 4%
|-
| class="wt-indent-2" style="text-align:left" | Mortgage Loans {{fn ref|18|2=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial &amp; agricultural loans (Euro 7 billion).}}
| style="text-align:right" | 31
| style="text-align:right" | 7%
| style="text-align:right" | 56%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Real Estate
| style="text-align:right" | 41
| style="text-align:right" | 9%
| style="text-align:right" | 63%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Infrastructure Equity
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:right" | 64%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Listed Equities {{fn ref|19|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:right" | 82%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Private Equity &amp; Hedge Funds {{fn ref|20|2=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
| style="text-align:right" | 55%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash
| style="text-align:right" | 19
| style="text-align:right" | 4%
| style="text-align:right" | 50%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Policy Loans
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:right" | 51%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

{{fn note|1=21|2=Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}}
{{fn note|1=16|2=Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}}
{{fn note|1=17|2=Includes 91% of CLOs.}}
{{fn note|1=18|2=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}}
{{fn note|1=19|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
{{fn note|1=20|2=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}

{{chunk|doc=gr2rpazfcv|c=17|p=17}}
== Supplementary Info on Asset ==

<div style="overflow-x:auto">
{| id="t24" class="wikitable fintable"
|+ Government bonds breakdown by geographical exposure
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | Germany
! class="col-s" style="text-align:right" | Italy
! class="col-s" style="text-align:right" | Japan
! class="col-s" style="text-align:right" | Netherlands
! class="col-s" style="text-align:right" | Spain
! class="col-s" style="text-align:right" | Switzerland
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Supranational
! class="col-s" style="text-align:right" | Rest of the World
|-
| style="text-align:left" | Breakdown By Geographical Exposure
| style="text-align:right" | <b>167</b>
| style="text-align:right" | 6%
| style="text-align:right" | 12%
| style="text-align:right" | 6%
| style="text-align:right" | 5%
| style="text-align:right" | 8%
| style="text-align:right" | 3%
| style="text-align:right" | 6%
| style="text-align:right" | 9%
| style="text-align:right" | 10%
| style="text-align:right" | 8%
| style="text-align:right" | 13%
| style="text-align:right" | 15%
|}
</div>

<div style="overflow-x:auto">
{| id="t25" class="wikitable fintable"
|+ Corporate bonds and loans breakdown by industry
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Basic Materials
! class="col-s" style="text-align:right" | Communications
! class="col-s" style="text-align:right" | Consumer, Cyclical
! class="col-s" style="text-align:right" | Consumer, Non-Cyclical
! style="text-align:left" | Covered and Senior Secured Bonds
! class="col-s" style="text-align:right" | Energy
! class="col-s" style="text-align:right" | Financials
! class="col-s" style="text-align:right" | Industrial
! class="col-s" style="text-align:right" | Technology
! class="col-s" style="text-align:right" | Utilities
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown By Industry
| style="text-align:right" | <b>121</b>
| style="text-align:right" | 2%
| style="text-align:right" | 6%
| style="text-align:right" | 4%
| style="text-align:right" | 11%
| style="text-align:left" | 29%
| style="text-align:right" | 1%
| style="text-align:right" | 28%
| style="text-align:right" | 6%
| style="text-align:right" | 2%
| style="text-align:right" | 8%
| style="text-align:right" | 3%
|}
</div>

<div style="overflow-x:auto">
{| id="t26" class="wikitable fintable"
|+ Corporate bonds and loans exposure to financials {{fn ref|31|2=Includes REITS corporate bonds (Euro 3 billion).}}
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | Total
! class="col-m" style="text-align:right" | Banks
! class="col-s" style="text-align:right" | Non-Banks1 {{fn ref|23|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>33.4</b>
| style="text-align:right" | <b>27.5</b>
| style="text-align:right" | <b>6.0</b>
|-
| style="text-align:left" | Senior Unsecured Bonds
| style="text-align:right" | 29.8
| style="text-align:right" | 24.3
| style="text-align:right" | 5.5
|-
| style="text-align:left" | Subordinated Bonds {{fn ref|22|2=Includes AT1 (Euro 0.4 billion).}}
| style="text-align:right" | 3.0
| style="text-align:right" | 2.7
| style="text-align:right" | 0.4
|-
| style="text-align:left" | Other
| style="text-align:right" | 0.6
| style="text-align:right" | 0.5
| style="text-align:right" | 0.1
|}
</div>

<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|+ Listed equities breakdown by asset domiciliation
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | Germany
! class="col-s" style="text-align:right" | Japan
! class="col-s" style="text-align:right" | Netherlands
! class="col-s" style="text-align:right" | Switzerland
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Rest of the World
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
| style="text-align:right" | <b>10</b>
| style="text-align:right" | 3%
| style="text-align:right" | 7%
| style="text-align:right" | 3%
| style="text-align:right" | 7%
| style="text-align:right" | 2%
| style="text-align:right" | 4%
| style="text-align:right" | 37%
| style="text-align:right" | 9%
| style="text-align:right" | 27%
|}
</div>

<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|+ Listed equities breakdown by industry {{fn ref|32|2=Including hedges.}}
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Basic Materials
! class="col-s" style="text-align:right" | Communications
! class="col-s" style="text-align:right" | Consumer, Cyclical
! class="col-s" style="text-align:right" | Consumer, Non-Cyclical
! class="col-s" style="text-align:right" | Diversified
! class="col-s" style="text-align:right" | Energy
! class="col-s" style="text-align:right" | Financials
! class="col-s" style="text-align:right" | Funds
! class="col-s" style="text-align:right" | Industrial
! class="col-s" style="text-align:right" | Technology
! class="col-s" style="text-align:right" | Utilities
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown By Industry
| style="text-align:right" | <b>10</b>
| style="text-align:right" | 5%
| style="text-align:right" | 11%
| style="text-align:right" | 9%
| style="text-align:right" | 14%
| style="text-align:right" | 3%
| style="text-align:right" | 0%
| style="text-align:right" | 20%
| style="text-align:right" | 6%
| style="text-align:right" | 12%
| style="text-align:right" | 17%
| style="text-align:right" | 1%
| style="text-align:right" | 0%
|}
</div>

<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+ Real estate breakdown by geographical exposure
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | Germany
! class="col-s" style="text-align:right" | Italy
! class="col-s" style="text-align:right" | Japan
! class="col-s" style="text-align:right" | Spain
! class="col-s" style="text-align:right" | Switzerland
! class="col-s" style="text-align:right" | United Kingdom
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Rest of the World
|-
| style="text-align:left" | Breakdown By Geographical Exposure
| style="text-align:right" | <b>41</b>
| style="text-align:right" | 5%
| style="text-align:right" | 25%
| style="text-align:right" | 11%
| style="text-align:right" | 3%
| style="text-align:right" | 5%
| style="text-align:right" | 4%
| style="text-align:right" | 13%
| style="text-align:right" | 7%
| style="text-align:right" | 12%
| style="text-align:right" | 5%
| style="text-align:right" | 10%
|}
</div>

<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|+ Real estate breakdown by type
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Office
! class="col-s" style="text-align:right" | Residential
! class="col-s" style="text-align:right" | Industrial-Logistic
! class="col-s" style="text-align:right" | Retail
! class="col-s" style="text-align:right" | Others
|-
| style="text-align:left" | Breakdown By Type
| style="text-align:right" | <b>41</b>
| style="text-align:right" | 33%
| style="text-align:right" | 22%
| style="text-align:right" | 15%
| style="text-align:right" | 12%
| style="text-align:right" | 18%
|}
</div>

<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|+ Private equities breakdown by asset domiciliation {{fn ref|33|2=Excluding Non-listed Equity.}}
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | Japan
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
| style="text-align:right" | <b>17</b>
| style="text-align:right" | 45%
| style="text-align:right" | 5%
| style="text-align:right" | 46%
| style="text-align:right" | 5%
|}
</div>

<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|+ Mortgage loans breakdown by type
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Residential
! class="col-s" style="text-align:right" | Commercial {{fn ref|24|2=Loan to Value: 46%.}}
|-
| style="text-align:left" | Breakdown by Type
| style="text-align:right" | <b>23</b>
| style="text-align:right" | 69%
| style="text-align:right" | 31%
|}
</div>

{{fn note|1=31|2=Includes REITS corporate bonds (Euro 3 billion).}}
{{fn note|1=23|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
{{fn note|1=22|2=Includes AT1 (Euro 0.4 billion).}}
{{fn note|1=32|2=Including hedges.}}
{{fn note|1=33|2=Excluding Non-listed Equity.}}
{{fn note|1=24|2=Loan to Value: 46%.}}

{{chunk|doc=gr2rpazfcv|c=18|p=18}}
== Shareholders Equity ==

<div style="overflow-x:auto">
{| id="t33" class="wikitable fintable"
|+ Change in Group Share Consolidated Shareholders' Equity rollforward
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Shareholders' Equity at Beginning of the Period</b>
| style="text-align:right" | <b>49.9</b>
|-
| style="text-align:left" | Paid-in Capital
| style="text-align:right" | -4.9
|-
| style="text-align:left" | Treasury Shares
| style="text-align:right" | -0.1
|-
| style="text-align:left" | Other Comprehensive Income Arising from Defined Benefit Plans
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Fair Value Recorded in Shareholders' Equity
| style="text-align:right" | 1.3
|-
| class="wt-indent-1" style="text-align:left" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -4.2
|-
| class="wt-indent-1" style="text-align:left" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | 5.4
|-
| style="text-align:left" | Impact of Currency Fluctuations
| style="text-align:right" | -3.5
|-
| style="text-align:left" | Undated Subordinated Debt (including interest charges)
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Realized Gains on Equity through Retained Earnings
| style="text-align:right" | 0.1
|-
| style="text-align:left" | [[Definition:Dividend|Dividends]]
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Net Income for the Period
| style="text-align:right" | 9.8
|-
| style="text-align:left" | Other
| style="text-align:right" | -0.2
|-
| style="text-align:left" | <b>Shareholders' Equity at End of the Period</b>
| style="text-align:right" | <b>47.2</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|+ Group Share Consolidated Shareholders' Equity build-up
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Paid-in Capital
| style="text-align:right" | 21.8
| style="text-align:right" | 16.9
|-
| style="text-align:left" | Treasury Shares
| style="text-align:right" | -1.5
| style="text-align:right" | -1.6
|-
| style="text-align:left" | Other Comprehensive Income Arising from Defined Benefit Plans
| style="text-align:right" | -2.4
| style="text-align:right" | -2.8
|-
| style="text-align:left" | Other Comprehensive Income
| style="text-align:right" | -8.1
| style="text-align:right" | -6.8
|-
| class="wt-indent-1" style="text-align:left" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -13.1
| style="text-align:right" | -17.3
|-
| class="wt-indent-1" style="text-align:left" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | 5.0
| style="text-align:right" | 10.5
|-
| style="text-align:left" | Translation Reserves
| style="text-align:right" | -1.1
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Undated Subordinated Debt
| style="text-align:right" | 4.8
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Retained Earnings
| style="text-align:right" | 36.5
| style="text-align:right" | 41.4
|-
| style="text-align:left" | <b>Total Shareholders' Equity at the End of the Period</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>47.2</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t35" class="wikitable"
|+ Book value per share and shareholders' equity plus CSM per share
|-
! style="text-align:left" | EUR
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Book Value per Share {{fn ref|25|2=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}</b>
| style="text-align:right" | <b>24.5</b>
| style="text-align:right" | <b>24.0</b>
|-
| style="text-align:left" | <b>Shareholders' Equity + CSM per Share {{fn ref|26|2=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}</b>
| style="text-align:right" | <b>32.7</b>
| style="text-align:right" | <b>33.2</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|+ Unrealized gains and losses on invested assets net of tax build-up
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Government Bonds (recyclable)
| style="text-align:right" | -7.5
| style="text-align:right" | -13.0
|-
| style="text-align:left" | Corporate Bonds (recyclable)
| style="text-align:right" | -4.1
| style="text-align:right" | -3.0
|-
| style="text-align:left" | Cash Flow hedges (recyclable)
| style="text-align:right" | -3.5
| style="text-align:right" | -3.3
|-
| style="text-align:left" | Equities (non-recyclable)
| style="text-align:right" | 2.3
| style="text-align:right" | 2.1
|-
| style="text-align:left" | Others (recyclable)
| style="text-align:right" | -0.3
| style="text-align:right" | -0.1
|-
| style="text-align:left" | <b>Total Other Comprehensive Income Related to Invested Assets</b>
| style="text-align:right" | <b>-13.1</b>
| style="text-align:right" | <b>-17.3</b>
|-
| style="text-align:left" | Real Estate
| style="text-align:right" | 6.7
| style="text-align:right" | 6.5
|-
| style="text-align:left" | Other Invested Assets Not Included in Shareholders' Equity
| style="text-align:right" | -0.6
| style="text-align:right" | -0.1
|-
| style="text-align:left" | <b>Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)</b>
| style="text-align:right" | <b>6.1</b>
| style="text-align:right" | <b>6.4</b>
|-
| style="text-align:left" | <b>Total Unrealized Gains and Losses on Invested Assets (Net of Tax)</b>
| style="text-align:right" | <b>-7.0</b>
| style="text-align:right" | <b>-10.9</b>
|}
</div>

{{fn note|1=25|2=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}
{{fn note|1=26|2=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}

{{chunk|doc=gr2rpazfcv|c=19|p=19}}
== RoE & Gearing ==

<div style="overflow-x:auto">
{| id="t37" class="wikitable"
|+ Return on equity
|-
! style="text-align:left" | In EUR billion
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
! style="text-align:right" | Change in % points ([[Definition:Full year 2025|FY25]] vs [[Definition:Full year 2024|FY24]])
|-
| style="text-align:left" | <b>Net Income ROE</b>
| style="text-align:right" | <b>14.8%</b>
| style="text-align:right" | <b>18.8%</b>
| style="text-align:right" | <b>3.9 pt</b>
|-
| style="text-align:left" | Net Income {{fn ref|27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 7.7
| style="text-align:right" | 9.6
| style="text-align:right" | —
|-
| style="text-align:left" | Average Adjusted Shareholders' Equity {{fn ref|28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Underlying ROE</b>
| style="text-align:right" | <b>15.2%</b>
| style="text-align:right" | <b>16.0%</b>
| style="text-align:right" | <b>0.8 pt</b>
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] {{fn ref|27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 7.9
| style="text-align:right" | 8.2
| style="text-align:right" | —
|-
| style="text-align:left" | Average Adjusted Shareholders' Equity {{fn ref|28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
| style="text-align:right" | —
|}
</div>

<div style="overflow-x:auto">
{| id="t38" class="wikitable"
|+ Debt gearing build-up
|-
! style="text-align:left" | In EUR billion
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Financing Debt
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| class="wt-indent-1" style="text-align:left" | Financing Debt Instrument Issued
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| class="wt-indent-1" style="text-align:left" | Financing Debt Owed to Credit Institutions
| style="text-align:right" | 0.0
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Dated Subordinated Debt
| style="text-align:right" | 11.2
| style="text-align:right" | 12.6
|-
| style="text-align:left" | Reversal of mark-to-market of interest rates derivatives
| style="text-align:right" | -0.1
| style="text-align:right" | -0.1
|-
| style="text-align:left" | <b>Total Gross Debt (A)</b>
| style="text-align:right" | <b>14.3</b>
| style="text-align:right" | <b>15.7</b>
|-
| style="text-align:left" | Undated Deeply Subordinated Notes (TSS)
| style="text-align:right" | 2.9
| style="text-align:right" | 4.3
|-
| style="text-align:left" | Deeply Subordinated Notes (TSDI)
| style="text-align:right" | 1.9
| style="text-align:right" | 0.3
|-
| style="text-align:left" | <b>Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)</b>
| style="text-align:right" | <b>19.2</b>
| style="text-align:right" | <b>20.3</b>
|-
| style="text-align:left" | <b>Shareholders' Equity (Including Non-Controlling Interests) (a) (C) {{fn ref|29|2=Shareholders' equity includes undated and deeply subordinated debts.}}</b>
| style="text-align:right" | <b>52.5</b>
| style="text-align:right" | <b>49.6</b>
|-
| style="text-align:left" | <b>Contractual Service Margin net of tax (D)</b>
| style="text-align:right" | <b>26.3</b>
| style="text-align:right" | <b>25.9</b>
|-
| style="text-align:left" | <b>Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)</b>
| style="text-align:right" | <b>93.1</b>
| style="text-align:right" | <b>91.1</b>
|-
| style="text-align:left" | <b>Debt Gearing (G) = (B) / (E)</b>
| style="text-align:right" | <b>20.6%</b>
| style="text-align:right" | <b>22.3%</b>
|}
</div>

{{fn note|1=27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
{{fn note|1=28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
{{fn note|1=29|2=Shareholders' equity includes undated and deeply subordinated debts.}}

{{chunk|doc=gr2rpazfcv|c=20|p=20}}
== Information on Solvency II ==

<div style="overflow-x:auto">
{| id="t39" class="wikitable"
|+ Solvency II rollforward
|-
! style="text-align:left" | In EUR billion
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | Regulatory &amp; model changes
! style="text-align:right" | Normalized Capital Generation
! style="text-align:right" | Operating variance
! style="text-align:right" | Economic variance (incl. [[Definition:Foreign exchange|FX]])
! style="text-align:right" | [[Definition:Dividend|Dividend]] &amp; share buy-backs
! style="text-align:right" | Debt
! style="text-align:right" | M&amp;A, In-force and Other
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Eligible Own Fund (EOF)</b>
| style="text-align:right" | <b>55.9</b>
| style="text-align:right" | <b>0.2</b>
| style="text-align:right" | <b>8.8</b>
| style="text-align:right" | <b>-0.4</b>
| style="text-align:right" | <b>-2.1</b>
| style="text-align:right" | <b>-6.0</b>
| style="text-align:right" | <b>1.6</b>
| style="text-align:right" | <b>-1.7</b>
| style="text-align:right" | <b>56.4</b>
|-
| style="text-align:left" | <b>Solvency Capital Requirement (SCR)</b>
| style="text-align:right" | <b>25.9</b>
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | <b>0.6</b>
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | <b>-1.2</b>
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | <b>-0.2</b>
| style="text-align:right" | <b>25.2</b>
|-
| style="text-align:left" | <b>Solvency II Ratio</b>
| style="text-align:right" | <b>216%</b>
| style="text-align:right" | <b>0%</b>
| style="text-align:right" | <b>28%</b>
| style="text-align:right" | <b>-1%</b>
| style="text-align:right" | <b>4%</b>
| style="text-align:right" | <b>-24%</b>
| style="text-align:right" | <b>6%</b>
| style="text-align:right" | <b>-5%</b>
| style="text-align:right" | <b>224%</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t40" class="wikitable"
|+ Eligible own fund tiering by sector
|-
! style="text-align:left" | In EUR billion
! style="text-align:right" | Total
! style="text-align:right" | Unrestricted Tier 1
! style="text-align:right" | Restricted Tier 1
! style="text-align:right" | Tier 2
! style="text-align:right" | Tier 3
|-
| style="text-align:left" | <b>EOF as of [[Definition:Full year 2025|FY25]]</b>
| style="text-align:right" | <b>56.4</b>
| style="text-align:right" | <b>39.6</b>
| style="text-align:right" | <b>4.7</b>
| style="text-align:right" | <b>11.6</b>
| style="text-align:right" | <b>0.4</b>
|-
| style="text-align:left" | Insurance Sector
| style="text-align:right" | <b>55.1</b>
| style="text-align:right" | 38.4
| style="text-align:right" | 4.7
| style="text-align:right" | 11.6
| style="text-align:right" | 0.4
|-
| class="wt-indent-1" style="text-align:left" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Subject to Transitional Measures {{fn ref|30|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:right" | 2.4
| style="text-align:right" | —
| style="text-align:right" | 1.4
| style="text-align:right" | 1.0
| style="text-align:right" | —
|-
| style="text-align:left" | Other Financial Sectors
| style="text-align:right" | <b>1.2</b>
| style="text-align:right" | 1.2
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>EOF as of [[Definition:Full year 2024|FY24]]</b>
| style="text-align:right" | <b>55.9</b>
| style="text-align:right" | <b>40.0</b>
| style="text-align:right" | <b>4.9</b>
| style="text-align:right" | <b>10.2</b>
| style="text-align:right" | <b>0.8</b>
|-
| style="text-align:left" | Insurance Sector
| style="text-align:right" | <b>53.5</b>
| style="text-align:right" | 37.5
| style="text-align:right" | 4.9
| style="text-align:right" | 10.2
| style="text-align:right" | 0.8
|-
| class="wt-indent-1" style="text-align:left" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Subject to Transitional Measures {{fn ref|30|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:right" | 4.5
| style="text-align:right" | —
| style="text-align:right" | 3.4
| style="text-align:right" | 1.1
| style="text-align:right" | —
|-
| style="text-align:left" | Other Financial Sectors
| style="text-align:right" | <b>2.5</b>
| style="text-align:right" | 2.5
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|+ Solvency II key sensitivities
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Interest Rate +50 bps
| style="text-align:right" | +2 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Interest Rate -50 bps
| style="text-align:right" | -4 pts
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Corporate Spread +50bps
| style="text-align:right" | -1 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Government Spreads +50bps
| style="text-align:right" | -10 pts
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Credit Migration +20%
| style="text-align:right" | -4 pts
| style="text-align:right" | -4 pts
|-
| style="text-align:left" | Listed Equities +25%
| style="text-align:right" | +0 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Listed Equities -25%
| style="text-align:right" | -3 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Private and Infrastructure Equity +25%
| style="text-align:right" | +13 pts
| style="text-align:right" | +14 pts
|-
| style="text-align:left" | Private and Infrastructure Equity -25%
| style="text-align:right" | -15 pts
| style="text-align:right" | -19 pts
|-
| style="text-align:left" | Inflation swap curve +50bps
| style="text-align:right" | -6 pts
| style="text-align:right" | -5 pts
|}
</div>

{{fn note|1=30|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}

{{chunk|doc=gr2rpazfcv|c=21|p=21}}
== IFRS17 SHE to Group EOF ==

<div style="overflow-x:auto">
{| id="t42" class="wikitable fintable"
|+ Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>IFRS SHAREHOLDERS' EQUITY</b>
| style="text-align:right" | <b>49.6</b>
|-
| style="text-align:left" | Contractual Service Margin (net of tax)
| style="text-align:right" | 25.9
|-
| style="text-align:left" | <b>IFRS SHAREHOLDERS' EQUITY inc. CSM</b>
| style="text-align:right" | <b>75.5</b>
|-
| style="text-align:left" | Net URCG not included in Shareholders' Equity
| style="text-align:right" | 6.4
|-
| style="text-align:left" | Elimination Undated Subordinated Debts
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Elimination Intangibles
| style="text-align:right" | -21.3
|-
| class="wt-indent-5" style="text-align:left" | Goodwill
| style="text-align:right" | -17.8
|-
| class="wt-indent-5" style="text-align:left" | others
| style="text-align:right" | -3.5
|-
| style="text-align:left" | <b>IFRS TANGIBLE NET ASSET VALUE</b>
| style="text-align:right" | <b>56.0</b>
|-
| style="text-align:left" | Foreseeable [[Definition:Dividend|dividends]] and distribution
| style="text-align:right" | -6.3
|-
| style="text-align:left" | Technical provision adjustments
| style="text-align:right" | -9.6
|-
| class="wt-indent-5" style="text-align:left" | Risk Margin vs Risk Adjustment
| style="text-align:right" | -6.4
|-
| class="wt-indent-5" style="text-align:left" | BEL adjustment
| style="text-align:right" | -3.2
|-
| style="text-align:left" | Other adjustments
| style="text-align:right" | -0.6
|-
| style="text-align:left" | <b>UNRESTRICTED TIER 1</b>
| style="text-align:right" | <b>39.6</b>
|-
| style="text-align:left" | Restricted Tier 1 + Tier 2
| style="text-align:right" | 16.4
|-
| style="text-align:left" | Tier 3
| style="text-align:right" | 0.4
|-
| style="text-align:left" | <b>GROUP ELIGIBLE OWN FUNDS</b>
| style="text-align:right" | <b>56.4</b>
|}
</div>