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	<title>Data:AXA/2025/HY/Financial supplement (Excel).footnotes.json - Revision history</title>
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		<title>Wikilah admin: doc_archive: footnote resolution e5ipnc</title>
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		<updated>2026-08-07T07:00:56Z</updated>

		<summary type="html">&lt;p&gt;doc_archive: footnote resolution e5ipnc&lt;/p&gt;
&lt;p&gt;&lt;b&gt;New page&lt;/b&gt;&lt;/p&gt;&lt;div&gt;{&lt;br /&gt;
	&amp;quot;cues&amp;quot;: [&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 2,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;1&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR millionGroupProperty \u0026amp; CasualtyLife \u0026amp; HealthAsset ManagementHoldings⟦⟧&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 3,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;2&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Holdings⟦⟧-592-1,157-591-24-54-23-65414-16-33-16-23-41-24———-524-1,083-543&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 4,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;3&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Outstanding Shares Excluding Treasury Shares⟦⟧Weighted Average Number&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 7,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;4&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR millionTotalLifeHealthEmployee Benefits* (out of Total Life \u0026amp; Health)⟦⟧Employee Benefits* (out of Total Life \u0026amp; Health)&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;5&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Holdings underlying earnings build-up⟦⟧&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;6&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Opening Cash Balance at AXA SA⟦⟧—4.0—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;6&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Closing Cash Balance at AXA SA⟦⟧—4.0—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;7&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;TotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits⟦⟧LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBank&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;7&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;TotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits⟦⟧LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBank&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;7&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;TotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits⟦⟧LifeHealthAsset ManagementBank&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;8&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Other NBV⟦⟧456—456—333123——824—824—594231——382—382—270113——&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;8&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Other NBV⟦⟧45627550—131——82452849—247——38222528—129——&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;9&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR millionFY23 Restated**New Business CSMUnderlying Return on inforceCSM ReleaseEconomic VarianceOperating VarianceOther⟦⟧FY24&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;10&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR millionFY24New Business CSMUnderlying Return on inforceCSM ReleaseEconomic Variance⟦⟧Operating VarianceOther 1H25&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;9&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR millionFY24New Business CSMUnderlying Return on inforceCSM ReleaseEconomic Variance Operating VarianceOther⟦⟧1H25&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;16&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Fair valueAsset Allocation %o/w ParticipatingDuration gapAverage rating1⟦⟧AAAAAABBBBelow Investment GradeNon Rated&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;11&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;General Account Invested Assets⟦⟧453—60%-0.3 yr———————&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;12&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Asset Backed Securities⟦⟧235%47%——56%26%11%2%2%4%&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;13&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Mortgage Loans⟦⟧307%57%————————&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;14&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Listed Equities⟦⟧82%79%————————&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;15&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Private Equity \u0026amp; Hedge Funds⟦⟧225%57%————————&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;19&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR billionFair Value⟦⟧BelgiumFranceGermanyItalyJapanNetherlandsSpainSwitzerlandUnited StatesOther EU countriesSupranationalRest of the World&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;20&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR billionFair Value⟦⟧Basic MaterialsCommunicationsConsumer, CyclicalConsumer, Non-CyclicalCovered and Senior Secured Bonds EnergyFinancialsIndustrialTechnologyUtilitiesOther&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;18&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR billionFair Value Basic MaterialsCommunicationsConsumer, CyclicalConsumer, Non-CyclicalCovered and Senior Secured Bonds⟦⟧EnergyFinancialsIndustrialTechnologyUtilitiesOther&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;21&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR billionTotalBanks⟦⟧Non-Banks1&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;17&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Subordinated Bonds⟦⟧3.03.10.4&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;22&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR billionFair ValueResidentialCommercial⟦⟧&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 18,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;23&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Book Value per Share⟦⟧24.522.0&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 18,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;24&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Shareholders&amp;#039; Equity + CSM per Share⟦⟧32.730.5&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;25&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Net Income⟦⟧3.97.73.8—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;26&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Average Adjusted Shareholders&amp;#039; Equity⟦⟧49.751.850.1—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;25&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Underlying Earnings⟦⟧4.17.94.4—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;26&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Average Adjusted Shareholders&amp;#039; Equity⟦⟧49.751.850.1—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;27&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Shareholders&amp;#039; Equity (Including Non-Controlling Interests) (a) (C)⟦⟧50.152.547.9&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 20,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;28&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Subject to Transitional Measures⟦⟧4.3—3.31.0—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 20,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;28&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Subject to Transitional Measures⟦⟧4.5—3.41.1—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;&lt;br /&gt;
		}&lt;br /&gt;
	],&lt;br /&gt;
	&amp;quot;contents&amp;quot;: [&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 2,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;1&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 2,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 3,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;2&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 3,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 4,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;3&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 89 million shares as of 1H24, 39 million shares as of FY24 and 82 million shares as of 1H25.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 4,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 7,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;4&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Employee Benefits include Group Protection and Group Health contracts.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 7,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;5&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 12,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;6&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Includes liquid invested assets&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 12,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;7&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Employee Benefits include Group Protection and Group Health contracts.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;8&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Includes expected profits from short term Life \u0026 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.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;9&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Including scope changes and FX ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 15,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;10&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Including scope changes and FX&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 15,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;16&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.02billion, AA: Euro 0.4 billion, A: Euro 1 billion, BBB: Euro 3.7 billion, Below investment grade: Euro 5 billion.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;11&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;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.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;12&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Includes 93% of CLOs.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;13&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Residential loans (Euro 16 billion), commercial \u0026 agricultural loans (Euro 7 billion) and Agency Pools (Euro 7 billion).&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;14&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Includes hedges. Listed equities excluding hedges at €13bn (basis for % of participating)&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;15&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Private Equity (Euro 18 billion), Hedge Funds (Euro 4 billion) and Non-listed Equities (Euro 1 billion).&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;19&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Including hedges&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;20&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Excluding Non-listed Equity&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;18&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Includes REITS corporate bonds (Euro 3 billion).&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;21&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Excludes banking operations and Euro 7 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;17&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Includes AT1 (Euro 0.3 billion).&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;22&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Loan to Value: 46%.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 18,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;23&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Shareholders&amp;#039; equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 18,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 18,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;24&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Shareholders&amp;#039; equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 18,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;25&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders&amp;#039; equity).&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;26&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders&amp;#039; equity).&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;27&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Shareholders&amp;#039; equity includes undated and deeply subordinated debts;&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 20,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;28&amp;quot;,&lt;br /&gt;
			&amp;quot;text&amp;quot;: &amp;quot;Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.&amp;quot;,&lt;br /&gt;
			&amp;quot;printed_on&amp;quot;: 20,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
		}&lt;br /&gt;
	],&lt;br /&gt;
	&amp;quot;matched&amp;quot;: [&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 2,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;1&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR millionGroupProperty \u0026amp; CasualtyLife \u0026amp; HealthAsset ManagementHoldings⟦⟧&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 2,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;1&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 2,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 3,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;2&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Holdings⟦⟧-592-1,157-591-24-54-23-65414-16-33-16-23-41-24———-524-1,083-543&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 3,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;2&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 3,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 4,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;3&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Outstanding Shares Excluding Treasury Shares⟦⟧Weighted Average Number&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 4,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;3&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 89 million shares as of 1H24, 39 million shares as of FY24 and 82 million shares as of 1H25.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 4,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 7,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;4&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR millionTotalLifeHealthEmployee Benefits* (out of Total Life \u0026amp; Health)⟦⟧Employee Benefits* (out of Total Life \u0026amp; Health)&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 7,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;4&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Employee Benefits include Group Protection and Group Health contracts.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 7,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;5&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Holdings underlying earnings build-up⟦⟧&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;5&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 12,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;6&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Opening Cash Balance at AXA SA⟦⟧—4.0—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;6&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes liquid invested assets&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 12,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;6&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Closing Cash Balance at AXA SA⟦⟧—4.0—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 12,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;6&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes liquid invested assets&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 12,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;7&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;TotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits⟦⟧LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBank&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;7&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Employee Benefits include Group Protection and Group Health contracts.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 13,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;7&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;TotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits⟦⟧LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBank&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;7&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Employee Benefits include Group Protection and Group Health contracts.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 13,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;7&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;TotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP\u0026amp;CLife \u0026amp; Healtho/w Employee Benefits⟦⟧LifeHealthAsset ManagementBank&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;7&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Employee Benefits include Group Protection and Group Health contracts.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 13,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;8&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Other NBV⟦⟧456—456—333123——824—824—594231——382—382—270113——&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;8&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes expected profits from short term Life \u0026 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.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 13,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;8&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Other NBV⟦⟧45627550—131——82452849—247——38222528—129——&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 13,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;8&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes expected profits from short term Life \u0026 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.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 13,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;9&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR millionFY23 Restated**New Business CSMUnderlying Return on inforceCSM ReleaseEconomic VarianceOperating VarianceOther⟦⟧FY24&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;9&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Including scope changes and FX ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 15,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;10&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR millionFY24New Business CSMUnderlying Return on inforceCSM ReleaseEconomic Variance⟦⟧Operating VarianceOther 1H25&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;10&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Including scope changes and FX&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 15,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;9&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR millionFY24New Business CSMUnderlying Return on inforceCSM ReleaseEconomic Variance Operating VarianceOther⟦⟧1H25&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 15,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;9&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Including scope changes and FX ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 15,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;16&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Fair valueAsset Allocation %o/w ParticipatingDuration gapAverage rating1⟦⟧AAAAAABBBBelow Investment GradeNon Rated&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;16&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.02billion, AA: Euro 0.4 billion, A: Euro 1 billion, BBB: Euro 3.7 billion, Below investment grade: Euro 5 billion.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;11&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;General Account Invested Assets⟦⟧453—60%-0.3 yr———————&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;11&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;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.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;12&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Asset Backed Securities⟦⟧235%47%——56%26%11%2%2%4%&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;12&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes 93% of CLOs.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;13&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Mortgage Loans⟦⟧307%57%————————&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;13&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Residential loans (Euro 16 billion), commercial \u0026 agricultural loans (Euro 7 billion) and Agency Pools (Euro 7 billion).&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;14&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Listed Equities⟦⟧82%79%————————&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;14&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes hedges. Listed equities excluding hedges at €13bn (basis for % of participating)&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;15&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Private Equity \u0026amp; Hedge Funds⟦⟧225%57%————————&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;15&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Private Equity (Euro 18 billion), Hedge Funds (Euro 4 billion) and Non-listed Equities (Euro 1 billion).&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 16,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;19&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR billionFair Value⟦⟧BelgiumFranceGermanyItalyJapanNetherlandsSpainSwitzerlandUnited StatesOther EU countriesSupranationalRest of the World&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;19&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Including hedges&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;20&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR billionFair Value⟦⟧Basic MaterialsCommunicationsConsumer, CyclicalConsumer, Non-CyclicalCovered and Senior Secured Bonds EnergyFinancialsIndustrialTechnologyUtilitiesOther&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;20&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Excluding Non-listed Equity&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;18&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR billionFair Value Basic MaterialsCommunicationsConsumer, CyclicalConsumer, Non-CyclicalCovered and Senior Secured Bonds⟦⟧EnergyFinancialsIndustrialTechnologyUtilitiesOther&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;18&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes REITS corporate bonds (Euro 3 billion).&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;21&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR billionTotalBanks⟦⟧Non-Banks1&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;21&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Excludes banking operations and Euro 7 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;17&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Subordinated Bonds⟦⟧3.03.10.4&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;17&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Includes AT1 (Euro 0.3 billion).&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;22&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;In EUR billionFair ValueResidentialCommercial⟦⟧&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;22&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Loan to Value: 46%.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 17,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 18,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;23&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Book Value per Share⟦⟧24.522.0&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 18,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;23&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Shareholders&amp;#039; equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 18,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 18,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;24&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Shareholders&amp;#039; Equity + CSM per Share⟦⟧32.730.5&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 18,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;24&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Shareholders&amp;#039; equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 18,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;25&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Net Income⟦⟧3.97.73.8—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;25&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders&amp;#039; equity).&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 19,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;26&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Average Adjusted Shareholders&amp;#039; Equity⟦⟧49.751.850.1—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;26&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders&amp;#039; equity).&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 19,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;25&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Underlying Earnings⟦⟧4.17.94.4—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;25&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders&amp;#039; equity).&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 19,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;26&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Average Adjusted Shareholders&amp;#039; Equity⟦⟧49.751.850.1—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;26&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders&amp;#039; equity).&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 19,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;27&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Shareholders&amp;#039; Equity (Including Non-Controlling Interests) (a) (C)⟦⟧50.152.547.9&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 19,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;27&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Shareholders&amp;#039; equity includes undated and deeply subordinated debts;&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 19,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 20,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;28&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Subject to Transitional Measures⟦⟧4.3—3.31.0—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 20,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;28&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 20,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		},&lt;br /&gt;
		{&lt;br /&gt;
			&amp;quot;page&amp;quot;: 20,&lt;br /&gt;
			&amp;quot;marker&amp;quot;: &amp;quot;28&amp;quot;,&lt;br /&gt;
			&amp;quot;host&amp;quot;: &amp;quot;Subject to Transitional Measures⟦⟧4.5—3.41.1—&amp;quot;,&lt;br /&gt;
			&amp;quot;source&amp;quot;: &amp;quot;model&amp;quot;,&lt;br /&gt;
			&amp;quot;method&amp;quot;: &amp;quot;page&amp;quot;,&lt;br /&gt;
			&amp;quot;content&amp;quot;: {&lt;br /&gt;
				&amp;quot;page&amp;quot;: 20,&lt;br /&gt;
				&amp;quot;marker&amp;quot;: &amp;quot;28&amp;quot;,&lt;br /&gt;
				&amp;quot;text&amp;quot;: &amp;quot;Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.&amp;quot;,&lt;br /&gt;
				&amp;quot;printed_on&amp;quot;: 20,&lt;br /&gt;
				&amp;quot;source&amp;quot;: &amp;quot;block&amp;quot;&lt;br /&gt;
			}&lt;br /&gt;
		}&lt;br /&gt;
	],&lt;br /&gt;
	&amp;quot;unmatched&amp;quot;: [],&lt;br /&gt;
	&amp;quot;orphans&amp;quot;: [],&lt;br /&gt;
	&amp;quot;report&amp;quot;: {&lt;br /&gt;
		&amp;quot;cues&amp;quot;: 36,&lt;br /&gt;
		&amp;quot;contents&amp;quot;: 28,&lt;br /&gt;
		&amp;quot;by_method&amp;quot;: {&lt;br /&gt;
			&amp;quot;page&amp;quot;: 36&lt;br /&gt;
		},&lt;br /&gt;
		&amp;quot;unmatched&amp;quot;: {},&lt;br /&gt;
		&amp;quot;notes_pages&amp;quot;: [],&lt;br /&gt;
		&amp;quot;orphan_contents&amp;quot;: 0&lt;br /&gt;
	},&lt;br /&gt;
	&amp;quot;doc&amp;quot;: &amp;quot;e5ipnc&amp;quot;&lt;br /&gt;
}&lt;/div&gt;</summary>
		<author><name>Wikilah admin</name></author>
	</entry>
</feed>