|
<syntaxhighlight lang="yaml">
== Front Page ==
topic: Global insurance markets
year: 2024
source: Activity report - Full Year 2024
markets:
- region: France
segments:
- name: Savings insurance
performance:
premium_growth_yoy: +14%
total_premiums_eur_bn: 173
sub_products:
- name: Unit-linked
growth_yoy: +8%
share_of_total: 38% # down from 40% in 2023
- name: General Account
growth_yoy: +17%
notes:
- Saving ratio increased amid economic, fiscal, and political uncertainty.
- Stagnant real estate market supported net flows into Life insurance.
- Surrenders decreased in General Account funds despite Livret A rate held at 3%.
- Surrenders increased in Unit-linked products, partially offsetting the GA decrease.
- name: Protection and Complementary Health insurance
notes:
- Medical inflation partly absorbed via average tariff increase of 8% in 2024.
- Cost and frequency of claims both rose.
- Political uncertainty around the Sécurité Sociale budget may drive further tariff increases as state reimbursement share decreases.
- name: Property & Casualty
== Summary ==
notes:
- Motor claims rose due to driver behavior and higher repair costs.
natural_catastrophes:
- event: Cyclone Belal (overseas)
estimated_cost_eur_bn: 0.1
- event: Cyclone Chido (overseas)
estimated_cost_eur_bn_range: [0.65, 0.8]
- event: Floods (including Kirk depression)
estimated_cost_eur_bn_range: [0.35, 0.42]
- region: Europe (excluding France)
segments:
- name: Property & Casualty
notes:
- Faced rising repair costs amid persistent but moderating inflation.
- Evolving risks including climate change.
- Multiple but less severe weather events, mainly hailstorms and floods across most geographies.
- Insurers responding via pricing measures, product reshaping, and updated risk management practices.
- name: Life and Savings
notes:
- Recovering from last year's challenging macroeconomic environment.
- Still affected by modest growth and economic/political uncertainties.
- name: Health
== 13. Activity indicators ==
notes:
- Private insurers facing ageing population, claims cost inflation, and strains on national healthcare systems.
- Implementing progressive price increases.
- Focusing on digital transformation, including care pathway management and wellness benefits.
- region: Japan
=== 1H24 ===
segments:
- name: Life insurance
performance:
gwp_growth_yoy: +5%
notes:
- Growth driven by strong sales of traditional General Account Savings products.
- Higher guarantees offered as a result of rising Japanese interest rates.
- Major insurers' net income boosted by favorable Japanese equity market performance.
- name: Property & Casualty
{| class="wikitable" style="width:100%"
performance:
|+ 📊 AXA Consolidated — Activity Indicators (Gross Written Premiums & Other Revenues, New Business Value, PVEP, NBV Margin), 1H24, EUR mm
gwp_growth_yoy: +3%
! style="background:#eaecf0;text-align:left" |
notes:
! style="background:#eaecf0;text-align:right;width:6em;" | Total
- Driven by price increases in Motor and Fire insurance.
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
! style="background:#eaecf0;text-align:right;width:6em;" | Life & Health
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! style="background:#eaecf0;text-align:right;width:6em;" | Life
! style="background:#eaecf0;text-align:right;width:6em;" | Health
! style="background:#eaecf0;text-align:right;width:6em;" | Asset Management
! style="background:#eaecf0;text-align:right;width:6em;" | Bank
|-
| style="text-align:left" | Gross Written Premiums & 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: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: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:left" | Other NBV *
| 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: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: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: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" | —
|}
- region: Hong Kong
=== FY24 ===
segments:
- name: Life insurance
performance:
gwp_growth_yoy: +8%
new_business_growth_yoy: +16%
notes:
- New business growth derived from non-Linked individual business.
- Mainland China Visitors new business slightly decreased vs. 2023.
- Mainland China Visitors represented 28% of total Individual business.
- name: Property & Casualty
{| class="wikitable" style="width:100%"
notes:
|+ 📊 AXA Consolidated — Activity Indicators, FY24 (EUR mm)
- Market remained stable.
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
! style="background:#eaecf0;text-align:right;width:6em;" | Life & Health
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! style="background:#eaecf0;text-align:right;width:6em;" | Life
! style="background:#eaecf0;text-align:right;width:6em;" | Health
! style="background:#eaecf0;text-align:right;width:6em;" | Asset Management
! style="background:#eaecf0;text-align:right;width:6em;" | Bank
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| 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:left" | IFRS17/9 New Business Value (NBV) (a)
| 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:left" | New Business Contractual Service Margin (NB CSM)
| 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:left" | Other NBV *
| 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:left" | Tax
| 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:left" | Present Value of Expected Premiums (PVEP) (b)
| 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:left" | IFRS17/9 NBV Margin (a)/(b)
| 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" | —
|}
- region: United States
=== 1H25 ===
segments:
- name: Property insurance
notes:
- Rates rose, though at a slower pace than prior years.
- Strict underwriting across capacity deployment, risk selection, and terms and conditions.
- Adversely impacted by increased frequency of Nat Cat events, particularly secondary perils.
- Rising reinsurance costs and economic inflation drove up construction costs.
- name: Casualty insurance
{| class="wikitable" style="width:100%"
notes:
|+ 📊 AXA Consolidated — Activity Indicators (Gross Written Premiums, New Business Value, NBV Margin), 1H25, EUR mm
- Continues to experience rate increases due to loss trends.
! style="background:#eaecf0;text-align:left" |
- Elevated casualty claims from social inflation have impacted underwriting margins and reserves.
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
! style="background:#eaecf0;text-align:right;width:6em;" | Life & Health
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! style="background:#eaecf0;text-align:right;width:6em;" | Life
! style="background:#eaecf0;text-align:right;width:6em;" | Health
! style="background:#eaecf0;text-align:right;width:6em;" | Asset Management
! style="background:#eaecf0;text-align:right;width:6em;" | Bank
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| 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:left" | IFRS17/9 New Business Value (NBV) (a)
| 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:left" | New Business Contractual Service Margin (NB CSM)
| 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:left" | Other NBV *
| 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:left" | Tax
| 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:left" | Present Value of Expected Premiums (PVEP) (b)
| 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:left" | IFRS17/9 NBV Margin (a)/(b)
| 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" | —
|}
- region: Global
=== FY25 ===
segments:
- name: Reinsurance
{| class="wikitable" style="width:100%"
notes:
|+ 📊 AXA Consolidated — Activity Indicators, FY25 (EUR mm)
- Market remains well-capitalized; companies successfully raised capital to support growth.
! style="background:#eaecf0;text-align:left" |
- Property reinsurance saw increased rates and attachment points, improving margins.
! style="background:#eaecf0;text-align:right;width:6em;" | Total
- Realignment of property catastrophe risk allowed reinsurers to limit losses despite active weather patterns.
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
- Strong underwriting performance and improved investment returns helped mitigate adverse prior-year reserve development in US casualty business.
! style="background:#eaecf0;text-align:right;width:6em;" | Life & Health
</syntaxhighlight>
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! style="background:#eaecf0;text-align:right;width:6em;" | Life
! style="background:#eaecf0;text-align:right;width:6em;" | Health
! style="background:#eaecf0;text-align:right;width:6em;" | Asset Management
! style="background:#eaecf0;text-align:right;width:6em;" | Bank
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| 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" | 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" | —
|-
| style="text-align:left" | New Business Contractual Service Margin (NB CSM)
| 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" | —
|-
| style="text-align:left" | Other NBV *
| 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" | —
|-
| style="text-align:left" | Tax
| 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" | 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" | 4.5%
| 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" | —
|}
=== 1H24 ===
{| class="wikitable" style="width:100%"
|+ 📊 AXA Consolidated — Activity Indicators, 1H24 (EUR mm)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | France
! style="background:#eaecf0;text-align:right;width:6em;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! style="background:#eaecf0;text-align:right;width:6em;" | Asia, Africa & EME-LATAM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
| style="text-align:left" | Gross Written Premiums & 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: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: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:left" | Other NBV *
| 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: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: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: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" | —
|}
* 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.
* Employee Benefits include Group Protection and Group Health contracts.
=== FY24 ===
{| class="wikitable" style="width:100%"
|+ 📊 AXA Consolidated — Activity Indicators: Gross Written Premiums & Other Revenues, New Business Value, PVEP and NBV Margin, FY24 (EUR mm)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | France
! style="background:#eaecf0;text-align:right;width:6em;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! style="background:#eaecf0;text-align:right;width:6em;" | Asia, Africa & EME-LATAM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| 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:left" | IFRS17/9 New Business Value (NBV) (a)
| 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:left" | New Business Contractual Service Margin (NB CSM)
| 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:left" | Other NBV *
| 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:left" | Tax
| 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:left" | Present Value of Expected Premiums (PVEP) (b)
| 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:left" | IFRS17/9 NBV Margin (a)/(b)
| 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" | —
|}
* 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.
* Employee Benefits include Group Protection and Group Health contracts.
=== 1H25 ===
{| class="wikitable" style="width:100%"
|+ 📊 AXA Consolidated — Activity Indicators, 1H25 (EUR mm)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | France
! style="background:#eaecf0;text-align:right;width:6em;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! style="background:#eaecf0;text-align:right;width:6em;" | Asia, Africa & EME-LATAM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| 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:left" | IFRS17/9 New Business Value (NBV) (a)
| 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:left" | New Business Contractual Service Margin (NB CSM)
| 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:left" | Other NBV *
| 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:left" | Tax
| 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:left" | Present Value of Expected Premiums (PVEP) (b)
| 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:left" | IFRS17/9 NBV Margin (a)/(b)
| 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" | —
|}
* 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.
* Employee Benefits include Group Protection and Group Health contracts.
=== FY25 ===
{| class="wikitable" style="width:100%"
|+ 📊 AXA Consolidated — Activity Indicators: Gross Written Premiums & Other Revenues, New Business Value, FY25 (EUR mm)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | France
! style="background:#eaecf0;text-align:right;width:6em;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! style="background:#eaecf0;text-align:right;width:6em;" | Asia, Africa & EME-LATAM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| 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" | 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" | —
|-
| style="text-align:left" | New Business Contractual Service Margin (NB CSM)
| 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" | —
|-
| style="text-align:left" | Other NBV *
| 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" | —
|-
| style="text-align:left" | Tax
| 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" | 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" | 4.5%
| 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" | —
|}
* 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.
* Employee Benefits include Group Protection and Group Health contracts.
== 14. Balance Sheet ==
=== Assets ===
{| class="wikitable" style="width:100%"
|+ 📊 AXA Consolidated — Assets, Balance Sheet, FY24–FY25 (EUR bn)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | FY24
! style="background:#eaecf0;text-align:right;width:6em;" | 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="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Total Intangible assets'''
| style="background:#f8f9fa;text-align:right" | '''22.6'''
| style="background:#f8f9fa;text-align:right" | '''22.2'''
|-
| 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="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Total Investments from Insurance activities'''
| style="background:#f8f9fa;text-align:right" | '''537.5'''
| style="background:#f8f9fa;text-align:right" | '''526.9'''
|-
| 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
|-
| style="text-align:left" | Present Value of Future Cash Flows
| style="text-align:right" | 24.1
| style="text-align:right" | 22.0
|-
| style="text-align:left" | Contractual Service Margin
| style="text-align:right" | 1.4
| style="text-align:right" | 1.4
|-
| 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="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Total Assets'''
| style="background:#f8f9fa;text-align:right" | '''653.8'''
| style="background:#f8f9fa;text-align:right" | '''635.5'''
|}
=== Liabilities, Non-controlling Interests & Shareholders' Equity ===
{| class="wikitable" style="width:100%"
|+ 📊 AXA Consolidated — Balance Sheet: Liabilities, Non-controlling Interests & Shareholders' Equity (EUR bn), FY24–FY25
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | FY24
! style="background:#eaecf0;text-align:right;width:6em;" | 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="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Shareholders’ equity'''
| style="background:#f8f9fa;text-align:right" | '''52.5'''
| style="background:#f8f9fa;text-align:right" | '''49.6'''
|-
| 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
|-
| style="text-align:left" | Present Value of Future Cash Flows
| style="text-align:right" | 438.4
| style="text-align:right" | 432.6
|-
| style="text-align:left" | Contractual Service Margin
| style="text-align:right" | 35.3
| style="text-align:right" | 34.7
|-
| 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="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Liabilities arising from insurance, reinsurance and investment contracts'''
| style="background:#f8f9fa;text-align:right" | '''489.6'''
| style="background:#f8f9fa;text-align:right" | '''483.2'''
|-
| 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="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Total Liabilities, Non-controlling Interests and Shareholders' Equity'''
| style="background:#f8f9fa;text-align:right" | '''653.8'''
| style="background:#f8f9fa;text-align:right" | '''635.5'''
|}
|