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PlumBot: re-publish AXA FY2025 financial supplement (rendering fixes: number format, units, captions, empty-column cleanup, footnotes)
PlumBot: re-publish AXA FY2025 financial supplement (house-style widths, bracketed * footnotes, collapsed duplicate headers)
 
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== 1. Market Data ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Exchange Rate
! style="text-align:left" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | Average 1H24
! style="text-align:right; width:6em" | Average FY24
! style="text-align:right; width:6em" | Average 1H25
! style="text-align:right; width:6em" | Average FY25
|-
| style="text-align:left" | USD
Line 65 ⟶ 66:
| style="text-align:right" | 8.82
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Discount Rate - 5Y
! style="text-align:left" | —
! style="text-align:right; width:6em" | Average 1H24
! style="text-align:right; width:6em" | Average FY24
! style="text-align:right; width:6em" | Average 1H25
! style="text-align:right; width:6em" | Average FY25
|-
| style="text-align:left" | EUR
Line 110 ⟶ 113:
| style="text-align:right" | 3.18%
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Discount Rate - 10Y
! style="text-align:left" | —
! style="text-align:right; width:6em" | Closing 1H24
! style="text-align:right; width:6em" | Closing FY24
! style="text-align:right; width:6em" | Closing 1H25
! style="text-align:right; width:6em" | Closing FY25
|-
| style="text-align:left" | EUR
Line 155 ⟶ 160:
| style="text-align:right" | 3.21%
|}
</div>
 
== 2. UE by LOB and Net Income ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Group Underlying Earnings by Line of Business and Net Income
Line 168 ⟶ 175:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
Line 805 ⟶ 812:
| style="text-align:right" | —
|}
</div>
 
* <sup>(*) AXA</sup> IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
* <sup>(**) Includes</sup> Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.
 
== 3. UE by Geography ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Underlying Earnings by Geography
Line 823 ⟶ 832:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
Line 1,362 ⟶ 1,371:
| style="text-align:right" | '''-903'''
|}
</div>
 
* <sup>(*) AXA</sup> IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
* <sup>(**) Includes</sup> Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.
 
== 4. Shares & UEPS ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |
Line 1,374 ⟶ 1,385:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Basic Number of Shares'''
Line 1,517 ⟶ 1,528:
| style="text-align:right" | 3.86
|}
</div>
 
* <sup>(a)</sup> Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.
Line 1,522 ⟶ 1,534:
== 5. P&C UE by Sub LOB ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Property & Casualty Underlying Earnings by Line of Business
Line 1,532 ⟶ 1,545:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
Line 2,235 ⟶ 2,248:
| style="text-align:right" | '''-35'''
|}
</div>
 
* For long-term business
Line 2,241 ⟶ 2,255:
== 6. P&C UE by Geography ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Property & Casualty Underlying Earnings by Geography
Line 2,250 ⟶ 2,265:
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! colspan="4" style="text-align:center" | Transversal & Other
|-
! style="text-align:left" |
! style="text-align:center" | 1H24
! style="text-align:center" | FY24
! style="text-align:center" | 1H25
! style="text-align:center" | FY25
! style="text-align:center" | 1H24
! style="text-align:center" | FY24
! style="text-align:center" | 1H25
! style="text-align:center" | FY25
! style="text-align:center" | 1H24
! style="text-align:center" | FY24
! style="text-align:center" | 1H25
! style="text-align:center" | FY25
! style="text-align:center" | 1H24
! style="text-align:center" | o/w AXA XL Insurance
! style="text-align:center" | FY24
! style="text-align:center" | o/w AXA XL Insurance
! style="text-align:center" | 1H25
! style="text-align:center" | o/w AXA XL Insurance
! style="text-align:center" | FY25
! style="text-align:center" | o/w AXA XL Insurance
! style="text-align:center" | 1H24
! style="text-align:center" | FY24
! style="text-align:center" | 1H25
! style="text-align:center" | FY25
! style="text-align:center" | 1H24
! style="text-align:center" | FY24
! style="text-align:center" | 1H25
! style="text-align:center" | FY25
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | o/w AXA XL Insurance
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | o/w AXA XL Insurance
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | o/w AXA XL Insurance
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | o/w AXA XL Insurance
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
Line 3,151 ⟶ 3,136:
| style="text-align:right" | '''2,101'''
|}
</div>
 
* For long-term business
Line 3,157 ⟶ 3,143:
== 7. L&H UE by LOB ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Life & Health Underlying Earnings by Line of Business
Line 3,166 ⟶ 3,153:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
Line 3,795 ⟶ 3,782:
| style="text-align:right" | —
|}
</div>
 
* <sup>(*) Employee</sup> Benefits include Group Protection and Group Health contracts.
 
== 8. L&H UE by Geography ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Life & Health Underlying Earnings by Geography
Line 3,811 ⟶ 3,800:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
Line 4,642 ⟶ 4,631:
| style="text-align:right" | 0
|}
</div>
 
== 9. Life UE by Geography ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Life Underlying Earnings by Geography
Line 4,656 ⟶ 4,647:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
Line 5,487 ⟶ 5,478:
| style="text-align:right" | 0
|}
</div>
 
== 10. Health UE by Geography ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Health Underlying Earnings by Geography
Line 5,501 ⟶ 5,494:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
Line 6,332 ⟶ 6,325:
| style="text-align:right" | 0
|}
</div>
 
== 11. Asset Management ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" | EUR million
Line 6,343 ⟶ 6,338:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | o/w Third Party
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | o/w Third Party
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | o/w Third Party
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | o/w Third Party
|-
| style="text-align:left" | '''Opening AUM (in Euro billion)'''
Line 6,612 ⟶ 6,607:
| style="text-align:right" | —
|}
</div>
 
* <sup>(*) AXA</sup> IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
 
== 12. Holdings ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Holdings Underlying Earnings¹
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Financial Result
Line 6,679 ⟶ 6,676:
| style="text-align:right" | '''-1,180'''
|}
</div>
 
* <sup>¹</sup> Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.
Line 6,687 ⟶ 6,685:
== 13. Activity indicators ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Activity Indicators by Line of Business
Line 6,696 ⟶ 6,695:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | P&C
! style="text-align:right; width:6em" | Life & Health
! style="text-align:right; width:6em" | o/w Employee Benefits
! style="text-align:right; width:6em" | Life
! style="text-align:right; width:6em" | Health
! style="text-align:right; width:6em" | Asset Management
! style="text-align:right; width:6em" | Bank
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | P&C
! style="text-align:right; width:6em" | Life & Health
! style="text-align:right; width:6em" | o/w Employee Benefits
! style="text-align:right; width:6em" | Life
! style="text-align:right; width:6em" | Health
! style="text-align:right; width:6em" | Asset Management
! style="text-align:right; width:6em" | Bank
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | P&C
! style="text-align:right; width:6em" | Life & Health
! style="text-align:right; width:6em" | o/w Employee Benefits
! style="text-align:right; width:6em" | Life
! style="text-align:right; width:6em" | Health
! style="text-align:right; width:6em" | Asset Management
! style="text-align:right; width:6em" | Bank
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | P&C
! style="text-align:right; width:6em" | Life & Health
! style="text-align:right; width:6em" | o/w Employee Benefits
! style="text-align:right; width:6em" | Life
! style="text-align:right; width:6em" | Health
! style="text-align:right; width:6em" | Asset Management
! style="text-align:right; width:6em" | Bank
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
Line 6,967 ⟶ 6,966:
| style="text-align:right" | —
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Activity Indicators by Geography
Line 6,977 ⟶ 6,978:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | France
! style="text-align:right; width:6em" | Europe
! style="text-align:right; width:6em" | AXA XL
! style="text-align:right; width:6em" | Asia, Africa & EME-LATAM
! style="text-align:right; width:6em" | AXA IM
! style="text-align:right; width:6em" | Transversal & Other
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | France
! style="text-align:right; width:6em" | Europe
! style="text-align:right; width:6em" | AXA XL
! style="text-align:right; width:6em" | Asia, Africa & EME-LATAM
! style="text-align:right; width:6em" | AXA IM
! style="text-align:right; width:6em" | Transversal & Other
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | France
! style="text-align:right; width:6em" | Europe
! style="text-align:right; width:6em" | AXA XL
! style="text-align:right; width:6em" | Asia, Africa & EME-LATAM
! style="text-align:right; width:6em" | AXA IM
! style="text-align:right; width:6em" | Transversal & Other
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | France
! style="text-align:right; width:6em" | Europe
! style="text-align:right; width:6em" | AXA XL
! style="text-align:right; width:6em" | Asia, Africa & EME-LATAM
! style="text-align:right; width:6em" | AXA IM
! style="text-align:right; width:6em" | Transversal & Other
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
Line 7,216 ⟶ 7,217:
| style="text-align:right" | —
|}
</div>
 
* <sup>(*) Includes</sup> 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.
* <sup>(**</sup>) Employee Benefits include Group Protection and Group Health contracts.
 
== 14. Balance Sheet ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Assets
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Goodwill
Line 7,296 ⟶ 7,299:
| style="text-align:right" | '''635.5'''
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Liabilities, Non-controlling Interests & Shareholders' Equity
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Shareholders' Equity group share
Line 7,363 ⟶ 7,368:
| style="text-align:right" | '''635.5'''
|}
</div>
 
== 15.CSM Rollforward ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Contractual Service Margin (CSM)
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | FY23 Restated
! style="text-align:right; width:6em" | New Business CSM
! style="text-align:right; width:6em" | Underlying Return on inforce
! style="text-align:right; width:6em" | CSM Release
! style="text-align:right; width:6em" | Economic Variance
! style="text-align:right; width:6em" | Operating Variance
! style="text-align:right; width:6em" | Other*
! style="text-align:right; width:6em" | FY24
|-
| style="text-align:left" | '''Total Group (pre-tax)'''
Line 7,428 ⟶ 7,435:
| style="text-align:right" | '''26,320'''
|}
</div>
 
* <sup>(*) Including</sup> 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.
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Contractual Service Margin (CSM)
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | New Business CSM
! style="text-align:right; width:6em" | Underlying Return on inforce
! style="text-align:right; width:6em" | CSM Release
! style="text-align:right; width:6em" | Economic Variance
! style="text-align:right; width:6em" | Operating Variance
! style="text-align:right; width:6em" | Other*
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Total Group (pre-tax)'''
Line 7,493 ⟶ 7,502:
| style="text-align:right" | '''25,864'''
|}
</div>
 
* <sup>(*) Including</sup> scope changes and FX.
 
== 16. Invested Assets ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ General Account Invested Assets as of FY25
! style="text-align:left" | EUR billion
! style="text-align:centerright; width:6em" | Fair value
! style="text-align:centerright; width:6em" | Asset Allocation %
! style="text-align:centerright; width:6em" | o/w Participating
|-
! style="text-align:left" | —
! style="text-align:right" | Fair value
! style="text-align:right" | Asset Allocation %
! style="text-align:right" | o/w Participating
|-
| style="text-align:left" | '''General Account Invested Assets1'''
Line 7,575 ⟶ 7,581:
| style="text-align:right" | 51%
|}
</div>
 
* 1 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.
Line 7,583 ⟶ 7,590:
* 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Duration gap
Line 7,589 ⟶ 7,597:
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | Average rating
! style="text-align:right; width:6em" | AAA
! style="text-align:right; width:6em" | AA
! style="text-align:right; width:6em" | A
! style="text-align:right; width:6em" | BBB
! style="text-align:right; width:6em" | Below Investment Grade
! style="text-align:right; width:6em" | Non Rated
|-
| style="text-align:left" | '''-0.4 yr'''
Line 7,633 ⟶ 7,641:
| style="text-align:right" | 4%
|}
</div>
 
== 17. Supplementary Info on Asset ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Breakdown By Geographical Exposure
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Belgium
! style="text-align:right; width:6em" | France
! style="text-align:right; width:6em" | Germany
! style="text-align:right; width:6em" | Italy
! style="text-align:right; width:6em" | Japan
! style="text-align:right; width:6em" | Netherlands
! style="text-align:right; width:6em" | Spain
! style="text-align:right; width:6em" | Switzerland
! style="text-align:right; width:6em" | United States
! style="text-align:right; width:6em" | Other EU countries
! style="text-align:right; width:6em" | Supranational
! style="text-align:right; width:6em" | Rest of the World
|-
| style="text-align:left" | Breakdown By Geographical Exposure
Line 7,668 ⟶ 7,678:
| style="text-align:right" | 15%
|}
</div>
 
* Corporate Bonds and Loans
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Breakdown By Industry
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Basic Materials
! style="text-align:right; width:6em" | Communications
! style="text-align:right; width:6em" | Consumer, Cyclical
! style="text-align:right; width:6em" | Consumer, Non-Cyclical
! style="text-align:right; width:6em" | Covered and Senior Secured Bonds
! style="text-align:right; width:6em" | Energy
! style="text-align:right; width:6em" | Financials
! style="text-align:right; width:6em" | Industrial
! style="text-align:right; width:6em" | Technology
! style="text-align:right; width:6em" | Utilities
! style="text-align:right; width:6em" | Other
|-
| style="text-align:left" | Breakdown By Industry
Line 7,701 ⟶ 7,713:
| style="text-align:right" | 3%
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Exposure to the Financials
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | Banks
! style="text-align:right; width:6em" | Non-Banks
|-
| style="text-align:left" | '''Total'''
Line 7,729 ⟶ 7,743:
| style="text-align:right" | 0.1
|}
</div>
 
* 1 Includes REITS corporate bonds (Euro 3 billion).
Line 7,734 ⟶ 7,749:
* Listed Equities1
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Breakdown By Asset Domiciliation
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Belgium
! style="text-align:right; width:6em" | France
! style="text-align:right; width:6em" | Germany
! style="text-align:right; width:6em" | Japan
! style="text-align:right; width:6em" | Netherlands
! style="text-align:right; width:6em" | Switzerland
! style="text-align:right; width:6em" | United States
! style="text-align:right; width:6em" | Other EU countries
! style="text-align:right; width:6em" | Rest of the World
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
Line 7,760 ⟶ 7,776:
| style="text-align:right" | 27%
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Breakdown By Industry
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Basic Materials
! style="text-align:right; width:6em" | Communications
! style="text-align:right; width:6em" | Consumer, Cyclical
! style="text-align:right; width:6em" | Consumer, Non-Cyclical
! style="text-align:right; width:6em" | Diversified
! style="text-align:right; width:6em" | Energy
! style="text-align:right; width:6em" | Financials
! style="text-align:right; width:6em" | Funds
! style="text-align:right; width:6em" | Industrial
! style="text-align:right; width:6em" | Technology
! style="text-align:right; width:6em" | Utilities
! style="text-align:right; width:6em" | Other
|-
| style="text-align:left" | Breakdown By Industry
Line 7,793 ⟶ 7,811:
| style="text-align:right" | 0%
|}
</div>
 
* 1 Including hedges.
* Real Estate
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Breakdown By Geographical Exposure
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Belgium
! style="text-align:right; width:6em" | France
! style="text-align:right; width:6em" | Germany
! style="text-align:right; width:6em" | Italy
! style="text-align:right; width:6em" | Japan
! style="text-align:right; width:6em" | Spain
! style="text-align:right; width:6em" | Switzerland
! style="text-align:right; width:6em" | United Kingdom
! style="text-align:right; width:6em" | United States
! style="text-align:right; width:6em" | Other EU countries
! style="text-align:right; width:6em" | Rest of the World
|-
| style="text-align:left" | Breakdown By Geographical Exposure
Line 7,827 ⟶ 7,847:
| style="text-align:right" | 10%
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Breakdown By Type
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Office
! style="text-align:right; width:6em" | Residential
! style="text-align:right; width:6em" | Industrial-Logistic
! style="text-align:right; width:6em" | Retail
! style="text-align:right; width:6em" | Others
|-
| style="text-align:left" | Breakdown By Type
Line 7,846 ⟶ 7,868:
| style="text-align:right" | 18%
|}
</div>
 
* Private Equities1
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Breakdown By Asset Domiciliation
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Europe
! style="text-align:right; width:6em" | Japan
! style="text-align:right; width:6em" | United States
! style="text-align:right; width:6em" | Other
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
Line 7,865 ⟶ 7,889:
| style="text-align:right" | 5%
|}
</div>
 
* 1 Excluding Non-listed Equity.
* Mortgage Loans1,2
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Breakdown by Type
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Residential
! style="text-align:right; width:6em" | Commercial
|-
| style="text-align:left" | Breakdown by Type
Line 7,881 ⟶ 7,907:
| style="text-align:right" | 31%
|}
</div>
 
* 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).
Line 7,887 ⟶ 7,914:
== 18. Shareholders Equity ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Change in Group Share Consolidated Shareholders' Equity
! style="text-align:left" | —
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Shareholders' Equity at Beginning of the Period'''
Line 7,934 ⟶ 7,962:
| style="text-align:right" | '''47.2'''
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Group Share Consolidated Shareholders' Equity
! style="text-align:left" | —
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Paid-in Capital
Line 7,981 ⟶ 8,011:
| style="text-align:right" | '''47.2'''
|}
</div>
 
* <sup>(a)</sup> Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.
* <sup>(b)</sup> Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Unrealized Gains and Losses on Invested Assets (Net of Tax)
! style="text-align:left" | —
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Government Bonds (recyclable)
Line 8,031 ⟶ 8,063:
| style="text-align:right" | '''-10.9'''
|}
</div>
 
== 19. ROE&Gearing ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Return on Equity (ROE)
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | Change in % points (FY25 vs FY24)
|-
| style="text-align:left" | '''Net Income ROE'''
Line 8,071 ⟶ 8,105:
| style="text-align:right" | —
|}
</div>
 
* <sup>(a)</sup> Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).
Line 8,076 ⟶ 8,111:
* Financial interest treatment
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Consolidated Financial Structure & Debt Gearing (in Euro billion)
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Financing Debt
Line 8,134 ⟶ 8,170:
| style="text-align:right" | '''22.3%'''
|}
</div>
 
* <sup>(a)</sup> Shareholders' equity includes undated and deeply subordinated debts.
Line 8,139 ⟶ 8,176:
== 20. Information on Solvency II ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Solvency II Rollforward
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | Regulatory & model changes
! style="text-align:right; width:6em" | Normalized Capital Generation
! style="text-align:right; width:6em" | Operating variance
! style="text-align:right; width:6em" | Economic variance (incl. FX)
! style="text-align:right; width:6em" | Dividend & share buy-backs
! style="text-align:right; width:6em" | Debt
! style="text-align:right; width:6em" | M&A, In-force and Other
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Eligible Own Fund (EOF)'''
Line 8,185 ⟶ 8,223:
| style="text-align:right" | '''224%'''
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ EOF Tiering
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | Unrestricted Tier
! style="text-align:right; width:6em" | Restricted Tier
! colspan="2" style="text-align:center" | Tier
|-
Line 8,264 ⟶ 8,304:
| style="text-align:right" | —
|}
</div>
 
* <sup>(*) Transitional</sup> measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Solvency II Key Sensitivities (in pts)
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Interest Rate +50 bps
Line 8,313 ⟶ 8,355:
| style="text-align:right" | -5 pts
|}
</div>
 
== 21. IFRS17 SHE to Group EOF ==
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Reconciliation IFRS17/9 Shareholders' Equity to Solvency II Eligible Own Funds
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''IFRS SHAREHOLDERS' EQUITY'''
Line 8,375 ⟶ 8,419:
| style="text-align:right" | '''56.4'''
|}
</div>
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