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AXA/2025/FY/Financial supplement: Difference between revisions

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Line 18:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Exchange rate time series by currency
|+ Average foreign exchange rates time series for fiscal years 1H24, FY24, 1H25, and FY25
! style="text-align:left" | —EUR
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 83:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ AverageDiscount interestrate rates5Y time series forby fiscal years 1H24, FY24, 1H25, and FY25currency
! style="text-align:left" | —EUR
! class="col-s" style="text-align:right" | Average 1H24
! class="col-s" style="text-align:right" | Average FY24
Line 130:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ ClosingDiscount interestrate rates10Y time series forby fiscal years 1H24, FY24, 1H25, and FY25currency
! style="text-align:left" | —EUR
! class="col-s" style="text-align:right" | Closing 1H24
! class="col-s" style="text-align:right" | Closing FY24
Line 179:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ UnderlyingGroup underlying earnings and net income breakdown by line of business forand fiscalnet yearsincome 1H24,build-up FY24,by 1H25, andbusiness FY25unit
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
! colspan="4" style="text-align:center" | Property & Casualtycasualty
! colspan="4" style="text-align:center" | Life & Healthhealth
! colspan="4" style="text-align:center" | Asset Managementmanagement {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | Asset ManagementHoldings {{footnote|1=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.}}
! colspan="2" style="text-align:center" | Asset Management*▼
! colspan="4" style="text-align:center" | Holdings▼
|-
! style="text-align:left" | —EUR million
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 255 ⟶ 253:
| style="text-align:right" | —
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | —
| style="text-align:right" | —
Line 277 ⟶ 275:
| style="text-align:right" | —
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 2,877
| style="text-align:right" | 5,421
Line 299 ⟶ 297:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Long-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 833 ⟶ 831:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Underlying earnings groupby sharegeography breakdownbuild-up by geography for{{footnote|1=Includes fiscalBank yearswith Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25, and -54 million as of FY25.}}
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
! colspan="4" style="text-align:center" | France
Line 840 ⟶ 838:
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! colspan="4" style="text-align:center" | AXA IM {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
▲! colspan="24" style="text-align:center" | AssetTransversal Management*& other
! style="text-align:center" | AXA IM {{footnote|1=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.}}
! colspan="2" style="text-align:center" | AXA IM*▼
! colspan="4" style="text-align:center" | Transversal & Other▼
|-
! style="text-align:left" | —EUR million
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 935 ⟶ 931:
| style="text-align:right" | 2,107
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | —
| style="text-align:right" | —
Line 965 ⟶ 961:
| style="text-align:right" | —
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 2,877
| style="text-align:right" | 5,421
Line 995 ⟶ 991:
| style="text-align:right" | 109
|-
| style="text-align:left" | '''Long-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,391 ⟶ 1,387:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Shares and UEPS build-up
|+ Shares and underlying earnings per share time series for fiscal years FY24 and FY25
! style="text-align:left" | EUR
! style="text-align:center" | Outstanding shares excluding treasury shares (a) {{footnote|1=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.}}
! style="text-align:center" | Outstanding shares excluding treasury shares (a)
Line 1,547 ⟶ 1,543:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property and& casualty underlying earnings breakdown by sub line of business forbuild-up fiscalby yearsline 1H24,of FY24, 1H25, and FY25business
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Commercial lines
Line 1,555 ⟶ 1,551:
! colspan="4" style="text-align:center" | Intercompany eliminations
|-
! style="text-align:left" | —EUR million
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 2,265 ⟶ 2,261:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property and& casualty underlying earnings breakdown by geography forbuild-up fiscalby years 1H24, FY24, 1H25, and FY25geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | France
Line 2,279 ⟶ 2,275:
! style="text-align:center" | o/w AXA XL insurance
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! colspan="4" style="text-align:center" | Transversal & Otherother
|-
! style="text-align:left" | —EUR million
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 2,294 ⟶ 2,290:
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! colspanclass="2col-s" style="text-align:centerright" | 1H24
! colspanclass="2col-s" style="text-align:centerright" | FY24o/w AXA XL insurance
! colspanclass="2col-s" style="text-align:centerright" | 1H25FY24
! colspanclass="2col-s" style="text-align:centerright" | FY25o/w AXA XL insurance
▲! colspanclass="4col-s" style="text-align:centerright" | Holdings1H25
▲! colspanclass="4col-s" style="text-align:centerright" | Transversalo/w AXA &XL Otherinsurance
▲! colspanclass="2col-s" style="text-align:centerright" | AXA IM*FY25
! class="col-s" style="text-align:right" | o/w AXA XL insurance
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 3,153:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and& healthHealth (L&H)Underlying underlyingEarnings earningsby (UE)Line of Business breakdown by line of business (LOB) for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health
! style="text-align:center" | Employee benefitsBenefits* (out of totalTotal lifeLife & healthHealth) {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! colspan="3" style="text-align:center" | Employee benefitsBenefits* (out of totalTotal lifeLife & healthHealth)
|-
! style="text-align:left" | —
Line 3,797:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and& healthHealth (L&H)Underlying underlyingEarnings earningsby (UE)Geography breakdown by geography for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 3,804:
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! colspan="4" style="text-align:center" | Transversal & otherOther
|-
! style="text-align:left" | —
Line 4,644:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life underlyingUnderlying earningsEarnings (UE)by Geography breakdown by geography for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 4,651:
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! colspan="4" style="text-align:center" | Transversal & otherOther
|-
! style="text-align:left" | —
Line 5,491:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Health underlyingUnderlying earningsEarnings (UE)by Geography breakdown by geography for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 5,498:
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! colspan="4" style="text-align:center" | Transversal & otherOther
|-
! style="text-align:left" | —
Line 6,338:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management underlyingrollforward earnings (UE)and build-up for first half 2024, fiscal year 2024, first half 2025 and fiscal yearby 2025type
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | 1H24
! colspan="2" style="text-align:center" | FY24
! colspan="2" style="text-align:center" | 1H25
! colspan="2" style="text-align:center" | FY25 {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! style="text-align:center" | FY25*▼
|-
! style="text-align:left" | —EUR million
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w third party
Line 6,356 ⟶ 6,355:
! class="col-s" style="text-align:right" | o/w third party
|-
| style="text-align:left" | '''Opening AUM (in euroEUR billion)'''
| style="text-align:right" | '''843'''
| style="text-align:right" | '''332'''
Line 6,406 ⟶ 6,405:
| style="text-align:right" | -6
|-
| style="text-align:left" | '''Closing AUM (in euroEUR billion)'''
| style="text-align:right" | '''859'''
| style="text-align:right" | '''340'''
Line 6,622 ⟶ 6,621:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ styleHoldings Underlying Earnings¹ time series {{footnote|1="textIncludes Bank with Underlying Earnings Group Share of Euro -align:left"24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}} {{footnote|1=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion Otherin expenses2024).}} {{footnote|1=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}▼
|+ Holdings underlying earnings (UE) build-up for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 1H24
Line 6,629 ⟶ 6,628:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Financial result {{footnote|1=Includes liquid invested assets.}}
| style="text-align:right" | 181
| style="text-align:right" | 402
Line 6,635 ⟶ 6,634:
| style="text-align:right" | 422
|-
| style="text-align:left" | Other revenues {{footnote|1=Includes exceptionalliquid cashinvested remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024)assets.}}
| style="text-align:right" | 522
| style="text-align:right" | 1,050
Line 6,641 ⟶ 6,640:
| style="text-align:right" | 1,149
|-
▲!| style="text-align:centerleft" | FY25*Other expenses
▲| style="text-align:left" | Other expenses {{footnote|1=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}
| style="text-align:right" | -925
| style="text-align:right" | -1,986
Line 6,677 ⟶ 6,676:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying earnings group share {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}'''
| style="text-align:right" | '''-592'''
| style="text-align:right" | '''-1,157'''
Line 6,689 ⟶ 6,688:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Activity Indicators by Line of Business time series by line of business
|+ Activity indicators breakdown by segment for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" |
! colspan="8" style="text-align:center" | 1H24
Line 6,699 ⟶ 6,698:
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & healthHealth
! class="col-s" style="text-align:right" | o/w employee benefits* {{footnote|1=IncludesEmployee expectedBenefits profitsinclude fromGroup shortProtection termand Life &Group 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 reinsurerscontracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 6,707 ⟶ 6,706:
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & healthHealth
! class="col-s" style="text-align:right" | o/w employee benefits* {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 6,715 ⟶ 6,714:
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & healthHealth
! class="col-s" style="text-align:right" | o/w employee benefits {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 6,723 ⟶ 6,722:
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & healthHealth
! class="col-s" style="text-align:right" | o/w employee benefits {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 6,832 ⟶ 6,831:
| style="text-align:right" | —
|-
| style="text-align:left" | Other NBV {{footnote|1=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.}}
| style="text-align:left" | Other NBV *
| style="text-align:right" | 456
| style="text-align:right" | —
Line 6,972 ⟶ 6,971:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Activity Indicators by Geography time series by geography
|+ Activity indicators breakdown by geography for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" |
! colspan="7" style="text-align:center" | 1H24
Line 6,986 ⟶ 6,985:
! class="col-s" style="text-align:right" | Asia, Africa & EME-LATAM
! class="col-s" style="text-align:right" | AXA IM
! class="col-s" style="text-align:right" | Transversal & otherOther
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | France
Line 6,993 ⟶ 6,992:
! class="col-s" style="text-align:right" | Asia, Africa & EME-LATAM
! class="col-s" style="text-align:right" | AXA IM
! class="col-s" style="text-align:right" | Transversal & otherOther
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | France
Line 7,000 ⟶ 6,999:
! class="col-s" style="text-align:right" | Asia, Africa & EME-LATAM
! class="col-s" style="text-align:right" | AXA IM
! class="col-s" style="text-align:right" | Transversal & otherOther
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | France
Line 7,007 ⟶ 7,006:
! class="col-s" style="text-align:right" | Asia, Africa & EME-LATAM
! class="col-s" style="text-align:right" | AXA IM
! class="col-s" style="text-align:right" | Transversal & otherOther
|-
| style="text-align:left" | Gross written premiums & other revenues
Line 7,099 ⟶ 7,098:
| style="text-align:right" | —
|-
| style="text-align:left" | Other NBV {{footnote|1=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.}}
| style="text-align:left" | Other NBV *
| style="text-align:right" | 456
| style="text-align:right" | 275
Line 7,225 ⟶ 7,224:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets build-up
|+ Balance sheet assets breakdown for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,302 ⟶ 7,301:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Liabilities, non-controlling interests & shareholders' equity build-up
|+ Balance sheet liabilities and equity breakdown for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,373 ⟶ 7,372:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) rollforward by segmentbusiness forunit, fiscalpre-tax yearand 2024post-tax, under IFRS 17
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY23 restated* {{footnote|1=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.}}
! class="col-s" style="text-align:right" | New business CSM
! class="col-s" style="text-align:right" | Underlying return on inforce
Line 7,381 ⟶ 7,380:
! class="col-s" style="text-align:right" | Economic variance
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Other {{footnote|1=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.}}
! class="col-s" style="text-align:right" | FY24
|-
Line 7,438 ⟶ 7,437:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) rollforward by segmentbusiness forunit, fiscalpre-tax yearand 2025post-tax, under IFRS 17 {{footnote|1=Including scope changes and FX.}}
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY24
Line 7,446 ⟶ 7,445:
! class="col-s" style="text-align:right" | Economic variance
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Other {{footnote|1=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.}}
! class="col-s" style="text-align:right" | FY25
|-
Line 7,505 ⟶ 7,504:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ General account invested assets as of FY25 breakdown by asset allocation for fiscal year 2025class {{footnote|1=1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,580 ⟶ 7,579:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ FairDuration valuegap sensitivity by rating breakdown for fiscal year 2025
! style="text-align:left" | EUR billion
! colspan="7" style="text-align:center" | Fair value by rating
Line 7,635 ⟶ 7,634:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Breakdown by geographical exposure forof fiscal year 2025assets {{footnote|1=Corporate Bonds and Loans.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,670 ⟶ 7,669:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Breakdown by industry forof fiscal year 2025assets
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,703 ⟶ 7,702:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ SupplementaryExposure informationto onthe assetfinancials breakdown by type of bond and counterparty for FY 2025 {{footnote|1=Listed Equities1.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
Line 7,733 ⟶ 7,732:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Supplementary information on asset breakdownBreakdown by asset domiciliation for FYby 2025geography
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,762 ⟶ 7,761:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ SupplementaryBreakdown informationby on asset breakdownindustry by industry for FY 2025 {{footnote|1=1 Including hedges.}} {{footnote|1=Real Estate.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,797 ⟶ 7,796:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Supplementary information on asset breakdownBreakdown by geographical exposure for FYby 2025geography
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,830 ⟶ 7,829:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ SupplementaryBreakdown informationby on asset breakdowntype by type for FY 2025 {{footnote|1=Private Equities1.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,851 ⟶ 7,850:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Supplementary information on asset breakdownBreakdown by asset domiciliation for FYby 2025geography {{footnote|1=1 Excluding Non-listed Equity.}} {{footnote|1=Mortgage Loans1,2.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,870 ⟶ 7,869:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ SupplementaryBreakdown informationby on asset breakdowntype by type for FY 2025 {{footnote|1=1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}} {{footnote|1=2 Loan to Value: 46%.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,887 ⟶ 7,886:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Change in group share consolidated shareholders' equity rollforward
|+ Shareholders' equity rollforward for fiscal year 2025
! style="text-align:left" | —EUR billion
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Shareholders' equity at beginning of the period {{footnote|1=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}} {{footnote|1=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}'''
| style="text-align:right" | '''49.9'''
|-
Line 7,930 ⟶ 7,929:
| style="text-align:right" | -0.2
|-
| style="text-align:left" | '''Shareholders' equity at end of the period {{footnote|1=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}'''
| style="text-align:right" | '''47.2'''
|}
Line 7,937 ⟶ 7,936:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ ShareholdersGroup share consolidated shareholders' equity build-up for fiscal years 2024 and 2025
! style="text-align:left" | —EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
Line 7,986 ⟶ 7,985:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ OtherUnrealized comprehensivegains incomeand relatedlosses toon invested assets (net of tax) breakdown by asset type for fiscal years 2024 and 2025
! style="text-align:left" | —EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
Line 8,037 ⟶ 8,036:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Return on equity (ROE) ratio analysis for fiscal years 2024 and 2025 {{footnote|1=Financial interest treatment.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,077 ⟶ 8,076:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Consolidated financial structure & debt gearing build-up
|+ Debt gearing ratio analysis for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,140 ⟶ 8,139:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II rollforward
|+ Solvency II eligible own funds (EOF), solvency capital requirement (SCR), and solvency II ratio rollforward for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,189 ⟶ 8,188:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ EligibleEOF own funds (EOF)tiering breakdown by tier and sector for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
Line 8,252 ⟶ 8,251:
| style="text-align:right" | —
|-
| style="text-align:left" | Subject to transitional measures {{footnote|1=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:left" | Subject to transitional measures*
| style="text-align:right" | 4.5
| style="text-align:right" | —
Line 8,270 ⟶ 8,269:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II ratiokey sensitivitysensitivities to(in marketpts) shocksby for fiscal years 2024 and 2025scenario
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,321 ⟶ 8,320:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ IFRSReconciliation IFRS17/9 shareholders' equity to groupSolvency II eligible own funds (EOF) reconciliation for fiscal year 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY25
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