AXA/2025/FY/Earnings presentation: Difference between revisions

| document_typedocument_category = Analyst presentation

* ''AXA Full Year 2025'' earnings presentation delivered on February Earnings26, Presentation2026 ^{p. 1}

* Certain''Forward-looking statements'' are forward-looking, includinginclude predictions of future events, trends, plans, expectations, or objectives, andbased are identified by words likeon Management'expects',s 'anticipates',current 'may',views 'plan,'and 'target'subject orto conditional verbs such as 'would' and 'could'change ^{p. 2}.

* Statements regarding expected '''underlyingExpected earningsUEPS per sharegrowth''' ('UEPS') growth for 2026 areis forward-looking statementsprovided providingas one-off guidance forin the context of the lastfinal year of the Group's current strategic plan ^{p. 2}.

* Refer''Financial to Part 5statements status'Risk Factors and Risk Management' of: AXA's Universalconsolidated Registrationfinancial Documentstatements for the year ended December 31, 20242025 (thewere '2024examined Universalby Registrationthe Document')Board forof aDirectors descriptionon ofFebruary important factors25, risks2026, and uncertaintiesare subject to completion of audit procedures ^{p. 2}.

* '''1. FY25 Highlights''': presented by Thomas Buberl, Group CEO, starting on page 04 ^{p. 3, 4}.

* '''2. FY25 Business Performance''': presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, starting on page 09 ^{p. 3, 9}.

* '''3. FY25 Financial Performance''': presented by Alban de Mailly Nesle, Group CFO, starting on page 13 ^{p. 3, 13}.

*|+ '''ROE'''Key FY25:financial 16%highlights, FY25 ^{p. 5}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | Change vs(constant FY24FX)

|+ FY25 grossGross written premium split (FY25, excluding AXA IM and holdings) ^{p. 7}

* '''Secular trends'' fuelingfuel demand across businesses''':, driven by protection gaps and emerging corporate risks, as well as demographics driving demand for private retirement ^{p.and 7}healthcare

* (icon)* '''DrivingClear efficiency'tech'' and AI roadmap ^{p. 8}

** (icon)''Driving efficiency'''Enhancing capitalacross allocation discipline'''operations ^{p. 8}

* (icon)* '''BuildingEnhancing resilience'capital'' allocation discipline ^{p. 8}

** Confidence''Building inresilience'' sustainingacross earningsthe growthbusiness ^{p. 8}

* '''France'Premium growth basis'': (27%change offor totalgross GWP¹):written premiums is at constant scope and FX ^{p. 10}.

** '''GrossEarnings writtengrowth premiums'basis'': +6%change tofor EURunderlying 31bnearnings is at constant FX ^{p. 10}.

*|+ '''AXAGross XL'''written (17%premiums ofand totalunderlying GWP¹):earnings by region FY25 ^{p. 10}

* '''UnderlyingGross written earnings'premiums'' +9%(GWP) toreached EUR 5.9bn (change FY25 vs. FY24 at constant FX)58bn ^{p. 11}.

* (donut) '''GWP mix''': EURRetail, 58bnAXA XL (Large & Specialty), SME & Mid-market — shares not labeled ^{p. 11}.

** '''Retail''':AXA 34%XL GWP includes AXA XL Re premiums of EUR 2.6bn ^{p. 11}.

** '''SME &Underlying Mid-marketearnings''': 33+9% at constant FX to EUR 5.9bn ^{p. 11}.

* (diagram)* '''2025 Strategic Focus''': Growing volumes while expanding margins ^{p. 11}.

** '''Retail andBeyond SME & Mid-market'2025'': GrowingInvesting volumesto whileimprove customer retention and expanding marginsdistribution footprint ^{p. 11}.

** '''AXA XL''' (Large & Specialty):'' Profitablestrategic growth with stable margins ^{p. 11}outlook:

* (diagram)* ''2025'Beyond': 2025Profitable Strategicgrowth Focus'''with stable margins ^{p. 11}.

** '''RetailBeyond and SME & Mid-market'2025'': InvestingCapitalizing toon improveattractive customergrowth retentionopportunities &and expandingcontinued distributioncycle footprintmanagement ^{p. 11}.

** (diagram)Continued '''Additionalprogress Strategicon Initiatives'''efficiency ^{p. 11}.

** ContinuedHigher progressinvestment on efficiencyincome ^{p. 11}.

** HigherData investment& incomeAI to further enhance customer experience and technical excellence ^{p. 11}.

* '''UnderlyingGross written earnings'premiums'' +7%(GWP) toreached EUR 3.5bn (change FY25 vs. FY24 at constant FX)57bn ^{p. 12}.

|+ P&C GWP split& other revenues by segment, EURFY24 57bnvs totalFY25 ^{p. 1214}

! style="text-align:left" | SegmentEUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | ShareFY24

| style="text-align:left" | Short-termCommercial lines

| style="text-align:right" | 28%—

| style="text-align:left" | Long-termAXA XL Reinsurance

| style="text-align:right" | 72%—

***|+ Undiscounted CY lossCombined ratio (exbridge, NatFY24 Cat):vs 67.4%FY25 ^{p. 15}

|+ Underlying earnings walkbridge, FY24 to FY25 ^{p. 16}

! class="col-s" style="text-align:right" | Underlying Earningsearnings

|+ Life GWP &and other revenues by segmentline, FY24 vs FY25 ^{p. 17}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | LFL Change

| style="text-align:right" | 6.0—

| style="text-align:right" | 69.10

| style="text-align:right" | 1.9—

| style="text-align:left; font-weight:bold" | TotalHealth GWP

| style="text-align:right; font-weight:bold" | 3417.5

| style="text-align:right; font-weight:bold" | 3719.50

| style="text-align:right; font-weight:bold" | —+5%

| style="text-align:right" | 7.0—

| style="text-align:right" | 78.95

| style="text-align:left; font-weight:bold" | TotalEmployee Benefits GWP

| style="text-align:right; font-weight:bold" | 17.5—

| style="text-align:right; font-weight:bold" | 1912.09

| style="text-align:right; font-weight:bold" | —+4%

|+ Net flows by segment, FY24 vs FY25 ^{p. 17}

! class="col-s" style="text-align:right" | Net flowsFY24

| style="text-align:right" | +4.9—

| style="text-align:right" | +2.7—

| style="text-align:right" | +1.5—

| style="text-align:right" | +1.2—

**|+ FY24PVEP Total:trend by segment, FY24 EURvs 50.9bnFY25 ^{p. 18}

**|+ Contractual Service Margin rollforward, FY24: EURto 33.6bnFY25 ^{p. 19}

**|+ FY24:Underlying EURearnings 3bridge,323m FY24 to FY25 ^{p. 20}

**|+ '''LifeEarnings &and Health''':net EURincome 3.5bnbreakdown (+7%)FY24 vs FY25 ^{p. 21}

**|+ '''NetUnderlying OCI''':earnings EURper -6.8bnshare (FY25)bridge, vsFY24 EURto -7.2bn (HY25) vs EUR -8.1bn (FY24)FY25 ^{p. 2221}

|+ NetShareholders' Cashequity Remittance, FY24 vs FY25roll-forward ^{p. 2322}

! class="col-s" style="text-align:right" | FY24 to FY25

! class="col-s" style="text-align:right" | HY25 to FY25

| style="text-align:left" | Net''Closing CashShareholders' Remittanceequity''

| style="text-align:right" | 747.72

| style="text-align:right" | 747.52

*|+ (waterfall) '''Solvency CapitalII Requirementwalk, (SCR)''':FY24 EURto 25.2bn (FY25) vs EUR 25.9bn (FY24) ^{p. 24}

**|+ EURSolvency 2.4bnII grandfatheredratio debt no longer eligible as capital from January 1, 2026impacts ^{p. 25}

* Conclusion''Section divider'' for the conclusion presentation by Thomas Buberl, Group CEO ^{p. 26}.

* '''Record results''', achieved at the top end of the target range while enhancing reserve prudence ^{p. 27}.

* ''All businesses'' in excellent shape, delivering strong growth and profitability ^{p. 27}.

* '''Diversified franchise''', well-positioned to capture future growth opportunities ^{p. 27}.

* ''Laying foundations'' for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

* ''Q&A session'' for the Full Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}.

* '''MeetInvestor ourRelations management'contact'': +33 1 40 75 48 42; investor.relations@axa.com ^{p. 29}

** March''Follow us'': Roadshows in Europe and USwww.axa.com ^{p. 29}

**|+ JulyMeet 31:our HY26management Earningsevent Release in Parisschedule ^{p. 29}

===* Section divider for ''Appendices'' ^{p. ===30}

* '''Debt and Invested Assets''' ^{p. 31}

* ''Additional P&C disclosures'' ^{p. 36}

* ''Additional IFRS17 disclosures'' ^{p. 41}

* ''Sustainability'' ^{p. 44}

**|+ '''FY25''':Gross Total EUR 22.3bn; Tier 1 EUR 3.5bn, Tier 2 EUR 12.2bn, Seniorfinancial debt EUR 4.6bn ^{p. 32}

|+ FY25Contractual Totalmaturity General Account invested assets, EUR 450bnbreakdown ^{p. 3332}

! style="text-align:left" | AssetEUR typebillion

! class="col-s" style="text-align:right" | ShareTier 1

| style="text-align:left" | Fixed income2028

| style="text-align:right" | 77%—

| style="text-align:left" | Real estate2030

| style="text-align:right" | 9%—

| style="text-align:left" | Infrastructure equity2031-2039

| style="text-align:right" | 2%—

| style="text-align:left" | Listed equities≥2040

| style="text-align:right" | 2%—

| style="text-align:left" | Private equity and hedge fundsUndated

| style="text-align:right" | 5%4.6

| style="text-align:left" | CashGrandfathered debt (contractual)

| style="text-align:right" | 4%—

| style="text-align:left" | PolicyTier loans1 Undated

| style="text-align:right" | 0%1.4

|+ InvestedEconomic assetsmaturity by type, FY25breakdown ^{p. 3332}

| style="text-align:left" | ''Fixed income''

| style="text-align:left; padding-left:1.5em" | ''o/w Government bonds''

| style="text-align:left; padding-left:1.5em" | ''o/w Corporate bonds and loans''

| style="text-align:left; padding-left:1.5em" | ''o/w Other fixed income''

| style="text-align:left" | ''Real estate''

| style="text-align:left" | ''Infrastructure equity''

| style="text-align:left" | ''Listed equities''

| style="text-align:left" | ''Private equity and hedge funds''

| style="text-align:left" | ''Cash''

| style="text-align:left" | ''Policy loans''

| style="text-align:left; font-weight:bold" | ''Total Insurance Invested Assets''

| style="text-align:right; font-weight:bold" | 450

| style="text-align:right; font-weight:bold" | 100%

|+ InvestedStructured assetsand byprivate credit assets type,breakdown FY25 ^{p. 34}

! style="text-align:left" | Invested assets (100%) in EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | % of total G/A¹ portfolio

| style="text-align:left; font-weight:bold" | ''Total Structured and Private Credit Assets''

| style="text-align:right; font-weight:bold" | ''69''

| style="text-align:right; font-weight:bold" | ''15%''

|+ FY25 Fixed Income Reinvestment byasset type, EUR 57bn totalmix ^{p. 35}

! style="text-align:left" | SegmentAsset mix

! style="text-align:left" | —Fixed Income Type

** Includes EUR 19.7bn of Private & Structured Credit investedreinvestment of EUR 19.7bn at 4.7% (yield, including CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY) ^{p. 35}

** GradualStrategic shift characterized by a gradual transition from alternative total return assets to Private & Structured credit ^{p. 35}

*=== '''Table of contents''': ===

** 2.''Debt Additionaland P&CInvested disclosures,Assets'' p.36on page 31 ^{p. 36}

** 3. ''Additional IFRS17P&C disclosures,'' on page p.4136 ^{p. 36}

** 4.''Additional Sustainability,IFRS17 p.44disclosures'' on page 41 ^{p. 36}

|+ FY25 GWP by line of business, USD 19bn total ^{p. 37}

| style="text-align:left" | Professional lines (including Cyber)

|+ FY25 GWP by geography, USD 19bn total ^{p. 37}

|+ Claims reservesand ratio (Net undiscounted claimstechnical reserves/Net earned premiums)ratios ^{p. 38}

| style="text-align:left" | Claims reserves ratio (IFRS4 basis)

| style="text-align:left" | Claims reserves ratio (IFRS17 basis)

| style="text-align:left" | Technical reserves ratio (IFRS4 basis)

| style="text-align:left" | Technical reserves ratio (IFRS17 basis)

* Technical reserves includedefinition includes net undiscounted claims reserves and unearned premium reserves ^{p. 38}.

=== P&C | 2026 Simplified Group Nat Cat Reinsurancereinsurance Programprogram 1 ===

**|+ '''EUInsurance Windstorm''':segment Capacityoccurrence EUR 4.0bn, Retention EUR 600mprotection ^{p. 39}

***|+ 1/20yGroup (95thunderlying percentile):earnings -EURdeviation 1.2bnto average Nat Cat charges in 2026 ^{p. 40}

***| style="text-align:left" | 1/20y10y (5th90th percentile): EUR 0.8bn ^{p. 40}

* 1. ''Debt and Invested Assets'' ^{p. 31}

* 2. ''Additional P&C disclosures'' ^{p. 36}

* 3. ''Additional IFRS17 disclosures'' ^{p. 41}

* 4. ''Sustainability'' ^{p. 44}

***|+ '''GrossP&C Earnedmargin Premiums''':analysis EURand 57,656underlying (+6%)earnings FY25 ^{p. 42}

***| style="text-align:left" | '''Current Accident Year NetUndiscounted ClaimsTechnical reservesMargin''': EUR 19.0bn ^{p. 42}

**| style="text-align:left" | '''2025 Insurance Finance Expenses''' (pre-tax): ~EUR -1.4bn ^{p. 42}

*| (flow)style="text-align:left" | '''Underlying Earnings before tax''': EUR 8,040 (change: +EUR 681) ^{p. 42}

* Includes''L&H margin analysis'' includes scope impact ^{p. 43}.

* (flow) '''TechnicalShort-term technical Result'margin'' (in+EUR 60m to EUR million479m, pre-tax)including the recapture of Laya ^{p. 43}.

** '''Short-termGross Technicalearned Marginpremiums''': EUR+10% 479to (change: +EUR 60)17,416m ^{p. 43}.

*** Includes''All recaptureyear ofcombined Layaratio'' 97.2%, improved 0.1pts ^{p. 43}.

*** '''GrossLong-term Earnedtechnical Premiumsmargin''': +EUR 17,416156m (+10%)to EUR 2,804m ^{p. 43}.

*** ''CSM release''All Year+EUR Combined215m Ratio''':to EUR 97.2% (-0.1pts),954m ^{p. 43}.

** '''Long-term Technical Marginexperience''': decreased EUR 2,80458m (change:to +EUR 156)-150m ^{p. 43}.

*** '''CSMInvestment releaseincome''': (non-VFA only) decreased EUR 2,9541m to (+EUR 215)2,484m ^{p. 43}.

** '''LifeInsurance &finance Healthexpenses'' FY25(non-VFA CSMonly) Keyincreased Sensitivities'''EUR (in9m to EUR billion)-1,538m ^{p. 43}.

*** '''BaselineReserves at locked-in rate''': 33(FY24) at EUR 62bn with a liability book yield of 2.35% ^{p. 43}.

***|+ '''SovereignTechnical spreads'''and -50bps:financial 1.9results in Euro million, pre-tax ^{p. 43}

***|+ SkewedUnderlying towardsearnings resilientbridge industriesin (Telecom,Euro Utilities, Transport)million ^{p. 43}

|+ ESG targets and 2025 resultsachievements ^{p. 45}

! class="col-m" style="text-align:right" | 2025Achieved Resultin 2025

| class="col-m" style="text-align:right" | EUR 5bn² per year

| class="col-m" style="text-align:right" | >EUR 500m² per year

| style="text-align:left" | '''AsTransition aunderwriting Global(cumulative INSURER'''2024-2026)

| class="col-m" style="text-align:right" | —EUR 6bn in P&C GWP

| style="text-align:left" | Climate adaptation solutions & services (cumulative 2024-2026)

| class="col-m" style="text-align:right" | 19,698 Cumulative(cumulative 2024-2025)

| style="text-align:left" | Inclusive insurance customers by 2026

| class="col-m" style="text-align:right" | >20m by 2026

| style="text-align:left" | '''AsClimate aadaptation COMPANY'''training

| class="col-m" style="text-align:right" | —>80,000 employees by 2026

| style="text-align:left" | Net-Zero -50%⁷ by 2030 in absolute carbonCarbon emissions and offset of residual emissionsreduction

| class="col-m" style="text-align:right" | -50% by 2030

| class="col-m" style="text-align:right" | -64% Reduction against 2019

| style="text-align:left" | Percentage of AXA Group employees engaged inEmployee volunteering activities by 2026

| class="col-m" style="text-align:right" | 50% of employees by 2026

|+ ESG ratings and scores, 2025 ^{p. 46}

! style="text-align:left" | ProviderRating Agency

! class="col-ms" style="text-align:right" | MetricScore

| style="text-align:left" | '''S&P Global''' percentile

| class="col-ms" style="text-align:right" | Percentile in Dow Jones Best-in-Class Europe & World indices97th

| style="text-align:left" | —MSCI

| class="col-ms" style="text-align:right" | ScoreAAA

| style="text-align:left" | '''MSCI'''CDP

| class="col-ms" style="text-align:right" | ScoreB

| style="text-align:left" | '''CDP'''Morningstar Sustainalytics

| class="col-ms" style="text-align:right" | Score17.0 - Low risk

| style="text-align:left" | '''MorningstarFTSE Sustainalytics'''Russell

| class="col-ms" style="text-align:right" | ESG Risk Rating4.3/5

* '''France''': scope includes insurance activities, banking activities, and holding ^{p. 47}.

* '''Europe''': scope includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities) ^{p. 47}.

* '''AXA XL''': scope includes insurance and reinsurance activities and holding ^{p. 47}.

* '''Asia, Africa & EME-LATAM''': ^{p.scope 47}includes:

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated; China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings, and net income ^{p. 47}.

** China''Africa'': L&S,Morocco Thailand(insurance activities L&Sand holding), theNigeria Philippines(insurance L&Sactivities and P&Cholding), Indonesia L&S and IndiaEgypt (Lifeinsurance activities disposed on March 11, 2024 and holding) businesses which are fully consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income ^{p. 47}.

** '''Africa'EME-LATAM'': MoroccoMexico (insurance activities), andColombia holding)(insurance andactivities), NigeriaBrazil (insurance activities and holding), Egyptand Türkiye (insurance activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to net income ^{p. 47}.

** Russia''Transversal (Reso)& (insuranceOther'' activities)scope whichincludes consolidatedAXA underAssistance, theAXA equityLiabilities methodManagers, AXA, and contributes only to theother netCentral incomeHoldings ^{p. 47}.

* '''Capital-light G/A products''': encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% ^{p. 48}.

* '''Contractual Service Margin (CSM)''': a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders ^{p. 48}.

* '''CSM release''': a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period ^{p. 48}.

* '''Economic variance''': corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ^{p. 48}.

* '''Financial result''': consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow ^{p. 48}.

* '''Gross Written Premiums and Other Revenues (GWP & Other Revenues)''': represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}.

* '''New Business ValueContractual Service Margin (NBVNB CSM)''': a component of the valuecarrying amount of the asset or liability for newly issued insurance contracts during the currentperiod, yearrepresenting the unearned profit to be recognized as insurance contract services are provided ^{p. 48}.

* '''NewPresent Businessvalue Valueof marginexpected (NBVpremiums margin(PVEP)''': ratiothe ofnew (i)business NBVvolume, representingequal to the present value ofat newlythe issuedtime contractsof duringissue of the currenttotal year,premiums expected to (ii)be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}.

* '''OperatingTechnical variance'experience'': the variationconsists of the year-endimpacts CSM versuson the expectedunderlying atearnings opening due toof (i) the differencesdifference between realizedthe expected and expectedincurred cash-flows of the operationaldefined assumptionsperiod, (ii) changesthe inrisk assumptionsadjustment suchrelease, as(iii) mortality,the longevity,changes lapsesin andonerous expensescontracts, and (iiiiv) impactthe other long-term elements which are mainly composed of modelnon-attributable changesexpenses ^{p. 48}.

* '''ABS'AA'': Asset-BackedSenior bond Securitiesrating

* '''AEP'AAA'': AggregateSenior Exceedancebond Probabilityrating

* '''AI'ABS'': ArtificialAsset-Backed IntelligenceSecurities

* '''AMF'AEP'': Autorité desAggregate marchésExceedance financiersProbability

* '''APAC'AI'': Asia-PacificArtificial Intelligence

* '''CDP'AXA IM'': CarbonAXA DisclosureInvestment ProjectManagers

* '''CRE'AY'': Commercial RealAccident EstateYear

* '''CSM'CDP'': ContractualCarbon ServiceDisclosure MarginProject

* '''CY'CLO'': CurrentCollateralized Loan YearObligation

* '''DPS'CRE'': DividendCommercial PerReal ShareEstate

* '''EOF'CSM'': EligibleContractual OwnService FundsMargin

* '''EPS'CY'': Earnings PerCalendar ShareYear

* '''ESMA'EME'': European Securities andEmerging Markets Authority

* '''EU'EOF'': EuropeanEligible Own UnionFunds

* '''FX'EPS'': ForeignEarnings Per ExchangeShare

* '''GWP'EU'': Gross WrittenEuropean PremiumsUnion

* '''HKD'EUR'': Hong Kong DollarEuro

* '''HY'FX'': HighForeign YieldExchange

* '''IG'GEP'': InvestmentGross Earned GradePremium

* '''JPY'GWP'': JapaneseGross Written YenPremiums

* '''LATAM'HKD'': LatinHong Kong AmericaDollar

* '''LTV'HY'': Loan-to-ValueHigh Yield

* '''NA'IG'': NorthInvestment AmericaGrade

* '''NBV'LATAM'': New BusinessLatin ValueAmerica

* '''NPS'LTV'': Net Promoter ScoreLoan-to-Value

* '''PAA'NA'': Premium AllocationNorth ApproachAmerica

* '''PVEP'NBV'': PresentNew Business Value of Expected Profits

* '''PYD'NHG'': Prior Years'Nationale ReserveHypotheek DevelopmentGarantie

* '''RCG'NPS'': RevaluationNet CapitalPromoter GainsScore

* '''ROE'OCI'': ReturnOther OnComprehensive EquityIncome

* '''SCR'PAA'': SolvencyParticipating CapitalAccount RequirementAgreement

* '''SHE'PE'': Shareholders'Private Equity

* '''UK'ROE'': UnitedReturn on KingdomEquity

* '''US'SCR'': UnitedSolvency Capital StatesRequirement

* '''USD'SHE'': United StatesShareholders' DollarEquity

* '''VAT'SME'': ValueSmall and AddedMedium-sized TaxEnterprises

* '''VFA'TVOG'': VariableTime Value of Options Feeand ApproachGuarantees