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== Market Data ==
== Market Data ==


====== Exchange rate by currency ======
{{Indexing|Exchange rate by currency|Exchange rates, USD, JPY, GBP, CHF, HKD|2g0bi52xlo|kind=table|order=1}}


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====== Discount rate 5Y by currency ======
{{Indexing|Discount rate 5Y by currency|Discount rates, EUR, USD, JPY, GBP, CHF, HKD, 5-year|8057i7ggjm|kind=table|order=2}}


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====== Discount rate 10Y by currency ======
{{Indexing|Discount rate 10Y by currency|Discount rates, EUR, USD, JPY, GBP, CHF, HKD, 10-year|8057i7ggjm|kind=table|order=3}}


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== UE by LOB and Net Income ==
== UE by LOB and Net Income ==


====== Group underlying earnings and net income build-up by business unit ======
{{Indexing|Group underlying earnings and net income build-up by business unit|Underlying earnings, net income, Property & Casualty, Life & Health, Asset Management, Holdings, Bank|pw41e8kn7m|y30gelxv10|kind=table|order=4}}


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== UE by Geography ==
== UE by Geography ==


====== Underlying earnings build-up by geography ======
{{Indexing|Underlying earnings build-up by geography|Underlying earnings, France, Europe, AXA XL, Asia, Africa & EME-LATAM, AXA IM, Transversal & Other|iycymgpuon|y30gelxv10|kind=table|order=5}}


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====== Underlying earnings build-up by line of business and geography ======
{{Indexing|Underlying earnings build-up by line of business and geography|Underlying earnings, line of business, geography, France, Europe, AXA XL, Asia, Africa & EME-LATAM, AXA IM, Transversal & Other|pw41e8kn7m|iycymgpuon|y30gelxv10|kind=table|order=6}}


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== Shares & UEPS ==
== Shares & UEPS ==


{{Indexing|Basic number of shares rollforward|Basic number of shares, outstanding shares, weighted average number of shares, capital increase dedicated to employees, exercise of stock-options, treasury shares, capital increase/decrease|ch7st6ifed|v7ij6av24f|kind=table|order=7}}
====== Basic number of shares rollforward ======


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== P&C UE by Sub LOB ==
== P&C UE by Sub LOB ==


====== Property & casualty underlying earnings build-up by line of business ======
{{Indexing|Property & casualty underlying earnings build-up by line of business|Property & Casualty underlying earnings, Commercial lines, Personal lines, AXA XL Reinsurance, Intercompany eliminations|pw41e8kn7m|y30gelxv10|kind=table|order=8}}


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== P&C UE by Geography ==
== P&C UE by Geography ==


====== Property & casualty profitability analysis by geography ======
{{Indexing|Property & casualty profitability analysis by geography|Property & Casualty profitability analysis, geography|iycymgpuon|y30gelxv10|kind=table|order=9}}


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== L&H UE by LOB ==
== L&H UE by LOB ==


====== Life & health underlying earnings by line of business build-up ======
{{Indexing|Life & health underlying earnings by line of business build-up|Life & Health underlying earnings, Life, Health, Employee Benefits|pw41e8kn7m|y30gelxv10|kind=table|order=10}}


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== L&H UE by Geography ==
== L&H UE by Geography ==


====== Life & health profitability analysis by geography ======
{{Indexing|Life & health profitability analysis by geography|Life & Health profitability analysis, geography|iycymgpuon|y30gelxv10|kind=table|order=11}}


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== Life UE by Geography ==
== Life UE by Geography ==


====== Life profitability analysis by geography ======
{{Indexing|Life profitability analysis by geography|Life profitability analysis, geography|iycymgpuon|y30gelxv10|kind=table|order=12}}


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== Health UE by Geography ==
== Health UE by Geography ==


====== Health profitability analysis by geography ======
{{Indexing|Health profitability analysis by geography|Health profitability analysis, geography|iycymgpuon|y30gelxv10|kind=table|order=13}}


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== Asset Management ==
== Asset Management ==


====== Opening AUM rollforward by asset type ======
{{Indexing|Opening AUM rollforward by asset type|Assets under management, third party, net inflows, scope & other, market effect|6jssxlwfy5|yoqvxfblxe|kind=table|order=14}}


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== Holdings ==
== Holdings ==


====== Holdings underlying earnings build-up {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -21 million as of 1H23, -56 million as of FY23, -24 million as of 1H24 and -55 million as of FY24.}} ======
{{Indexing|Holdings underlying earnings build-up {{footnote{{!}}1{{=}}Includes Bank with Underlying Earnings Group Share of Euro -21 million as of 1H23, -56 million as of FY23, -24 million as of 1H24 and -55 million as of FY24.}}|Holdings underlying earnings, financial result, other revenues, other expenses, debt financing charges, tax, income from affiliates & other, minority interests|1smvf6a29l|y30gelxv10|kind=table|order=15}}


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{{Indexing|Cash balance rollforward at AXA SA by business unit|Cash balance at AXA SA, net cash remittance from subsidiaries, Property & Casualty, Life & Health, Asset Management & Other, dividends, share buy-backs|75shp9ailk|trbk6wt4s9|y7ye4rqzkv|70zdwfnrmi|f7q5tvbfqm|kind=table|order=16}}
====== Cash balance rollforward at AXA SA by business unit ======


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== Activity Indicators ==
== Activity Indicators ==


====== Activity indicators by line of business ======
{{Indexing|Activity indicators by line of business|Activity indicators, P&C, Life & Health, Employee Benefits, Life, Health, Asset Management, Bank|lht8rybaqk|kind=table|order=17}}


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{{Indexing|Activity indicators by geography|Activity indicators, France, Europe, AXA XL, Asia, Africa & EME-LATAM, AXA IM, Transversal & Other, Gross Written Premiums & Other Revenues|lht8rybaqk|kind=table|order=18}}
====== Activity indicators by geography ======


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== Balance Sheet ==
== Balance Sheet ==


{{Indexing|Assets build-up|Assets, Goodwill, Other intangible assets, Investments in real estate properties, Financial investments, Unit-linked Assets, Investments from Insurance activities, Investments from Non-Insurance Activities, Equity Method investments, Assets Arising from Insurance and Reinsurance Contracts Held, Present Value of Future Cash Flows, Contractual Service Margin|1f87rdfb5o|offa7is5x7|hekiequlv1|t30sdfi0wn|c9uq82u1iy|kind=table|order=19}}
====== Assets build-up ======


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{{Indexing|Liabilities, non-controlling interests & shareholders' equity build-up|Liabilities, non-controlling interests, shareholders' equity, financing debt, liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts, Present Value of Future Cash Flows, Contractual Service Margin, Risk Adjustment, Other Investment Contract Liabilities, Liabilities arising from insurance, reinsurance and investment contracts, Liabilities Arising from Non-Insurance Activities|elseqv5tt7|offa7is5x7|0lk0pqg9zh|b3bc9gy5x7|c9uq82u1iy|kind=table|order=20}}
====== Liabilities, non-controlling interests & shareholders' equity build-up ======


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== CSM rollforward ==
== CSM rollforward ==


====== Contractual service margin rollforward by business unit ======
{{Indexing|Contractual service margin rollforward by business unit|Contractual service margin rollforward, New Business CSM, Underlying Return on inforce, CSM Release, Economic Variance, Operating Variance, P&C, Life, Health|cqvs0n2z2e|c9uq82u1iy|kind=table|order=21}}


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====== Contractual service margin rollforward by business unit {{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.}} ======
{{Indexing|Contractual service margin rollforward by business unit {{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.}}|Contractual service margin rollforward, New Business CSM, Underlying Return on inforce, CSM Release, Economic Variance, Operating Variance, P&C, Life, Health|cqvs0n2z2e|c9uq82u1iy|kind=table|order=22}}


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== Invested Assets ==
== Invested Assets ==


====== General account invested assets build-up by asset class and rating ======
{{Indexing|General account invested assets build-up by asset class and rating|General account invested assets, fair value, asset allocation, participating, duration gap, fair value by rating, fixed income|966xer0dpm|ooly7l7133|utnmaoxh50|kind=table|order=23}}


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== Supplementary Info on Asset ==
== Supplementary Info on Asset ==


{{Indexing|Government bonds breakdown by geographical exposure|Government bonds, geographical exposure, Belgium, France, Germany, Italy, Japan, Netherlands, Spain, Switzerland, United States, Other EU countries, Supranational, Rest of the World|utnmaoxh50|kind=table|order=24}}
====== Government bonds breakdown by geographical exposure ======


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====== Corporate bonds and loans breakdown by industry ======
{{Indexing|Corporate bonds and loans breakdown by industry|Corporate bonds, loans, industry breakdown|966xer0dpm|kind=table|order=25}}


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====== Corporate bonds and loans exposure to financials {{footnote|1=Includes REITS corporate bonds (Euro 4 billion).}} ======
{{Indexing|Corporate bonds and loans exposure to financials {{footnote{{!}}1{{=}}Includes REITS corporate bonds (Euro 4 billion).}}|Corporate bonds, loans, exposure to financials, banks, non-banks, senior unsecured bonds, subordinated bonds|966xer0dpm|kind=table|order=26}}


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====== Listed equities breakdown by asset domiciliation ======
{{Indexing|Listed equities breakdown by asset domiciliation|Listed equities, asset domiciliation, Belgium, France, Germany, Japan, Netherlands, Switzerland, United States, Other EU countries, Rest of the World|966xer0dpm|kind=table|order=27}}


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====== Listed equities breakdown by industry {{footnote|1=Excluding hedges.}} ======
{{Indexing|Listed equities breakdown by industry {{footnote{{!}}1{{=}}Excluding hedges.}}|Listed equities, industry breakdown, basic materials, communications, consumer cyclical, consumer non-cyclical, diversified, energy, financials, funds, industrial, technology, utilities|966xer0dpm|kind=table|order=28}}


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{{Indexing|Real estate breakdown by geographical exposure|Real estate, geographical exposure, Belgium, France, Germany, Italy, Japan, Spain, Switzerland, United Kingdom, United States, Other EU countries, Rest of the World|t30sdfi0wn|kind=table|order=29}}
====== Real estate breakdown by geographical exposure ======


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====== Real estate breakdown by type ======
{{Indexing|Real estate breakdown by type|Real estate, type breakdown, office, residential, industrial-logistic, retail|t30sdfi0wn|kind=table|order=30}}


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====== Private equities breakdown by asset domiciliation ======
{{Indexing|Private equities breakdown by asset domiciliation|Private equities, asset domiciliation, Europe, Japan, United States|gp3o3dfk95|kind=table|order=31}}


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====== Mortgage loans breakdown by type {{footnote|1=Loan to Value: 46%.}} ======
{{Indexing|Mortgage loans breakdown by type {{footnote{{!}}1{{=}}Loan to Value: 46%.}}|Mortgage loans, residential, commercial|966xer0dpm|kind=table|order=32}}


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== Shareholders Equity ==
== Shareholders Equity ==


====== Change in Group Share Consolidated Shareholders' Equity rollforward ======
{{Indexing|Change in Group Share Consolidated Shareholders' Equity rollforward|Group Share Consolidated Shareholders' Equity, paid-in capital, treasury shares, other comprehensive income, currency fluctuations, undated subordinated debt, realized gains, dividends, net income|z6dk9e62ik|kind=table|order=33}}


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====== Group Share Consolidated Shareholders' Equity build-up ======
{{Indexing|Group Share Consolidated Shareholders' Equity build-up|Group Share Consolidated Shareholders' Equity, paid-in capital, treasury shares, other comprehensive income, translation reserves, undated subordinated debt, retained earnings|0lk0pqg9zh|kind=table|order=34}}


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====== Book value and shareholders' equity plus CSM per share ======
{{Indexing|Book value and shareholders' equity plus CSM per share|Book value per share, shareholders' equity per share, CSM per share|0lk0pqg9zh|c9uq82u1iy|kind=table|order=35}}


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====== Unrealized gains and losses on invested assets net of tax ======
{{Indexing|Unrealized gains and losses on invested assets net of tax|Unrealized gains and losses, invested assets, government bonds, corporate bonds, cash flow hedges, equities, real estate|j8uunnd14x|kind=table|order=36}}


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== RoE & Gearing ==
== RoE & Gearing ==


{{Indexing|Return on equity|Net Income ROE, Underlying ROE, Net Income, Underlying Earnings, Average Adjusted Shareholders' Equity|y30gelxv10|0lk0pqg9zh|kind=table|order=37}}
====== Return on equity ======


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{{Indexing|Debt gearing build-up|Debt gearing, financing debt, dated subordinated debt, undated deeply subordinated notes, deeply subordinated notes, shareholders' equity, contractual service margin|b3bc9gy5x7|kind=table|order=38}}
====== Debt gearing build-up ======


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== Information on Solvency ==
== Information on Solvency ==


{{Indexing|Solvency II rollforward|Eligible Own Fund (EOF), Solvency Capital Requirement (SCR), Solvency II Ratio, regulatory & model changes, normalized capital generation, operating variance, economic variance, dividend & share buy-backs, debt, M&A|2vtd347257|kind=table|order=39}}
====== Solvency II rollforward ======


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{{Indexing|Eligible own fund tiering by sector|Eligible own fund tiering, unrestricted Tier 1, restricted Tier 1, Tier 2, Tier 3, insurance sector, other financial sectors|mvr3j6qvh9|kind=table|order=40}}
====== Eligible own fund tiering by sector ======


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{{Indexing|Solvency II key sensitivities|Solvency II sensitivities, interest rate, corporate spread, Euro sovereign spreads, credit migration, equity market|vxha3w1l2k|kind=table|order=41}}
====== Solvency II key sensitivities ======


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== IFRS17 SHE to Group EOF ==
== IFRS17 SHE to Group EOF ==


====== Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds ======
{{Indexing|Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds|IFRS Shareholders' Equity, Contractual Service Margin (CSM), Net URCG, Undated Subordinated Debts, Intangibles, Goodwill, Foreseeable dividends, Technical provision adjustments, Risk Margin, BEL adjustment|vmox6ji65o|kind=table|order=42}}


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Latest revision as of 11:16, 5 July 2026

Document info
OrganizationAXA
Year2024
PeriodFY
Period labelFY24
Document categoryFinancial supplement
Document nameAXA FY 2024 Financial Supplement (Excel)
Publication date2025-02-27
LanguageEnglish
SourceOriginal URL
Archive file.md file

This article presents AXA's FY 2024 financial supplement — the detailed data tables behind the period's results.

Market Data

Exchange rate by currency
— 1H23 FY23 1H24 FY24 Average 1H23 Average FY23 Average 1H24 Average FY24
USD 1.09 1.10 1.07 1.04 1.08 1.08 1.08 1.08
JPY 158 156 172 163 146 152 165 164
GBP 0.86 0.87 0.85 0.83 0.88 0.87 0.85 0.85
CHF 0.98 0.93 0.96 0.94 0.99 0.97 0.96 0.95
HKD 8.55 8.63 8.37 8.04 8.47 8.47 8.45 8.44
Discount rate 5Y by currency
% Average 1H23 Average FY23 Average 1H24 Average FY24
EUR 3.38% 3.48% 2.79% 2.84%
USD 4.37% 4.61% 4.35% 4.41%
JPY 0.12% 0.12% 0.22% 0.42%
GBP 4.42% 4.84% 4.00% 4.25%
CHF 1.87% 1.81% 1.05% 0.82%
HKD 3.87% 4.15% 3.75% 3.67%
Discount rate 10Y by currency
% Closing 1H23 Closing FY23 Closing 1H24 Closing FY24
EUR 3.25% 2.75% 3.06% 2.71%
USD 4.25% 4.12% 4.54% 4.66%
JPY 0.38% 0.62% 1.04% 1.07%
GBP 4.72% 3.79% 4.27% 4.48%
CHF 1.77% 1.16% 0.98% 0.38%
HKD 3.98% 3.50% 3.79% 3.91%

UE by LOB and Net Income

Group underlying earnings and net income build-up by business unit
EUR million Group Property & Casualty Life & Health Asset Management Holdings (footnote: Includes Bank with Underlying Earnings Group Share of Euro -21 million as of 1H23, -56 million as of FY23, -24 million as of 1H24 and -55 million as of FY24.)
— 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24
Short-term Business — — — — — — — — — — — — — — — — — — — —
Revenues 32,396 67,134 35,273 72,104 25,254 52,326 27,294 55,898 7,142 14,809 7,979 16,207 — — — — — — — —
Combined Ratio — — — — 90.9% 93.2% 90.2% 91.0% 98.9% 98.9% 97.6% 97.4% — — — — — — — —
Technical Margin 2,368 3,701 2,877 5,421 2,288 3,534 2,682 5,006 80 168 195 415 — — — — — — — —
Long-term Business — — — — — — — — — — — — — — — — — — — —
CSM Release 1,474 2,861 1,395 2,775 — — — — 1,474 2,861 1,395 2,775 — — — — — — — —
Technical Experience -41 -148 -64 -95 — — — — -41 -148 -64 -95 — — — — — — — —
Financial Result & Other — — — — — — — — — — — — — — — — — — — —
Financial Result 1,804 4,022 2,064 3,971 1,193 2,721 1,324 2,559 431 889 536 975 15 39 24 35 166 374 181 402
Other Revenues 1,397 2,947 1,459 3,054 — — — — — — — — 909 1,880 937 2,004 489 1,067 522 1,050
Other Expenses -1,449 -3,238 -1,624 -3,479 — — — — — — — — -682 -1,457 -698 -1,493 -766 -1,781 -925 -1,986
Debt Financing Charges -461 -940 -471 -948 — — — — — — — — — — — — -461 -940 -471 -948
Underlying Earnings Before Tax 5,092 9,207 5,638 10,700 3,480 6,255 4,006 7,565 1,944 3,769 2,061 4,070 241 462 263 546 -574 -1,280 -693 -1,482
Tax -1,072 -1,762 -1,427 -2,662 -761 -1,249 -1,046 -1,952 -381 -669 -412 -874 -66 -125 -69 -160 136 280 100 324
Income from Affiliates & Other 180 337 122 218 43 109 2 3 119 193 103 186 18 35 16 29 0 0 0 0
Minority Interests -88 -177 -89 -179 -45 -103 -56 -106 -39 -62 -27 -60 -5 -12 -6 -13 0 0 0 0
Underlying Earnings Group Share 4,111 7,604 4,244 8,078 2,717 5,012 2,908 5,510 1,643 3,232 1,725 3,323 188 360 204 402 -437 -1,000 -592 -1,157
Underlying Earnings Growth Rate (constant FX) 18% 27% 4% 7% — — — — — — — — — — — — — — — —
Underlying ROE 16.6% 14.9% 16.6% 15.2% — 15.9% — 16.2% — 13.5% — 13.6% — 24.9% — 26.0% — — — —
Net Realized Capital Gains & Losses -30 179 93 195 — — — — — — — — — — — — — — — —
Change in Fair Value of Assets & Derivatives -74 -58 -43 83 — — — — — — — — — — — — — — — —
Amortization of customer intangibles -93 -137 -50 -131 — — — — — — — — — — — — — — — —
Integration and Restructuring Costs -82 -303 -78 -240 — — — — — — — — — — — — — — — —
Exceptional Items 1 -96 -147 -99 — — — — — — — — — — — — — — — —
Net Income Group Share 3,833 7,189 4,020 7,886 — — — — — — — — — — — — — — — —
Deeply Subordinated and Undated Subordinated Debt Charges -92 -185 -106 -201 — — — — — — — — — — — — — — — —
Underlying Earnings for EPS calculation 4,019 7,419 4,138 7,877 — — — — — — — — — — — — — — — —
Net Income for EPS calculation 3,741 7,004 3,914 7,685 — — — — — — — — — — — — — — — —

UE by Geography

Underlying earnings build-up by geography
EUR million Group France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
— 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Revenues 32,396 67,134 35,273 72,104 8,432 17,377 9,046 18,698 10,685 22,153 11,839 24,005 8,670 17,903 9,022 18,530 3,602 7,601 4,312 8,750 — — — — 1,008 2,100 1,053 2,122
Combined Ratio — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Technical Margin 2,368 3,701 2,877 5,421 516 1,119 692 1,470 823 828 998 1,957 953 1,717 1,111 1,820 77 15 70 81 — — — — -2 22 6 93
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release 1,474 2,861 1,395 2,775 433 847 407 823 487 956 468 920 1 1 4 3 553 1,057 516 1,029 — — — — 0 0 0 0
Technical Experience -41 -148 -64 -95 -39 -115 -40 -96 5 -9 -11 -8 0 -5 3 2 -6 -20 -17 7 — — — — 0 0 0 0
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result 1,804 4,022 2,064 3,971 357 731 350 613 738 1,703 784 1,486 239 601 283 616 266 531 382 741 15 39 24 35 190 418 241 480
Other Revenues 1,397 2,947 1,459 3,054 58 86 53 108 1 8 -18 -32 0 0 0 0 0 1 0 0 909 1,880 937 2,004 429 972 488 974
Other Expenses -1,449 -3,238 -1,624 -3,479 -83 -158 -83 -180 19 1 -10 -25 0 0 0 0 -9 -16 -9 -20 -682 -1,457 -698 -1,493 -693 -1,609 -823 -1,761
Debt Financing Charges -461 -940 -471 -948 0 0 0 0 -1 -1 -1 -2 -18 -35 -16 -33 -8 -15 -7 -12 — — — — -434 -888 -447 -902
Underlying Earnings Before Tax 5,092 9,207 5,638 10,700 1,241 2,510 1,380 2,738 2,071 3,486 2,210 4,297 1,175 2,280 1,385 2,409 873 1,552 935 1,826 241 462 263 546 -511 -1,084 -535 -1,116
Tax -1,072 -1,762 -1,427 -2,662 -222 -514 -350 -676 -470 -621 -536 -1,004 -237 -385 -355 -588 -190 -337 -205 -443 -66 -125 -69 -160 113 220 88 209
Income from Affiliates & Other 180 337 122 218 8 10 4 9 0 -3 0 0 0 0 0 0 154 295 102 181 18 35 16 29 0 0 0 0
Minority Interests -88 -177 -89 -179 -1 0 0 0 -56 -115 -48 -105 0 0 0 0 -25 -50 -34 -60 -5 -12 -6 -13 0 0 0 0
Underlying Earnings Group share 4,111 7,604 4,244 8,078 1,025 2,006 1,034 2,071 1,545 2,747 1,626 3,187 938 1,895 1,030 1,820 813 1,460 798 1,504 188 360 204 402 -398 -865 -447 -907
Underlying earnings build-up by line of business and geography
EUR million Group France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
— 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24
Underlying Earnings by Line of Business — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Property & Casualty 2,717 5,012 2,908 5,510 508 1,104 539 1,161 1,042 1,557 1,073 2,029 949 1,920 1,032 1,828 186 338 194 334 — — — — 32 92 70 158
Life & Health 1,643 3,232 1,725 3,323 538 957 519 964 449 1,089 559 1,104 6 9 14 25 648 1,163 627 1,211 — — — — 1 13 7 19
Asset Management 188 360 204 402 — — — — — — — — — — — — — — — — 188 360 204 402 — — — —
Holdings (footnote: Includes Bank with Underlying Earnings Group Share of Euro -21 million as of 1H23, -56 million as of FY23, -24 million as of 1H24 and -55 million as of FY24.) -437 -1,000 -592 -1,157 -21 -55 -24 -54 53 101 -6 54 -18 -35 -16 -33 -21 -41 -23 -41 — — — — -431 -971 -524 -1,083

Shares & UEPS

Basic number of shares rollforward
Outstanding Shares Excluding Treasury Shares (footnote: Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 44 million shares as of FY23 and 39 million shares as of FY24.) Weighted Average Number
— FY23 FY24 FY23 FY24
Basic Number of Shares — — — —
As of Beginning of Period 2,264.5 2,226.2 2,264.5 2,226.2
Increase of Capital Dedicated to Employees 13.8 12.9 1.4 0.9
Exercice of Stock-options 2.5 2.6 1.0 1.4
Other Movement of Treasury Shares 43.2 4.6 56.1 17.5
Capital Increase / (Decrease) -97.9 -70.9 -91.4 -55.2
As at End of Period 2,226.2 2,175.4 — —
During the Period — — 2,231.7 2,190.8
Fully Diluted Number of Shares — — — —
Stock Options — — 1.0 0.8
Performance Shares — — 5.8 5.6
During the Period (A) — — 2,238.5 2,197.1
Earnings Group Share: — — — —
Net Income — — 7,189 7,886
Underlying Earnings — — 7,604 8,078
Impact of undated and deeply subordinated debts: — — — —
Undated and deeply subordinated debt charges — — -185 -201
Earnings for EPS Calculation: — — — —
Net Income for EPS Calculation (B) — — 7,004 7,685
Underlying Earnings for EPS Calculation (C) — — 7,419 7,877
Fully Diluted Euro per Share (EPS) — — — —
EPS (B/A) — — 3.13 3.50
Underlying EPS (C/A) — — 3.31 3.59

P&C UE by Sub LOB

Property & casualty underlying earnings build-up by line of business
EUR million Total Commercial lines Personal lines AXA XL Reinsurance Intercompany eliminations
— 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24
Short-term Business — — — — — — — — — — — — — — — — — — — —
Revenues 25,254 52,326 27,294 55,898 17,117 35,522 18,657 38,019 8,470 17,379 9,144 18,705 1,121 2,260 1,155 2,394 -1,455 -2,835 -1,662 -3,220
Current Accident Year Loss Ratio 67.0% 69.6% 67.0% 67.7% 68.6% 69.9% 68.1% 68.8% 67.9% 73.0% 69.8% 70.0% 73.9% 72.4% 69.7% 70.6% — — — —
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) 68.2% 68.5% 67.4% 67.4% 70.0% 69.8% 69.2% 69.4% 68.9% 70.5% 68.8% 68.5% 71.1% 69.1% 68.0% 67.9% — — — —
Undiscounted Current Accident Year Nat Cats 3.0% 4.8% 3.6% 3.8% 2.6% 3.8% 2.7% 2.9% 2.4% 5.5% 4.0% 4.1% 10.6% 9.8% 10.6% 10.4% — — — —
Current Accident Year Discounting -4.2% -3.7% -3.9% -3.6% -4.1% -3.6% -3.7% -3.5% -3.4% -3.0% -3.0% -2.6% -7.8% -6.5% -8.8% -7.7% — — — —
Prior Year Reserve Development Ratio -0.6% -1.1% -1.5% -1.6% -0.5% -1.0% -1.1% -1.2% -0.2% -0.8% -2.3% -1.8% -3.1% -1.2% -1.1% -0.8% — — — —
Expense Ratio 24.5% 24.7% 24.7% 25.0% 22.9% 23.3% 23.1% 23.6% 25.8% 25.8% 25.5% 25.7% 10.0% 10.3% 10.0% 9.9% — — — —
Combined Ratio 90.9% 93.2% 90.2% 91.0% 90.9% 92.2% 90.1% 91.1% 93.6% 98.0% 92.9% 93.9% 80.8% 81.5% 78.7% 79.7% — — — —
Technical Margin 2,288 3,534 2,682 5,006 1,556 2,774 1,850 3,372 544 348 645 1,136 215 417 246 486 -28 -6 -60 12
Long-term Business — — — — — — — — — — — — — — — — — — — —
CSM Release — — — — — — — — — — — — — — — — — — — —
Technical Experience — — — — — — — — — — — — — — — — — — — —
Financial Result & Other — — — — — — — — — — — — — — — — — — — —
Financial Result 1,193 2,721 1,324 2,559 891 1,895 993 1,831 228 639 240 538 81 193 119 210 -7 -6 -28 -20
Investment Income 1,531 3,344 1,967 3,731 1,124 2,326 1,427 2,625 257 696 366 761 158 328 202 365 -7 -6 -28 -20
Insurance Finance Expenses -339 -623 -643 -1,172 -233 -431 -434 -794 -29 -57 -126 -223 -77 -135 -83 -155 0 0 0 0
Other Revenues — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax 3,480 6,255 4,006 7,565 2,447 4,669 2,843 5,203 772 987 886 1,674 297 611 365 696 -35 -12 -87 -8
Tax -761 -1,249 -1,046 -1,952 — — — — — — — — — — — — — — — —
Income from Affiliates & Other 43 109 2 3 — — — — — — — — — — — — — — — —
Minority Interests -45 -103 -56 -106 — — — — — — — — — — — — — — — —
Underlying Earnings Group share 2,717 5,012 2,908 5,510 — — — — — — — — — — — — — — — —
Closing Invested Assets 106,511 111,635 113,515 118,104 — — — — — — — — — — — — — — — —
o/w VFA 0 0 0 0 — — — — — — — — — — — — — — — —
o/w Non VFA 106,511 111,635 113,515 118,104 — — — — — — — — — — — — — — — —
For short-term business — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 17,951 14,950 19,284 16,006 11,166 8,845 12,070 9,480 5,944 5,066 6,369 5,478 1,496 1,071 1,572 1,075 -655 -31 -728 -27
Best Estimate for incurred Claims net of reinsurance 67,150 69,978 69,800 71,751 44,058 45,320 45,710 46,570 16,521 17,810 17,809 18,308 7,050 6,841 6,704 6,830 -479 7 -423 43

P&C UE by Geography

Property & casualty profitability analysis by geography
EUR million PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY
AXA Consolidated
Financial Statements
Total France Europe AXA XL
Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
— 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 o/w AXA XL Insurance FY23 o/w AXA XL Insurance 1H24 o/w AXA XL Insurance FY24 o/w AXA XL Insurance 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Revenues 25,254 52,326 27,294 55,898 4,046 8,488 4,393 9,194 9,244 18,988 10,060 20,400 8,670 7,549 17,903 15,644 9,022 7,867 18,530 16,136 2,417 5,105 2,855 5,825 878 1,841 963 1,948
Current Accident Year Loss Ratio 67.0% 69.6% 67.0% 67.7% 68.8% 70.3% 69.4% 68.9% 64.9% 70.2% 66.5% 66.9% 69.8% 69.2% 70.2% 69.9% 67.5% 67.2% 69.2% 69.0% 68.5% 70.3% 68.6% 69.3% 50.6% 51.5% 53.2% 51.0%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) 68.2% 68.5% 67.4% 67.4% 72.6% 70.2% 71.3% 69.7% 66.8% 68.2% 65.0% 65.5% 69.4% 69.2% 69.4% 69.5% 68.8% 68.9% 69.3% 69.5% 68.2% 69.9% 70.0% 70.4% 50.7% 51.4% 52.9% 51.1%
Undiscounted Current Accident Year Nat Cats 3.0% 4.8% 3.6% 3.8% 2.4% 5.3% 3.4% 3.8% 2.1% 5.7% 4.5% 4.1% 5.2% 4.4% 4.9% 4.2% 3.8% 2.8% 4.6% 3.8% 1.3% 2.0% 0.8% 0.9% 0.2% 0.6% 1.4% 1.1%
Current Accident Year Discounting -4.2% -3.7% -3.9% -3.6% -6.3% -5.1% -5.3% -4.6% -3.9% -3.6% -3.1% -2.8% -4.9% -4.4% -4.2% -3.8% -5.1% -4.6% -4.7% -4.2% -1.0% -1.5% -2.2% -2.0% -0.3% -0.5% -1.1% -1.2%
Prior Year Reserve Development Ratio -0.6% -1.1% -1.5% -1.6% -0.1% -3.3% -3.5% -3.9% -0.6% -1.0% -2.1% -2.1% -0.7% -0.3% -0.1% 0.0% -0.1% 0.0% -0.1% 0.0% -1.7% -0.8% -0.1% 0.1% 0.5% -0.5% -3.7% -5.7%
Expense Ratio 24.5% 24.7% 24.7% 25.0% 22.0% 21.8% 21.9% 21.9% 25.8% 26.1% 25.9% 26.2% 19.9% 21.4% 20.3% 21.8% 20.3% 21.8% 21.0% 22.7% 31.1% 31.1% 29.4% 29.6% 49.3% 49.0% 50.5% 50.9%
Combined Ratio 90.9% 93.2% 90.2% 91.0% 90.7% 88.8% 87.8% 86.8% 90.1% 95.3% 90.3% 91.0% 89.0% 90.2% 90.4% 91.7% 87.7% 89.0% 90.2% 91.7% 97.9% 100.5% 98.0% 99.1% 100.4% 99.9% 100.1% 96.2%
Technical Margin 2,288 3,534 2,682 5,006 377 954 538 1,212 911 888 977 1,844 953 737 1,717 1,300 1,111 865 1,820 1,335 52 -28 57 55 -4 2 -1 74
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Technical Experience — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result 1,193 2,721 1,324 2,559 258 506 251 421 484 1,129 473 912 232 151 586 401 273 159 596 387 172 390 242 484 46 111 86 146
Investment Income 1,531 3,344 1,967 3,731 277 542 334 572 534 1,222 658 1,244 489 331 1,046 726 614 416 1,233 868 185 412 261 518 46 122 100 164
Insurance Finance Expenses -339 -623 -643 -1,172 -19 -36 -83 -151 -50 -94 -185 -332 -257 -180 -460 -325 -341 -257 -637 -481 -13 -22 -20 -35 0 -11 -14 -18
Other Revenues — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax 3,480 6,255 4,006 7,565 635 1,460 788 1,633 1,395 2,017 1,450 2,757 1,185 888 2,303 1,701 1,384 1,024 2,417 1,721 224 362 299 539 42 113 85 220
Tax -761 -1,249 -1,046 -1,952 -126 -355 -249 -472 -329 -397 -352 -671 -236 -180 -383 -270 -352 -257 -588 -457 -61 -93 -77 -159 -10 -20 -15 -62
Income from Affiliates & Other 43 109 2 3 0 0 0 0 0 -2 0 0 0 0 0 0 0 0 0 0 43 110 2 3 0 0 0 0
Minority Interests -45 -103 -56 -106 -1 0 0 0 -24 -61 -25 -57 0 0 0 0 0 0 0 0 -20 -41 -30 -49 0 0 0 0
Underlying Earnings Group share 2,717 5,012 2,908 5,510 508 1,104 539 1,161 1,042 1,557 1,073 2,029 949 708 1,920 1,431 1,032 767 1,828 1,264 186 338 194 334 32 92 70 158
For short-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 17,951 14,950 19,284 16,006 2,223 1,700 2,153 1,712 6,885 4,974 7,151 5,166 6,873 5,377 6,345 5,274 7,478 5,905 7,028 5,948 1,517 1,659 1,802 1,834 454 271 700 266
Best Estimate for incurred Claims net of reinsurance 67,150 69,978 69,800 71,751 12,792 13,338 13,485 13,889 23,448 24,886 24,834 25,955 25,031 17,981 25,147 18,351 24,865 18,223 25,915 19,146 2,935 3,339 3,385 3,640 2,944 3,268 3,231 2,351

L&H UE by LOB

Life & health underlying earnings by line of business build-up
EUR million Total Life Health Employee Benefits* (out of Total Life & Health) (footnote: Employee Benefits include Group Protection and Group Health contracts.)
— 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24
Short-term Business — — — — — — — — — — — — — — — —
Revenues 7,142 14,809 7,979 16,207 1,970 4,063 2,112 4,247 5,172 10,745 5,867 11,960 5,034 10,350 5,592 11,482
Combined Ratio 98.9% 98.9% 97.6% 97.4% 93.8% 96.3% 94.5% 95.5% 100.8% 99.8% 98.6% 98.1% 99.3% 99.0% 98.2% 97.8%
Technical Margin 80 168 195 415 122 149 116 191 -43 19 79 224 33 99 101 248
Long-term Business — — — — — — — — — — — — — — — —
CSM Release 1,474 2,861 1,395 2,775 1,202 2,315 1,136 2,253 272 546 259 522 54 118 58 110
Technical Experience -41 -148 -64 -95 -52 -158 -71 -98 11 11 7 3 18 32 17 37
Actual vs. Expected Cash Flows 14 -21 9 -15 -5 -46 -4 -33 20 25 13 18 -1 -10 -3 -2
Risk Adjustment Release 25 49 30 59 22 41 25 51 3 8 4 8 3 5 2 4
Changes in Onerous Contracts -10 -49 -32 6 -9 -48 -30 9 0 -2 -1 -2 0 0 0 0
Other Long-term -70 -126 -72 -145 -59 -105 -63 -124 -11 -20 -8 -21 16 38 19 35
Financial Result & Other — — — — — — — — — — — — — — — —
Financial Result 431 889 536 975 350 728 454 799 81 160 82 176 60 145 75 157
Investment Income 1,222 2,480 1,319 2,525 1,073 2,183 1,159 2,209 149 297 160 317 178 384 219 429
Insurance Finance Expenses -791 -1,592 -783 -1,551 -723 -1,454 -705 -1,410 -68 -137 -78 -140 -118 -239 -144 -272
Other Revenues — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax 1,944 3,769 2,061 4,070 1,622 3,034 1,634 3,145 322 736 427 925 165 395 252 552
Tax -381 -669 -412 -874 -305 -523 -316 -635 -76 -146 -96 -239 -23 -61 -46 -111
Income from Affiliates & Other 119 193 103 186 117 206 101 182 2 -13 2 4 — — — —
Minority Interests -39 -62 -27 -60 -36 -56 -27 -56 -3 -6 0 -4 — — — —
Underlying Earnings Group share 1,643 3,232 1,725 3,323 1,398 2,661 1,392 2,636 245 570 333 687 142 333 205 441
Closing Invested Assets 339,512 339,779 329,460 345,008 — — — — — — — — — — — —
o/w VFA 220,957 227,634 234,783 230,205 — — — — — — — — — — — —
o/w Non VFA 118,555 112,145 94,677 114,803 — — — — — — — — — — — —
For short-term business — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 2,173 2,008 2,446 2,096 154 154 157 96 2,019 1,854 2,289 2,000 — — — —
Best Estimate for incurred Claims net of reinsurance 13,676 14,456 13,876 14,162 11,675 12,110 11,589 11,778 2,000 2,346 2,286 2,384 — — — —
For long-term business — — — — — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance 306,102 312,129 295,342 306,249 286,545 291,952 275,276 285,391 19,557 20,177 20,066 20,858 — — — —
o/w VFA Gross of reinsurance 260,026 266,805 264,013 273,094 240,192 245,954 243,037 251,273 19,834 20,850 20,977 21,821 — — — —
o/w BBA Gross of reinsurance 55,255 54,477 50,097 51,845 55,396 55,035 50,917 52,713 -140 -558 -821 -868 — — — —
o/w Reinsurance -9,180 -9,152 -18,768 -18,690 -9,043 -9,037 -18,679 -18,595 -137 -115 -90 -95 — — — —

L&H UE by Geography

Life & health profitability analysis by geography
EUR million LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY
AXA Consolidated
Financial Statements
Total France Europe Total France Europe Total France Europe Total France Europe Total France Europe Transversal & Other
Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
— 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — —
Revenues 7,142 14,809 7,979 16,207 4,386 8,889 4,654 9,503 1,441 3,165 1,778 3,604 0 0 0 0 1,185 2,496 1,457 2,925 130 259 90 174
Combined Ratio 98.9% 98.9% 97.6% 97.4% 96.8% 98.1% 96.7% 97.3% 106.1% 101.9% 98.8% 96.9% 0.0% 0.0% 0.0% 0.0% 97.8% 98.3% 99.1% 99.1% 98.9% 92.2% 92.2% 89.1%
Technical Margin 80 168 195 415 140 165 155 258 -87 -61 21 113 0 0 0 0 26 43 13 26 1 20 7 19
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release 1,474 2,861 1,395 2,775 433 847 407 823 487 956 468 920 1 1 4 3 553 1,057 516 1,029 0 0 0 0
Technical Experience -41 -148 -64 -95 -39 -115 -40 -96 5 -9 -11 -8 0 -5 3 2 -6 -20 -17 7 0 0 0 0
Actual vs. Expected Cash Flows 14 -21 9 -15 7 -20 8 -8 -9 -22 5 -11 0 1 -2 -3 16 21 0 8 0 0 0 0
Risk Adjustment Release 25 49 30 59 4 11 5 15 9 14 11 21 0 1 0 1 11 24 13 23 0 0 0 0
Changes in Onerous Contracts -10 -49 -32 6 2 0 0 0 -6 -26 -33 -25 0 -6 5 5 -6 -18 -3 26 0 0 0 0
Other Long-term -70 -126 -72 -145 -53 -105 -52 -103 10 26 7 7 0 0 0 0 -28 -47 -26 -50 0 0 0 0
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result 431 889 536 975 98 223 100 192 226 504 284 504 7 16 10 19 101 146 142 260 0 0 0 0
Investment Income 1,222 2,480 1,319 2,525 346 717 370 701 421 907 490 916 10 22 13 27 445 833 446 882 0 0 0 0
Insurance Finance Expenses -791 -1,592 -783 -1,551 -248 -494 -270 -509 -195 -403 -206 -412 -3 -7 -3 -7 -344 -687 -303 -622 0 0 0 0
Other Revenues — — — — — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax 1,944 3,769 2,061 4,070 631 1,121 622 1,176 630 1,391 762 1,529 8 12 17 25 673 1,227 654 1,322 1 20 7 19
Tax -381 -669 -412 -874 -100 -173 -106 -220 -148 -247 -180 -376 -2 -2 -3 0 -131 -240 -123 -277 0 -7 0 0
Income from Affiliates & Other 119 193 103 186 8 10 4 9 0 -2 0 0 0 0 0 0 111 185 100 177 0 0 0 0
Minority Interests -39 -62 -27 -60 -1 0 0 0 -32 -53 -23 -49 0 0 0 0 -5 -9 -4 -12 0 0 0 0
Underlying Earnings Group share 1,643 3,232 1,725 3,323 538 957 519 964 449 1,089 559 1,104 6 9 14 25 648 1,163 627 1,211 1 13 7 19
For short-term business — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 2,173 2,008 2,446 2,096 60 33 50 -2 1,087 957 1,228 967 0 0 0 0 1,022 1,012 1,159 1,124 5 6 9 6
Best Estimate for incurred Claims net of reinsurance 13,676 14,456 13,876 14,162 12,744 13,242 12,589 12,831 515 757 773 871 0 0 0 0 388 445 501 447 28 11 13 14
For long-term business — — — — — — — — — — — — — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance 306,102 312,129 295,342 306,249 124,679 125,937 112,949 115,280 134,204 138,040 135,034 139,257 323 334 324 345 46,896 47,818 47,035 51,368 0 0 0 0
o/w VFA Gross of reinsurance 260,026 266,805 264,013 273,094 117,527 118,614 116,132 117,942 120,537 124,312 121,623 125,513 0 0 0 0 21,963 23,879 26,258 29,639 0 0 0 0
o/w BBA Gross of reinsurance 55,255 54,477 50,097 51,845 9,866 10,114 9,606 10,019 13,981 14,035 13,520 13,810 1,800 1,791 1,670 1,659 29,608 28,537 25,301 26,356 0 0 0 0
o/w Reinsurance -9,180 -9,152 -18,768 -18,690 -2,715 -2,790 -12,790 -12,682 -314 -307 -108 -66 -1,477 -1,457 -1,346 -1,315 -4,675 -4,598 -4,524 -4,627 0 0 0 0

Life UE by Geography

Life profitability analysis by geography
EUR million LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY
AXA Consolidated
Financial Statements
Total France Europe Total France Europe Total France Europe Total France Europe Total France Europe Transversal & Other
Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
— 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — —
Revenues 1,970 4,063 2,112 4,247 1,787 3,682 1,902 3,843 50 103 53 109 0 0 0 0 132 278 157 296 0 0 0 0
Combined Ratio 93.8% 96.3% 94.5% 95.5% 94.3% 97.2% 95.1% 96.3% 93.9% 86.4% 79.8% 77.0% 0.0% 0.0% 0.0% 0.0% 86.9% 88.7% 92.3% 91.5% 0.0% 0.0% 0.0% 0.0%
Technical Margin 122 149 116 191 102 103 93 141 3 14 11 25 0 0 0 0 17 31 12 25 0 0 0 0
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release 1,202 2,315 1,136 2,253 433 847 407 823 413 803 390 759 1 1 4 3 354 664 336 669 0 0 0 0
Technical Experience -52 -158 -71 -98 -39 -115 -40 -96 12 10 -4 12 0 -5 3 2 -25 -49 -30 -16 0 0 0 0
Actual vs. Expected Cash Flows -5 -46 -4 -33 7 -20 8 -8 -9 -20 3 -11 0 1 -2 -3 -3 -7 -12 -10 0 0 0 0
Risk Adjustment Release 22 41 25 51 4 11 5 15 10 15 12 23 0 1 0 1 7 15 8 13 0 0 0 0
Changes in Onerous Contracts -9 -48 -30 9 2 0 0 0 -7 -25 -32 -23 0 -6 5 5 -5 -16 -3 26 0 0 0 0
Other Long-term -59 -105 -63 -124 -53 -105 -52 -103 18 40 13 23 0 0 0 0 -25 -41 -23 -45 0 0 0 0
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result 350 728 454 799 82 200 103 193 201 437 249 432 7 16 10 19 61 76 92 155 0 0 0 0
Investment Income 1,073 2,183 1,159 2,209 314 663 344 660 396 836 451 838 10 22 13 27 353 662 350 684 0 0 0 0
Insurance Finance Expenses -723 -1,454 -705 -1,410 -233 -463 -241 -467 -195 -399 -202 -407 -3 -7 -3 -7 -292 -586 -259 -530 0 0 0 0
Other Revenues — — — — — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax 1,622 3,034 1,634 3,145 577 1,035 563 1,060 629 1,264 645 1,227 8 12 17 25 408 723 409 833 0 0 0 0
Tax -305 -523 -316 -635 -92 -161 -96 -194 -141 -234 -148 -289 -2 -2 -3 0 -70 -126 -68 -152 0 0 0 0
Income from Affiliates & Other 117 206 101 182 8 10 4 9 0 0 0 0 0 0 0 0 109 196 97 173 0 0 0 0
Minority Interests -36 -56 -27 -56 -1 0 0 0 -32 -52 -23 -47 0 0 0 0 -3 -4 -4 -9 0 0 0 0
Underlying Earnings Group share 1,398 2,661 1,392 2,636 492 884 470 875 456 978 474 891 6 9 14 25 444 790 434 845 0 0 0 0
For short-term business — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 154 154 157 96 28 18 23 -19 -2 2 -3 -14 0 0 0 0 128 135 137 129 0 0 0 0
Best Estimate for incurred Claims net of reinsurance 11,675 12,110 11,589 11,778 11,427 11,872 11,349 11,502 112 73 75 120 0 0 0 0 136 164 165 157 0 0 0 0
For long-term business — — — — — — — — — — — — — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance 286,545 291,952 275,276 285,391 124,679 125,937 112,949 115,280 114,600 117,461 114,389 117,841 323 334 324 345 46,943 48,220 47,614 51,926 0 0 0 0
o/w VFA Gross of reinsurance 240,192 245,954 243,037 251,273 117,527 118,614 116,132 117,942 100,747 103,535 100,727 103,800 0 0 0 0 21,918 23,805 26,178 29,530 0 0 0 0
o/w BBA Gross of reinsurance 55,396 55,035 50,917 52,713 9,866 10,114 9,606 10,019 14,167 14,233 13,770 14,107 1,800 1,791 1,670 1,659 29,563 28,897 25,871 26,927 0 0 0 0
o/w Reinsurance -9,043 -9,037 -18,679 -18,595 -2,715 -2,790 -12,790 -12,682 -314 -307 -108 -66 -1,477 -1,457 -1,346 -1,315 -4,538 -4,483 -4,435 -4,532 0 0 0 0

Health UE by Geography

Health profitability analysis by geography
EUR million HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY
AXA Consolidated
Financial Statements
Total France Europe Total France Europe Total France Europe Total France Europe Total France Europe Transversal & Other
Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
— 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24 1H23 FY23 1H24 FY24
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — —
Revenues 5,172 10,745 5,867 11,960 2,599 5,207 2,752 5,661 1,391 3,062 1,725 3,495 0 0 0 0 1,053 2,218 1,300 2,629 130 259 90 174
Combined Ratio 100.8% 99.8% 98.6% 98.1% 98.5% 98.8% 97.8% 97.9% 106.5% 102.4% 99.4% 97.5% 0.0% 0.0% 0.0% 0.0% 99.2% 99.5% 100.0% 100.0% 98.9% 92.2% 92.2% 89.1%
Technical Margin -43 19 79 224 38 62 62 117 -90 -75 10 88 0 0 0 0 9 11 1 1 1 20 7 19
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release 272 546 259 522 0 0 0 0 73 153 78 161 0 0 0 0 199 393 180 360 0 0 0 0
Technical Experience 11 11 7 3 0 0 0 0 -7 -18 -6 -20 0 0 0 0 19 29 14 23 0 0 0 0
Actual vs. Expected Cash Flows 20 25 13 18 0 0 0 0 1 -2 1 0 0 0 0 0 19 27 12 18 0 0 0 0
Risk Adjustment Release 3 8 4 8 0 0 0 0 -1 -1 0 -2 0 0 0 0 4 9 5 10 0 0 0 0
Changes in Onerous Contracts 0 -2 -1 -2 0 0 0 0 0 0 -1 -2 0 0 0 0 -1 -1 -1 0 0 0 0 0
Other Long-term -11 -20 -8 -21 0 0 0 0 -8 -14 -6 -16 0 0 0 0 -3 -6 -2 -5 0 0 0 0
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result 81 160 82 176 16 23 -3 -1 25 66 35 72 0 0 0 0 40 70 51 105 0 0 0 0
Investment Income 149 297 160 317 32 54 26 41 25 71 39 77 0 0 0 0 92 172 95 198 0 0 0 0
Insurance Finance Expenses -68 -137 -78 -140 -15 -31 -29 -43 0 -5 -4 -5 0 0 0 0 -53 -101 -45 -93 0 0 0 0
Other Revenues — — — — — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax 322 736 427 925 54 86 59 116 0 127 117 302 0 0 0 0 266 503 245 489 1 20 7 19
Tax -76 -146 -96 -239 -8 -13 -10 -27 -7 -13 -31 -87 0 0 0 0 -61 -114 -55 -125 0 -7 0 0
Income from Affiliates & Other 2 -13 2 4 0 0 0 0 0 -2 0 0 0 0 0 0 2 -11 2 4 0 0 0 0
Minority Interests -3 -6 0 -4 0 0 0 0 0 -1 0 -1 0 0 0 0 -3 -5 0 -3 0 0 0 0
Underlying Earnings Group share 245 570 333 687 46 73 49 89 -7 111 85 213 0 0 0 0 205 373 192 366 1 13 7 19
For short-term business — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 2,019 1,854 2,289 2,000 32 15 27 18 1,089 956 1,231 981 0 0 0 0 893 877 1,022 995 5 6 9 6
Best Estimate for incurred Claims net of reinsurance 2,000 2,346 2,286 2,384 1,317 1,370 1,240 1,329 403 684 698 751 0 0 0 0 252 281 336 290 28 11 13 14
For long-term business — — — — — — — — — — — — — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance 19,557 20,177 20,066 20,858 0 0 0 0 19,604 20,579 20,645 21,416 0 0 0 0 -47 -402 -579 -557 0 0 0 0
o/w VFA Gross of reinsurance 19,834 20,850 20,977 21,821 0 0 0 0 19,789 20,777 20,896 21,713 0 0 0 0 45 73 81 109 0 0 0 0
o/w BBA Gross of reinsurance -140 -558 -821 -868 0 0 0 0 -186 -198 -250 -297 0 0 0 0 45 -360 -571 -571 0 0 0 0
o/w Reinsurance -137 -115 -90 -95 0 0 0 0 0 0 0 0 0 0 0 0 -137 -115 -90 -95 0 0 0 0

Asset Management

Opening AUM rollforward by asset type
EUR million 1H23 FY23 1H24 FY24
— Total o/w Third Party Total o/w Third Party Total o/w Third Party Total o/w Third Party
Opening AUM (in Euro billion) 845 314 845 314 843 332 843 332
Net Inflows -7 8 -11 9 7 -1 3 4
Scope & Other 2 0 2 9 0 10 2 21
Market Effect 10 0 13 9 12 10 26 21
Currency Impact -10 0 -5 9 -4 10 5 21
Closing AUM (in Euro billion) 840 322 843 332 859 340 879 356
Alternatives 223 89 218 85 227 86 229 90
Core & Other 520 232 528 247 532 254 551 266
Asian Joint Ventures 97 — 97 — 101 — 99 —
Gross Revenues - After Intercompany Elimination 749 — 1,555 — 787 — 1,701 —
Gross Revenues - Before Intercompany Elimination 909 — 1,880 — 937 — 2,004 —
Management Fees 673 377 1,334 743 679 385 1,425 773
Performance Fees 2 0 45 32 18 8 57 21
Distribution Fees 185 — 388 — 205 — 409 —
Other 49 — 113 — 35 — 112 —
General Expenses -682 — -1,457 — -698 — -1,493 —
Distribution Fees Retroceded -185 — -388 — -205 — -409 —
Financial Result 15 — 39 — 24 — 35 —
Underlying Earnings Before Tax 241 — 462 — 263 — 546 —
Tax -66 — -125 — -69 — -160 —
Income from Affiliates & Other 18 — 35 — 16 — 29 —
Minority Interests -5 — -12 — -6 — -13 —
Underlying Earnings Group Share 188 — 360 — 204 — 402 —
Average Assets under Management (€bn) 736 — 736 — 749 — 759 —
Asset Management Fee bps 18.1 bps — 18.0 bps — 18.1 bps — 18.8 bps —
Underlying Cost Income Ratio 68.7% — 71.6% — 67.3% — 68.0% —

Holdings

Holdings underlying earnings build-up {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -21 million as of 1H23, -56 million as of FY23, -24 million as of 1H24 and -55 million as of FY24.}}
EUR million 1H23 FY23 1H24 FY24
Financial Result 166 374 181 402
Other Revenues 489 1,067 522 1,050
Other Expenses -766 -1,781 -925 -1,986
Debt Financing Charges -461 -940 -471 -948
Underlying Earnings Before Tax -574 -1,280 -693 -1,482
Tax 136 280 100 324
Income from Affiliates & Other 0 0 0 0
Minority Interests 0 0 0 0
Underlying Earnings Group share -437 -1,000 -592 -1,157
Cash balance rollforward at AXA SA by business unit
EUR billion 1H23 FY23 1H24 FY24
Opening Cash Balance at AXA SA (footnote: Includes liquid invested assets.) — 4.5 — 4.0
Net cash remittance from subsidiaries (footnote: Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.2 billion in 2023 and Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).) — 6.5 — 7.7
Property & Casualty — 3.6 — 4.0
Life & Health — 2.7 — 3.6
Asset Management & Other — 0.2 — 0.1
Dividends — -3.8 — -4.4
Share buy-backs (footnote: Includes an additional Euro +0.7 billion share buy-back in 2024 to offset the earnings dilution resulting 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).) — -1.1 — -1.8
Holding costs and interests — -1.1 — -1.3
Debt issuance — -0.4 — 0.1
M&A and disposals — -1.1 — 0.0
Other — 0.6 — -0.3
Closing Cash Balance at AXA SA (footnote: Includes liquid invested assets.) — 4.0 — 4.0

Activity Indicators

Activity indicators by line of business
EUR million 1H23 FY23 1H24 FY24
— Total P&C Life & Health o/w Employee Benefits (footnote: Employee Benefits include Group Protection and Group Health contracts.) Life Health Asset Management Bank Total P&C Life & Health o/w Employee Benefits (footnote: Employee Benefits include Group Protection and Group Health contracts.) Life Health Asset Management Bank Total P&C Life & Health o/w Employee Benefits (footnote: Employee Benefits include Group Protection and Group Health contracts.) Life Health Asset Management Bank Total P&C Life & Health o/w Employee Benefits (footnote: Employee Benefits include Group Protection and Group Health contracts.) Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 55,740 30,400 24,528 6,001 16,297 8,231 749 62 102,733 53,027 48,058 10,911 31,990 16,068 1,555 93 59,872 32,522 26,505 6,673 17,419 9,086 787 57 110,316 56,514 51,983 12,167 34,497 17,486 1,701 118
IFRS17/9 New Business Value (NBV) (a) 1,179 — 1,179 — 941 238 — — 2,281 — 2,281 — 1,797 484 — — 1,206 — 1,206 — 953 253 — — 2,264 — 2,264 — 1,792 473 — —
New Business Contractual Service Margin (NB CSM) 1,202 — 1,202 — 957 245 — — 2,218 — 2,218 — 1,794 424 — — 1,131 — 1,131 — 919 213 — — 2,169 — 2,169 — 1,770 399 — —
Other NBV (footnote: 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.) 362 — 362 — 288 74 — — 806 — 806 — 584 222 — — 456 — 456 — 333 123 — — 824 — 824 — 594 231 — —
Tax -385 — -385 — -304 -81 — — -744 — -744 — -582 -162 — — -381 — -381 — -299 -83 — — -729 — -729 — -572 -158 — —
Present Value of Expected Premiums (PVEP) (b) 23,260 — 23,260 — 17,406 5,855 — — 45,856 — 45,856 — 33,819 12,036 — — 25,588 — 25,588 — 18,234 7,354 — — 50,896 — 50,896 — 36,860 14,036 — —
IFRS17/9 NBV Margin (a)/(b) 5.1% — 5.1% — 5.4% 4.1% — — 5.0% — 5.0% — 5.3% 4.0% — — 4.7% — 4.7% — 5.2% 3.4% — — 4.4% — 4.4% — 4.9% 3.4% — —
Activity indicators by geography
EUR million 1H23 FY23 1H24 FY24
— Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 55,740 13,859 20,996 10,534 8,610 749 993 102,733 27,243 36,617 18,417 16,990 1,555 1,912 59,872 14,719 22,579 11,220 9,571 787 995 110,316 28,996 39,298 19,383 19,083 1,701 1,856
IFRS17/9 New Business Value (NBV) (a) 1,179 305 313 — 562 — — 2,281 658 566 — 1,057 — — 1,206 354 348 — 504 — — 2,264 682 597 — 986 — —
New Business Contractual Service Margin (NB CSM) 1,202 248 352 — 602 — — 2,218 400 682 — 1,137 — — 1,131 203 398 — 531 — — 2,169 391 731 — 1,047 — —
Other NBV (footnote: 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.) 362 163 52 — 146 — — 806 487 59 — 260 — — 456 275 50 — 131 — — 824 528 49 — 247 — —
Tax -385 -106 -91 — -187 — — -744 -229 -175 — -340 — — -381 -123 -100 — -158 — — -729 -237 -184 — -309 — —
Present Value of Expected Premiums (PVEP) (b) 23,260 10,375 5,435 — 7,450 — — 45,856 21,628 10,430 — 13,798 — — 25,588 12,301 6,317 — 6,971 — — 50,896 25,370 11,831 — 13,695 — —
IFRS17/9 NBV Margin (a)/(b) 5.1% 2.9% 5.8% — 7.5% — — 5.0% 3.0% 5.4% — 7.7% — — 4.7% 2.9% 5.5% — 7.2% — — 4.4% 2.7% 5.0% — 7.2% — —

Balance Sheet

Assets build-up
EUR billion FY23 restated (footnote: 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.) FY24
Goodwill 17.9 18.1
Other intangible assets 4.6 4.4
Total Intangible assets 22.5 22.6
Investments in real estate properties 29.5 29.2
Financial investments 406.9 418.2
Unit-linked Assets 82.8 90.1
Total Investments from Insurance activities 519.2 537.5
Investments from Non-Insurance Activities 20.8 18.5
Equity Method investments 1.9 1.5
Assets Arising from Insurance and Reinsurance Contracts Held 25.2 26.1
Present Value of Future Cash Flows 24.1 24.1
Contractual Service Margin 0.7 1.4
Risk Adjustment 0.5 0.5
Receivables and Other Assets 29.2 24.1
Assets held for sale 0.1 4.5
Cash and cash equivalents 25.4 19.0
Total Assets 644.4 653.8
Liabilities, non-controlling interests & shareholders' equity build-up
EUR billion FY23 restated (footnote: 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.) FY24
Shareholders' Equity group share 49.6 49.9
Non-controlling Interests 2.8 2.5
Shareholders’ equity 52.4 52.5
Financing debt 13.4 14.4
Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts 469.0 477.0
Present Value of Future Cash Flows 431.1 438.4
Contractual Service Margin 34.9 35.3
Risk Adjustment 3.1 3.3
Other Investment Contract Liabilities 12.1 12.6
Liabilities arising from insurance, reinsurance and investment contracts 481.1 489.6
Liabilities Arising from Non-Insurance Activities 10.6 10.1
Provisions for risks and charges 5.4 4.9
Payables and Other liabilities 81.4 80.9
Liabilities held for sale 0.0 1.4
Total Liabilities, Non-controlling Interests and Shareholders' Equity 644.4 653.8

CSM rollforward

Contractual service margin rollforward by business unit
EUR million FY22 New Business CSM Underlying Return on inforce CSM Release Economic Variance Operating Variance Other (footnote: Including scope changes and FX.) FY23
Total Group (pre-tax) 33,535 2,218 1,629 -2,861 500 -243 -802 33,976
P&C 220 0 0 0 0 0 -14 206
Life 25,532 1,794 1,432 -2,315 304 -385 -373 25,989
Health 7,783 424 197 -546 196 142 -414 7,782
Total Group (post-tax) 26,315 — — — — — — 26,629
Contractual service margin rollforward by business unit {{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.}}
EUR million FY23 Restated New Business CSM Underlying Return on inforce CSM Release Economic Variance Operating Variance Other (footnote: Including scope changes and FX.) FY24
Total Group (pre-tax) 34,187 2,169 1,383 -2,775 -998 432 -545 33,853
P&C 206 0 0 0 0 0 76 282
Life 26,200 1,770 1,172 -2,253 -890 363 -534 25,826
Health 7,782 400 211 -522 -108 69 -87 7,744
Total Group (post-tax) 26,777 — — — — — — 26,320

Invested Assets

General account invested assets build-up by asset class and rating
EUR billion Fair value Asset Allocation % o/w Participating Duration gap Fair Value by Rating
— Fair value Asset Allocation % o/w Participating Duration gap Average rating1 AAA AA A BBB Below Investment Grade Non Rated (footnote: Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.1billion, AA: Euro 0.5 billion, A: Euro 1.2 billion, BBB: Euro 2.5 billion, Below investment grade: Euro 7.4 billion.)
General Account Invested Assets (footnote: 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.) 465 — 59% -0.2 yr — — — — — — —
Fixed Income 359 77% 59% — — — — — — — —
Government Bonds 181 39% 65% — AA 26% 43% 18% 10% 1% 2%
Corporate Bonds and Loans 126 27% 54% — A 16% 8% 36% 30% 11% —
Other Fixed Income 52 11% 53% — — — — — — — —
Asset Backed Securities (footnote: Includes 93% of CLOs.) 21 5% — — — 56% 28% 9% 1% 2% 4%
Mortgage Loans (footnote: Residential loans (Euro 16 billion), commercial & agricultural loans (Euro 8 billion) and Agency Pools (Euro 7 billion).) 31 7% — — — — — — — — —
Real Estate 42 9% 63% — — — — — — — —
Infrastructure Equity 11 2% 63% — — — — — — — —
Listed Equities (footnote: Includes hedges. Listed equities excluding hedges at €13bn (basis for % of participating).) 10 2% 81% — — — — — — — —
Private Equity & Hedge Funds (footnote: Private Equity (Euro 18 billion), Hedge Funds (Euro 4 billion) and Non-listed Equities (Euro 1 billion), which excludes internal Group participations (Euro 5 billion) starting from FY23.) 22 5% 55% — — — — — — — —
Cash 19 4% 54% — — — — — — — —
Policy Loans 2 0% 50% — — — — — — — —

Supplementary Info on Asset

Government bonds breakdown by geographical exposure
EUR billion Fair Value Belgium France Germany Italy Japan Netherlands Spain Switzerland United States Other EU countries Supranational Rest of the World
Breakdown By Geographical Exposure 181 7% 13% 7% 5% 10% 3% 6% 8% 10% 5% 13% 13%
Corporate bonds and loans breakdown by industry
EUR billion Fair Value Basic Materials Communications Consumer, Cyclical Consumer, Non-Cyclical Covered and Senior Secured Bonds Energy Financials Industrial Technology Utilities Other
Breakdown By Industry 126 2% 6% 4% 12% 25% 2% 27% 6% 2% 7% 6%
Corporate bonds and loans exposure to financials {{footnote|1=Includes REITS corporate bonds (Euro 4 billion).}}
EUR billion Total Banks Non-Banks1 (footnote: Excludes banking operations and Euro 7 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).)
Total 34 28 7
Senior Unsecured Bonds 30 23 7
Subordinated Bonds (footnote: Includes AT1 (Euro 0.2 billion).) 3 3 0
Other 1 1 0
Listed equities breakdown by asset domiciliation
EUR billion Fair Value Belgium France Germany Japan Netherlands Switzerland United States Other EU countries Rest of the World
Breakdown By Asset Domiciliation 13 4% 8% 4% 5% 4% 4% 41% 7% 24%
Listed equities breakdown by industry {{footnote|1=Excluding hedges.}}
EUR billion Fair Value Basic Materials Communications Consumer, Cyclical Consumer, Non-Cyclical Diversified Energy Financials Funds Industrial Technology Utilities Other
Breakdown By Industry 13 4% 10% 13% 16% 2% 0% 17% 5% 10% 19% 1% 3%
Real estate breakdown by geographical exposure
EUR billion Fair Value Belgium France Germany Italy Japan Spain Switzerland United Kingdom United States Other EU countries Rest of the World
Breakdown By Geographical Exposure 42 5% 25% 10% 3% 6% 5% 13% 6% 13% 5% 9%
Real estate breakdown by type
EUR billion Fair Value Office Residential Industrial-Logistic Retail Others
Breakdown By Type 42 32% 23% 16% 11% 17%
Private equities breakdown by asset domiciliation
EUR billion Fair Value Europe Japan United States Other
Breakdown By Asset Domiciliation 18 46% 3% 44% 7%
Mortgage loans breakdown by type {{footnote|1=Loan to Value: 46%.}}
EUR billion Fair Value Residential Commercial
Breakdown by Type 24 68% 32%

Shareholders Equity

Change in Group Share Consolidated Shareholders' Equity rollforward
EUR billion FY24
Shareholders' Equity at Beginning of the Period 49.6
Paid-in Capital -1.7
Treasury Shares -0.1
Other Comprehensive Income Arising from Defined Benefit Plans -0.1
Fair Value Recorded in Shareholders' Equity -1.8
Other Comprehensive Income Related to Invested Assets -1.7
Other Comprehensive Income Related to (re) Insurance Contracts -0.1
Impact of Currency Fluctuations 1.4
Undated Subordinated Debt (including interest charges) -0.9
Realized Gains on Equity through Retained Earnings 0.1
Dividends -4.4
Net Income for the Period 7.9
Other -0.1
Shareholders' Equity at End of the Period 49.9
Group Share Consolidated Shareholders' Equity build-up
EUR billion FY23 FY24
Paid-in Capital 23.5 21.8
Treasury Shares -1.4 -1.5
Other Comprehensive Income -6.3 -8.1
Other Comprehensive Income Related to Invested Assets -11.4 -13.1
Other Comprehensive Income Related to (re) Insurance Contracts 5.1 5.0
Other Comprehensive Income Arising from Defined Benefit Plans -2.4 -2.4
Translation Reserves -2.4 -1.1
Undated Subordinated Debt 5.4 4.8
Retained Earnings 33.1 36.5
Total Shareholders' Equity at the End of the Period 49.6 49.9
Book value and shareholders' equity plus CSM per share
EUR FY23 FY24
Book Value per Share (footnote: Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.) 22.7 24.5
Shareholders' Equity + CSM per Share (b) (footnote: Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share. (c) Restated FY23 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.) 31.7 32.7
Unrealized gains and losses on invested assets net of tax
EUR billion FY23 FY24
Government Bonds (recyclable) -3.1 -7.5
Corporate Bonds (recyclable) -5.2 -4.1
Cash Flow hedges (recyclable) -4.3 -3.5
Equities (non-recyclable) 1.8 2.3
Others (recyclable) -0.6 -0.3
Total Other Comprehensive Income Related to Invested Assets -11.4 -13.1
Real Estate 7.5 6.7
Other Invested Assets Not Included in Shareholders' Equity -1.2 -0.6
Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax) 6.3 6.1
Total Unrealized Gains and Losses on Invested Assets (Net of Tax) -5.1 -7.0

RoE & Gearing

Return on equity
EUR billion FY23 FY24 Change in % points (FY24 vs FY23)
Net Income ROE 14.1% 14.8% 0.8 pt
Net Income (footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).) 7.0 7.7 —
Average Adjusted Shareholders' Equity (footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).) 49.8 51.8 —
Underlying ROE 14.9% 15.2% 0.3 pt
Underlying Earnings (footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).) 7.4 7.9 —
Average Adjusted Shareholders' Equity (footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).) 49.8 51.8 —
Debt gearing build-up
EUR billion FY23 FY24
Financing Debt 2.4 3.2
Financing Debt Instrument Issued 2.4 3.2
Financing Debt Owed to Credit Institutions 0.0 0.0
Dated Subordinated Debt 11.0 11.2
Reversal of mark-to-market of interest rates derivatives -0.1 -0.1
Total Gross Debt (A) 13.3 14.3
Undated Deeply Subordinated Notes (TSS) 3.5 2.9
Deeply Subordinated Notes (TSDI) 1.9 1.9
Total Gross Debt incl. Undated and Deeply Subordinated Notes (B) 18.8 19.2
Shareholders' Equity (Including Non-Controlling Interests) (a) (C) (footnote: Shareholders' equity includes undated and deeply subordinated debts; (b) Restated FY23 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.) 52.4 52.5
Contractual Service Margin net of tax (b) (D) 26.8 26.3
Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A) 92.5 93.1
Debt Gearing (G) = (B) / (E) 20.3% 20.6%

Information on Solvency

Solvency II rollforward
EUR billion FY23 Regulatory & model changes Normalized Capital Generation Operating variance Economic variance (incl. FX) Dividend & share buy-backs Debt M&A, In-force and Other FY24
Eligible Own Fund (EOF) 57.4 0.0 8.7 0.0 -1.6 -5.9 -0.7 -1.9 55.9
Solvency Capital Requirement (SCR) 25.3 0.1 0.6 0.0 0.7 0.0 0.0 -0.8 25.9
Solvency II Ratio 227% -1% 28% 0% -13% -22% -3% -1% 216%
Eligible own fund tiering by sector
EUR billion Total Unrestricted Tier 1 Restricted Tier 1 Tier 2 Tier 3
EOF as of FY24 55.9 40.0 4.9 10.2 0.8
Insurance Sector 53.5 37.5 4.9 10.2 0.8
Ancillary — — — — —
Subject to Transitional Measures (footnote: Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.) 4.5 — 3.4 1.1 —
Other Financial Sectors 2.5 2.5 — — —
EOF as of FY23 57.4 41.0 5.5 10.1 0.8
Insurance Sector 54.7 38.3 5.5 10.1 0.8
Ancillary — — — — —
Subject to Transitional Measures (footnote: Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.) 6.6 — 5.5 1.1 —
Other Financial Sectors 2.7 2.7 — — —
Solvency II key sensitivities
EUR billion FY23 FY24
Interest Rate +50bps +4 pts +2 pts
Interest Rate -50bps -5 pts -4 pts
Corporate Spread +50bps -2 pts -1 pts
Euro Sovereign Spreads +50bps -8 pts -10 pts
Credit Migration +20% -4 pts -4 pts
Equity* Market +25% +13 pts +13 pts
Equity* Market -25% (footnote: Includes listed, private and insfrastructure equities. Listed equities sensitivities in FY24 are +0.3pts and -3pts for +25pts and -25pts, respectively.) -15 pts -18 pts

IFRS17 SHE to Group EOF

Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds
EUR billion December 31, 2024
IFRS SHAREHOLDERS' EQUITY 52.5
Contractual Service Margin (net of tax) 26.3
IFRS SHAREHOLDERS' EQUITY inc. CSM 78.8
Net URCG not included in Shareholders' Equity (footnote: Difference with IFRS17/9 off balance sheet net OCI on assets held at cost driven by differences in tax treatment.) 6.2
Elimination Undated Subordinated Debts -4.8
Elimination Intangibles -22.9
Goodwill -19.0
others -3.8
IFRS TANGIBLE NET ASSET VALUE 57.3
Foreseeable dividends and distribution -5.9
Technical provision adjustments -10.2
Risk Margin vs Risk Adjustment -6.9
BEL adjustment -3.3
Other adjustments -1.2
UNRESTRICTED TIER 1 40.0
Restricted Tier 1 + Tier 2 15.1
Tier 3 0.8
GROUP ELIGIBLE OWN FUNDS 55.9
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