Data:AXA/2025/FY/Earnings presentation.json: Difference between revisions

"pages": [

1

],

"heading": "Full Year 2025 Earnings Presentation",

"tags": [],

"links": [

"Year 2026"

],

"data_items": [],

"effective_tags": [

"Year 2026"

],

"content": "* February 26, [[Definition:Year 2026|2026]]"

},

{

"id": "snjra2xp9r-c2",

"chunk": 2,

"heading": "Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures",

"content": "'''Forward-looking statements'''\n* Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information.\n* Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”.\n* In particular, the statements in this presentation regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“UEPS”) growth for [[Definition:Year 2026|2026]] are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan.\n* These statements in this presentation are based on Management’s current views and intentions and are subject to change.\n* Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.\n* Each forward-looking statement speaks only at the date of this presentation.\n* Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations.\n* AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.\n\n'''Non-GAAP financial measures'''\n* In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results.\n* These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies.\n* As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.\n* “[[Definition:Underlying earnings|Underlying earnings]]”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.\n* AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.\n* For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report.\n\n'''Additional information'''\n* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).\n* AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors."

"id": "snjra2xp9r-c3",

"chunk": 3,

"heading": "Contents",

"content": "* 1. [[Definition:Full year 2025|FY25]] Highlights\n* Thomas Buberl, Group CEO\n* p.04\n* 2. FY25 Business Performance\n* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology\n* p.09\n* 3. FY25 Financial Performance\n* Alban de Mailly Nesle, Group CFO\n* p.13\n\n== FY25 Highlights =="

"id": "snjra2xp9r-c4",

"chunk": 4,

"heading": "Section",

"content": "'''Thomas Buberl, Group CEO'''"

"id": "snjra2xp9r-c5",

"chunk": 5,

"heading": "Full Year 2025 – Excellent performance",

"Full year 2025",

"content": "'''[[Definition:Full year 2025|Full Year 2025]] Key Performance Indicators'''\n* +6% Revenues vs. [[Definition:Full year 2024|FY24]]\n* +8% [[Definition:Underlying earnings per share|Underlying EPS]] vs. FY24\n* 16% ROE FY25\n* 224% Solvency II ratio FY25\n\n'''Delivering value for shareholders'''\n* +8% DPS{{fn ref|1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}} growth and €1.25bn annual share buy back{{fn ref|2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}\n\n'''Outlook'''\n* Confident to deliver underlying EPS growth at the upper end of 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]\n\n{{fn note|1=1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}}\n{{fn note|1=2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}"

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t1\" class=\"wikitable fintable\"\n|+ Underlying earnings\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | Underlying earnings\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 8.1\n|-\n| style=\"text-align:left\" | FY25\n| style=\"text-align:right\" | 8.4\n|-\n| style=\"text-align:left\" | Change\n| style=\"text-align:right\" | +6%\n|-\n| style=\"text-align:left\" | Change excluding AXA IM\n| style=\"text-align:right\" | +9%\n|}\n\u003C/div\u003E\n\n'''High organic growth'''\n* +6% top line growth, well balanced across lines (P\u0026C: +5%, Life: +9%, Health: +5%)\n\n'''Record profitability'''\n* Further margin expansion in P\u0026C and L\u0026H; improvement in efficiency\n\n'''Scaling the business'''\n* Continued investments in growth and technology\n\n'''Consistent earnings growth while enhancing reserve prudence'''\n\n\u003Cdiv class=\"ed-fn-notes\" style=\"display:none\"\u003E\n\n\u003C/div\u003E"

7

"heading": "Diversified franchise, well positioned in an attractive industry",

"links": [],

"effective_tags": [],

"content": "'''Secular trends fueling demand across businesses'''\n* Protection gaps and emerging corporate risks\n* Demographics driving demand for private retirement and healthcare\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t2\" class=\"wikitable fintable\"\n|+ Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.\n|-\n! style=\"text-align:left\" | Business Segment\n! class=\"col-s\" style=\"text-align:right\" | Share (%)\n|-\n| style=\"text-align:left\" | Life\n| style=\"text-align:right\" | 33%\n|-\n| style=\"text-align:left\" | Health\n| style=\"text-align:right\" | 17%\n|-\n| style=\"text-align:left\" | Large \u0026amp; Specialty\n| style=\"text-align:right\" | 17%\n|-\n| style=\"text-align:left\" | SME \u0026amp; Mid-market\n| style=\"text-align:right\" | 16%\n|-\n| style=\"text-align:left\" | Retail\n| style=\"text-align:right\" | 17%\n|}\n\u003C/div\u003E\n\n'''Our right to win'''\n* Leading brand \u0026 high customer NPS\n* Strong and diversified distribution\n* Technical expertise to price \u0026 underwrite risks\n* Scale offering cost advantage\n\n{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}"

8

"heading": "Laying the foundation for the next plan",

"content": "* Clear tech and AI roadmap\n* Driving efficiency\n* Enhancing capital allocation discipline\n* Building resilience\n\n'''Confidence in sustaining earnings growth'''\n\n== FY25 Business Performance =="

9

"heading": "Section",

"content": "* Guillaume Borie\n* Global Head of Finance, Strategy, Underwriting, Risk, and Technology"

10

"heading": "Strong delivery across our businesses",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t3\" class=\"wikitable\"\n|+ Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.\n|-\n! style=\"text-align:left\" |\n! style=\"text-align:right\" | Gross written premiums\n! style=\"text-align:right\" | Underlying earnings\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFrance\u003C/b\u003E\u003Cbr/\u003E(27% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})\n| style=\"text-align:right\" | +6%\u003Cbr/\u003Eto €31bn\n| style=\"text-align:right\" | +7%\u003Cbr/\u003Eto €2.2bn\n|-\n| style=\"text-align:left\" | \u003Cb\u003EEurope\u003C/b\u003E\u003Cbr/\u003E(38% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})\n| style=\"text-align:right\" | +6%\u003Cbr/\u003Eto €43bn\n| style=\"text-align:right\" | +9%\u003Cbr/\u003Eto €3.5bn\n|-\n| style=\"text-align:left\" | \u003Cb\u003EAXA XL\u003C/b\u003E\u003Cbr/\u003E(17% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})\n| style=\"text-align:right\" | +4%\u003Cbr/\u003Eto €19bn\n| style=\"text-align:right\" | +9%\u003Cbr/\u003Eto €1.9bn\n|-\n| style=\"text-align:left\" | \u003Cb\u003EAsia, Africa \u0026amp; EME-LATAM\u003C/b\u003E\u003Cbr/\u003E(18% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})\n| style=\"text-align:right\" | +13%\u003Cbr/\u003Eto €20bn\n| style=\"text-align:right\" | +6%\u003Cbr/\u003Eto €1.5bn\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}"

"heading": "P\u0026C – Strong margins, confidence in sustaining growth",

"Gross written premiums",

"Gross written premiums",

"content": "* €58bn [[Definition:Gross written premiums|GWP]]\n* GWP mix: Retail, SME \u0026 Mid-market, AXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large \u0026 Specialty) — shares not printed\n* [[Definition:Underlying earnings|Underlying earnings]] +9%{{fn ref|2|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn\n\n'''Retail and SME \u0026 Mid-market'''\n* 2025: Growing volumes while expanding margins\n* Beyond 2025: Investing to improve customer retention \u0026 expanding distribution footprint\n\n'''AXA XL (Large \u0026 Specialty)'''\n* 2025: Profitable growth with stable margins\n* Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management\n\n'''Key drivers'''\n* Continued progress on efficiency\n* Higher investment income\n* Data \u0026 AI to further enhance customer experience \u0026 technical excellence\n\n{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}\n{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}"

"id": "snjra2xp9r-c12",

"chunk": 12,

"heading": "L\u0026H – Good momentum, well positioned to capture growth opportunities",

"Gross written premiums",

"Underlying earnings"

"Gross written premiums",

"content": "* €57bn [[Definition:Gross written premiums|GWP]]\n* Short-term\n* Long-term\n* [[Definition:Underlying earnings|Underlying earnings]] +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t4\" class=\"wikitable\"\n|+ Strategic Priorities\n|-\n! style=\"text-align:left\" |\n! style=\"text-align:left\" | 2025\n! style=\"text-align:left\" | Beyond 2025\n|-\n| style=\"text-align:left\" | Long-term business\n| style=\"text-align:left\" | Accelerating net flows in Savings at attractive margins\n| style=\"text-align:left\" | Capturing savings \u0026amp; retirement opportunity, sourcing best asset management products for our customers\n|-\n| style=\"text-align:left\" | Short-term business\n| style=\"text-align:left\" | Growing technical results while absorbing Mexico VAT impact\n| style=\"text-align:left\" | Capitalizing on demand for health \u0026amp; protection while further improving our margins\n|}\n\u003C/div\u003E\n\n* Focus on cost reduction\n* Increasing penetration of Protection riders in Savings offerings\n* Leveraging AI to reduce claims leakage \u0026 improve customer outcomes in Health\n\n{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}\n\n== FY25 Financial Performance =="

"id": "snjra2xp9r-c13",

"chunk": 13,

"heading": "Section",

"content": "* Alban de Mailly Nesle\n* Group CFO"

"id": "snjra2xp9r-c14",

"chunk": 14,

"heading": "P\u0026C – Continued disciplined growth",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t5\" class=\"wikitable fintable\"\n|+ GWP \u0026amp; Other Revenues (In Euro billion)\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\n! class=\"col-s\" style=\"text-align:right\" | o/w pricing{{fn ref|1|2=Price effect.}}\n! class=\"col-s\" style=\"text-align:right\" | o/w volume{{fn ref|2|2=Includes exposure adjustments and mix \u0026amp; other effects.}}\n|-\n| style=\"text-align:left\" | Commercial lines\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 35.8\n| style=\"text-align:right\" | +4%\n| style=\"text-align:right\" | +2%\n| style=\"text-align:right\" | +2%\n|-\n| style=\"text-align:left\" | AXA XL Reinsurance\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 2.6\n| style=\"text-align:right\" | +8%\n| style=\"text-align:right\" | +0.3%\n| style=\"text-align:right\" | +7%\n|-\n| style=\"text-align:left\" | Retail lines\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 19.7\n| style=\"text-align:right\" | +7%\n| style=\"text-align:right\" | +5%\n| style=\"text-align:right\" | +2%\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E56.5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E58.0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E+5%\u003C/b\u003E\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n|}\n\u003C/div\u003E\n\n'''Commercial lines'''\n* Continued pricing momentum and volume growth in Mid-market and SME\n* Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance\n\n'''AXA XL Reinsurance'''\n* Growth supported by alternative capital\n\n'''Retail lines'''\n* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])\n\n{{fn note|1=1|2=Price effect.}}\n{{fn note|1=2|2=Includes exposure adjustments and mix \u0026 other effects.}}"

"id": "snjra2xp9r-c15",

"chunk": 15,

"heading": "P\u0026C – Delivering further margin expansion while enhancing reserve prudence",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t6\" class=\"wikitable fintable\"\n|+ Combined ratio\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Undiscounted CY loss ratio (ex Nat Cat)\n| style=\"text-align:right\" | 67.4%\n| style=\"text-align:right\" | 67.0%\n|-\n| style=\"text-align:left\" | Expense ratio\n| style=\"text-align:right\" | 25.0%\n| style=\"text-align:right\" | 24.8%\n|-\n| style=\"text-align:left\" | Nat Cat\n| style=\"text-align:right\" | 3.8%\n| style=\"text-align:right\" | 3.4%\n|-\n| style=\"text-align:left\" | Prior year reserve development\n| style=\"text-align:right\" | -1.6%\n| style=\"text-align:right\" | -1.1%\n|-\n| style=\"text-align:left\" | Discount\n| style=\"text-align:right\" | -3.6%\n| style=\"text-align:right\" | -3.5%\n|-\n| style=\"text-align:left\" | \u003Cb\u003ECombined ratio\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E91.0%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E90.6%\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n* Better undiscounted current year loss ratio excluding Nat Cat from:\n* Margin expansion in Commercial lines SME \u0026 mid-market business and Personal lines reflecting favorable pricing environment\n* Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management\n* Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology\n* Nat Cat charges below normalized load\n* Lower reliance on prior year reserve development\n* Taking advantage of a good year to enhance reserve prudence"

"id": "snjra2xp9r-c16",

"chunk": 16,

"heading": "P\u0026C – Earnings growth from higher underwriting and financial result",

"Underlying earnings",

"Foreign exchange",

"Underlying earnings"

"content": "'''[[Definition:Underlying earnings|Underlying Earnings]]'''\n* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence\n* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets\n* Higher unwind of discount of claims reserves, in line with guidance\n* Unfavorable forex impact notably due to USD depreciation vs. EUR\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t7\" class=\"wikitable fintable\"\n|+ Underlying Earnings\n|-\n! style=\"text-align:left\" | In Euro million\n! class=\"col-m\" style=\"text-align:right\" | Value\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 5,510\n|-\n| style=\"text-align:left\" | Volume growth\n| style=\"text-align:right\" | +292\n|-\n| style=\"text-align:left\" | Margin improvement\n| style=\"text-align:right\" | +189\n|-\n| style=\"text-align:left\" | Investment income\n| style=\"text-align:right\" | +435\n|-\n| style=\"text-align:left\" | Insurance finance expenses\n| style=\"text-align:right\" | -235\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -169\n|-\n| style=\"text-align:left\" | Affiliates, FX \u0026amp; other\n| style=\"text-align:right\" | -150\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFY25\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,872\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Change at constant FX\n| style=\"text-align:right\" | +9%\n|}\n\u003C/div\u003E\n\n'''Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}}'''\n* Volume growth\n* Margin improvement\n\n'''Financial result'''\n* Investment income\n* Insurance finance expenses\n\nChange at constant [[Definition:Foreign exchange|FX]].\n{{fn note|1=1|2=Underwriting result includes expenses.}}"

"id": "snjra2xp9r-c17",

"chunk": 17,

"heading": "Life \u0026 Health – Strong growth in premiums, positive net flows",

"Full year 2025",

"content": "In Euro billion\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t8\" class=\"wikitable fintable\"\n|+ Life GWP \u0026amp; Other Revenues\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | Protection\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 17.3\n| style=\"text-align:right\" | +11%\n|-\n| style=\"text-align:left\" | Unit-linked\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 9.3\n| style=\"text-align:right\" | +13%\n|-\n| style=\"text-align:left\" | Capital light G/A\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 9.0\n| style=\"text-align:right\" | +7%\n|-\n| style=\"text-align:left\" | Traditional G/A\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 1.9\n| style=\"text-align:right\" | -7%\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E34.5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E37.5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E+9%\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t9\" class=\"wikitable\"\n|+ Health GWP \u0026amp; Other Revenues\n|-\n! style=\"text-align:left\" | In Euro billion\n! style=\"text-align:right\" | FY24\n! style=\"text-align:right\" | FY25\n! style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | Individual\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 10.5\n| style=\"text-align:right\" | +6%\n|-\n| style=\"text-align:left\" | Group\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 8.5\n| style=\"text-align:right\" | +4%\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E17.5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19.0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E+5%\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n* o/w [[Definition:Full year 2025|FY25]] Employee Benefits{{fn ref|1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}\n* Euro 12.9 billion (+4% vs. [[Definition:Full year 2024|FY24]])\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t10\" class=\"wikitable fintable\"\n|+ Net flows: €+5.4bn vs. €+1.5bn in FY24\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Protection\n| style=\"text-align:right\" | +4.9\n|-\n| style=\"text-align:left\" | Health\n| style=\"text-align:right\" | +2.7\n|-\n| style=\"text-align:left\" | Unit-Linked\n| style=\"text-align:right\" | +1.5\n|-\n| style=\"text-align:left\" | Capital light G/A\n| style=\"text-align:right\" | +1.2\n|-\n| style=\"text-align:left\" | Traditional G/A\n| style=\"text-align:right\" | -5.0\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}"

"id": "snjra2xp9r-c18",

"chunk": 18,

"heading": "Life \u0026 Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting",

"content": "'''In Euro billion'''\n\n* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes\n* NB CSM was driven by robust Savings \u0026 Protection sales, with reported growth impacted by higher interest rates for discounting of future profits\n* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t11\" class=\"wikitable fintable\"\n|+ PVEP\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | Protection \u0026amp; Health\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 31.4\n| style=\"text-align:right\" | -4%\n|-\n| style=\"text-align:left\" | Unit-Linked\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 8.5\n| style=\"text-align:right\" | +18%\n|-\n| style=\"text-align:left\" | Capital-light G/A\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 7.8\n| style=\"text-align:right\" | -10%\n|-\n| style=\"text-align:left\" | Traditional G/A\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 1.7\n| style=\"text-align:right\" | -10%\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E50.9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E49.4\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-2%\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t12\" class=\"wikitable fintable\"\n|+ NB CSM (pre-tax)\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | NB CSM (pre-tax)\n| style=\"text-align:right\" | 2.2\n| style=\"text-align:right\" | 2.2\n| style=\"text-align:right\" | +3%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t13\" class=\"wikitable fintable\"\n|+ NBV (post-tax)\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | NBV (post-tax)\n| style=\"text-align:right\" | 2.3\n| style=\"text-align:right\" | 2.2\n| style=\"text-align:right\" | stable\n|-\n| style=\"text-align:left\" | NBV margin\n| style=\"text-align:right\" | 4.4%\n| style=\"text-align:right\" | 4.5%\n| style=\"text-align:right\" | —\n|}\n\u003C/div\u003E\n\nChange at constant scope and [[Definition:Foreign exchange|FX]]."

"id": "snjra2xp9r-c19",

"chunk": 19,

"heading": "Life \u0026 Health – Growth in new business driving Normalized CSM growth",

"Foreign exchange",

"Full year 2024",

"Full year 2025"

"Foreign exchange",

"Full year 2024",

"Full year 2025"

"content": "\u003C!-- furniture --\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t14\" class=\"wikitable fintable\"\n|+ Contractual Service Margin rollforward\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-m\" style=\"text-align:right\" | Value\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 33.6\n|-\n| style=\"text-align:left\" | New business CSM\n| style=\"text-align:right\" | +2.2\n|-\n| style=\"text-align:left\" | Underlying return on in-force\n| style=\"text-align:right\" | +1.3\n|-\n| style=\"text-align:left\" | CSM release\n| style=\"text-align:right\" | -3.0\n|-\n| style=\"text-align:left\" | Economic variance\n| style=\"text-align:right\" | +0.6\n|-\n| style=\"text-align:left\" | Operating variance\n| style=\"text-align:right\" | -0.3\n|-\n| style=\"text-align:left\" | Affiliates, FX \u0026amp; other\n| style=\"text-align:right\" | -1.4\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFY25\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E33.0\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n'''Normalized CSM growth +2%'''\n* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates\n* Economic variance reflecting government spreads tightening and positive equity market returns\n* Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland\n* [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation\n\n'''CSM breakdown'''\n* [[Definition:Full year 2024|FY24]] o/w Life: 25.8\n* FY24 o/w Health: 7.7\n* [[Definition:Full year 2025|FY25]] o/w Life: 25.4\n* FY25 o/w Health: 7.6\n\n{{fn note|1=1|2=Change at constant scope and FX.}}\n\n\u003C!-- furniture --\u003E"

"id": "snjra2xp9r-c20",

"chunk": 20,

"heading": "Life \u0026 Health – Strong momentum in both short-term and long-term business",

"Full year 2024",

"Foreign exchange",

"Full year 2024"

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t15\" class=\"wikitable fintable\"\n|+ Underlying Earnings +7%\n|-\n! style=\"text-align:left\" | In Euro million\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! style=\"text-align:left\" | Short-term technical margin\n! style=\"text-align:left\" | Long-term result incl. CSM release\n! class=\"col-s\" style=\"text-align:right\" | Financial result\n! class=\"col-s\" style=\"text-align:right\" | Tax, FX and others\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | —\n| style=\"text-align:right\" | 3,323\n| style=\"text-align:left\" | +60\n| style=\"text-align:left\" | +156\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | -27\n| style=\"text-align:right\" | 3,501\n|-\n| style=\"text-align:left\" | Short-term technical margin\n| style=\"text-align:right\" | 415\n| style=\"text-align:left\" | —\n| style=\"text-align:left\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 479\n|-\n| style=\"text-align:left\" | Long-term result incl. CSM release\n| style=\"text-align:right\" | 2,680\n| style=\"text-align:left\" | —\n| style=\"text-align:left\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 2,804\n|-\n| style=\"text-align:left\" | Financial result\n| style=\"text-align:right\" | 975\n| style=\"text-align:left\" | —\n| style=\"text-align:left\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 946\n|-\n| style=\"text-align:left\" | Tax \u0026amp; others\n| style=\"text-align:right\" | -748\n| style=\"text-align:left\" | —\n| style=\"text-align:left\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | -728\n|}\n\u003C/div\u003E\n\n\u0026#42;in billions*\n\n* o/w Life: 2.6 → 2.7, +4% vs. [[Definition:Full year 2024|FY24]]\n* o/w Health: 0.7 → 0.8, +17% vs. FY24\n\nChange at constant [[Definition:Foreign exchange|FX]].\n\n* Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn)\n* Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins"

"id": "snjra2xp9r-c21",

"chunk": 21,

"heading": "Growth in net income reflecting higher earnings \u0026 the gain from the sale of AXA IM",

"Capital management"

"Underlying earnings",

"Year 2026"

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t16\" class=\"wikitable fintable\"\n|+ In Euro billion\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | Property \u0026amp; Casualty\n| style=\"text-align:right\" | 5.5\n| style=\"text-align:right\" | 5.9\n| style=\"text-align:right\" | +9%\n|-\n| style=\"text-align:left\" | Life \u0026amp; Health\n| style=\"text-align:right\" | 3.3\n| style=\"text-align:right\" | 3.5\n| style=\"text-align:right\" | +7%\n|-\n| style=\"text-align:left\" | Asset Management\n| style=\"text-align:right\" | 0.4\n| style=\"text-align:right\" | 0.2\n| style=\"text-align:right\" | -57%\n|-\n| style=\"text-align:left\" | Holdings \u0026amp; other\n| style=\"text-align:right\" | -1.2\n| style=\"text-align:right\" | -1.2\n| style=\"text-align:right\" | -\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying earnings\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8.1\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8.4\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E+6%\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Non-financial flows\n| style=\"text-align:right\" | -0.5\n| style=\"text-align:right\" | +2.1\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | \u003Ci\u003Eo/w capital gains from AXA IM disposal\u003C/i\u003E\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | +2.2\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | Financial flows (incl. RCG)\n| style=\"text-align:right\" | +0.3\n| style=\"text-align:right\" | -0.7\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | \u003Cb\u003ENet income\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7.9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E9.8\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E+26%\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n'''[[Definition:Underlying earnings|Underlying earnings]]'''\n* Strong performance from insurance businesses\n* Stable holding cost, expected to remain at current level in [[Definition:Year 2026|2026]]\n\n'''Net Income'''\n* Higher net income mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]]\n* Lower financial flows reflecting unfavorable forex impact\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t17\" class=\"wikitable fintable\"\n|+ Underlying earnings per share\n|-\n! style=\"text-align:left\" | In Euro\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Underlying earnings per share\n| style=\"text-align:right\" | 3.59\n| style=\"text-align:right\" | 3.86\n|-\n| style=\"text-align:left\" | Change\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | +8%\n|}\n\u003C/div\u003E\n\n* +6% from earnings growth\n* including -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from AXA IM sale due to the timing of anti-dilutive [[Definition:Share buyback|share buyback]]\n* +3% from [[Definition:Capital management|capital management]]\n* -2% from forex\n\n{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}"

"id": "snjra2xp9r-c22",

"chunk": 22,

"heading": "Shareholders’ Equity",

"content": "'''In Euro billion'''\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t18\" class=\"wikitable fintable\"\n|+ Shareholders’ equity{{fn ref|1|2=Shareholders’ equity Group share.}}\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | HY25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | SHE (excl. OCI)\n| style=\"text-align:right\" | 58.0\n| style=\"text-align:right\" | 52.7\n| style=\"text-align:right\" | 54.0\n|-\n| style=\"text-align:left\" | Net OCI\n| style=\"text-align:right\" | -8.1\n| style=\"text-align:right\" | -7.2\n| style=\"text-align:right\" | -6.8\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShareholders' equity\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E49.9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E45.5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E47.2\u003C/b\u003E\n|-\n| style=\"text-align:left\" | SHE (excl. OCI \u0026amp; undated subordinated debt)\n| style=\"text-align:right\" | 53.2\n| style=\"text-align:right\" | 47.0\n| style=\"text-align:right\" | 49.4\n|-\n| style=\"text-align:left\" | Debt gearing\n| style=\"text-align:right\" | 20.6%\n| style=\"text-align:right\" | 23.4%\n| style=\"text-align:right\" | 22.3%\n|-\n| style=\"text-align:left\" | Underlying ROE\n| style=\"text-align:right\" | 15.2%\n| style=\"text-align:right\" | 17.5%\n| style=\"text-align:right\" | 16.0%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t19\" class=\"wikitable fintable\"\n|+ FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-m\" style=\"text-align:right\" | FY24 to FY25\n! class=\"col-m\" style=\"text-align:right\" | HY25 to FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EOpening Shareholders' equity\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E49.9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E45.5\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Change in Net OCI\n| style=\"text-align:right\" | 1.3\n| style=\"text-align:right\" | 0.4\n|-\n| style=\"text-align:left\" | Net income for the period\n| style=\"text-align:right\" | 9.8\n| style=\"text-align:right\" | 5.9\n|-\n| style=\"text-align:left\" | Dividend\n| style=\"text-align:right\" | -4.6\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | Annual share buyback\n| style=\"text-align:right\" | -1.2\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | Anti-dilutive share buyback following the sale of AXA IM\n| style=\"text-align:right\" | -3.5\n| style=\"text-align:right\" | -3.5\n|-\n| style=\"text-align:left\" | Undated subordinated debt (including interest charges)\n| style=\"text-align:right\" | -0.3\n| style=\"text-align:right\" | -1.2\n|-\n| style=\"text-align:left\" | Forex\n| style=\"text-align:right\" | -3.5\n| style=\"text-align:right\" | -0.1\n|-\n| style=\"text-align:left\" | Other\n| style=\"text-align:right\" | -0.6\n| style=\"text-align:right\" | 0.3\n|-\n| style=\"text-align:left\" | \u003Cb\u003EClosing Shareholders' equity\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E47.2\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E47.2\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=Shareholders’ equity Group share.}}"

"id": "snjra2xp9r-c23",

"chunk": 23,

"heading": "Higher organic cash remittance and robust cash position at Holding",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t20\" class=\"wikitable fintable\"\n|+ Net Cash Remittance (In Euro billion)\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Proceeds related to in-force treaties{{fn ref|2|2=2. €0.6bn proceeds related to L\u0026amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}\n| style=\"text-align:right\" | 0.6\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | Ordinary cash remittance\n| style=\"text-align:right\" | 7.1\n| style=\"text-align:right\" | 7.5\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Net Cash Remittance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7.7\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7.5\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Remittance ratio{{fn ref|1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}\n| style=\"text-align:right\" | 82%\n| style=\"text-align:right\" | 82%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t21\" class=\"wikitable fintable\"\n|+ FY24 to FY25 Cash Position (In Euro billion)\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFY24 Cash position\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4.0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Net cash remittance from subsidiaries\n| style=\"text-align:right\" | +7.5\n|-\n| style=\"text-align:left\" | Dividend\n| style=\"text-align:right\" | -4.6\n|-\n| style=\"text-align:left\" | Annual share buyback\n| style=\"text-align:right\" | -1.2\n|-\n| style=\"text-align:left\" | Anti-dilutive share buyback following the sale of AXA IM\n| style=\"text-align:right\" | -3.5\n|-\n| style=\"text-align:left\" | Holding costs and interest expenses\n| style=\"text-align:right\" | -1.3\n|-\n| style=\"text-align:left\" | Change in net debt\n| style=\"text-align:right\" | +1.6\n|-\n| style=\"text-align:left\" | M\u0026amp;A and other\n| style=\"text-align:right\" | +3.1\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFY25 Cash position\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5.6\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}\n{{fn note|1=2|2=2. €0.6bn proceeds related to L\u0026S reinsurance in-force treaties at AXA France and AXA Life Europe.}}"

"id": "snjra2xp9r-c24",

"chunk": 24,

"heading": "Solvency II at 224%",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t22\" class=\"wikitable fintable\"\n|+ Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio bridges\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | Regulatory \u0026amp; model changes\n! class=\"col-s\" style=\"text-align:right\" | Normalized capital generation\n! class=\"col-s\" style=\"text-align:right\" | Operating variance\n! class=\"col-s\" style=\"text-align:right\" | Economic variance \u0026amp; FX\n! class=\"col-s\" style=\"text-align:right\" | Dividend \u0026amp; annual share buyback\n! class=\"col-s\" style=\"text-align:right\" | Management actions, debt \u0026amp; other\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Eligible Own Funds (EOF)\n| style=\"text-align:right\" | 55.9\n| style=\"text-align:right\" | +0.2\n| style=\"text-align:right\" | +8.8\n| style=\"text-align:right\" | -0.4\n| style=\"text-align:right\" | -2.1\n| style=\"text-align:right\" | -6.0\n| style=\"text-align:right\" | -0.1\n| style=\"text-align:right\" | \u003Cb\u003E56.4\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Solvency II ratio\n| style=\"text-align:right\" | 216%\n| style=\"text-align:right\" | +0pt\n| style=\"text-align:right\" | +28pts\n| style=\"text-align:right\" | -1pt\n| style=\"text-align:right\" | +4pts\n| style=\"text-align:right\" | -24pts\n| style=\"text-align:right\" | +2pts\n| style=\"text-align:right\" | \u003Cb\u003E224%\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Solvency Capital Requirement (SCR)\n| style=\"text-align:right\" | 25.9\n| style=\"text-align:right\" | 0.0\n| style=\"text-align:right\" | +0.6\n| style=\"text-align:right\" | 0.0\n| style=\"text-align:right\" | -1.2\n| style=\"text-align:right\" | 0.0\n| style=\"text-align:right\" | -0.2\n| style=\"text-align:right\" | \u003Cb\u003E25.2\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n* [[Definition:Dividend|Dividend]] \u0026 annual [[Definition:Share buyback|share buyback]] details\n* Foreseeable dividends: €-4.8bn\n* Provision for annual share buyback for [[Definition:Year 2026|2026]]: €-1.25bn\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t23\" class=\"wikitable fintable\"\n|+ Key sensitivities\n|-\n| style=\"text-align:left\" | Ratio as of December 31, 2025\n| style=\"text-align:right\" | \u003Cb\u003E224%\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Interest rate +50bps\n| style=\"text-align:right\" | +2 pts\n|-\n| style=\"text-align:left\" | Interest rate -50bps\n| style=\"text-align:right\" | -1 pt\n|-\n| style=\"text-align:left\" | Corporate spreads +50bps\n| style=\"text-align:right\" | -1 pt\n|-\n| style=\"text-align:left\" | Euro Sovereign spreads +50bps{{fn ref|1|2=1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}\n| style=\"text-align:right\" | -7 pts\n|-\n| style=\"text-align:left\" | Credit migration{{fn ref|2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}\n| style=\"text-align:right\" | -4 pts\n|-\n| style=\"text-align:left\" | Listed Equity (excl. PE \u0026amp; Infra) +25%\n| style=\"text-align:right\" | -1 pt\n|-\n| style=\"text-align:left\" | Listed Equity (excl. PE \u0026amp; Infra) -25%\n| style=\"text-align:right\" | +2 pts\n|-\n| style=\"text-align:left\" | PE \u0026amp; Infra +25%\n| style=\"text-align:right\" | +14 pts\n|-\n| style=\"text-align:left\" | PE \u0026amp; Infra -25%\n| style=\"text-align:right\" | -19 pts\n|-\n| style=\"text-align:left\" | Inflation swap curve +50bps\n| style=\"text-align:right\" | -5 pts\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}\n{{fn note|1=2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}"

"id": "snjra2xp9r-c25",

"chunk": 25,

"heading": "Solvency II – impact of the end of grandfathering period and Solvency II revision",

"content": "* Ratio as of 31/12/2025: 224%\n* Impact of the end of grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts to 215%\n* Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026\n* Impact of Solvency II revision to come into effect in 1Q27: +17pts{{fn ref|1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}\n* No change expected in organic capital generation\n* Additional capital flexibility\n\n{{fn note|1=1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}\n\n== Conclusion =="

"id": "snjra2xp9r-c26",

"chunk": 26,

"heading": "Section",

"content": "'''Thomas Buberl, Group CEO'''"

"id": "snjra2xp9r-c27",

"chunk": 27,

"heading": "Conclusion",

"content": "* Record results, at the top end of the [[Definition:Target range|target range]] while enhancing reserve prudence\n* All businesses in excellent shape, delivering strong growth and profitability\n* Diversified franchise, well-positioned to capture future growth opportunities\n* Laying foundations for the next plan and confident in delivering sustainable earnings growth\n\n== Q\u0026A Full Year 2025 Earnings February 26, 2026 =="

"id": "snjra2xp9r-c28",

"chunk": 28,

"heading": "AXA Investor Relations – Keep in touch",

"content": "'''Meet our management'''\n* March: Roadshows — Europe and US\n* May 5: 1Q25 Activity Indicators — Paris\n* June 2: BNP Paribas Exane CEO Conference — Paris\n* June 2-4: Goldman Sachs European Financials Conference — Zurich\n* July 31: HY26 [[Definition:Earnings release|Earnings Release]] — Paris\n* September 21: AXA Investor Day — London\n\n'''Contact us'''\n* Investor Relations\n* +33 1 40 75 48 42\n* investor.relations@axa.com\n\n'''Follow us'''\n* www.axa.com\n\n== Appendices =="

"id": "snjra2xp9r-c29",

"chunk": 29,

"heading": "Contents",

"content": "* 1. Debt and Invested Assets p.31\n* 2. Additional P\u0026C disclosures p.36\n* 3. Additional IFRS17 disclosures p.41\n* 4. Sustainability p.44"

"id": "snjra2xp9r-c30",

"chunk": 30,

"heading": "Gross financial debt and maturity breakdown as of December 31st, 2025",

"links": [

"Year 2026"

"effective_tags": [

"Year 2026"

"content": "In Euro billion\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t24\" class=\"wikitable fintable\"\n|+ Gross financial debt{{fn ref|1,2}}\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | Jan 1st 2026 End of the grandfathering period\n|-\n| style=\"text-align:left\" | Debt gearing\n| style=\"text-align:right\" | 20.6%\n| style=\"text-align:right\" | 22.3%\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | Tier 1\n| style=\"text-align:right\" | 4.8\n| style=\"text-align:right\" | 4.6\n| style=\"text-align:right\" | 3.2\n|-\n| style=\"text-align:left\" | Tier 2\n| style=\"text-align:right\" | 10.8\n| style=\"text-align:right\" | 12.2\n| style=\"text-align:right\" | 11.3\n|-\n| style=\"text-align:left\" | Senior debt\n| style=\"text-align:right\" | 3.5\n| style=\"text-align:right\" | 3.5\n| style=\"text-align:right\" | 5.8\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19.2\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20.3\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20.3\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n* Jan 1st [[Definition:Year 2026|2026]]: o/w €0.4bn redeemed in Jan 2026\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t25\" class=\"wikitable fintable\"\n|+ Contractual maturity breakdown\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | 2025\n! class=\"col-s\" style=\"text-align:right\" | 2026\n! class=\"col-s\" style=\"text-align:right\" | 2027\n! class=\"col-s\" style=\"text-align:right\" | 2028\n! class=\"col-s\" style=\"text-align:right\" | 2029\n! class=\"col-s\" style=\"text-align:right\" | 2030\n! class=\"col-s\" style=\"text-align:right\" | 2031-2039\n! class=\"col-s\" style=\"text-align:right\" | ≥2040\n! class=\"col-s\" style=\"text-align:right\" | Undated\n|-\n| style=\"text-align:left\" | Senior debt\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.5\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.5\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | Tier 2\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.7\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 10.8\n| style=\"text-align:right\" | 0.7\n|-\n| style=\"text-align:left\" | Tier 1\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.9\n| style=\"text-align:right\" | 1.5\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 4.6\n|-\n| style=\"text-align:left\" | \u003Cb\u003Eo/w Grandfathered debt\u003C/b\u003E\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | Tier 1\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 1.4\n|-\n| style=\"text-align:left\" | Tier 2\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.7\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.2\n| style=\"text-align:right\" | —\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t26\" class=\"wikitable fintable\"\n|+ Economic maturity breakdown{{fn ref|3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | 2025\n! class=\"col-s\" style=\"text-align:right\" | 2026\n! class=\"col-s\" style=\"text-align:right\" | 2027\n! class=\"col-s\" style=\"text-align:right\" | 2028\n! class=\"col-s\" style=\"text-align:right\" | 2029\n! class=\"col-s\" style=\"text-align:right\" | 2030\n! class=\"col-s\" style=\"text-align:right\" | 2031-2039\n! class=\"col-s\" style=\"text-align:right\" | ≥2040\n! class=\"col-s\" style=\"text-align:right\" | Undated\n|-\n| style=\"text-align:left\" | Senior debt\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.5\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.5\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | Tier 2\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 2.4\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 2.0\n| style=\"text-align:right\" | 0.7\n| style=\"text-align:right\" | 6.4\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.7\n|-\n| style=\"text-align:left\" | Tier 1\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.1\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.1\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.9\n| style=\"text-align:right\" | 1.5\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 4.0\n|-\n| style=\"text-align:left\" | \u003Cb\u003Eo/w Grandfathered debt\u003C/b\u003E\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n|-\n| style=\"text-align:left\" | Tier 1\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.1\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.1\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.4\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.8\n|-\n| style=\"text-align:left\" | Tier 2\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | 0.7\n| style=\"text-align:right\" | 0.2\n| style=\"text-align:right\" | —\n| style=\"text-align:right\" | —\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=Nominal debt.}}\n{{fn note|1=2|2=In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}}\n{{fn note|1=3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}"

"id": "snjra2xp9r-c31",

"chunk": 31,

"heading": "General Account Invested Assets",

"content": "'''[[Definition:Full year 2025|FY25]] Total General Account invested assets'''\n* Duration gap at -0.4 year\n* Euro 450 billion\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t27\" class=\"wikitable fintable\"\n|+ Invested assets (100%)\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | %\n|-\n| style=\"text-align:left\" | Fixed income\n| style=\"text-align:right\" | 345\n| style=\"text-align:right\" | 77%\n|-\n| style=\"text-align:left\" | o/w Government bonds\n| style=\"text-align:right\" | 167\n| style=\"text-align:right\" | 37%\n|-\n| style=\"text-align:left\" | o/w Corporate bonds and loans\n| style=\"text-align:right\" | 121\n| style=\"text-align:right\" | 27%\n|-\n| style=\"text-align:left\" | o/w Other fixed income {{fn ref|1|2=Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial \u0026amp; Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}\n| style=\"text-align:right\" | 56\n| style=\"text-align:right\" | 13%\n|-\n| style=\"text-align:left\" | Real estate\n| style=\"text-align:right\" | 41\n| style=\"text-align:right\" | 9%\n|-\n| style=\"text-align:left\" | Infrastructure equity\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 2%\n|-\n| style=\"text-align:left\" | Listed equities {{fn ref|2|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 2%\n|-\n| style=\"text-align:left\" | Private equity and hedge funds {{fn ref|3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}\n| style=\"text-align:right\" | 23\n| style=\"text-align:right\" | 5%\n|-\n| style=\"text-align:left\" | Cash\n| style=\"text-align:right\" | 19\n| style=\"text-align:right\" | 4%\n|-\n| style=\"text-align:left\" | Policy loans\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0%\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Insurance Invested Assets {{fn ref|4|2=Please refer to the financial supplement for more details.}}\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E450\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E100%\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial \u0026 Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}\n{{fn note|1=2|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}\n{{fn note|1=3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}\n{{fn note|1=4|2=Please refer to the financial supplement for more details.}}"

"id": "snjra2xp9r-c32",

"chunk": 32,

34

"heading": "Structured and Private Credit assets",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t28\" class=\"wikitable fintable\"\n|+ Structured and Private Credit assets\n|-\n! style=\"text-align:left\" | Invested assets (100%) In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | % of total G/A{{fn ref|1|2=G/A: General Account}} portfolio\n! style=\"text-align:left\" | Comments\n|-\n| style=\"text-align:left\" | Residential Mortgages\n| style=\"text-align:right\" | 16\n| style=\"text-align:right\" | 4%\n| style=\"text-align:left\" | - €6bn Dutch mortgages, NHG guaranteed\u003Cbr/\u003E- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)\n|-\n| style=\"text-align:left\" | CLO \u0026amp; ABS\n| style=\"text-align:right\" | 25\n| style=\"text-align:right\" | 6%\n| style=\"text-align:left\" | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)\n|-\n| style=\"text-align:left\" | Infrastructure debt\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 2%\n| style=\"text-align:left\" | - Skewed towards resilient industries (Telecom, Utilities, Transport)\n|-\n| style=\"text-align:left\" | CRE debt\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 2%\n| style=\"text-align:left\" | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV\n|-\n| style=\"text-align:left\" | Mid-Market lending\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 2%\n| style=\"text-align:left\" | - Strong diversification with €8m average ticket\u003Cbr/\u003E- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation\n|-\n| style=\"text-align:left\" | Other\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0%\n| style=\"text-align:left\" | —\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Structured and Private Credit Assets\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E69\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E15%\u003C/b\u003E\n| style=\"text-align:left\" | o/w 54% participating\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=G/A: General Account}}"

"id": "snjra2xp9r-c33",

"chunk": 33,

35

"heading": "Investment portfolio – Fixed Income reinvestment",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t29\" class=\"wikitable fintable\"\n|+ FY25 Fixed Income Reinvestment\n|-\n! style=\"text-align:left\" | Asset Class\n! class=\"col-m\" style=\"text-align:right\" | Share (%)\n|-\n| style=\"text-align:left\" | Government bonds \u0026amp; related (Average rating: AA)\n| style=\"text-align:right\" | 32%\n|-\n| style=\"text-align:left\" | Investment grade credit (Average rating: A)\n| style=\"text-align:right\" | 40%\n|-\n| style=\"text-align:left\" | ABS/CLO/IG fund financing\n| style=\"text-align:right\" | 21%\n|-\n| style=\"text-align:left\" | Below investment grade credit\n| style=\"text-align:right\" | 7%\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003EEuro 57 billion\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t30\" class=\"wikitable fintable\"\n|+ FY25 Fixed Income Reinvestment Yield\n|-\n! style=\"text-align:left\" | Category\n! class=\"col-s\" style=\"text-align:right\" | Yield\n|-\n| style=\"text-align:left\" | Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}\n| style=\"text-align:right\" | 3.5%\n|-\n| style=\"text-align:left\" | Private \u0026amp; Structured fixed income{{fn ref|2|2=Private \u0026amp; Structured credit (CLOs, ABS, Infra \u0026amp; CRE debt, Fund financing and Private hybrid).}}\n| style=\"text-align:right\" | 4.7%\n|-\n| style=\"text-align:left\" | Total fixed income\n| style=\"text-align:right\" | 3.9%\n|}\n\u003C/div\u003E\n\n'''Euro 57 billion fixed income invested at 3.9%'''\n* Average duration of 9 years\n* Includes Euro 19.7 billion of Private \u0026 Structured Credit invested at 4.7% (CLOs, ABS, Infra \u0026 CRE debt, Fund financing and Private HY)\n* Gradual shift from alternative total return assets to Private \u0026 Structured credit\n\n{{fn note|1=1|2=Government and Corporate bonds and related.}}\n{{fn note|1=2|2=Private \u0026 Structured credit (CLOs, ABS, Infra \u0026 CRE debt, Fund financing and Private hybrid).}}"

"id": "snjra2xp9r-c34",

"chunk": 34,