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

---

title: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx

source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx

doc_type: spreadsheet

tables: 42

converter: spreadsheet_extract/1

scanned_pages: []

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|-

| style="text-align:left" | <b>Short-term Business</b>

|-

| style="text-align:left" | Revenues

| style="text-align:right" | 8,512

| style="text-align:right" | 17,416

|-

| style="text-align:left" | Combined Ratio

| style="text-align:right" | 90.2%

| style="text-align:right" | 91.0%

| style="text-align:right" | 97.1%

| style="text-align:right" | 97.2%

|-

| style="text-align:left" | Technical Margin

| style="text-align:right" | 248

| style="text-align:right" | 479

|-

| style="text-align:left" | <b>Long-term Business</b>

|-

| style="text-align:left" | CSM Release

| style="text-align:right" | 1,428

| style="text-align:right" | 2,954

| style="text-align:right" | 1,395

| style="text-align:right" | 2,775

| style="text-align:right" | 1,428

| style="text-align:right" | 2,954

|-

| style="text-align:left" | Technical Experience

| style="text-align:right" | -30

| style="text-align:right" | -150

| style="text-align:right" | -64

| style="text-align:right" | -95

| style="text-align:right" | -30

| style="text-align:right" | -150

|-

| style="text-align:left" | <b>Financial Result &amp; Other</b>

|-

| style="text-align:left" | Financial Result

| style="text-align:right" | 1,625

| style="text-align:right" | 2,167

| style="text-align:right" | 937

| style="text-align:right" | 2,004

| style="text-align:right" | -1,868

| style="text-align:right" | -2,900

| style="text-align:right" | -698

| style="text-align:right" | -1,493

| style="text-align:right" | -452

| style="text-align:right" | -928

| style="text-align:right" | -471

| style="text-align:right" | -948

| style="text-align:right" | 6%

| style="text-align:right" | 6%

|-

| style="text-align:left" | <b>Underlying ROE</b>

| style="text-align:right" | <b>17.5%</b>

| style="text-align:right" | <b>16.0%</b>

| style="text-align:right" | <b>16.2%</b>

| style="text-align:right" | <b>17.3%</b>

| style="text-align:right" | <b>13.6%</b>

| style="text-align:right" | <b>14.4%</b>

| style="text-align:right" | <b>26.0%</b>

| style="text-align:right" | <b>n.a.</b>

|-

| style="text-align:left" | Net Realized Capital Gains &amp; Losses

| style="text-align:right" | 66

| style="text-align:right" | 138

|-

| style="text-align:left" | Change in Fair Value of Assets &amp; Derivatives

| style="text-align:right" | -467

| style="text-align:right" | -813

|-

| style="text-align:left" | Amortization of customer intangibles

| style="text-align:right" | -48

| style="text-align:right" | -86

|-

| style="text-align:left" | Integration and Restructuring Costs

| style="text-align:right" | -63

| style="text-align:right" | -197

|-

| style="text-align:left" | Exceptional Items

| style="text-align:right" | -30

| style="text-align:right" | 2,386

|-

| style="text-align:left" | <b>Net Income Group Share</b>

| style="text-align:right" | <b>3,922</b>

| style="text-align:right" | <b>9,797</b>

|-

| style="text-align:left" | Deeply Subordinated and Undated Subordinated Debt Charges

| style="text-align:right" | -86

| style="text-align:right" | -174

|-

| style="text-align:left" | <b>Underlying Earnings for EPS calculation</b>

| style="text-align:right" | <b>4,379</b>

| style="text-align:right" | <b>8,195</b>

|-

| style="text-align:left" | <b>Net Income for EPS calculation</b>

| style="text-align:right" | <b>3,836</b>

| style="text-align:right" | <b>9,623</b>

|}

</div>

|-

| style="text-align:left" | <b>Short-term Business</b>

|-

| style="text-align:left" | Revenues

| style="text-align:right" | 4,478

| style="text-align:right" | 8,986

| style="text-align:right" | 1,053

| style="text-align:right" | 2,122

|-

| style="text-align:left" | Combined Ratio

|-

| style="text-align:left" | Technical Margin

| style="text-align:right" | 150

| style="text-align:right" | 9

| style="text-align:right" | 6

| style="text-align:right" | 93

|-

| style="text-align:left" | <b>Long-term Business</b>

|-

| style="text-align:left" | CSM Release

| style="text-align:right" | 538

| style="text-align:right" | 1,074

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

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

| style="text-align:right" | -1

| style="text-align:right" | 6

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

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

|-

| style="text-align:left" | <b>Financial Result &amp; Other</b>

|-

| style="text-align:left" | Financial Result

| style="text-align:right" | -4

| style="text-align:right" | -6

| style="text-align:right" | -447

| style="text-align:right" | -902

|-

| style="text-align:left" | <b>Underlying Earnings by Line of Business</b>

|-

| style="text-align:left" | Property &amp; Casualty

| style="text-align:right" | 233

| style="text-align:right" | 355

| style="text-align:right" | 70

| style="text-align:right" | 158

| style="text-align:right" | 653

| style="text-align:right" | 1,165

| style="text-align:right" | 7

| style="text-align:right" | 19

| style="text-align:right" | 175

| style="text-align:right" | 175

| style="text-align:right" | 204

| style="text-align:right" | 402

| style="text-align:right" | 175

| style="text-align:right" | 175

|-

| style="text-align:left" | Holdings {{fn ref|4|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}

| style="text-align:right" | -24

| style="text-align:right" | -26

| style="text-align:right" | -524

| style="text-align:right" | -1,083

|-

| style="text-align:left" | <b>Basic Number of Shares</b>

|-

| style="text-align:left" | <b>As of Beginning of Period</b>

| style="text-align:right" | <b>2,175.4</b>

| style="text-align:right" | <b>2,055.4</b>

|-

| style="text-align:left" | <b>During the Period</b>

| style="text-align:right" | <b>2,190.8</b>

| style="text-align:right" | <b>2,118.3</b>

|-

| style="text-align:left" | <b>Fully Diluted Number of Shares</b>

|-

| style="text-align:left" | Stock Options

| style="text-align:right" | 0.8

| style="text-align:right" | 0.6

|-

| style="text-align:left" | Performance Shares

| style="text-align:right" | 5.6

| style="text-align:right" | 5.1

|-

| style="text-align:left" | <b>During the Period (A)</b>

| style="text-align:right" | <b>2,197.1</b>

| style="text-align:right" | <b>2,124.0</b>

|-

| style="text-align:left" | <b>Earnings Group Share:</b>

|-

| style="text-align:left" | Net Income

| style="text-align:right" | 7,886

| style="text-align:right" | 9,797

|-

| style="text-align:left" | Underlying Earnings

| style="text-align:right" | 8,078

| style="text-align:right" | 8,368

|-

| style="text-align:left" | <b>Impact of undated and deeply subordinated debts:</b>

|-

| style="text-align:left" | Undated and deeply subordinated debt charges

| style="text-align:right" | -201

| style="text-align:right" | -174

|-

| style="text-align:left" | <b>Earnings for EPS Calculation:</b>

|-

| style="text-align:left" | Net Income for EPS Calculation (B)

| style="text-align:right" | 7,685

| style="text-align:right" | 9,623

|-

| style="text-align:left" | Underlying Earnings for EPS Calculation (C)

| style="text-align:right" | 7,877

| style="text-align:right" | 8,195

|-

| style="text-align:left" | <b>Fully Diluted Euro per Share (EPS)</b>

|-

| style="text-align:left" | <b>EPS (B/A)</b>

| style="text-align:right" | 3.50

| style="text-align:right" | 4.53

|-

| style="text-align:left" | <b>Underlying EPS (C/A)</b>

| style="text-align:right" | 3.59

| style="text-align:right" | 3.86

|-

| style="text-align:left" | <b>Short-term Business</b>

|-

| style="text-align:left" | Revenues

| style="text-align:right" | 70.8%

| style="text-align:right" | 71.9%

|-

| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)

| style="text-align:right" | 69.4%

| style="text-align:right" | 71.5%

|-

| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Nat Cats

| style="text-align:right" | 9.2%

| style="text-align:right" | 8.7%

|-

| class="wt-indent-1" style="text-align:left" | Current Accident Year Discounting

| style="text-align:right" | -7.8%

| style="text-align:right" | -8.3%

|-

| style="text-align:left" | Prior Year Reserve Development Ratio

| style="text-align:right" | -0.3%

| style="text-align:right" | 0.0%

|-

| style="text-align:left" | Expense Ratio

| style="text-align:right" | 9.1%

| style="text-align:right" | 9.4%

|-

| style="text-align:left" | Combined Ratio

| style="text-align:right" | 79.6%

| style="text-align:right" | 81.4%

|-

| style="text-align:left" | Technical Margin

|-

| style="text-align:left" | <b>Long-term Business</b>

|-

| style="text-align:left" | CSM Release

|-

| style="text-align:left" | Technical Experience

|-

| style="text-align:left" | <b>Financial Result &amp; Other</b>

|-

| style="text-align:left" | Financial Result

|-

| style="text-align:left" | Other Revenues

|-

| style="text-align:left" | Other Expenses

|-

| style="text-align:left" | Debt Financing Charges

|-

| style="text-align:left" | <b>Underlying Earnings Before Tax</b>

| style="text-align:right" | -1,074

| style="text-align:right" | -2,060

|-

| style="text-align:left" | Income from Affiliates &amp; Other

| style="text-align:right" | 1

| style="text-align:right" | 3

|-

| style="text-align:left" | Minority Interests

| style="text-align:right" | -63

| style="text-align:right" | -111

|-

| style="text-align:left" | <b>Underlying Earnings Group share</b>

| style="text-align:right" | <b>3,067</b>

| style="text-align:right" | <b>5,872</b>

|-

| style="text-align:left" | <b>Closing Invested Assets</b>

| style="text-align:right" | <b>116,895</b>

| style="text-align:right" | <b>117,507</b>

|-

| style="text-align:left" | o/w VFA

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

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

|-

| style="text-align:left" | o/w Non VFA

| style="text-align:right" | 116,895

| style="text-align:right" | 117,507

|-

| style="text-align:left" | For short-term business

|-

| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>

|-

| style="text-align:left" | <b>Short-term Business</b>

|-

| style="text-align:left" | Revenues

|-

| style="text-align:left" | <b>Long-term Business</b>

|-

| style="text-align:left" | CSM Release

|-

| style="text-align:left" | Technical Experience

|-

| style="text-align:left" | <b>Financial Result &amp; Other</b>

|-

| style="text-align:left" | Financial Result

|-

| style="text-align:left" | Other Revenues

|-

| style="text-align:left" | Other Expenses

|-

| style="text-align:left" | Debt Financing Charges

|-

| style="text-align:left" | <b>Underlying Earnings Before Tax</b>

|-

| style="text-align:left" | For short-term business

|-

| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>

|-

| style="text-align:left" | <b>Short-term Business</b>

|-

| style="text-align:left" | Revenues

|-

| style="text-align:left" | <b>Long-term Business</b>

|-

| style="text-align:left" | CSM Release

|-

| style="text-align:left" | <b>Financial Result &amp; Other</b>

|-

| style="text-align:left" | Financial Result

|-

| style="text-align:left" | Other Revenues

|-

| style="text-align:left" | Other Expenses

|-

| style="text-align:left" | Debt Financing Charges

|-

| style="text-align:left" | <b>Underlying Earnings Before Tax</b>

| style="text-align:right" | 8

| style="text-align:right" | 2

|-

| style="text-align:left" | Minority Interests

| style="text-align:right" | -3

| style="text-align:right" | -9

|-

| style="text-align:left" | <b>Underlying Earnings Group share</b>

| style="text-align:right" | <b>338,447</b>

| style="text-align:right" | <b>334,840</b>

|-

| style="text-align:left" | o/w VFA

| style="text-align:right" | 229,844

| style="text-align:right" | 226,937

|-

| style="text-align:left" | o/w Non VFA

| style="text-align:right" | 108,603

| style="text-align:right" | 107,903

|-

| style="text-align:left" | For short-term business

|-

| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>

| style="text-align:right" | <b>2,750</b>

| style="text-align:right" | <b>2,490</b>

|-

| style="text-align:left" | <b>Best Estimate for incurred Claims net of reinsurance</b>

| style="text-align:right" | <b>2,337</b>

| style="text-align:right" | <b>3,386</b>

|-

| style="text-align:left" | For long-term business

|-

| style="text-align:left" | <b>Best Estimate Liabilities net of reinsurance</b>

| style="text-align:right" | <b>20,726</b>

| style="text-align:right" | <b>20,112</b>

|-

| style="text-align:left" | o/w VFA Gross of reinsurance

| style="text-align:right" | 21,996

| style="text-align:right" | 21,576

|-

| style="text-align:left" | o/w BBA Gross of reinsurance

| style="text-align:right" | -1,207

| style="text-align:right" | -1,417

|-

| style="text-align:left" | o/w Reinsurance

| style="text-align:right" | -62

| style="text-align:right" | -47

|}

</div>

|-

| style="text-align:left" | <b>Short-term Business</b>

|-

| style="text-align:left" | Revenues

|-

| style="text-align:left" | <b>Long-term Business</b>

|-

| style="text-align:left" | CSM Release

|-

| style="text-align:left" | <b>Financial Result &amp; Other</b>

|-

| style="text-align:left" | Financial Result

|-

| style="text-align:left" | Other Revenues

|-

| style="text-align:left" | Other Expenses

|-

| style="text-align:left" | Debt Financing Charges

|-

| style="text-align:left" | <b>Underlying Earnings Before Tax</b>

|-

| style="text-align:left" | For short-term business

|-

| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>

|-

| style="text-align:left" | For long-term business

|-

| style="text-align:left" | <b>Best Estimate Liabilities net of reinsurance</b>

|-

| style="text-align:left" | <b>Short-term Business</b>

|-

| style="text-align:left" | Revenues

|-

| style="text-align:left" | <b>Long-term Business</b>

|-

| style="text-align:left" | CSM Release

|-

| style="text-align:left" | <b>Financial Result &amp; Other</b>

|-

| style="text-align:left" | Financial Result

|-

| style="text-align:left" | Other Revenues

|-

| style="text-align:left" | Other Expenses

|-

| style="text-align:left" | Debt Financing Charges

|-

| style="text-align:left" | <b>Underlying Earnings Before Tax</b>

|-

| style="text-align:left" | For short-term business

|-

| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>

|-

| style="text-align:left" | For long-term business

|-

| style="text-align:left" | <b>Best Estimate Liabilities net of reinsurance</b>

|-

| style="text-align:left" | <b>Short-term Business</b>

|-

| style="text-align:left" | Revenues

|-

| style="text-align:left" | <b>Long-term Business</b>

|-

| style="text-align:left" | CSM Release

|-

| style="text-align:left" | <b>Financial Result &amp; Other</b>

|-

| style="text-align:left" | Financial Result

|-

| style="text-align:left" | Other Revenues

|-

| style="text-align:left" | Other Expenses

|-

| style="text-align:left" | Debt Financing Charges

|-

| style="text-align:left" | <b>Underlying Earnings Before Tax</b>

|-

| style="text-align:left" | For short-term business

|-

| style="text-align:left" | <b>Liabilities for remaining coverage net of reinsurance</b>

|-

| style="text-align:left" | For long-term business

|-

| style="text-align:left" | <b>Best Estimate Liabilities net of reinsurance</b>

| class="wt-indent-1" style="text-align:left" | Asian Joint Ventures

| style="text-align:right" | 101

| style="text-align:right" | 99

| style="text-align:right" | 92

| style="text-align:right" | 92

|-

| style="text-align:left" | <b>Gross Revenues - After Intercompany Elimination</b>

| style="text-align:right" | <b>787</b>

| style="text-align:right" | <b>1,701</b>

| style="text-align:right" | <b>875</b>

| style="text-align:right" | <b>875</b>

|-

| style="text-align:left" | <b>Gross Revenues - Before Intercompany Elimination</b>

| style="text-align:right" | <b>937</b>

| style="text-align:right" | <b>2,004</b>

| style="text-align:right" | <b>1,018</b>

| style="text-align:right" | <b>1,018</b>

|-

| class="wt-indent-1" style="text-align:left" | Management Fees

| class="wt-indent-1" style="text-align:left" | Distribution Fees

| style="text-align:right" | 205

| style="text-align:right" | 409

| style="text-align:right" | 231

| style="text-align:right" | 231

|-

| class="wt-indent-1" style="text-align:left" | Other

| style="text-align:right" | 35

| style="text-align:right" | 112

| style="text-align:right" | 46

| style="text-align:right" | 46

|-

| style="text-align:left" | <b>General Expenses</b>

| style="text-align:right" | <b>-698</b>

| style="text-align:right" | <b>-1,493</b>

| style="text-align:right" | <b>-793</b>

| style="text-align:right" | <b>-793</b>

|-

| class="wt-indent-1" style="text-align:left" | Distribution Fees Retroceded

| style="text-align:right" | -205

| style="text-align:right" | -409

| style="text-align:right" | -231

| style="text-align:right" | -231

|-

| style="text-align:left" | Financial Result

| style="text-align:right" | 24

| style="text-align:right" | 35

| style="text-align:right" | 14

| style="text-align:right" | 14

|-

| style="text-align:left" | <b>Underlying Earnings Before Tax</b>

| style="text-align:right" | <b>263</b>

| style="text-align:right" | <b>546</b>

| style="text-align:right" | <b>239</b>

| style="text-align:right" | <b>239</b>

|-

| style="text-align:left" | Tax

| style="text-align:right" | -69

| style="text-align:right" | -160

| style="text-align:right" | -68

| style="text-align:right" | -68

|-

| style="text-align:left" | Income from Affiliates &amp; Other

| style="text-align:right" | 16

| style="text-align:right" | 29

| style="text-align:right" | 8

| style="text-align:right" | 8

|-

| style="text-align:left" | Minority Interests

| style="text-align:right" | -6

| style="text-align:right" | -13

| style="text-align:right" | -4

| style="text-align:right" | -4

|-

| style="text-align:left" | <b>Underlying Earnings Group Share</b>

| style="text-align:right" | <b>204</b>

| style="text-align:right" | <b>402</b>

| style="text-align:right" | <b>175</b>

| style="text-align:right" | <b>175</b>

|-

| style="text-align:left" | <b>Average Assets under Management (€bn)</b>

| style="text-align:right" | <b>749</b>

| style="text-align:right" | <b>759</b>

| style="text-align:right" | <b>769</b>

| style="text-align:right" | <b>769</b>

|-

| style="text-align:left" | <b>Asset Management Fee bps</b>

| style="text-align:right" | <b>18.1 bps</b>

| style="text-align:right" | <b>18.8 bps</b>

| style="text-align:right" | <b>18.8 bps</b>

| style="text-align:right" | <b>18.8 bps</b>

|-

| style="text-align:left" | <b>Underlying Cost Income Ratio</b>

| style="text-align:right" | <b>67.3%</b>

| style="text-align:right" | <b>68.0%</b>

| style="text-align:right" | <b>71.4%</b>

| style="text-align:right" | <b>71.4%</b>

|}

</div>

|-

| style="text-align:left" | <b>Opening Cash Balance at AXA SA {{fn ref|9|2=Includes liquid invested assets.}}</b>

| style="text-align:right" | <b>4.0</b>

| style="text-align:right" | <b>4.0</b>

|-

| style="text-align:left" | Net cash remittance from subsidiaries {{fn ref|10|2=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}}

| style="text-align:right" | 7.7

| style="text-align:right" | 7.5

|-

| class="wt-indent-1" style="text-align:left" | Property &amp; Casualty

| style="text-align:right" | 4.0

| style="text-align:right" | 5.1

|-

| class="wt-indent-1" style="text-align:left" | Life &amp; Health

| style="text-align:right" | 3.6

| style="text-align:right" | 2.5

|-

| class="wt-indent-1" style="text-align:left" | Asset Management &amp; Other

| style="text-align:right" | 0.1

| style="text-align:right" | 0.0

|-

| style="text-align:left" | Dividends

| style="text-align:right" | -4.4

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

|-

| style="text-align:left" | Share buy-backs {{fn ref|11|2=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}

| style="text-align:right" | -1.8

| style="text-align:right" | -4.7

|-

| style="text-align:left" | Holding costs and interests

| style="text-align:right" | -1.3

| style="text-align:right" | -1.3

|-

| style="text-align:left" | Debt issuance

| style="text-align:right" | 0.1

| style="text-align:right" | 1.6

|-

| style="text-align:left" | M&amp;A and disposals

| style="text-align:right" | 0.0

| style="text-align:right" | 3.8

|-

| style="text-align:left" | Other

| style="text-align:right" | -0.3

| style="text-align:right" | -0.7

|-

| style="text-align:left" | <b>Closing Cash Balance at AXA SA {{fn ref|9|2=Includes liquid invested assets.}}</b>

| style="text-align:right" | <b>4.0</b>

| style="text-align:right" | <b>5.6</b>

|}

| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)

| style="text-align:right" | 1,206

| style="text-align:right" | 1,206

| style="text-align:right" | 953

| style="text-align:right" | 253

| style="text-align:right" | 2,264

| style="text-align:right" | 2,264

| style="text-align:right" | 1,792

| style="text-align:right" | 473

| style="text-align:right" | 1,189

| style="text-align:right" | 1,189

| style="text-align:right" | 928

| style="text-align:right" | 260

| style="text-align:right" | 2,233

| style="text-align:right" | 2,233

| style="text-align:right" | 1,747

| style="text-align:right" | 486

|-

| class="wt-indent-1" style="text-align:left" | New Business Contractual Service Margin (NB CSM)

| style="text-align:right" | 1,131

| style="text-align:right" | 1,131

| style="text-align:right" | 919

| style="text-align:right" | 213

| style="text-align:right" | 2,169

| style="text-align:right" | 2,169

| style="text-align:right" | 1,770

| style="text-align:right" | 399

| style="text-align:right" | 1,184

| style="text-align:right" | 1,184

| style="text-align:right" | 950

| style="text-align:right" | 234

| style="text-align:right" | 2,199

| style="text-align:right" | 2,199

| style="text-align:right" | 1,822

| style="text-align:right" | 377

|-

| class="wt-indent-1" style="text-align:left" | Other NBV {{fn ref|13|2=Includes expected profits from short term Life &amp; Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}

| style="text-align:right" | 456

| style="text-align:right" | 456

| style="text-align:right" | 333

| style="text-align:right" | 123

| style="text-align:right" | 824

| style="text-align:right" | 824

| style="text-align:right" | 594

| style="text-align:right" | 231

| style="text-align:right" | 382

| style="text-align:right" | 382

| style="text-align:right" | 270

| style="text-align:right" | 113

| style="text-align:right" | 757

| style="text-align:right" | 757

| style="text-align:right" | 491

| style="text-align:right" | 266

|-

| class="wt-indent-1" style="text-align:left" | Tax

| style="text-align:right" | -381

| style="text-align:right" | -381

| style="text-align:right" | -299

| style="text-align:right" | -83

| style="text-align:right" | -729

| style="text-align:right" | -729

| style="text-align:right" | -572

| style="text-align:right" | -158

| style="text-align:right" | -378

| style="text-align:right" | -378

| style="text-align:right" | -292

| style="text-align:right" | -86

| style="text-align:right" | -724

| style="text-align:right" | -724

| style="text-align:right" | -567

| style="text-align:right" | -157

|-

| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)

| style="text-align:right" | 25,588

| style="text-align:right" | 25,588

| style="text-align:right" | 18,234

| style="text-align:right" | 7,354

| style="text-align:right" | 50,896

| style="text-align:right" | 50,896

| style="text-align:right" | 36,860

| style="text-align:right" | 14,036

| style="text-align:right" | 25,918

| style="text-align:right" | 25,918

| style="text-align:right" | 19,487

| style="text-align:right" | 6,430

| style="text-align:right" | 49,357

| style="text-align:right" | 49,357

| style="text-align:right" | 37,103

| style="text-align:right" | 12,254

|-

| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)

| style="text-align:right" | 4.7%

| style="text-align:right" | 4.7%

| style="text-align:right" | 5.2%

| style="text-align:right" | 3.4%

| style="text-align:right" | 4.4%

| style="text-align:right" | 4.4%

| style="text-align:right" | 4.9%

| style="text-align:right" | 3.4%

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

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

| style="text-align:right" | 4.8%

| style="text-align:right" | 4.0%

| style="text-align:right" | 4.5%

| style="text-align:right" | 4.5%

| style="text-align:right" | 4.7%

| style="text-align:right" | 4.0%

|}

</div>

| style="text-align:right" | 354

| style="text-align:right" | 348

| style="text-align:right" | 504

| style="text-align:right" | 2,264

| style="text-align:right" | 682

| style="text-align:right" | 597

| style="text-align:right" | 986

| style="text-align:right" | 1,189

| style="text-align:right" | 315

| style="text-align:right" | 364

| style="text-align:right" | 510

| style="text-align:right" | 2,233

| style="text-align:right" | 695

| style="text-align:right" | 578

| style="text-align:right" | 959

|-

| class="wt-indent-1" style="text-align:left" | New Business Contractual Service Margin (NB CSM)

| style="text-align:right" | 203

| style="text-align:right" | 398

| style="text-align:right" | 531

| style="text-align:right" | 2,169

| style="text-align:right" | 391

| style="text-align:right" | 731

| style="text-align:right" | 1,047

| style="text-align:right" | 1,184

| style="text-align:right" | 199

| style="text-align:right" | 443

| style="text-align:right" | 541

| style="text-align:right" | 2,199

| style="text-align:right" | 431

| style="text-align:right" | 740

| style="text-align:right" | 1,028

|-

| class="wt-indent-1" style="text-align:left" | Other NBV {{fn ref|13|2=Includes expected profits from short term Life &amp; Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}

| style="text-align:right" | 275

| style="text-align:right" | 50

| style="text-align:right" | 131

| style="text-align:right" | 824

| style="text-align:right" | 528

| style="text-align:right" | 49

| style="text-align:right" | 247

| style="text-align:right" | 382

| style="text-align:right" | 225

| style="text-align:right" | 28

| style="text-align:right" | 129

| style="text-align:right" | 757

| style="text-align:right" | 506

| style="text-align:right" | 12

| style="text-align:right" | 239

|-

| class="wt-indent-1" style="text-align:left" | Tax

| style="text-align:right" | -123

| style="text-align:right" | -100

| style="text-align:right" | -158

| style="text-align:right" | -729

| style="text-align:right" | -237

| style="text-align:right" | -184

| style="text-align:right" | -309

| style="text-align:right" | -378

| style="text-align:right" | -109

| style="text-align:right" | -107

| style="text-align:right" | -161

| style="text-align:right" | -724

| style="text-align:right" | -242

| style="text-align:right" | -174

| style="text-align:right" | -308

|-

| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)

| style="text-align:right" | 12,301

| style="text-align:right" | 6,317

| style="text-align:right" | 6,971

| style="text-align:right" | 50,896

| style="text-align:right" | 25,370

| style="text-align:right" | 11,831

| style="text-align:right" | 13,695

| style="text-align:right" | 25,918

| style="text-align:right" | 11,662

| style="text-align:right" | 6,843

| style="text-align:right" | 7,413

| style="text-align:right" | 49,357

| style="text-align:right" | 22,858

| style="text-align:right" | 12,651

| style="text-align:right" | 13,847

|-

| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)

| style="text-align:right" | 2.9%

| style="text-align:right" | 5.5%

| style="text-align:right" | 7.2%

| style="text-align:right" | 4.4%

| style="text-align:right" | 2.7%

| style="text-align:right" | 5.0%

| style="text-align:right" | 7.2%

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

| style="text-align:right" | 2.7%

| style="text-align:right" | 5.3%

| style="text-align:right" | 6.9%

| style="text-align:right" | 4.5%

| style="text-align:right" | 3.0%

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

| style="text-align:right" | 6.9%

|}

</div>

| style="text-align:left" | <b>Total Group (post-tax)</b>

| style="text-align:right" | <b>26,777</b>

| style="text-align:right" | <b>26,320</b>

|}

| style="text-align:left" | <b>Total Group (post-tax)</b>

| style="text-align:right" | <b>26,320</b>

| style="text-align:right" | <b>25,864</b>

|}

| style="text-align:left" | <b>General Account Invested Assets {{fn ref|16|2=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.}}</b>

| style="text-align:right" | <b>450</b>

| style="text-align:right" | <b>60%</b>

| style="text-align:right" | <b>-0.4 yr</b>

|-

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

| style="text-align:right" | 77%

| style="text-align:right" | 60%

|-

| class="wt-indent-1" style="text-align:left" | Government Bonds

| style="text-align:right" | 37%

| style="text-align:right" | 66%

| style="text-align:right" | <b>AA</b>

| style="text-align:right" | 27%

| style="text-align:right" | 27%

| style="text-align:right" | 55%

| style="text-align:right" | <b>A</b>

| style="text-align:right" | 16%

| style="text-align:right" | 28%

| style="text-align:right" | 11%

|-

| class="wt-indent-1" style="text-align:left" | Other Fixed Income

| style="text-align:right" | 13%

| style="text-align:right" | 52%

|-

| class="wt-indent-2" style="text-align:left" | Asset Backed Securities {{fn ref|17|2=Includes 91% of CLOs.}}

| style="text-align:right" | 6%

| style="text-align:right" | 48%

| style="text-align:right" | 54%

| style="text-align:right" | 28%

| style="text-align:right" | 7%

| style="text-align:right" | 56%

|-

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

| style="text-align:right" | 9%

| style="text-align:right" | 63%

|-

| style="text-align:left" | Infrastructure Equity

| style="text-align:right" | 2%

| style="text-align:right" | 64%

|-

| style="text-align:left" | Listed Equities {{fn ref|19|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}

| style="text-align:right" | 2%

| style="text-align:right" | 82%

|-

| style="text-align:left" | Private Equity &amp; Hedge Funds {{fn ref|20|2=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}

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

| style="text-align:right" | 55%

|-

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

| style="text-align:right" | 4%

| style="text-align:right" | 50%

|-

| style="text-align:left" | Policy Loans

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

| style="text-align:right" | 51%

|}

</div>

| style="text-align:right" | 7.7

| style="text-align:right" | 9.6

|-

| style="text-align:left" | Average Adjusted Shareholders' Equity {{fn ref|28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}

| style="text-align:right" | 51.8

| style="text-align:right" | 51.3

|-

| style="text-align:left" | <b>Underlying ROE</b>

| style="text-align:right" | 7.9

| style="text-align:right" | 8.2

|-

| style="text-align:left" | Average Adjusted Shareholders' Equity {{fn ref|28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}

| style="text-align:right" | 51.8

| style="text-align:right" | 51.3

|}

</div>

|-

| class="wt-indent-1" style="text-align:left" | Ancillary

|-

| class="wt-indent-1" style="text-align:left" | Subject to Transitional Measures {{fn ref|30|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}

| style="text-align:right" | 2.4

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

| style="text-align:right" | 1.0

|-

| style="text-align:left" | Other Financial Sectors

| style="text-align:right" | <b>1.2</b>

| style="text-align:right" | 1.2

|-

| style="text-align:left" | <b>EOF as of FY24</b>

|-

| class="wt-indent-1" style="text-align:left" | Ancillary

|-

| class="wt-indent-1" style="text-align:left" | Subject to Transitional Measures {{fn ref|30|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}

| style="text-align:right" | 4.5

| style="text-align:right" | 3.4

| style="text-align:right" | 1.1

|-

| style="text-align:left" | Other Financial Sectors

| style="text-align:right" | <b>2.5</b>

| style="text-align:right" | 2.5

|}

</div>