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Line 4:
| period = FY
| period_label = FY25
| document_type document_category = Financial supplement
| document_name = AXA FY 2025 Financial Supplement (Excel)
| publication_date = 2026-02-26
| language = English
| pages = 21
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx
| archive_filesummary_md = File:AXA-2025-FY-Financial_supplement.md
| intro_sentence = AXAThis Fullarticle Yearsummarizes 2025AXA's financialFinancial supplement published on 2026-02-26 (21 pages).
| wide = yes
| document = Document:AXA/2025/FY/Financial supplement
| doc_id = gr2rpazfcv
}}
 
''This article summarizes [[Definition:AXA|AXA]]'s Financial supplement published on 2026-02-26 (21 pages).''
''AXA Full Year 2025 financial supplement.''
 
{{chunk|doc=gr2rpazfcv|c=1|p=1}}
== Market Data ==
 
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Exchange rate time series by currency
|-
! style="text-align:left" | EUR
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Average 1H24
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | Average 1H25
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | USD
Line 82 ⟶ 89:
 
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Discount rate 5Y time series by currency
|-
! style="text-align:left" | EUR
! style="text-align:left" | %
! class="col-s" style="text-align:right" | Average 1H24
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | Average 1H25
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | EUR
Line 129 ⟶ 137:
 
<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|+ Discount rate 10Y time series by currency
|-
! style="text-align:left" | EUR
! style="text-align:left" | %
! class="col-s" style="text-align:right" | Closing 1H24
! class="col-s" style="text-align:right" | Closing [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | Closing 1H25
! class="col-s" style="text-align:right" | Closing [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | EUR
Line 175 ⟶ 184:
</div>
 
{{chunk|doc=gr2rpazfcv|c=2|p=2}}
== UE by LOB and Net Income ==
 
<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Group [[Definition:Underlying earnings|underlying earnings]] build-up by [[Definition:Business mix|line of business]] and net income build-up by business unit
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
! colspan="4" style="text-align:center" | Property & casualty
! colspan="4" style="text-align:center" | Life & health
! colspan="4" style="text-align:center" | Asset management {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | Holdings {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
|-
! style="text-align:left" | In EUR million
! classcolspan="col-s4" style="text-align:rightcenter" | 1H24[[Definition:AXA|Group]]
! classcolspan="col-s4" style="text-align:rightcenter" | FY24[[Definition:Property & casualty|Property &amp; Casualty]]
! classcolspan="col-s4" style="text-align:rightcenter" | 1H25[[Definition:Life & health|Life &amp; Health]]
! colspan="4" style="text-align:center" | [[Definition:AXA Investment Managers|Asset Management]] {{fn ref|1|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! class="col-s" style="text-align:right" | FY25
! colspan="4" style="text-align:center" | Holdings {{fn ref|2|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.}}
! class="col-s" style="text-align:right" | 1H24
|-
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:rightleft" | 1H25
! class="col-sm" style="text-align:right" | FY251H24
! class="col-sm" style="text-align:right" | 1H24[[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | FY241H25
! class="col-sm" style="text-align:right" | 1H25[[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | FY251H24
! class="col-sm" style="text-align:right" | 1H24[[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | FY241H25
! class="col-sm" style="text-align:right" | 1H25[[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | FY251H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | '''<b>Short-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 297 ⟶ 308:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Long-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 319 ⟶ 330:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
Line 341 ⟶ 352:
| style="text-align:right" | —
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | -64
| style="text-align:right" | -95
Line 363 ⟶ 374:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Financial resultResult &amp; other'''Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 385 ⟶ 396:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 2,064
| style="text-align:right" | 3,971
Line 407 ⟶ 418:
| style="text-align:right" | 422
|-
| style="text-align:left" | [[Definition:Other revenuesrevenue|Other Revenues]]
| style="text-align:right" | 1,459
| style="text-align:right" | 3,054
Line 429 ⟶ 440:
| style="text-align:right" | 1,149
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | -1,624
| style="text-align:right" | -3,479
Line 451 ⟶ 462:
| style="text-align:right" | -2,107
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | -471
| style="text-align:right" | -948
Line 473 ⟶ 484:
| style="text-align:right" | -928
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] beforeBefore tax'''Tax</b>
| style="text-align:right" | '''<b>5,638'''</b>
| style="text-align:right" | '''<b>10,700'''</b>
| style="text-align:right" | '''<b>5,958'''</b>
| style="text-align:right" | '''<b>11,044'''</b>
| style="text-align:right" | '''<b>4,006'''</b>
| style="text-align:right" | '''<b>7,565'''</b>
| style="text-align:right" | '''<b>4,202'''</b>
| style="text-align:right" | '''<b>8,040'''</b>
| style="text-align:right" | '''<b>2,061'''</b>
| style="text-align:right" | '''<b>4,070'''</b>
| style="text-align:right" | '''<b>2,209'''</b>
| style="text-align:right" | '''<b>4,229'''</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:right" | '''<b>-693'''</b>
| style="text-align:right" | '''<b>-1,482'''</b>
| style="text-align:right" | '''<b>-692'''</b>
| style="text-align:right" | '''<b>-1,464'''</b>
|-
| style="text-align:left" | Tax
Line 517 ⟶ 528:
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from affiliatesAffiliates &amp; otherOther
| style="text-align:right" | 122
| style="text-align:right" | 218
Line 539 ⟶ 550:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -89
| style="text-align:right" | -179
Line 561 ⟶ 572:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings groupGroup share'''Share]]</b>
| style="text-align:right" | '''<b>4,244'''</b>
| style="text-align:right" | '''<b>8,078'''</b>
| style="text-align:right" | '''<b>4,465'''</b>
| style="text-align:right" | '''<b>8,368'''</b>
| style="text-align:right" | '''<b>2,908'''</b>
| style="text-align:right" | '''<b>5,510'''</b>
| style="text-align:right" | '''<b>3,067'''</b>
| style="text-align:right" | '''<b>5,872'''</b>
| style="text-align:right" | '''<b>1,725'''</b>
| style="text-align:right" | '''<b>3,323'''</b>
| style="text-align:right" | '''<b>1,814'''</b>
| style="text-align:right" | '''<b>3,501'''</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:right" | '''<b>-592'''</b>
| style="text-align:right" | '''<b>-1,157'''</b>
| style="text-align:right" | '''<b>-591'''</b>
| style="text-align:right" | '''<b>-1,180'''</b>
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying growthEarnings]] rateGrowth Rate (constant [[Definition:Foreign exchange|FX]])
| style="text-align:right" | 4%
| style="text-align:right" | 7%
Line 605 ⟶ 616:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying ROE'''</b>
| style="text-align:right" | '''<b>16.6%'''</b>
| style="text-align:right" | '''<b>15.2%'''</b>
| style="text-align:right" | '''<b>17.5%'''</b>
| style="text-align:right" | '''<b>16.0%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>16.2%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>17.3%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>13.6%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>14.4%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>26.0%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>n.a.'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 627 ⟶ 638:
| style="text-align:right" | —
|-
| style="text-align:left" | Net realizedRealized capitalCapital gainsGains &amp; lossesLosses
| style="text-align:right" | 93
| style="text-align:right" | 195
Line 649 ⟶ 660:
| style="text-align:right" | —
|-
| style="text-align:left" | Change in fairFair valueValue of assetsAssets &amp; derivativesDerivatives
| style="text-align:right" | -43
| style="text-align:right" | 83
Line 693 ⟶ 704:
| style="text-align:right" | —
|-
| style="text-align:left" | Integration and restructuringRestructuring costsCosts
| style="text-align:right" | -78
| style="text-align:right" | -240
Line 715 ⟶ 726:
| style="text-align:right" | —
|-
| style="text-align:left" | Exceptional itemsItems
| style="text-align:right" | -147
| style="text-align:right" | -99
Line 737 ⟶ 748:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Net incomeIncome groupGroup share'''Share</b>
| style="text-align:right" | '''<b>4,020'''</b>
| style="text-align:right" | '''<b>7,886'''</b>
| style="text-align:right" | '''<b>3,922'''</b>
| style="text-align:right" | '''<b>9,797'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 759 ⟶ 770:
| style="text-align:right" | —
|-
| style="text-align:left" | Deeply subordinatedSubordinated and undatedUndated subordinatedSubordinated debtDebt chargesCharges
| style="text-align:right" | -106
| style="text-align:right" | -201
Line 781 ⟶ 792:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] for EPS calculation'''</b>
| style="text-align:right" | '''<b>4,138'''</b>
| style="text-align:right" | '''<b>7,877'''</b>
| style="text-align:right" | '''<b>4,379'''</b>
| style="text-align:right" | '''<b>8,195'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 803 ⟶ 814:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Net incomeIncome for EPS calculation'''</b>
| style="text-align:right" | '''<b>3,914'''</b>
| style="text-align:right" | '''<b>7,685'''</b>
| style="text-align:right" | '''<b>3,836'''</b>
| style="text-align:right" | '''<b>9,623'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 827 ⟶ 838:
</div>
 
{{fn note|1=1|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
{{fn note|1=2|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.}}
 
{{chunk|doc=gr2rpazfcv|c=3|p=3}}
== UE by Geography ==
 
<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ [[Definition:Underlying earnings|Underlying earnings]] build-up by geography
|+ Underlying earnings by geography build-up by geography {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
! colspan="4" style="text-align:center" | France
! colspan="4" style="text-align:center" | Europe
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! colspan="4" style="text-align:center" | AXA IM {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | Transversal & other
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | [[Definition:AXA|Group]]
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Investment Managers|AXA IM]] {{fn ref|3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | '''<b>Short-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 991 ⟶ 1,007:
| style="text-align:right" | 109
|-
| style="text-align:left" | '''<b>Long-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,021 ⟶ 1,037:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
Line 1,051 ⟶ 1,067:
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | -64
| style="text-align:right" | -95
Line 1,081 ⟶ 1,097:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Financial resultResult &amp; other'''Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,111 ⟶ 1,127:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 2,064
| style="text-align:right" | 3,971
Line 1,141 ⟶ 1,157:
| style="text-align:right" | 502
|-
| style="text-align:left" | [[Definition:Other revenuesrevenue|Other Revenues]]
| style="text-align:right" | 1,459
| style="text-align:right" | 3,054
Line 1,171 ⟶ 1,187:
| style="text-align:right" | 1,073
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | -1,624
| style="text-align:right" | -3,479
Line 1,201 ⟶ 1,217:
| style="text-align:right" | -1,910
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | -471
| style="text-align:right" | -948
Line 1,231 ⟶ 1,247:
| style="text-align:right" | -887
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] beforeBefore tax'''Tax</b>
| style="text-align:right" | '''<b>5,638'''</b>
| style="text-align:right" | '''<b>10,700'''</b>
| style="text-align:right" | '''<b>5,958'''</b>
| style="text-align:right" | '''<b>11,044'''</b>
| style="text-align:right" | '''<b>1,380'''</b>
| style="text-align:right" | '''<b>2,738'''</b>
| style="text-align:right" | '''<b>1,384'''</b>
| style="text-align:right" | '''<b>2,888'''</b>
| style="text-align:right" | '''<b>2,210'''</b>
| style="text-align:right" | '''<b>4,297'''</b>
| style="text-align:right" | '''<b>2,406'''</b>
| style="text-align:right" | '''<b>4,651'''</b>
| style="text-align:right" | '''<b>1,385'''</b>
| style="text-align:right" | '''<b>2,409'''</b>
| style="text-align:right" | '''<b>1,366'''</b>
| style="text-align:right" | '''<b>2,543'''</b>
| style="text-align:right" | '''<b>935'''</b>
| style="text-align:right" | '''<b>1,826'''</b>
| style="text-align:right" | '''<b>1,093'''</b>
| style="text-align:right" | '''<b>1,835'''</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:right" | '''<b>-535'''</b>
| style="text-align:right" | '''<b>-1,116'''</b>
| style="text-align:right" | '''<b>-530'''</b>
| style="text-align:right" | '''<b>-1,113'''</b>
|-
| style="text-align:left" | Tax
Line 1,291 ⟶ 1,307:
| style="text-align:right" | 212
|-
| style="text-align:left" | Income from affiliatesAffiliates &amp; otherOther
| style="text-align:right" | 122
| style="text-align:right" | 218
Line 1,321 ⟶ 1,337:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -89
| style="text-align:right" | -179
Line 1,351 ⟶ 1,367:
| style="text-align:right" | -2
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings groupGroup share''']]</b>
| style="text-align:right" | '''<b>4,244'''</b>
| style="text-align:right" | '''<b>8,078'''</b>
| style="text-align:right" | '''<b>4,465'''</b>
| style="text-align:right" | '''<b>8,368'''</b>
| style="text-align:right" | '''<b>1,034'''</b>
| style="text-align:right" | '''<b>2,071'''</b>
| style="text-align:right" | '''<b>1,076'''</b>
| style="text-align:right" | '''<b>2,224'''</b>
| style="text-align:right" | '''<b>1,626'''</b>
| style="text-align:right" | '''<b>3,187'''</b>
| style="text-align:right" | '''<b>1,782'''</b>
| style="text-align:right" | '''<b>3,486'''</b>
| style="text-align:right" | '''<b>1,030'''</b>
| style="text-align:right" | '''<b>1,820'''</b>
| style="text-align:right" | '''<b>1,024'''</b>
| style="text-align:right" | '''<b>1,893'''</b>
| style="text-align:right" | '''<b>798'''</b>
| style="text-align:right" | '''<b>1,504'''</b>
| style="text-align:right" | '''<b>862'''</b>
| style="text-align:right" | '''<b>1,493'''</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:right" | '''<b>-447'''</b>
| style="text-align:right" | '''<b>-907'''</b>
| style="text-align:right" | '''<b>-455'''</b>
| style="text-align:right" | '''<b>-903'''</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ [[Definition:Underlying earnings|Underlying earnings]] by [[Definition:Business mix|line of business]] and geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | [[Definition:AXA|Group]]
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Investment Managers|AXA IM]] {{fn ref|3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>[[Definition:Underlying earnings|Underlying Earnings]] by [[Definition:Business mix|Line of Business]]</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Property & casualty|Property &amp; Casualty]]
| style="text-align:right" | 2,908
| style="text-align:right" | 5,510
| style="text-align:right" | 3,067
| style="text-align:right" | 5,872
| style="text-align:right" | 539
| style="text-align:right" | 1,161
| style="text-align:right" | 574
| style="text-align:right" | 1,237
| style="text-align:right" | 1,073
| style="text-align:right" | 2,029
| style="text-align:right" | 1,152
| style="text-align:right" | 2,216
| style="text-align:right" | 1,032
| style="text-align:right" | 1,828
| style="text-align:right" | 1,032
| style="text-align:right" | 1,913
| style="text-align:right" | 194
| style="text-align:right" | 334
| style="text-align:right" | 233
| style="text-align:right" | 355
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 70
| style="text-align:right" | 158
| style="text-align:right" | 75
| style="text-align:right" | 151
|-
| style="text-align:left" | [[Definition:Life & health|Life &amp; Health]]
| style="text-align:right" | 1,725
| style="text-align:right" | 3,323
| style="text-align:right" | 1,814
| style="text-align:right" | 3,501
| style="text-align:right" | 519
| style="text-align:right" | 964
| style="text-align:right" | 524
| style="text-align:right" | 1,039
| style="text-align:right" | 559
| style="text-align:right" | 1,104
| style="text-align:right" | 616
| style="text-align:right" | 1,264
| style="text-align:right" | 14
| style="text-align:right" | 25
| style="text-align:right" | 8
| style="text-align:right" | 12
| style="text-align:right" | 627
| style="text-align:right" | 1,211
| style="text-align:right" | 653
| style="text-align:right" | 1,165
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 22
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|Asset Management]]
| style="text-align:right" | 204
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 204
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| 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" | -592
| style="text-align:right" | -1,157
| style="text-align:right" | -591
| style="text-align:right" | -1,180
| style="text-align:right" | -24
| style="text-align:right" | -54
| style="text-align:right" | -23
| style="text-align:right" | -52
| style="text-align:right" | -6
| style="text-align:right" | 54
| style="text-align:right" | 14
| style="text-align:right" | 6
| style="text-align:right" | -16
| style="text-align:right" | -33
| style="text-align:right" | -16
| style="text-align:right" | -32
| style="text-align:right" | -23
| style="text-align:right" | -41
| style="text-align:right" | -24
| style="text-align:right" | -26
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -524
| style="text-align:right" | -1,083
| style="text-align:right" | -543
| style="text-align:right" | -1,076
|}
</div>
 
{{fn note|1=3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
{{fn note|1=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.}}
 
{{chunk|doc=gr2rpazfcv|c=4|p=4}}
== Shares & UEPS ==
 
<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|+ Basic number of shares rollforward
|+ Shares and UEPS build-up
! style="text-align:left" | EUR
! style="text-align:center" | Outstanding shares excluding treasury shares (a) {{footnote|1=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}
! style="text-align:center" | Outstanding shares excluding treasury shares (a)
! colspan="2" style="text-align:center" | Weighted average number
|-
! style="text-align:left" | —million
! colspan="2" style="text-align:center" | Outstanding Shares Excluding Treasury Shares {{fn ref|5|2=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}
! class="col-s" style="text-align:right" | FY24
! classcolspan="col-s2" style="text-align:rightcenter" | FY25Weighted Average Number
|-
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:rightleft" | FY25
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | '''<b>Basic numberNumber of shares'''Shares</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,405 ⟶ 1,620:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>As of beginningBeginning of period'''Period</b>
| style="text-align:right" | '''<b>2,226.2'''</b>
| style="text-align:right" | '''<b>2,175.4'''</b>
| style="text-align:right" | '''<b>2,226.2'''</b>
| style="text-align:right" | '''<b>2,175.4'''</b>
|-
| style="text-align:left" | Increase of capitalCapital dedicatedDedicated to employeesEmployees
| style="text-align:right" | 12.9
| style="text-align:right" | 12.7
Line 1,417 ⟶ 1,632:
| style="text-align:right" | 1.0
|-
| style="text-align:left" | ExerciseExercice of stockStock-options
| style="text-align:right" | 2.6
| style="text-align:right" | 1.1
Line 1,423 ⟶ 1,638:
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Other movementMovement of treasuryTreasury sharesShares
| style="text-align:right" | 4.6
| style="text-align:right" | 4.2
Line 1,429 ⟶ 1,644:
| style="text-align:right" | 6.3
|-
| style="text-align:left" | Capital increaseIncrease / (decreaseDecrease)
| style="text-align:right" | -70.9
| style="text-align:right" | -138.0
Line 1,435 ⟶ 1,650:
| style="text-align:right" | -64.9
|-
| style="text-align:left" | '''<b>As at endEnd of period'''Period</b>
| style="text-align:right" | '''<b>2,175.4'''</b>
| style="text-align:right" | '''<b>2,055.4'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>During the period'''Period</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | '''<b>2,190.8'''</b>
| style="text-align:right" | '''<b>2,118.3'''</b>
|-
| style="text-align:left" | '''<b>Fully dilutedDiluted numberNumber of shares'''Shares</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,453 ⟶ 1,668:
| style="text-align:right" | —
|-
| style="text-align:left" | Stock optionsOptions
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,459 ⟶ 1,674:
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Performance sharesShares
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,465 ⟶ 1,680:
| style="text-align:right" | 5.1
|-
| style="text-align:left" | '''<b>During the periodPeriod (A)'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | '''<b>2,197.1'''</b>
| style="text-align:right" | '''<b>2,124.0'''</b>
|-
| style="text-align:left" | '''<b>Earnings groupGroup shareShare:'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,477 ⟶ 1,692:
| style="text-align:right" | —
|-
| style="text-align:left" | Net incomeIncome
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,483 ⟶ 1,698:
| style="text-align:right" | 9,797
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,489 ⟶ 1,704:
| style="text-align:right" | 8,368
|-
| style="text-align:left" | '''<b>Impact of undated and deeply subordinated debts:'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,501 ⟶ 1,716:
| style="text-align:right" | -174
|-
| style="text-align:left" | '''<b>Earnings for EPS calculationCalculation:'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,507 ⟶ 1,722:
| style="text-align:right" | —
|-
| style="text-align:left" | Net incomeIncome for EPS calculationCalculation (B)
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,513 ⟶ 1,728:
| style="text-align:right" | 9,623
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] for EPS calculationCalculation (C)
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,519 ⟶ 1,734:
| style="text-align:right" | 8,195
|-
| style="text-align:left" | '''<b>Fully dilutedDiluted euroEuro per shareShare (EPS)'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,525 ⟶ 1,740:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>EPS (B/A)'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,531 ⟶ 1,746:
| style="text-align:right" | 4.53
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings per share|Underlying EPS]] (C/A)'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,539 ⟶ 1,754:
</div>
 
{{fn note|1=5|2=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}
 
{{chunk|doc=gr2rpazfcv|c=5|p=5}}
== P&C UE by Sub LOB ==
 
<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|+ [[Definition:Property & casualty|Property underlying&amp; earningscasualty]] by[[Definition:Underlying lineearnings|underlying of businessearnings]] build-up by [[Definition:Business mix|line of business]]
|-
! style="text-align:left" | EUR million
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Commercial lines
! colspan="4" style="text-align:center" | Personal lines
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]] reinsuranceReinsurance
! colspan="4" style="text-align:center" | Intercompany eliminations
|-
! style="text-align:left" | EUR million
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | '''<b>Short-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,617 ⟶ 1,836:
| style="text-align:right" | -3,203
|-
| style="text-align:left" | Current accidentAccident yearYear lossLoss ratioRatio
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.7%
Line 1,639 ⟶ 1,858:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear lossLoss ratioRatio (excl. natNat catsCats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
Line 1,661 ⟶ 1,880:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear natNat catsCats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
Line 1,683 ⟶ 1,902:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Current accidentAccident yearYear discountingDiscounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
Line 1,705 ⟶ 1,924:
| style="text-align:right" | —
|-
| style="text-align:left" | Prior yearYear reserveReserve developmentDevelopment ratioRatio
| style="text-align:right" | -1.5%
| style="text-align:right" | -1.6%
Line 1,727 ⟶ 1,946:
| style="text-align:right" | —
|-
| style="text-align:left" | Expense ratioRatio
| style="text-align:right" | 24.7%
| style="text-align:right" | 25.0%
Line 1,749 ⟶ 1,968:
| style="text-align:right" | —
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
Line 1,771 ⟶ 1,990:
| style="text-align:right" | —
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 2,682
| style="text-align:right" | 5,006
Line 1,793 ⟶ 2,012:
| style="text-align:right" | -63
|-
| style="text-align:left" | '''<b>Long-term business {{footnote|1=For long-term business.}}'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,815 ⟶ 2,034:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,837 ⟶ 2,056:
| style="text-align:right" | —
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,859 ⟶ 2,078:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Financial resultResult &amp; other'''Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,881 ⟶ 2,100:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 1,324
| style="text-align:right" | 2,559
Line 1,903 ⟶ 2,122:
| style="text-align:right" | -20
|-
| class="wt-indent-1" style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 1,967
| style="text-align:right" | 3,731
Line 1,925 ⟶ 2,144:
| style="text-align:right" | -20
|-
| class="wt-indent-1" style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -643
| style="text-align:right" | -1,172
Line 1,947 ⟶ 2,166:
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenuesrevenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,969 ⟶ 2,188:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,991 ⟶ 2,210:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,013 ⟶ 2,232:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] beforeBefore tax'''Tax</b>
| style="text-align:right" | '''<b>4,006'''</b>
| style="text-align:right" | '''<b>7,565'''</b>
| style="text-align:right" | '''<b>4,202'''</b>
| style="text-align:right" | '''<b>8,040'''</b>
| style="text-align:right" | '''<b>2,843'''</b>
| style="text-align:right" | '''<b>5,203'''</b>
| style="text-align:right" | '''<b>2,973'''</b>
| style="text-align:right" | '''<b>5,557'''</b>
| style="text-align:right" | '''<b>886'''</b>
| style="text-align:right" | '''<b>1,674'''</b>
| style="text-align:right" | '''<b>913'''</b>
| style="text-align:right" | '''<b>1,914'''</b>
| style="text-align:right" | '''<b>365'''</b>
| style="text-align:right" | '''<b>696'''</b>
| style="text-align:right" | '''<b>349'''</b>
| style="text-align:right" | '''<b>650'''</b>
| style="text-align:right" | '''<b>-87'''</b>
| style="text-align:right" | '''<b>-8'''</b>
| style="text-align:right" | '''<b>-33'''</b>
| style="text-align:right" | '''<b>-82'''</b>
|-
| style="text-align:left" | Tax
Line 2,057 ⟶ 2,276:
| style="text-align:right" | —
|-
| style="text-align:left" | Income from affiliatesAffiliates &amp; otherOther
| style="text-align:right" | 2
| style="text-align:right" | 3
Line 2,079 ⟶ 2,298:
| style="text-align:right" | —
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -56
| style="text-align:right" | -106
Line 2,101 ⟶ 2,320:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings groupGroup share''']]</b>
| style="text-align:right" | '''<b>2,908'''</b>
| style="text-align:right" | '''<b>5,510'''</b>
| style="text-align:right" | '''<b>3,067'''</b>
| style="text-align:right" | '''<b>5,872'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,123 ⟶ 2,342:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Closing investedInvested assets'''Assets</b>
| style="text-align:right" | '''<b>113,515'''</b>
| style="text-align:right" | '''<b>118,104'''</b>
| style="text-align:right" | '''<b>116,895'''</b>
| style="text-align:right" | '''<b>117,507'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,145 ⟶ 2,364:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 2,167 ⟶ 2,386:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | o/w nonNon VFA
| style="text-align:right" | 113,515
| style="text-align:right" | 118,104
Line 2,211 ⟶ 2,430:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>19,284'''</b>
| style="text-align:right" | '''<b>16,006'''</b>
| style="text-align:right" | '''<b>19,766'''</b>
| style="text-align:right" | '''<b>16,040'''</b>
| style="text-align:right" | '''<b>12,070'''</b>
| style="text-align:right" | '''<b>9,480'''</b>
| style="text-align:right" | '''<b>12,240'''</b>
| style="text-align:right" | '''<b>9,127'''</b>
| style="text-align:right" | '''<b>6,369'''</b>
| style="text-align:right" | '''<b>5,478'''</b>
| style="text-align:right" | '''<b>6,831'''</b>
| style="text-align:right" | '''<b>5,871'''</b>
| style="text-align:right" | '''<b>1,572'''</b>
| style="text-align:right" | '''<b>1,075'''</b>
| style="text-align:right" | '''<b>1,436'''</b>
| style="text-align:right" | '''<b>1,009'''</b>
| style="text-align:right" | '''<b>-728'''</b>
| style="text-align:right" | '''<b>-27'''</b>
| style="text-align:right" | '''<b>-740'''</b>
| style="text-align:right" | '''<b>32'''</b>
|-
| style="text-align:left" | '''<b>Best Estimate for incurred Claims net of reinsurance {{footnote|1=Best Estimate Liabilities net of reinsurance.}}'''</b>
| style="text-align:right" | '''<b>69,800'''</b>
| style="text-align:right" | '''<b>71,751'''</b>
| style="text-align:right" | '''<b>70,215'''</b>
| style="text-align:right" | '''<b>70,567'''</b>
| style="text-align:right" | '''<b>45,710'''</b>
| style="text-align:right" | '''<b>46,570'''</b>
| style="text-align:right" | '''<b>46,591'''</b>
| style="text-align:right" | '''<b>47,002'''</b>
| style="text-align:right" | '''<b>17,809'''</b>
| style="text-align:right" | '''<b>18,308'''</b>
| style="text-align:right" | '''<b>17,781'''</b>
| style="text-align:right" | '''<b>17,402'''</b>
| style="text-align:right" | '''<b>6,704'''</b>
| style="text-align:right" | '''<b>6,830'''</b>
| style="text-align:right" | '''<b>6,290'''</b>
| style="text-align:right" | '''<b>6,198'''</b>
| style="text-align:right" | '''<b>-423'''</b>
| style="text-align:right" | '''<b>43'''</b>
| style="text-align:right" | '''<b>-447'''</b>
| style="text-align:right" | '''<b>-35'''</b>
|}
</div>
 
{{chunk|doc=gr2rpazfcv|c=6|p=6}}
== P&C UE by Geography ==
 
<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ [[Definition:Property & casualty|Property underlying&amp; earningscasualty]] by[[Definition:Underlying geographyearnings|underlying earnings]] build-up by geography
|-
! style="text-align:left" | EUR million
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="8" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | o/w [[Definition:AXA XLAsia, insuranceAfrica & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | FY24[[Definition:AXA Transversal & Other|Transversal &amp; Other]]
! style="text-align:center" | o/w AXA XL insurance
! style="text-align:center" | AXA XL
! style="text-align:center" | o/w AXA XL insurance
! style="text-align:center" | FY25
! style="text-align:center" | o/w AXA XL insurance
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! colspan="4" style="text-align:center" | Transversal & other
|-
! style="text-align:left" | EUR million
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] insuranceInsurance
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] insuranceInsurance
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] insuranceInsurance
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] insuranceInsurance
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | '''<b>Short-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,367 ⟶ 2,581:
| style="text-align:right" | 1,935
|-
| style="text-align:left" | Current accidentAccident yearYear lossLoss ratioRatio
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.7%
Line 2,397 ⟶ 2,611:
| style="text-align:right" | 44.6%
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear lossLoss ratioRatio (excl. natNat catsCats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
Line 2,427 ⟶ 2,641:
| style="text-align:right" | 44.5%
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear natNat catsCats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
Line 2,457 ⟶ 2,671:
| style="text-align:right" | 1.2%
|-
| class="wt-indent-1" style="text-align:left" | Current accidentAccident yearYear discountingDiscounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
Line 2,487 ⟶ 2,701:
| style="text-align:right" | -1.1%
|-
| style="text-align:left" | Prior yearYear reserveReserve developmentDevelopment ratioRatio
| style="text-align:right" | -1.5%
| style="text-align:right" | -1.6%
Line 2,517 ⟶ 2,731:
| style="text-align:right" | -1.9%
|-
| style="text-align:left" | Expense ratioRatio
| style="text-align:right" | 24.7%
| style="text-align:right" | 25.0%
Line 2,547 ⟶ 2,761:
| style="text-align:right" | 52.8%
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
Line 2,577 ⟶ 2,791:
| style="text-align:right" | 95.5%
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 2,682
| style="text-align:right" | 5,006
Line 2,607 ⟶ 2,821:
| style="text-align:right" | 86
|-
| style="text-align:left" | '''<b>Long-term business {{footnote|1=For long-term business.}}'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,637 ⟶ 2,851:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,667 ⟶ 2,881:
| style="text-align:right" | —
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,697 ⟶ 2,911:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Financial resultResult &amp; other'''Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,727 ⟶ 2,941:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 1,324
| style="text-align:right" | 2,559
Line 2,757 ⟶ 2,971:
| style="text-align:right" | 125
|-
| style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 1,967
| style="text-align:right" | 3,731
Line 2,787 ⟶ 3,001:
| style="text-align:right" | 140
|-
| style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -643
| style="text-align:right" | -1,172
Line 2,817 ⟶ 3,031:
| style="text-align:right" | -15
|-
| style="text-align:left" | [[Definition:Other revenuesrevenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,847 ⟶ 3,061:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,877 ⟶ 3,091:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,907 ⟶ 3,121:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] beforeBefore tax'''Tax</b>
| style="text-align:right" | '''<b>4,006'''</b>
| style="text-align:right" | '''<b>7,565'''</b>
| style="text-align:right" | '''<b>4,202'''</b>
| style="text-align:right" | '''<b>8,040'''</b>
| style="text-align:right" | '''<b>788'''</b>
| style="text-align:right" | '''<b>1,633'''</b>
| style="text-align:right" | '''<b>794'''</b>
| style="text-align:right" | '''<b>1,688'''</b>
| style="text-align:right" | '''<b>1,450'''</b>
| style="text-align:right" | '''<b>2,757'''</b>
| style="text-align:right" | '''<b>1,564'''</b>
| style="text-align:right" | '''<b>3,002'''</b>
| style="text-align:right" | '''<b>1,384'''</b>
| style="text-align:right" | '''<b>1,024'''</b>
| style="text-align:right" | '''<b>2,417'''</b>
| style="text-align:right" | '''<b>1,721'''</b>
| style="text-align:right" | '''<b>1,372'''</b>
| style="text-align:right" | '''<b>1,022'''</b>
| style="text-align:right" | '''<b>2,560'''</b>
| style="text-align:right" | '''<b>1,910'''</b>
| style="text-align:right" | '''<b>299'''</b>
| style="text-align:right" | '''<b>539'''</b>
| style="text-align:right" | '''<b>375'''</b>
| style="text-align:right" | '''<b>579'''</b>
| style="text-align:right" | '''<b>85'''</b>
| style="text-align:right" | '''<b>220'''</b>
| style="text-align:right" | '''<b>97'''</b>
| style="text-align:right" | '''<b>211'''</b>
|-
| style="text-align:left" | Tax
Line 2,967 ⟶ 3,181:
| style="text-align:right" | -58
|-
| style="text-align:left" | Income from affiliatesAffiliates &amp; otherOther
| style="text-align:right" | 2
| style="text-align:right" | 3
Line 2,997 ⟶ 3,211:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -56
| style="text-align:right" | -106
Line 3,027 ⟶ 3,241:
| style="text-align:right" | -2
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings groupGroup share''']]</b>
| style="text-align:right" | '''<b>2,908'''</b>
| style="text-align:right" | '''<b>5,510'''</b>
| style="text-align:right" | '''<b>3,067'''</b>
| style="text-align:right" | '''<b>5,872'''</b>
| style="text-align:right" | '''<b>539'''</b>
| style="text-align:right" | '''<b>1,161'''</b>
| style="text-align:right" | '''<b>574'''</b>
| style="text-align:right" | '''<b>1,237'''</b>
| style="text-align:right" | '''<b>1,073'''</b>
| style="text-align:right" | '''<b>2,029'''</b>
| style="text-align:right" | '''<b>1,152'''</b>
| style="text-align:right" | '''<b>2,216'''</b>
| style="text-align:right" | '''<b>1,032'''</b>
| style="text-align:right" | '''<b>767'''</b>
| style="text-align:right" | '''<b>1,828'''</b>
| style="text-align:right" | '''<b>1,264'''</b>
| style="text-align:right" | '''<b>1,032'''</b>
| style="text-align:right" | '''<b>770'''</b>
| style="text-align:right" | '''<b>1,913'''</b>
| style="text-align:right" | '''<b>1,427'''</b>
| style="text-align:right" | '''<b>194'''</b>
| style="text-align:right" | '''<b>334'''</b>
| style="text-align:right" | '''<b>233'''</b>
| style="text-align:right" | '''<b>355'''</b>
| style="text-align:right" | '''<b>70'''</b>
| style="text-align:right" | '''<b>158'''</b>
| style="text-align:right" | '''<b>75'''</b>
| style="text-align:right" | '''<b>151'''</b>
|-
| style="text-align:left" | For short-term business
Line 3,087 ⟶ 3,301:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>19,284'''</b>
| style="text-align:right" | '''<b>16,006'''</b>
| style="text-align:right" | '''<b>19,766'''</b>
| style="text-align:right" | '''<b>16,040'''</b>
| style="text-align:right" | '''<b>2,153'''</b>
| style="text-align:right" | '''<b>1,712'''</b>
| style="text-align:right" | '''<b>2,221'''</b>
| style="text-align:right" | '''<b>1,783'''</b>
| style="text-align:right" | '''<b>7,151'''</b>
| style="text-align:right" | '''<b>5,166'''</b>
| style="text-align:right" | '''<b>7,591'''</b>
| style="text-align:right" | '''<b>5,534'''</b>
| style="text-align:right" | '''<b>7,478'''</b>
| style="text-align:right" | '''<b>5,905'''</b>
| style="text-align:right" | '''<b>7,028'''</b>
| style="text-align:right" | '''<b>5,948'''</b>
| style="text-align:right" | '''<b>7,315'''</b>
| style="text-align:right" | '''<b>5,879'''</b>
| style="text-align:right" | '''<b>6,467'''</b>
| style="text-align:right" | '''<b>5,461'''</b>
| style="text-align:right" | '''<b>1,802'''</b>
| style="text-align:right" | '''<b>1,834'''</b>
| style="text-align:right" | '''<b>1,935'''</b>
| style="text-align:right" | '''<b>2,024'''</b>
| style="text-align:right" | '''<b>700'''</b>
| style="text-align:right" | '''<b>266'''</b>
| style="text-align:right" | '''<b>705'''</b>
| style="text-align:right" | '''<b>231'''</b>
|-
| style="text-align:left" | '''<b>Best estimateEstimate for incurred claims net of reinsurance {{footnote|1=Best Estimate LiabilitiesClaims net of reinsurance.}}'''</b>
| style="text-align:right" | '''<b>69,800'''</b>
| style="text-align:right" | '''<b>71,751'''</b>
| style="text-align:right" | '''<b>70,215'''</b>
| style="text-align:right" | '''<b>70,567'''</b>
| style="text-align:right" | '''<b>13,485'''</b>
| style="text-align:right" | '''<b>13,889'''</b>
| style="text-align:right" | '''<b>13,900'''</b>
| style="text-align:right" | '''<b>13,882'''</b>
| style="text-align:right" | '''<b>24,834'''</b>
| style="text-align:right" | '''<b>25,955'''</b>
| style="text-align:right" | '''<b>26,003'''</b>
| style="text-align:right" | '''<b>25,737'''</b>
| style="text-align:right" | '''<b>24,865'''</b>
| style="text-align:right" | '''<b>18,223'''</b>
| style="text-align:right" | '''<b>25,915'''</b>
| style="text-align:right" | '''<b>19,146'''</b>
| style="text-align:right" | '''<b>24,533'''</b>
| style="text-align:right" | '''<b>18,295'''</b>
| style="text-align:right" | '''<b>25,044'''</b>
| style="text-align:right" | '''<b>18,897'''</b>
| style="text-align:right" | '''<b>3,385'''</b>
| style="text-align:right" | '''<b>3,640'''</b>
| style="text-align:right" | '''<b>3,510'''</b>
| style="text-align:right" | '''<b>3,804'''</b>
| style="text-align:right" | '''<b>3,231'''</b>
| style="text-align:right" | '''<b>2,351'''</b>
| style="text-align:right" | '''<b>2,269'''</b>
| style="text-align:right" | '''<b>2,101'''</b>
|}
</div>
 
{{chunk|doc=gr2rpazfcv|c=7|p=7}}
== L&H UE by LOB ==
 
<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ [[Definition:Life & Healthhealth|Life Underlying&amp; Earningshealth]] by[[Definition:Underlying Lineearnings|underlying ofearnings]] Business breakdownbuild-up by [[Definition:Business mix|line of business]]
|-
! style="text-align:left" | EUR million
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health
! class="col-s" style="text-align:centerright" | Employee Benefits* (out of Total [[Definition:Life & health|Life &amp; Health]]) {{footnotefn ref|6|12=Employee Benefits include Group Protection and Group Health contracts.}}
! colspan="3" style="text-align:center" | Employee Benefits* (out of Total [[Definition:Life & health|Life &amp; Health]])
|-
! style="text-align:left" | —
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Short-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,215 ⟶ 3,431:
| style="text-align:right" | 12,035
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 97.6%
| style="text-align:right" | 97.4%
Line 3,233 ⟶ 3,449:
| style="text-align:right" | 97.1%
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 195
| style="text-align:right" | 415
Line 3,251 ⟶ 3,467:
| style="text-align:right" | 347
|-
| style="text-align:left" | '''<b>Long-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,269 ⟶ 3,485:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
Line 3,287 ⟶ 3,503:
| style="text-align:right" | 107
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | -64
| style="text-align:right" | -95
Line 3,305 ⟶ 3,521:
| style="text-align:right" | 38
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows
| style="text-align:right" | 9
| style="text-align:right" | -15
Line 3,323 ⟶ 3,539:
| style="text-align:right" | -8
|-
| class="wt-indent-1" style="text-align:left" | Risk adjustmentAdjustment releaseRelease
| style="text-align:right" | 30
| style="text-align:right" | 59
Line 3,341 ⟶ 3,557:
| style="text-align:right" | 8
|-
| class="wt-indent-1" style="text-align:left" | Changes in onerousOnerous contractsContracts
| style="text-align:right" | -32
| style="text-align:right" | 6
Line 3,359 ⟶ 3,575:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other longLong-term
| style="text-align:right" | -72
| style="text-align:right" | -145
Line 3,377 ⟶ 3,593:
| style="text-align:right" | 38
|-
| style="text-align:left" | '''<b>Financial resultResult &amp; other'''Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,395 ⟶ 3,611:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 536
| style="text-align:right" | 975
Line 3,413 ⟶ 3,629:
| style="text-align:right" | 175
|-
| class="wt-indent-1" style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
Line 3,431 ⟶ 3,647:
| style="text-align:right" | 456
|-
| class="wt-indent-1" style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
Line 3,449 ⟶ 3,665:
| style="text-align:right" | -281
|-
| style="text-align:left" | [[Definition:Other revenuesrevenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,467 ⟶ 3,683:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,485 ⟶ 3,701:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,503 ⟶ 3,719:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] beforeBefore tax'''Tax</b>
| style="text-align:right" | '''<b>2,061'''</b>
| style="text-align:right" | '''<b>4,070'''</b>
| style="text-align:right" | '''<b>2,209'''</b>
| style="text-align:right" | '''<b>4,229'''</b>
| style="text-align:right" | '''<b>1,634'''</b>
| style="text-align:right" | '''<b>3,145'''</b>
| style="text-align:right" | '''<b>1,699'''</b>
| style="text-align:right" | '''<b>3,219'''</b>
| style="text-align:right" | '''<b>427'''</b>
| style="text-align:right" | '''<b>925'''</b>
| style="text-align:right" | '''<b>510'''</b>
| style="text-align:right" | '''<b>1,010'''</b>
| style="text-align:right" | '''<b>252'''</b>
| style="text-align:right" | '''<b>552'''</b>
| style="text-align:right" | '''<b>328'''</b>
| style="text-align:right" | '''<b>666'''</b>
|-
| style="text-align:left" | Tax
Line 3,539 ⟶ 3,755:
| style="text-align:right" | -110
|-
| style="text-align:left" | Income from affiliatesAffiliates &amp; otherOther
| style="text-align:right" | 103
| style="text-align:right" | 186
Line 3,557 ⟶ 3,773:
| style="text-align:right" | —
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -27
| style="text-align:right" | -60
Line 3,575 ⟶ 3,791:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings groupGroup share''']]</b>
| style="text-align:right" | '''<b>1,725'''</b>
| style="text-align:right" | '''<b>3,323'''</b>
| style="text-align:right" | '''<b>1,814'''</b>
| style="text-align:right" | '''<b>3,501'''</b>
| style="text-align:right" | '''<b>1,392'''</b>
| style="text-align:right" | '''<b>2,636'''</b>
| style="text-align:right" | '''<b>1,433'''</b>
| style="text-align:right" | '''<b>2,715'''</b>
| style="text-align:right" | '''<b>333'''</b>
| style="text-align:right" | '''<b>687'''</b>
| style="text-align:right" | '''<b>381'''</b>
| style="text-align:right" | '''<b>787'''</b>
| style="text-align:right" | '''<b>205'''</b>
| style="text-align:right" | '''<b>441'''</b>
| style="text-align:right" | '''<b>264'''</b>
| style="text-align:right" | '''<b>556'''</b>
|-
| style="text-align:left" | '''<b>Closing investedInvested assets'''Assets</b>
| style="text-align:right" | '''<b>329,460'''</b>
| style="text-align:right" | '''<b>345,008'''</b>
| style="text-align:right" | '''<b>338,447'''</b>
| style="text-align:right" | '''<b>334,840'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,611 ⟶ 3,827:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA
| style="text-align:right" | 234,783
| style="text-align:right" | 230,205
Line 3,629 ⟶ 3,845:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | o/w nonNon VFA
| style="text-align:right" | 94,677
| style="text-align:right" | 114,803
Line 3,665 ⟶ 3,881:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>2,446'''</b>
| style="text-align:right" | '''<b>2,096'''</b>
| style="text-align:right" | '''<b>2,856'''</b>
| style="text-align:right" | '''<b>2,511'''</b>
| style="text-align:right" | '''<b>157'''</b>
| style="text-align:right" | '''<b>96'''</b>
| style="text-align:right" | '''<b>105'''</b>
| style="text-align:right" | '''<b>21'''</b>
| style="text-align:right" | '''<b>2,289'''</b>
| style="text-align:right" | '''<b>2,000'''</b>
| style="text-align:right" | '''<b>2,750'''</b>
| style="text-align:right" | '''<b>2,490'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,683 ⟶ 3,899:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Best estimateEstimate for incurred claimsClaims net of reinsurance'''</b>
| style="text-align:right" | '''<b>13,876'''</b>
| style="text-align:right" | '''<b>14,162'''</b>
| style="text-align:right" | '''<b>13,960'''</b>
| style="text-align:right" | '''<b>14,592'''</b>
| style="text-align:right" | '''<b>11,589'''</b>
| style="text-align:right" | '''<b>11,778'''</b>
| style="text-align:right" | '''<b>11,623'''</b>
| style="text-align:right" | '''<b>11,205'''</b>
| style="text-align:right" | '''<b>2,286'''</b>
| style="text-align:right" | '''<b>2,384'''</b>
| style="text-align:right" | '''<b>2,337'''</b>
| style="text-align:right" | '''<b>3,386'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,719 ⟶ 3,935:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Best Estimate Liabilities net of reinsurance'''</b>
| style="text-align:right" | '''<b>295,342'''</b>
| style="text-align:right" | '''<b>306,249'''</b>
| style="text-align:right" | '''<b>301,040'''</b>
| style="text-align:right" | '''<b>300,391'''</b>
| style="text-align:right" | '''<b>275,276'''</b>
| style="text-align:right" | '''<b>285,391'''</b>
| style="text-align:right" | '''<b>280,314'''</b>
| style="text-align:right" | '''<b>280,280'''</b>
| style="text-align:right" | '''<b>20,066'''</b>
| style="text-align:right" | '''<b>20,858'''</b>
| style="text-align:right" | '''<b>20,726'''</b>
| style="text-align:right" | '''<b>20,112'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,737 ⟶ 3,953:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA Gross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
Line 3,755 ⟶ 3,971:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
Line 3,773 ⟶ 3,989:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
Line 3,793 ⟶ 4,009:
</div>
 
{{fn note|1=6|2=Employee Benefits include Group Protection and Group Health contracts.}}
 
{{chunk|doc=gr2rpazfcv|c=8|p=8}}
== L&H UE by Geography ==
 
<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ [[Definition:Life & Healthhealth|Life Underlying&amp; Earningshealth]] [[Definition:Underlying byearnings|underlying Geographyearnings]] breakdownbuild-up by geography
|-
! style="text-align:left" | EUR million
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | '''<b>Short-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,884 ⟶ 4,104:
| style="text-align:right" | 172
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 97.6%
| style="text-align:right" | 97.4%
Line 3,910 ⟶ 4,130:
| style="text-align:right" | 86.7%
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 195
| style="text-align:right" | 415
Line 3,936 ⟶ 4,156:
| style="text-align:right" | 23
|-
| style="text-align:left" | '''<b>Long-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,962 ⟶ 4,182:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
Line 3,988 ⟶ 4,208:
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | -64
| style="text-align:right" | -95
Line 4,014 ⟶ 4,234:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows
| style="text-align:right" | 9
| style="text-align:right" | -15
Line 4,040 ⟶ 4,260:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Risk adjustmentAdjustment releaseRelease
| style="text-align:right" | 30
| style="text-align:right" | 59
Line 4,066 ⟶ 4,286:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Changes in onerousOnerous contractsContracts
| style="text-align:right" | -32
| style="text-align:right" | 6
Line 4,092 ⟶ 4,312:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other longLong-term
| style="text-align:right" | -72
| style="text-align:right" | -145
Line 4,118 ⟶ 4,338:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Financial resultResult &amp; other'''Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,144 ⟶ 4,364:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 536
| style="text-align:right" | 975
Line 4,170 ⟶ 4,390:
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
Line 4,196 ⟶ 4,416:
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
Line 4,222 ⟶ 4,442:
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenuesrevenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,248 ⟶ 4,468:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,274 ⟶ 4,494:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,300 ⟶ 4,520:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] beforeBefore tax'''Tax</b>
| style="text-align:right" | '''<b>2,061'''</b>
| style="text-align:right" | '''<b>4,070'''</b>
| style="text-align:right" | '''<b>2,209'''</b>
| style="text-align:right" | '''<b>4,229'''</b>
| style="text-align:right" | '''<b>622'''</b>
| style="text-align:right" | '''<b>1,176'''</b>
| style="text-align:right" | '''<b>624'''</b>
| style="text-align:right" | '''<b>1,276'''</b>
| style="text-align:right" | '''<b>762'''</b>
| style="text-align:right" | '''<b>1,529'''</b>
| style="text-align:right" | '''<b>821'''</b>
| style="text-align:right" | '''<b>1,622'''</b>
| style="text-align:right" | '''<b>17'''</b>
| style="text-align:right" | '''<b>25'''</b>
| style="text-align:right" | '''<b>10'''</b>
| style="text-align:right" | '''<b>16'''</b>
| style="text-align:right" | '''<b>654'''</b>
| style="text-align:right" | '''<b>1,322'''</b>
| style="text-align:right" | '''<b>739'''</b>
| style="text-align:right" | '''<b>1,291'''</b>
| style="text-align:right" | '''<b>7'''</b>
| style="text-align:right" | '''<b>19'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>25'''</b>
|-
| style="text-align:left" | Tax
Line 4,352 ⟶ 4,572:
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from affiliatesAffiliates &amp; otherOther
| style="text-align:right" | 103
| style="text-align:right" | 186
Line 4,378 ⟶ 4,598:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -27
| style="text-align:right" | -60
Line 4,404 ⟶ 4,624:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings groupGroup share''']]</b>
| style="text-align:right" | '''<b>1,725'''</b>
| style="text-align:right" | '''<b>3,323'''</b>
| style="text-align:right" | '''<b>1,814'''</b>
| style="text-align:right" | '''<b>3,501'''</b>
| style="text-align:right" | '''<b>519'''</b>
| style="text-align:right" | '''<b>964'''</b>
| style="text-align:right" | '''<b>524'''</b>
| style="text-align:right" | '''<b>1,039'''</b>
| style="text-align:right" | '''<b>559'''</b>
| style="text-align:right" | '''<b>1,104'''</b>
| style="text-align:right" | '''<b>616'''</b>
| style="text-align:right" | '''<b>1,264'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>25'''</b>
| style="text-align:right" | '''<b>8'''</b>
| style="text-align:right" | '''<b>12'''</b>
| style="text-align:right" | '''<b>627'''</b>
| style="text-align:right" | '''<b>1,211'''</b>
| style="text-align:right" | '''<b>653'''</b>
| style="text-align:right" | '''<b>1,165'''</b>
| style="text-align:right" | '''<b>7'''</b>
| style="text-align:right" | '''<b>19'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>22'''</b>
|-
| style="text-align:left" | For short-term business
Line 4,456 ⟶ 4,676:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>2,446'''</b>
| style="text-align:right" | '''<b>2,096'''</b>
| style="text-align:right" | '''<b>2,856'''</b>
| style="text-align:right" | '''<b>2,511'''</b>
| style="text-align:right" | '''<b>50'''</b>
| style="text-align:right" | '''<b>-2'''</b>
| style="text-align:right" | '''<b>28'''</b>
| style="text-align:right" | '''<b>-6'''</b>
| style="text-align:right" | '''<b>1,228'''</b>
| style="text-align:right" | '''<b>967'''</b>
| style="text-align:right" | '''<b>1,619'''</b>
| style="text-align:right" | '''<b>1,352'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>1,159'''</b>
| style="text-align:right" | '''<b>1,124'''</b>
| style="text-align:right" | '''<b>1,204'''</b>
| style="text-align:right" | '''<b>1,155'''</b>
| style="text-align:right" | '''<b>9'''</b>
| style="text-align:right" | '''<b>6'''</b>
| style="text-align:right" | '''<b>5'''</b>
| style="text-align:right" | '''<b>10'''</b>
|-
| style="text-align:left" | '''<b>Best estimateEstimate for incurred claimsClaims net of reinsurance'''</b>
| style="text-align:right" | '''<b>13,876'''</b>
| style="text-align:right" | '''<b>14,162'''</b>
| style="text-align:right" | '''<b>13,960'''</b>
| style="text-align:right" | '''<b>14,592'''</b>
| style="text-align:right" | '''<b>12,589'''</b>
| style="text-align:right" | '''<b>12,831'''</b>
| style="text-align:right" | '''<b>12,443'''</b>
| style="text-align:right" | '''<b>12,850'''</b>
| style="text-align:right" | '''<b>773'''</b>
| style="text-align:right" | '''<b>871'''</b>
| style="text-align:right" | '''<b>1,015'''</b>
| style="text-align:right" | '''<b>1,186'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>501'''</b>
| style="text-align:right" | '''<b>447'''</b>
| style="text-align:right" | '''<b>487'''</b>
| style="text-align:right" | '''<b>541'''</b>
| style="text-align:right" | '''<b>13'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>15'''</b>
| style="text-align:right" | '''<b>15'''</b>
|-
| style="text-align:left" | For long-term business
Line 4,534 ⟶ 4,754:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Best estimateEstimate liabilitiesLiabilities net of reinsurance'''</b>
| style="text-align:right" | '''<b>295,342'''</b>
| style="text-align:right" | '''<b>306,249'''</b>
| style="text-align:right" | '''<b>301,040'''</b>
| style="text-align:right" | '''<b>300,391'''</b>
| style="text-align:right" | '''<b>112,949'''</b>
| style="text-align:right" | '''<b>115,280'''</b>
| style="text-align:right" | '''<b>114,525'''</b>
| style="text-align:right" | '''<b>114,424'''</b>
| style="text-align:right" | '''<b>135,034'''</b>
| style="text-align:right" | '''<b>139,257'''</b>
| style="text-align:right" | '''<b>137,584'''</b>
| style="text-align:right" | '''<b>136,725'''</b>
| style="text-align:right" | '''<b>324'''</b>
| style="text-align:right" | '''<b>345'''</b>
| style="text-align:right" | '''<b>310'''</b>
| style="text-align:right" | '''<b>309'''</b>
| style="text-align:right" | '''<b>47,035'''</b>
| style="text-align:right" | '''<b>51,368'''</b>
| style="text-align:right" | '''<b>48,620'''</b>
| style="text-align:right" | '''<b>48,934'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA grossGross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
Line 4,586 ⟶ 4,806:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA grossGross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
Line 4,612 ⟶ 4,832:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
Line 4,640 ⟶ 4,860:
</div>
 
{{chunk|doc=gr2rpazfcv|c=9|p=9}}
== Life UE by Geography ==
 
<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ Life [[Definition:Underlying Earningsearnings|underlying byearnings]] Geography breakdownbuild-up by geography
|-
! style="text-align:left" | EUR million
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | '''<b>Short-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,731 ⟶ 4,953:
| style="text-align:right" | 0
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 94.5%
| style="text-align:right" | 95.5%
Line 4,757 ⟶ 4,979:
| style="text-align:right" | 0.0%
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 116
| style="text-align:right" | 191
Line 4,783 ⟶ 5,005:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Long-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,809 ⟶ 5,031:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 1,136
| style="text-align:right" | 2,253
Line 4,835 ⟶ 5,057:
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | -71
| style="text-align:right" | -98
Line 4,861 ⟶ 5,083:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows
| style="text-align:right" | -4
| style="text-align:right" | -33
Line 4,887 ⟶ 5,109:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Risk adjustmentAdjustment releaseRelease
| style="text-align:right" | 25
| style="text-align:right" | 51
Line 4,913 ⟶ 5,135:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Changes in onerousOnerous contractsContracts
| style="text-align:right" | -30
| style="text-align:right" | 9
Line 4,939 ⟶ 5,161:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other longLong-term
| style="text-align:right" | -63
| style="text-align:right" | -124
Line 4,965 ⟶ 5,187:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Financial resultResult &amp; other'''Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,991 ⟶ 5,213:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 454
| style="text-align:right" | 799
Line 5,017 ⟶ 5,239:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 1,159
| style="text-align:right" | 2,209
Line 5,043 ⟶ 5,265:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -705
| style="text-align:right" | -1,410
Line 5,069 ⟶ 5,291:
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenuesrevenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,095 ⟶ 5,317:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,121 ⟶ 5,343:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,147 ⟶ 5,369:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] beforeBefore tax'''Tax</b>
| style="text-align:right" | '''<b>1,634'''</b>
| style="text-align:right" | '''<b>3,145'''</b>
| style="text-align:right" | '''<b>1,699'''</b>
| style="text-align:right" | '''<b>3,219'''</b>
| style="text-align:right" | '''<b>563'''</b>
| style="text-align:right" | '''<b>1,060'''</b>
| style="text-align:right" | '''<b>579'''</b>
| style="text-align:right" | '''<b>1,156'''</b>
| style="text-align:right" | '''<b>645'''</b>
| style="text-align:right" | '''<b>1,227'''</b>
| style="text-align:right" | '''<b>643'''</b>
| style="text-align:right" | '''<b>1,176'''</b>
| style="text-align:right" | '''<b>17'''</b>
| style="text-align:right" | '''<b>25'''</b>
| style="text-align:right" | '''<b>10'''</b>
| style="text-align:right" | '''<b>16'''</b>
| style="text-align:right" | '''<b>409'''</b>
| style="text-align:right" | '''<b>833'''</b>
| style="text-align:right" | '''<b>468'''</b>
| style="text-align:right" | '''<b>872'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left" | Tax
Line 5,199 ⟶ 5,421:
| style="text-align:right" | 0
|-
| style="text-align:left" | Income from affiliatesAffiliates &amp; otherOther
| style="text-align:right" | 101
| style="text-align:right" | 182
Line 5,225 ⟶ 5,447:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -27
| style="text-align:right" | -56
Line 5,251 ⟶ 5,473:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings groupGroup share''']]</b>
| style="text-align:right" | '''<b>1,392'''</b>
| style="text-align:right" | '''<b>2,636'''</b>
| style="text-align:right" | '''<b>1,433'''</b>
| style="text-align:right" | '''<b>2,715'''</b>
| style="text-align:right" | '''<b>470'''</b>
| style="text-align:right" | '''<b>875'''</b>
| style="text-align:right" | '''<b>486'''</b>
| style="text-align:right" | '''<b>943'''</b>
| style="text-align:right" | '''<b>474'''</b>
| style="text-align:right" | '''<b>891'''</b>
| style="text-align:right" | '''<b>484'''</b>
| style="text-align:right" | '''<b>923'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>25'''</b>
| style="text-align:right" | '''<b>8'''</b>
| style="text-align:right" | '''<b>12'''</b>
| style="text-align:right" | '''<b>434'''</b>
| style="text-align:right" | '''<b>845'''</b>
| style="text-align:right" | '''<b>456'''</b>
| style="text-align:right" | '''<b>837'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left" | For short-term business
Line 5,303 ⟶ 5,525:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>157'''</b>
| style="text-align:right" | '''<b>96'''</b>
| style="text-align:right" | '''<b>105'''</b>
| style="text-align:right" | '''<b>21'''</b>
| style="text-align:right" | '''<b>23'''</b>
| style="text-align:right" | '''<b>-19'''</b>
| style="text-align:right" | '''<b>4'''</b>
| style="text-align:right" | '''<b>-41'''</b>
| style="text-align:right" | '''<b>-3'''</b>
| style="text-align:right" | '''<b>-14'''</b>
| style="text-align:right" | '''<b>-35'''</b>
| style="text-align:right" | '''<b>-24'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>137'''</b>
| style="text-align:right" | '''<b>129'''</b>
| style="text-align:right" | '''<b>137'''</b>
| style="text-align:right" | '''<b>86'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left" | '''<b>Best estimateEstimate for incurred claimsClaims net of reinsurance'''</b>
| style="text-align:right" | '''<b>11,589'''</b>
| style="text-align:right" | '''<b>11,778'''</b>
| style="text-align:right" | '''<b>11,623'''</b>
| style="text-align:right" | '''<b>11,205'''</b>
| style="text-align:right" | '''<b>11,349'''</b>
| style="text-align:right" | '''<b>11,502'''</b>
| style="text-align:right" | '''<b>11,352'''</b>
| style="text-align:right" | '''<b>10,939'''</b>
| style="text-align:right" | '''<b>75'''</b>
| style="text-align:right" | '''<b>120'''</b>
| style="text-align:right" | '''<b>118'''</b>
| style="text-align:right" | '''<b>124'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>165'''</b>
| style="text-align:right" | '''<b>157'''</b>
| style="text-align:right" | '''<b>154'''</b>
| style="text-align:right" | '''<b>142'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left" | For long-term business
Line 5,381 ⟶ 5,603:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Best estimateEstimate liabilitiesLiabilities net of reinsurance'''</b>
| style="text-align:right" | '''<b>275,276'''</b>
| style="text-align:right" | '''<b>285,391'''</b>
| style="text-align:right" | '''<b>280,314'''</b>
| style="text-align:right" | '''<b>280,280'''</b>
| style="text-align:right" | '''<b>112,949'''</b>
| style="text-align:right" | '''<b>115,280'''</b>
| style="text-align:right" | '''<b>114,525'''</b>
| style="text-align:right" | '''<b>114,424'''</b>
| style="text-align:right" | '''<b>114,389'''</b>
| style="text-align:right" | '''<b>117,841'''</b>
| style="text-align:right" | '''<b>116,058'''</b>
| style="text-align:right" | '''<b>115,433'''</b>
| style="text-align:right" | '''<b>324'''</b>
| style="text-align:right" | '''<b>345'''</b>
| style="text-align:right" | '''<b>310'''</b>
| style="text-align:right" | '''<b>309'''</b>
| style="text-align:right" | '''<b>47,614'''</b>
| style="text-align:right" | '''<b>51,926'''</b>
| style="text-align:right" | '''<b>49,420'''</b>
| style="text-align:right" | '''<b>50,113'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA grossGross of reinsurance
| style="text-align:right" | 243,037
| style="text-align:right" | 251,273
Line 5,433 ⟶ 5,655:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA grossGross of reinsurance
| style="text-align:right" | 50,917
| style="text-align:right" | 52,713
Line 5,459 ⟶ 5,681:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -18,679
| style="text-align:right" | -18,595
Line 5,487 ⟶ 5,709:
</div>
 
{{chunk|doc=gr2rpazfcv|c=10|p=10}}
== Health UE by Geography ==
 
<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ Health [[Definition:Underlying Earningsearnings|underlying byearnings]] Geography breakdownbuild-up by geography
|-
! style="text-align:left" | EUR million
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | '''<b>Short-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,578 ⟶ 5,802:
| style="text-align:right" | 172
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 98.6%
| style="text-align:right" | 98.1%
Line 5,604 ⟶ 5,828:
| style="text-align:right" | 86.7%
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 79
| style="text-align:right" | 224
Line 5,630 ⟶ 5,854:
| style="text-align:right" | 23
|-
| style="text-align:left" | '''<b>Long-term business'''Business</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,656 ⟶ 5,880:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 259
| style="text-align:right" | 522
Line 5,682 ⟶ 5,906:
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | 7
| style="text-align:right" | 3
Line 5,708 ⟶ 5,932:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows
| style="text-align:right" | 13
| style="text-align:right" | 18
Line 5,734 ⟶ 5,958:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Risk adjustmentAdjustment releaseRelease
| style="text-align:right" | 4
| style="text-align:right" | 8
Line 5,760 ⟶ 5,984:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Changes in onerousOnerous contractsContracts
| style="text-align:right" | -1
| style="text-align:right" | -2
Line 5,786 ⟶ 6,010:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other longLong-term
| style="text-align:right" | -8
| style="text-align:right" | -21
Line 5,812 ⟶ 6,036:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Financial resultResult &amp; other'''Other</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,838 ⟶ 6,062:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 82
| style="text-align:right" | 176
Line 5,864 ⟶ 6,088:
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 160
| style="text-align:right" | 317
Line 5,890 ⟶ 6,114:
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -78
| style="text-align:right" | -140
Line 5,916 ⟶ 6,140:
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenuesrevenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,942 ⟶ 6,166:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,968 ⟶ 6,192:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,994 ⟶ 6,218:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] beforeBefore tax'''Tax</b>
| style="text-align:right" | '''<b>427'''</b>
| style="text-align:right" | '''<b>925'''</b>
| style="text-align:right" | '''<b>510'''</b>
| style="text-align:right" | '''<b>1,010'''</b>
| style="text-align:right" | '''<b>59'''</b>
| style="text-align:right" | '''<b>116'''</b>
| style="text-align:right" | '''<b>46'''</b>
| style="text-align:right" | '''<b>120'''</b>
| style="text-align:right" | '''<b>117'''</b>
| style="text-align:right" | '''<b>302'''</b>
| style="text-align:right" | '''<b>178'''</b>
| style="text-align:right" | '''<b>446'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>245'''</b>
| style="text-align:right" | '''<b>489'''</b>
| style="text-align:right" | '''<b>272'''</b>
| style="text-align:right" | '''<b>419'''</b>
| style="text-align:right" | '''<b>7'''</b>
| style="text-align:right" | '''<b>19'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>25'''</b>
|-
| style="text-align:left" | Tax
Line 6,046 ⟶ 6,270:
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from affiliatesAffiliates &amp; otherOther
| style="text-align:right" | 2
| style="text-align:right" | 4
Line 6,072 ⟶ 6,296:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | 0
| style="text-align:right" | -4
Line 6,098 ⟶ 6,322:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings groupGroup share''']]</b>
| style="text-align:right" | '''<b>333'''</b>
| style="text-align:right" | '''<b>687'''</b>
| style="text-align:right" | '''<b>381'''</b>
| style="text-align:right" | '''<b>787'''</b>
| style="text-align:right" | '''<b>49'''</b>
| style="text-align:right" | '''<b>89'''</b>
| style="text-align:right" | '''<b>39'''</b>
| style="text-align:right" | '''<b>96'''</b>
| style="text-align:right" | '''<b>85'''</b>
| style="text-align:right" | '''<b>213'''</b>
| style="text-align:right" | '''<b>132'''</b>
| style="text-align:right" | '''<b>341'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>192'''</b>
| style="text-align:right" | '''<b>366'''</b>
| style="text-align:right" | '''<b>197'''</b>
| style="text-align:right" | '''<b>328'''</b>
| style="text-align:right" | '''<b>7'''</b>
| style="text-align:right" | '''<b>19'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>22'''</b>
|-
| style="text-align:left" | For short-term business
Line 6,150 ⟶ 6,374:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>2,289'''</b>
| style="text-align:right" | '''<b>2,000'''</b>
| style="text-align:right" | '''<b>2,750'''</b>
| style="text-align:right" | '''<b>2,490'''</b>
| style="text-align:right" | '''<b>27'''</b>
| style="text-align:right" | '''<b>18'''</b>
| style="text-align:right" | '''<b>24'''</b>
| style="text-align:right" | '''<b>35'''</b>
| style="text-align:right" | '''<b>1,231'''</b>
| style="text-align:right" | '''<b>981'''</b>
| style="text-align:right" | '''<b>1,654'''</b>
| style="text-align:right" | '''<b>1,375'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>1,022'''</b>
| style="text-align:right" | '''<b>995'''</b>
| style="text-align:right" | '''<b>1,067'''</b>
| style="text-align:right" | '''<b>1,069'''</b>
| style="text-align:right" | '''<b>9'''</b>
| style="text-align:right" | '''<b>6'''</b>
| style="text-align:right" | '''<b>5'''</b>
| style="text-align:right" | '''<b>10'''</b>
|-
| style="text-align:left" | '''<b>Best estimateEstimate for incurred claimsClaims net of reinsurance'''</b>
| style="text-align:right" | '''<b>2,286'''</b>
| style="text-align:right" | '''<b>2,384'''</b>
| style="text-align:right" | '''<b>2,337'''</b>
| style="text-align:right" | '''<b>3,386'''</b>
| style="text-align:right" | '''<b>1,240'''</b>
| style="text-align:right" | '''<b>1,329'''</b>
| style="text-align:right" | '''<b>1,091'''</b>
| style="text-align:right" | '''<b>1,911'''</b>
| style="text-align:right" | '''<b>698'''</b>
| style="text-align:right" | '''<b>751'''</b>
| style="text-align:right" | '''<b>898'''</b>
| style="text-align:right" | '''<b>1,062'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>336'''</b>
| style="text-align:right" | '''<b>290'''</b>
| style="text-align:right" | '''<b>334'''</b>
| style="text-align:right" | '''<b>398'''</b>
| style="text-align:right" | '''<b>13'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>15'''</b>
| style="text-align:right" | '''<b>15'''</b>
|-
| style="text-align:left" | For long-term business
Line 6,228 ⟶ 6,452:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Best estimateEstimate liabilitiesLiabilities net of reinsurance'''</b>
| style="text-align:right" | '''<b>20,066'''</b>
| style="text-align:right" | '''<b>20,858'''</b>
| style="text-align:right" | '''<b>20,726'''</b>
| style="text-align:right" | '''<b>20,112'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>20,645'''</b>
| style="text-align:right" | '''<b>21,416'''</b>
| style="text-align:right" | '''<b>21,527'''</b>
| style="text-align:right" | '''<b>21,291'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>-579'''</b>
| style="text-align:right" | '''<b>-557'''</b>
| style="text-align:right" | '''<b>-800'''</b>
| style="text-align:right" | '''<b>-1,180'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA grossGross of reinsurance
| style="text-align:right" | 20,977
| style="text-align:right" | 21,821
Line 6,280 ⟶ 6,504:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA grossGross of reinsurance
| style="text-align:right" | -821
| style="text-align:right" | -868
Line 6,306 ⟶ 6,530:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -90
| style="text-align:right" | -95
Line 6,334 ⟶ 6,558:
</div>
 
{{chunk|doc=gr2rpazfcv|c=11|p=11}}
== Asset Management ==
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ [[Definition:AXA Investment Managers|Asset management]] rollforward and build-up by type
|-
! style="text-align:left" |
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:center" | 1H24
! colspan="2" style="text-align:center" | [[Definition:Full year 2024|FY24]]
! colspan="2" style="text-align:center" | 1H25
! colspan="2" style="text-align:center" | [[Definition:Full year 2025|FY25]] {{footnotefn ref|7|12=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
|-
! style="text-align:left" | EUR million
! class="col-sm" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w thirdThird partyParty
! class="col-sm" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w thirdThird partyParty
! class="col-sm" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w thirdThird partyParty
! class="col-sm" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w thirdThird partyParty
|-
| style="text-align:left" | '''<b>Opening [[Definition:Assets under management|AUM]] (in EUREuro billion)'''</b>
| style="text-align:right" | '''<b>843'''</b>
| style="text-align:right" | '''<b>332'''</b>
| style="text-align:right" | '''<b>843'''</b>
| style="text-align:right" | '''<b>332'''</b>
| style="text-align:right" | '''<b>879'''</b>
| style="text-align:right" | '''<b>356'''</b>
| style="text-align:right" | '''<b>879'''</b>
| style="text-align:right" | '''<b>356'''</b>
|-
| style="text-align:left" | Net inflowsInflows
| style="text-align:right" | 7
| style="text-align:right" | -1
Line 6,375 ⟶ 6,601:
| style="text-align:right" | -10
|-
| style="text-align:left" | Scope &amp; otherOther
| style="text-align:right" | 0
| style="text-align:right" | 10
Line 6,385 ⟶ 6,611:
| style="text-align:right" | -6
|-
| style="text-align:left" | Market effectEffect
| style="text-align:right" | 12
| style="text-align:right" | 10
Line 6,395 ⟶ 6,621:
| style="text-align:right" | -6
|-
| style="text-align:left" | Currency impactImpact
| style="text-align:right" | -4
| style="text-align:right" | 10
Line 6,405 ⟶ 6,631:
| style="text-align:right" | -6
|-
| style="text-align:left" | '''<b>Closing [[Definition:Assets under management|AUM]] (in EUREuro billion)'''</b>
| style="text-align:right" | '''<b>859'''</b>
| style="text-align:right" | '''<b>340'''</b>
| style="text-align:right" | '''<b>879'''</b>
| style="text-align:right" | '''<b>356'''</b>
| style="text-align:right" | '''<b>853'''</b>
| style="text-align:right" | '''<b>341'''</b>
| style="text-align:right" | '''<b>853'''</b>
| style="text-align:right" | '''<b>341'''</b>
|-
| class="wt-indent-1" style="text-align:left" | Alternatives
| style="text-align:right" | 227
| style="text-align:right" | 86
Line 6,425 ⟶ 6,651:
| style="text-align:right" | 95
|-
| class="wt-indent-1" style="text-align:left" | Core &amp; otherOther
| style="text-align:right" | 532
| style="text-align:right" | 254
Line 6,435 ⟶ 6,661:
| style="text-align:right" | 246
|-
| class="wt-indent-1" style="text-align:left" | Asian jointJoint venturesVentures
| style="text-align:right" | 101
| style="text-align:right" | —
Line 6,445 ⟶ 6,671:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Gross revenuesRevenues - afterAfter intercompanyIntercompany elimination'''Elimination</b>
| style="text-align:right" | '''<b>787'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>1,701'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>875'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>875'''</b>
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Gross revenuesRevenues - beforeBefore intercompanyIntercompany elimination'''Elimination</b>
| style="text-align:right" | '''<b>937'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>2,004'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>1,018'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>1,018'''</b>
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Management feesFees
| style="text-align:right" | 679
| style="text-align:right" | 385
Line 6,475 ⟶ 6,701:
| style="text-align:right" | 439
|-
| class="wt-indent-1" style="text-align:left" | Performance feesFees
| style="text-align:right" | 18
| style="text-align:right" | 8
Line 6,485 ⟶ 6,711:
| style="text-align:right" | 9
|-
| class="wt-indent-1" style="text-align:left" | Distribution feesFees
| style="text-align:right" | 205
| style="text-align:right" | —
Line 6,495 ⟶ 6,721:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other
| style="text-align:right" | 35
| style="text-align:right" | —
Line 6,505 ⟶ 6,731:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>General expenses'''Expenses</b>
| style="text-align:right" | '''<b>-698'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>-1,493'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>-793'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>-793'''</b>
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Distribution feesFees retrocededRetroceded
| style="text-align:right" | -205
| style="text-align:right" | —
Line 6,525 ⟶ 6,751:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 24
| style="text-align:right" | —
Line 6,535 ⟶ 6,761:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] beforeBefore tax'''Tax</b>
| style="text-align:right" | '''<b>263'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>546'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>239'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>239'''</b>
| style="text-align:right" | —
|-
Line 6,555 ⟶ 6,781:
| style="text-align:right" | —
|-
| style="text-align:left" | Income from affiliatesAffiliates &amp; otherOther
| style="text-align:right" | 16
| style="text-align:right" | —
Line 6,565 ⟶ 6,791:
| style="text-align:right" | —
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -6
| style="text-align:right" | —
Line 6,575 ⟶ 6,801:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings groupGroup share'''Share]]</b>
| style="text-align:right" | '''<b>204'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>402'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>175'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>175'''</b>
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Average assets[[Definition:Assets under management|Assets under Management]] (€bn)'''</b>
| style="text-align:right" | '''<b>749'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>759'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>769'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>769'''</b>
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>[[Definition:AXA Investment Managers|Asset managementManagement]] feeFee bps'''</b>
| style="text-align:right" | '''<b>18.1 bps'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>18.8 bps'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>18.8 bps'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>18.8 bps'''</b>
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying costCost incomeIncome ratio'''Ratio</b>
| style="text-align:right" | '''<b>67.3%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>68.0%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>71.4%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>71.4%'''</b>
| style="text-align:right" | —
|}
</div>
 
{{fn note|1=7|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
 
{{chunk|doc=gr2rpazfcv|c=12|p=12}}
== Holdings ==
 
<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|+ Holdings [[Definition:Underlying Earnings¹earnings|underlying timeearnings]] seriesbuild-up {{footnotefn ref|18|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.}} {{footnote|1=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}} {{footnote|1=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}
|-
! style="text-align:left" | EUR million
! class="col-s" style="text-align:rightleft" | 1H24In EUR million
! class="col-sm" style="text-align:right" | FY241H24
! class="col-sm" style="text-align:right" | 1H25[[Definition:Full year 2024|FY24]]
! class="col-sm" style="text-align:right" | FY251H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 181
| style="text-align:right" | 402
Line 6,634 ⟶ 6,864:
| style="text-align:right" | 422
|-
| style="text-align:left" | [[Definition:Other revenues {{footnoterevenue|1=Includes liquid investedOther assets.}}Revenues]]
| style="text-align:right" | 522
| style="text-align:right" | 1,050
Line 6,640 ⟶ 6,870:
| style="text-align:right" | 1,149
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | -925
| style="text-align:right" | -1,986
Line 6,646 ⟶ 6,876:
| style="text-align:right" | -2,107
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | -471
| style="text-align:right" | -948
Line 6,652 ⟶ 6,882:
| style="text-align:right" | -928
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings]] beforeBefore tax'''Tax</b>
| style="text-align:right" | '''<b>-693'''</b>
| style="text-align:right" | '''<b>-1,482'''</b>
| style="text-align:right" | '''<b>-692'''</b>
| style="text-align:right" | '''<b>-1,464'''</b>
|-
| style="text-align:left" | Tax
Line 6,664 ⟶ 6,894:
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from affiliatesAffiliates &amp; otherOther
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,670 ⟶ 6,900:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,676 ⟶ 6,906:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>[[Definition:Underlying earnings|Underlying Earnings groupGroup share''']]</b>
| style="text-align:right" | '''<b>-592'''</b>
| style="text-align:right" | '''<b>-1,157'''</b>
| style="text-align:right" | '''<b>-591'''</b>
| style="text-align:right" | '''<b>-1,180'''</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|+ Holdings cash balance rollforward
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Opening Cash Balance at [[Definition:AXA|AXA]] SA {{fn ref|9|2=Includes liquid invested assets.}}</b>
| style="text-align:right" | —
| style="text-align:right" | <b>4.0</b>
| style="text-align:right" | —
| 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" | —
| style="text-align:right" | 7.7
| style="text-align:right" | —
| style="text-align:right" | 7.5
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:Property & casualty|Property &amp; Casualty]]
| style="text-align:right" | —
| style="text-align:right" | 4.0
| style="text-align:right" | —
| style="text-align:right" | 5.1
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:Life & health|Life &amp; Health]]
| style="text-align:right" | —
| style="text-align:right" | 3.6
| style="text-align:right" | —
| style="text-align:right" | 2.5
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:AXA Investment Managers|Asset Management]] &amp; Other
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 0.0
|-
| style="text-align:left" | [[Definition:Dividend|Dividends]]
| style="text-align:right" | —
| style="text-align:right" | -4.4
| style="text-align:right" | —
| 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" | —
| style="text-align:right" | -1.8
| style="text-align:right" | —
| style="text-align:right" | -4.7
|-
| style="text-align:left" | Holding costs and interests
| style="text-align:right" | —
| style="text-align:right" | -1.3
| style="text-align:right" | —
| style="text-align:right" | -1.3
|-
| style="text-align:left" | Debt issuance
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 1.6
|-
| style="text-align:left" | M&amp;A and disposals
| style="text-align:right" | —
| style="text-align:right" | 0.0
| style="text-align:right" | —
| style="text-align:right" | 3.8
|-
| style="text-align:left" | Other
| style="text-align:right" | —
| style="text-align:right" | -0.3
| style="text-align:right" | —
| style="text-align:right" | -0.7
|-
| style="text-align:left" | <b>Closing Cash Balance at [[Definition:AXA|AXA]] SA {{fn ref|9|2=Includes liquid invested assets.}}</b>
| style="text-align:right" | —
| style="text-align:right" | <b>4.0</b>
| style="text-align:right" | —
| style="text-align:right" | <b>5.6</b>
|}
</div>
 
{{fn note|1=8|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.}}
{{fn note|1=9|2=Includes liquid invested assets.}}
{{fn note|1=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).}}
{{fn note|1=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).}}
 
{{chunk|doc=gr2rpazfcv|c=13|p=13}}
== Activity Indicators ==
 
<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|+ Activity Indicatorsindicators by Line of [[Definition:Business time series by mix|line of business]]
|-
! style="text-align:left" |
! style="text-align:left" | In EUR million
! colspan="8" style="text-align:center" | 1H24
! colspan="8" style="text-align:center" | [[Definition:Full year 2024|FY24]]
! colspan="8" style="text-align:center" | 1H25
! colspan="8" style="text-align:center" | [[Definition:Full year 2025|FY25]]
|-
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&amp;C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life &amp; Health]]
! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnotefn ref|12|12=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset managementManagement]]
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&amp;C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life &amp; Health]]
! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnotefn ref|12|12=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset managementManagement]]
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&amp;C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life &amp; Health]]
! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnotefn ref|12|12=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset managementManagement]]
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&amp;C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life &amp; Health]]
! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnotefn ref|12|12=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset managementManagement]]
! class="col-s" style="text-align:right" | Bank
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross Written Premiums &amp; Other Revenues]]
| style="text-align:right" | 59,872
| style="text-align:right" | 32,522
Line 6,763 ⟶ 7,084:
| style="text-align:right" | 99
|-
| style="text-align:left" | IFRS17/9 newNew businessBusiness valueValue (NBV) (a)
| style="text-align:right" | 1,206
| style="text-align:right" | —
Line 6,797 ⟶ 7,118:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | New businessBusiness contractualContractual serviceService marginMargin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | —
Line 6,831 ⟶ 7,152:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other NBV {{footnotefn ref|113|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" | —
Line 6,865 ⟶ 7,186:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Tax
| style="text-align:right" | -381
| style="text-align:right" | —
Line 6,899 ⟶ 7,220:
| style="text-align:right" | —
|-
| style="text-align:left" | Present valueValue of expectedExpected premiumsPremiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | —
Line 6,933 ⟶ 7,254:
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV marginMargin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | —
Line 6,970 ⟶ 7,291:
 
<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|+ Activity Indicators by Geography time seriesindicators by geography
|-
! style="text-align:left" |
! style="text-align:left" | In EUR million
! colspan="7" style="text-align:center" | 1H24
! colspan="7" style="text-align:center" | [[Definition:Full year 2024|FY24]]
! colspan="7" style="text-align:center" | 1H25
! colspan="7" style="text-align:center" | [[Definition:Full year 2025|FY25]]
|-
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal &amp; Other]]
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross Written Premiums &amp; Other Revenues]]
| style="text-align:right" | 59,872
| style="text-align:right" | 14,719
Line 7,038 ⟶ 7,360:
| style="text-align:right" | 1,844
|-
| style="text-align:left" | IFRS17/9 newNew businessBusiness valueValue (NBV) (a)
| style="text-align:right" | 1,206
| style="text-align:right" | 354
Line 7,068 ⟶ 7,390:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | New businessBusiness contractualContractual serviceService marginMargin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | 203
Line 7,098 ⟶ 7,420:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other NBV {{footnotefn ref|113|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" | 275
Line 7,128 ⟶ 7,450:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Tax
| style="text-align:right" | -381
| style="text-align:right" | -123
Line 7,158 ⟶ 7,480:
| style="text-align:right" | —
|-
| style="text-align:left" | Present valueValue of expectedExpected premiumsPremiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | 12,301
Line 7,188 ⟶ 7,510:
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV marginMargin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | 2.9%
Line 7,220 ⟶ 7,542:
</div>
 
{{fn note|1=12|2=Employee Benefits include Group Protection and Group Health contracts.}}
{{fn note|1=13|2=Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}
 
{{chunk|doc=gr2rpazfcv|c=14|p=14}}
== Balance Sheet ==
 
<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|+ Assets build-up
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FY24In EUR billion
! class="col-sm" style="text-align:right" | FY25[[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Goodwill
Line 7,237 ⟶ 7,564:
| style="text-align:right" | 4.4
|-
| style="text-align:left" | '''<b>Total intangibleIntangible assets'''</b>
| style="text-align:right" | '''<b>22.6'''</b>
| style="text-align:right" | '''<b>22.2'''</b>
|-
| style="text-align:left" | Investments in real estate properties
Line 7,249 ⟶ 7,576:
| style="text-align:right" | 401.8
|-
| style="text-align:left" | Unit-linked assetsAssets
| style="text-align:right" | 90.1
| style="text-align:right" | 97.2
|-
| style="text-align:left" | '''<b>Total investmentsInvestments from insuranceInsurance activities'''</b>
| style="text-align:right" | '''<b>537.5'''</b>
| style="text-align:right" | '''<b>526.9'''</b>
|-
| style="text-align:left" | Investments from nonNon-insuranceInsurance activitiesActivities
| style="text-align:right" | 18.5
| style="text-align:right" | 16.6
|-
| style="text-align:left" | Equity methodMethod investments
| style="text-align:right" | 1.5
| style="text-align:right" | 1.5
|-
| style="text-align:left" | Assets arisingArising from insuranceInsurance and reinsuranceReinsurance contractsContracts heldHeld
| style="text-align:right" | 26.1
| style="text-align:right" | 23.9
|-
| class="wt-indent-2" style="text-align:left" | Present valueValue of futureFuture cashCash flowsFlows
| style="text-align:right" | 24.1
| style="text-align:right" | 22.0
|-
| class="wt-indent-2" style="text-align:left" | Contractual serviceService marginMargin
| style="text-align:right" | 1.4
| style="text-align:right" | 1.4
|-
| class="wt-indent-2" style="text-align:left" | Risk adjustmentAdjustment
| style="text-align:right" | 0.5
| style="text-align:right" | 0.5
|-
| style="text-align:left" | Receivables and otherOther assetsAssets
| style="text-align:right" | 24.1
| style="text-align:right" | 21.9
Line 7,293 ⟶ 7,620:
| style="text-align:right" | 22.2
|-
| style="text-align:left" | '''<b>Total assets'''Assets</b>
| style="text-align:right" | '''<b>653.8'''</b>
| style="text-align:right" | '''<b>635.5'''</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|+ Liabilities, non-controlling interests, &and shareholders' equity build-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
|! style="text-align:left" | Shareholders' equityIn groupEUR sharebillion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Shareholders' Equity group share
| style="text-align:right" | 49.9
| style="text-align:right" | 47.2
|-
| style="text-align:left" | Non-controlling interestsInterests
| style="text-align:right" | 2.5
| style="text-align:right" | 2.4
|-
| style="text-align:left" | '''Shareholders'<b>Shareholders’ equity'''</b>
| style="text-align:right" | '''<b>52.5'''</b>
| style="text-align:right" | '''<b>49.6'''</b>
|-
| style="text-align:left" | Financing debt
Line 7,326 ⟶ 7,654:
| style="text-align:right" | 470.4
|-
| class="wt-indent-2" style="text-align:left" | Present valueValue of futureFuture cashCash flowsFlows
| style="text-align:right" | 438.4
| style="text-align:right" | 432.6
|-
| class="wt-indent-2" style="text-align:left" | Contractual serviceService marginMargin
| style="text-align:right" | 35.3
| style="text-align:right" | 34.7
|-
| class="wt-indent-2" style="text-align:left" | Risk adjustmentAdjustment
| style="text-align:right" | 3.3
| style="text-align:right" | 3.1
|-
| style="text-align:left" | Other investmentInvestment contractContract liabilitiesLiabilities
| style="text-align:right" | 12.6
| style="text-align:right" | 12.8
|-
| style="text-align:left" | '''<b>Liabilities arising from insurance, reinsurance and investment contracts'''</b>
| style="text-align:right" | '''<b>489.6'''</b>
| style="text-align:right" | '''<b>483.2'''</b>
|-
| style="text-align:left" | Liabilities arisingArising from nonNon-insuranceInsurance activitiesActivities
| style="text-align:right" | 10.1
| style="text-align:right" | 9.9
Line 7,354 ⟶ 7,682:
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Payables and otherOther liabilities
| style="text-align:right" | 80.9
| style="text-align:right" | 72.5
Line 7,362 ⟶ 7,690:
| style="text-align:right" | 0.0
|-
| style="text-align:left" | '''<b>Total liabilitiesLiabilities, nonNon-controlling interestsInterests and shareholdersShareholders' equity'''Equity</b>
| style="text-align:right" | '''<b>653.8'''</b>
| style="text-align:right" | '''<b>635.5'''</b>
|}
</div>
 
{{chunk|doc=gr2rpazfcv|c=15|p=15}}
== CSM rollforward ==
 
<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|+ Contractual serviceService marginMargin (CSM) rollforward by [[Definition:Business mix|business unit, pre-tax and post-tax, under IFRS 17]]
|-
! style="text-align:left" | EUR million
! class="col-s" style="text-align:rightleft" | FY23In EUR restatedmillion
! class="col-sm" style="text-align:right" | NewFY23 businessRestated CSM{{fn ref|14|2=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! class="col-sm" style="text-align:right" | UnderlyingNew returnBusiness on inforceCSM
! class="col-sm" style="text-align:right" | CSMUnderlying releaseReturn on inforce
! class="col-sm" style="text-align:right" | EconomicCSM varianceRelease
! class="col-sm" style="text-align:right" | OperatingEconomic varianceVariance
! class="col-s" style="text-align:right" | Operating Variance
! class="col-s" style="text-align:right" | Other {{footnote|1=Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! class="col-sm" style="text-align:right" | FY24Other {{fn ref|15|2=Including scope changes and FX.}}
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
|-
| style="text-align:left" | '''<b>Total groupGroup (pre-tax)'''</b>
| style="text-align:right" | '''<b>34,187'''</b>
| style="text-align:right" | '''<b>2,169'''</b>
| style="text-align:right" | '''<b>1,383'''</b>
| style="text-align:right" | '''<b>-2,775'''</b>
| style="text-align:right" | '''<b>-998'''</b>
| style="text-align:right" | '''<b>432'''</b>
| style="text-align:right" | '''<b>-545'''</b>
| style="text-align:right" | '''<b>33,853'''</b>
|-
| class="wt-indent-2" style="text-align:left" | [[Definition:Property & casualty|P&amp;C]]
| style="text-align:right" | 206
| style="text-align:right" | 0
Line 7,403 ⟶ 7,733:
| style="text-align:right" | 282
|-
| class="wt-indent-2" style="text-align:left" | Life
| style="text-align:right" | 26,200
| style="text-align:right" | 1,770
Line 7,413 ⟶ 7,743:
| style="text-align:right" | 25,826
|-
| class="wt-indent-2" style="text-align:left" | Health
| style="text-align:right" | 7,782
| style="text-align:right" | 400
Line 7,423 ⟶ 7,753:
| style="text-align:right" | 7,744
|-
| style="text-align:left" | '''<b>Total groupGroup (post-tax)'''</b>
| style="text-align:right" | '''<b>26,777'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,431 ⟶ 7,761:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | '''<b>26,320'''</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t22" class="wikitable fintable"
|+ Contractual serviceService marginMargin (CSM) rollforward by [[Definition:Business mix|business unit, pre-tax and post-tax, under IFRS 17 {{footnote|1=Including scope changes and FX.}}]]
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | New business CSM
! class="col-s" style="text-align:right" | Underlying return on inforce
! class="col-s" style="text-align:right" | CSM release
! class="col-s" style="text-align:right" | Economic variance
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Other {{footnote|1=Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! class="col-s" style="text-align:right" | FY25
|-
|! style="text-align:left" | '''TotalIn groupEUR (pre-tax)'''million
|! class="col-m" style="text-align:right" | '''33,853'''[[Definition:Full year 2024|FY24]]
|! class="col-m" style="text-align:right" | '''2,199'''New Business CSM
|! class="col-m" style="text-align:right" | '''1,328'''Underlying Return on inforce
|! class="col-m" style="text-align:right" | '''-2,954'''CSM Release
|! class="col-s" style="text-align:right" | '''594'''Economic Variance
|! class="col-m" style="text-align:right" | '''-316'''Operating Variance
|! class="col-m" style="text-align:right" | '''-1,451'''Other {{fn ref|15|2=Including scope changes and FX.}}
|! class="col-m" style="text-align:right" | '''33,253'''[[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | P&C<b>Total Group (pre-tax)</b>
| style="text-align:right" | <b>33,853</b>
| style="text-align:right" | <b>2,199</b>
| style="text-align:right" | <b>1,328</b>
| style="text-align:right" | <b>-2,954</b>
| style="text-align:right" | <b>594</b>
| style="text-align:right" | <b>-316</b>
| style="text-align:right" | <b>-1,451</b>
| style="text-align:right" | <b>33,253</b>
|-
| class="wt-indent-2" style="text-align:left" | [[Definition:Property & casualty|P&amp;C]]
| style="text-align:right" | 282
| style="text-align:right" | 0
Line 7,468 ⟶ 7,799:
| style="text-align:right" | 261
|-
| class="wt-indent-2" style="text-align:left" | Life
| style="text-align:right" | 25,826
| style="text-align:right" | 1,822
Line 7,478 ⟶ 7,809:
| style="text-align:right" | 25,442
|-
| class="wt-indent-2" style="text-align:left" | Health
| style="text-align:right" | 7,744
| style="text-align:right" | 377
Line 7,488 ⟶ 7,819:
| style="text-align:right" | 7,550
|-
| style="text-align:left" | '''<b>Total groupGroup (post-tax)'''</b>
| style="text-align:right" | '''<b>26,320'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,496 ⟶ 7,827:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | '''<b>25,864'''</b>
|}
</div>
 
{{fn note|1=14|2=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
{{fn note|1=15|2=Including scope changes and FX.}}
 
{{chunk|doc=gr2rpazfcv|c=16|p=16}}
== Invested Assets ==
 
<div style="overflow-x:auto">
{| id="t23" class="wikitable fintable"
|+ General Account invested assets build-up by asset class and rating
|+ General account invested assets as of FY25 breakdown by asset class {{footnote|1=1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}}
|-
! style="text-align:left" | EUR billion
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair value
! class="col-s" style="text-align:right" | Asset allocationAllocation %
! class="col-s" style="text-align:right" | o/w participatingParticipating
! class="col-m" style="text-align:right" | Duration gap
! colspan="7" style="text-align:center" | Fair Value by Rating
|-
! style="text-align:left" |
| style="text-align:left" | '''General account invested assets1 {{footnote|1=1 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.}}'''
|! class="col-s" style="text-align:right" | '''450'''Fair value
! class="col-s" style="text-align:right" | Asset Allocation %
! class="col-s" style="text-align:right" | o/w Participating
! class="col-m" style="text-align:right" | Duration gap
! class="col-s" style="text-align:right" | Average rating1 {{fn ref|21|2=Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}}
! class="col-s" style="text-align:right" | AAA
! class="col-s" style="text-align:right" | AA
! class="col-s" style="text-align:right" | A
! class="col-s" style="text-align:right" | BBB
! class="col-s" style="text-align:right" | Below Investment Grade
! class="col-s" style="text-align:right" | Non Rated
|-
| 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" | —
| style="text-align:right" | <b>60%</b>
| style="text-align:right" | <b>-0.4 yr</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | '''60%'''
|-
| style="text-align:left" | Fixed incomeIncome
| style="text-align:right" | 345
| style="text-align:right" | 77%
| style="text-align:right" | 60%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Government bondsBonds
| style="text-align:right" | 167
| style="text-align:right" | 37%
| style="text-align:right" | 66%
| style="text-align:right" | —
| style="text-align:right" | <b>AA</b>
| style="text-align:right" | 27%
| style="text-align:right" | 31%
| style="text-align:right" | 28%
| style="text-align:right" | 10%
| style="text-align:right" | 2%
| style="text-align:right" | 2%
|-
| class="wt-indent-1" style="text-align:left" | Corporate bondsBonds and loansLoans
| style="text-align:right" | 121
| style="text-align:right" | 27%
| style="text-align:right" | 55%
| style="text-align:right" | —
| style="text-align:right" | <b>A</b>
| style="text-align:right" | 16%
| style="text-align:right" | 6%
| style="text-align:right" | 39%
| style="text-align:right" | 28%
| style="text-align:right" | 11%
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other fixedFixed incomeIncome
| style="text-align:right" | 56
| style="text-align:right" | 13%
| style="text-align:right" | 52%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-2" style="text-align:left" | Asset backedBacked securities2Securities {{footnotefn ref|17|1=2 =Includes 91% of CLOs.}}
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:right" | 48%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 54%
| style="text-align:right" | 28%
| style="text-align:right" | 10%
| style="text-align:right" | 3%
| style="text-align:right" | 1%
| style="text-align:right" | 4%
|-
| class="wt-indent-2" style="text-align:left" | Mortgage loans3Loans {{footnotefn ref|118|2=3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial &amp; agricultural loans (Euro 7 billion).}}
| style="text-align:right" | 31
| style="text-align:right" | 7%
| style="text-align:right" | 56%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Real estateEstate
| style="text-align:right" | 41
| style="text-align:right" | 9%
| style="text-align:right" | 63%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Infrastructure equityEquity
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:right" | 64%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Listed equities4Equities {{footnotefn ref|119|2=4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:right" | 82%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Private equityEquity &amp; hedgeHedge funds5Funds {{footnotefn ref|120|2=5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
| style="text-align:right" | 55%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash
Line 7,569 ⟶ 8,008:
| style="text-align:right" | 4%
| style="text-align:right" | 50%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Policy loansLoans
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:right" | 51%
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Duration gap sensitivity by rating
! style="text-align:left" | EUR billion
! colspan="7" style="text-align:center" | Fair value by rating
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Average rating
! class="col-s" style="text-align:right" | AAA
! class="col-s" style="text-align:right" | AA
! class="col-s" style="text-align:right" | A
! class="col-s" style="text-align:right" | BBB
! class="col-s" style="text-align:right" | Below investment grade
! class="col-s" style="text-align:right" | Non rated
|-
| style="text-align:left" | '''-0.4 yr'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,600 ⟶ 8,028:
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | '''AA'''
| style="text-align:right" | 27%
| style="text-align:right" | 31%
| style="text-align:right" | 28%
| style="text-align:right" | 10%
| style="text-align:right" | 2%
| style="text-align:right" | 2%
|-
| style="text-align:left" | —
| style="text-align:right" | '''A'''
| style="text-align:right" | 16%
| style="text-align:right" | 6%
| style="text-align:right" | 39%
| style="text-align:right" | 28%
| style="text-align:right" | 11%
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | 54%
| style="text-align:right" | 28%
| style="text-align:right" | 10%
| style="text-align:right" | 3%
| style="text-align:right" | 1%
| style="text-align:right" | 4%
|}
</div>
 
{{fn note|1=21|2=Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}}
{{fn note|1=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.}}
{{fn note|1=17|2=Includes 91% of CLOs.}}
{{fn note|1=18|2=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}}
{{fn note|1=19|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
{{fn note|1=20|2=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
 
{{chunk|doc=gr2rpazfcv|c=17|p=17}}
== Supplementary Info on Asset ==
 
<div style="overflow-x:auto">
{| id="t24" class="wikitable fintable"
|+ BreakdownGovernment bonds breakdown by geographical exposure of assets {{footnote|1=Corporate Bonds and Loans.}}
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FairIn EUR valuebillion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | Germany
! class="col-s" style="text-align:right" | Italy
Line 7,648 ⟶ 8,059:
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Supranational
! class="col-s" style="text-align:right" | Rest of the worldWorld
|-
| style="text-align:left" | Breakdown byBy geographicalGeographical exposureExposure
| style="text-align:right" | '''<b>167'''</b>
| style="text-align:right" | 6%
| style="text-align:right" | 12%
Line 7,668 ⟶ 8,079:
 
<div style="overflow-x:auto">
{| id="t25" class="wikitable fintable"
|+ Corporate bonds and loans breakdown by industry
|+ Breakdown by industry of assets
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FairIn EUR valuebillion
! class="col-s" style="text-align:right" | BasicFair materialsValue
! class="col-s" style="text-align:right" | Basic Materials
! class="col-s" style="text-align:right" | Communications
! class="col-s" style="text-align:right" | Consumer, cyclicalCyclical
! class="col-s" style="text-align:right" | Consumer, nonNon-cyclicalCyclical
! class="col-s" style="text-align:rightleft" | Covered and seniorSenior securedSecured bondsBonds
! class="col-s" style="text-align:right" | Energy
! class="col-s" style="text-align:right" | Financials
Line 7,684 ⟶ 8,096:
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown byBy industryIndustry
| style="text-align:right" | '''<b>121'''</b>
| style="text-align:right" | 2%
| style="text-align:right" | 6%
| style="text-align:right" | 4%
| style="text-align:right" | 11%
| style="text-align:rightleft" | 29%
| style="text-align:right" | 1%
| style="text-align:right" | 28%
Line 7,701 ⟶ 8,113:
 
<div style="overflow-x:auto">
{| id="t26" class="wikitable fintable"
|+ Corporate bonds and loans exposure to financials {{fn ref|31|2=Includes REITS corporate bonds (Euro 3 billion).}}
|+ Exposure to the financials breakdown by type {{footnote|1=Listed Equities1.}}
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | TotalIn EUR billion
! class="col-sm" style="text-align:right" | BanksTotal
! class="col-sm" style="text-align:right" | Non-banks1 {{footnote|1=1 Includes REITS corporate bonds (Euro 3 billion).}}Banks
! class="col-s" style="text-align:right" | Non-Banks1 {{fn ref|23|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
|-
| style="text-align:left" | '''<b>Total'''</b>
| style="text-align:right" | '''<b>33.4'''</b>
| style="text-align:right" | '''<b>27.5'''</b>
| style="text-align:right" | '''<b>6.0'''</b>
|-
| style="text-align:left" | Senior unsecuredUnsecured bondsBonds
| style="text-align:right" | 29.8
| style="text-align:right" | 24.3
| style="text-align:right" | 5.5
|-
| style="text-align:left" | Subordinated bonds2Bonds {{footnotefn ref|22|1=2 =Includes AT1 (Euro 0.4 billion).}}
| style="text-align:right" | 3.0
| style="text-align:right" | 2.7
Line 7,731 ⟶ 8,144:
 
<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|+ BreakdownListed equities breakdown by asset domiciliation by geography
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FairIn EUR valuebillion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | Germany
! class="col-s" style="text-align:right" | Japan
Line 7,743 ⟶ 8,157:
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Rest of the worldWorld
|-
| style="text-align:left" | Breakdown byBy assetAsset domiciliationDomiciliation
| style="text-align:right" | '''<b>10'''</b>
| style="text-align:right" | 3%
| style="text-align:right" | 7%
Line 7,760 ⟶ 8,174:
 
<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|+ BreakdownListed byequities industrybreakdown by industry {{footnotefn ref|132|2=1 Including hedges.}} {{footnote|1=Real Estate.}}
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FairIn EUR valuebillion
! class="col-s" style="text-align:right" | BasicFair materialsValue
! class="col-s" style="text-align:right" | Basic Materials
! class="col-s" style="text-align:right" | Communications
! class="col-s" style="text-align:right" | Consumer, cyclicalCyclical
! class="col-s" style="text-align:right" | Consumer, nonNon-cyclicalCyclical
! class="col-s" style="text-align:right" | Diversified
! class="col-s" style="text-align:right" | Energy
Line 7,777 ⟶ 8,192:
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown byBy industryIndustry
| style="text-align:right" | '''<b>10'''</b>
| style="text-align:right" | 5%
| style="text-align:right" | 11%
Line 7,795 ⟶ 8,210:
 
<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+ BreakdownReal estate breakdown by geographical exposure by geography
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FairIn EUR valuebillion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | Germany
! class="col-s" style="text-align:right" | Italy
Line 7,809 ⟶ 8,225:
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Rest of the worldWorld
|-
| style="text-align:left" | Breakdown byBy geographicalGeographical exposureExposure
| style="text-align:right" | '''<b>41'''</b>
| style="text-align:right" | 5%
| style="text-align:right" | 25%
Line 7,828 ⟶ 8,244:
 
<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|+ Real estate breakdown by type
|+ Breakdown by type by type {{footnote|1=Private Equities1.}}
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FairIn EUR valuebillion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Office
! class="col-s" style="text-align:right" | Residential
! class="col-s" style="text-align:right" | Industrial-logisticLogistic
! class="col-s" style="text-align:right" | Retail
! class="col-s" style="text-align:right" | Others
|-
| style="text-align:left" | Breakdown byBy typeType
| style="text-align:right" | '''<b>41'''</b>
| style="text-align:right" | 33%
| style="text-align:right" | 22%
Line 7,849 ⟶ 8,266:
 
<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|+ BreakdownPrivate equities breakdown by asset domiciliation by geography {{footnotefn ref|133|2=1 Excluding Non-listed Equity.}} {{footnote|1=Mortgage Loans1,2.}}
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FairIn EUR valuebillion
! class="col-s" style="text-align:right" | EuropeFair Value
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | Japan
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown byBy assetAsset domiciliationDomiciliation
| style="text-align:right" | '''<b>17'''</b>
| style="text-align:right" | 45%
| style="text-align:right" | 5%
Line 7,868 ⟶ 8,286:
 
<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|+ Mortgage loans breakdown by type
|+ Breakdown by type by type {{footnote|1=1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}} {{footnote|1=2 Loan to Value: 46%.}}
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FairIn EUR valuebillion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Residential
! class="col-s" style="text-align:right" | Commercial {{fn ref|24|2=Loan to Value: 46%.}}
|-
| style="text-align:left" | Breakdown by typeType
| style="text-align:right" | '''<b>23'''</b>
| style="text-align:right" | 69%
| style="text-align:right" | 31%
Line 7,882 ⟶ 8,301:
</div>
 
{{fn note|1=31|2=Includes REITS corporate bonds (Euro 3 billion).}}
{{fn note|1=23|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
{{fn note|1=22|2=Includes AT1 (Euro 0.4 billion).}}
{{fn note|1=32|2=Including hedges.}}
{{fn note|1=33|2=Excluding Non-listed Equity.}}
{{fn note|1=24|2=Loan to Value: 46%.}}
 
{{chunk|doc=gr2rpazfcv|c=18|p=18}}
== Shareholders Equity ==
 
<div style="overflow-x:auto">
{| id="t33" class="wikitable fintable"
|+ Change in groupGroup shareShare consolidatedConsolidated shareholdersShareholders' equityEquity rollforward
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FY25In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | '''<b>Shareholders' equityEquity at beginningBeginning of the period {{footnote|1=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}'''Period</b>
| style="text-align:right" | '''<b>49.9'''</b>
|-
| style="text-align:left" | Paid-in capitalCapital
| style="text-align:right" | -4.9
|-
| style="text-align:left" | Treasury sharesShares
| style="text-align:right" | -0.1
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome arisingArising from definedDefined benefitBenefit plansPlans
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Fair valueValue recordedRecorded in shareholdersShareholders' equityEquity
| style="text-align:right" | 1.3
|-
| class="wt-indent-1" style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to investedInvested assetsAssets
| style="text-align:right" | -4.2
|-
| class="wt-indent-1" style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to (re) insuranceInsurance contractsContracts
| style="text-align:right" | 5.4
|-
| style="text-align:left" | Impact of currencyCurrency fluctuationsFluctuations
| style="text-align:right" | -3.5
|-
| style="text-align:left" | Undated subordinatedSubordinated debtDebt (including interest charges)
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Realized gainsGains on equityEquity through retainedRetained earningsEarnings
| style="text-align:right" | 0.1
|-
| style="text-align:left" | [[Definition:Dividend|Dividends]]
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Net incomeIncome for the periodPeriod
| style="text-align:right" | 9.8
|-
Line 7,929 ⟶ 8,357:
| style="text-align:right" | -0.2
|-
| style="text-align:left" | '''<b>Shareholders' equityEquity at endEnd of the period {{footnote|1=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}'''Period</b>
| style="text-align:right" | '''<b>47.2'''</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|+ Group shareShare consolidatedConsolidated shareholdersShareholders' equityEquity build-up
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FY24In EUR billion
! class="col-sm" style="text-align:right" | FY25[[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Paid-in capitalCapital
| style="text-align:right" | 21.8
| style="text-align:right" | 16.9
|-
| style="text-align:left" | Treasury sharesShares
| style="text-align:right" | -1.5
| style="text-align:right" | -1.6
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome arisingArising from definedDefined benefitBenefit plansPlans
| style="text-align:right" | -2.4
| style="text-align:right" | -2.8
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome
| style="text-align:right" | -8.1
| style="text-align:right" | -6.8
|-
| class="wt-indent-1" style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to investedInvested assetsAssets
| style="text-align:right" | -13.1
| style="text-align:right" | -17.3
|-
| class="wt-indent-1" style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to (re) insuranceInsurance contractsContracts
| style="text-align:right" | 5.0
| style="text-align:right" | 10.5
|-
| style="text-align:left" | Translation reservesReserves
| style="text-align:right" | -1.1
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Undated subordinatedSubordinated debtDebt
| style="text-align:right" | 4.8
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Retained earningsEarnings
| style="text-align:right" | 36.5
| style="text-align:right" | 41.4
|-
| style="text-align:left" | '''<b>Total shareholdersShareholders' equityEquity at the endEnd of the period'''Period</b>
| style="text-align:right" | '''<b>49.9'''</b>
| style="text-align:right" | '''<b>47.2'''</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t35" class="wikitable fintable"
|+ Book value per share and shareholders' equity plus CSM per share
|+ Unrealized gains and losses on invested assets (net of tax) breakdown by asset type
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
|! style="text-align:left" | Government bonds (recyclable)EUR
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | <b>Book Value per Share {{fn ref|25|2=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}</b>
| style="text-align:right" | <b>24.5</b>
| style="text-align:right" | <b>24.0</b>
|-
| style="text-align:left" | <b>Shareholders' Equity + CSM per Share {{fn ref|26|2=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}</b>
| style="text-align:right" | <b>32.7</b>
| style="text-align:right" | <b>33.2</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|+ Unrealized gains and losses on invested assets net of tax build-up
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Government Bonds (recyclable)
| style="text-align:right" | -7.5
| style="text-align:right" | -13.0
|-
| style="text-align:left" | Corporate bondsBonds (recyclable)
| style="text-align:right" | -4.1
| style="text-align:right" | -3.0
|-
| style="text-align:left" | Cash flowFlow hedges (recyclable)
| style="text-align:right" | -3.5
| style="text-align:right" | -3.3
Line 8,010 ⟶ 8,458:
| style="text-align:right" | -0.1
|-
| style="text-align:left" | '''<b>Total otherOther comprehensiveComprehensive incomeIncome relatedRelated to investedInvested assets'''Assets</b>
| style="text-align:right" | '''<b>-13.1'''</b>
| style="text-align:right" | '''<b>-17.3'''</b>
|-
| style="text-align:left" | Real estateEstate
| style="text-align:right" | 6.7
| style="text-align:right" | 6.5
|-
| style="text-align:left" | Other investedInvested assetsAssets notNot includedIncluded in shareholdersShareholders' equityEquity
| style="text-align:right" | -0.6
| style="text-align:right" | -0.1
|-
| style="text-align:left" | '''<b>Total unrealizedUnrealized gainsGains and lossesLosses on investedInvested assetsAssets at costCost (netNet of taxTax)'''</b>
| style="text-align:right" | '''<b>6.1'''</b>
| style="text-align:right" | '''<b>6.4'''</b>
|-
| style="text-align:left" | '''<b>Total unrealizedUnrealized gainsGains and lossesLosses on investedInvested assetsAssets (netNet of taxTax)'''</b>
| style="text-align:right" | '''<b>-7.0'''</b>
| style="text-align:right" | '''<b>-10.9'''</b>
|}
</div>
 
{{fn note|1=25|2=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}
{{fn note|1=26|2=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}
 
{{chunk|doc=gr2rpazfcv|c=19|p=19}}
== RoE & Gearing ==
 
<div style="overflow-x:auto">
{| id="t37" class="wikitable fintable"
|+ Return on equity (ROE) ratio analysis {{footnote|1=Financial interest treatment.}}
|-
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:rightleft" | FY24In EUR billion
! class="col-s" style="text-align:right" | FY25[[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | Change[[Definition:Full inyear % points (2025|FY25 vs FY24)]]
! style="text-align:right" | Change in % points ([[Definition:Full year 2025|FY25]] vs [[Definition:Full year 2024|FY24]])
|-
| style="text-align:left" | '''<b>Net incomeIncome ROE'''</b>
| style="text-align:right" | '''<b>14.8%'''</b>
| style="text-align:right" | '''<b>18.8%'''</b>
| style="text-align:right" | '''<b>3.9 pt'''</b>
|-
| style="text-align:left" | Net income (a)Income {{footnotefn ref|27|12=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 7.7
| style="text-align:right" | 9.6
| style="text-align:right" | —
|-
| style="text-align:left" | Average adjustedAdjusted shareholdersShareholders' equity (b)Equity {{footnotefn ref|28|12=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:right" | —
|-
| style="text-align:left" | '''<b>Underlying ROE'''</b>
| style="text-align:right" | '''<b>15.2%'''</b>
| style="text-align:right" | '''<b>16.0%'''</b>
| style="text-align:right" | '''<b>0.8 pt'''</b>
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] {{fn ref|27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (arecorded through shareholders' equity).}}
| style="text-align:right" | 7.9
| style="text-align:right" | 8.2
| style="text-align:right" | —
|-
| 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:left" | Average adjusted shareholders' equity (b)
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
Line 8,075 ⟶ 8,528:
 
<div style="overflow-x:auto">
{| id="t38" class="wikitable fintable"
|+ Consolidated financial structure & debtDebt gearing build-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
|! style="text-align:left" | FinancingIn EUR debtbillion
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Financing Debt
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| class="wt-indent-1" style="text-align:left" | Financing debtDebt instrumentInstrument issuedIssued
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| class="wt-indent-1" style="text-align:left" | Financing debtDebt owedOwed to creditCredit institutionsInstitutions
| style="text-align:right" | 0.0
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Dated subordinatedSubordinated debtDebt
| style="text-align:right" | 11.2
| style="text-align:right" | 12.6
Line 8,101 ⟶ 8,555:
| style="text-align:right" | -0.1
|-
| style="text-align:left" | '''<b>Total grossGross debtDebt (A)'''</b>
| style="text-align:right" | '''<b>14.3'''</b>
| style="text-align:right" | '''<b>15.7'''</b>
|-
| style="text-align:left" | Undated deeplyDeeply subordinatedSubordinated notesNotes (TSS)
| style="text-align:right" | 2.9
| style="text-align:right" | 4.3
|-
| style="text-align:left" | Deeply subordinatedSubordinated notesNotes (TSDI)
| style="text-align:right" | 1.9
| style="text-align:right" | 0.3
|-
| style="text-align:left" | '''<b>Total grossGross debtDebt incl. undatedUndated and deeplyDeeply subordinatedSubordinated notesNotes (B)'''</b>
| style="text-align:right" | '''<b>19.2'''</b>
| style="text-align:right" | '''<b>20.3'''</b>
|-
| style="text-align:left" | '''<b>Shareholders' equityEquity (includingIncluding nonNon-controllingControlling interestsInterests) (a) (C) {{footnotefn ref|129|2=Shareholders' equity includes undated and deeply subordinated debts.}}'''</b>
| style="text-align:right" | '''<b>52.5'''</b>
| style="text-align:right" | '''<b>49.6'''</b>
|-
| style="text-align:left" | '''<b>Contractual serviceService marginMargin net of tax (D)'''</b>
| style="text-align:right" | '''<b>26.3'''</b>
| style="text-align:right" | '''<b>25.9'''</b>
|-
| style="text-align:left" | '''<b>Shareholders' equityEquity + contractualContractual serviceService marginMargin + grossGross debtDebt (E) = (C) + (D) + (A)'''</b>
| style="text-align:right" | '''<b>93.1'''</b>
| style="text-align:right" | '''<b>91.1'''</b>
|-
| style="text-align:left" | '''<b>Debt gearingGearing (G) = (B) / (E)'''</b>
| style="text-align:right" | '''<b>20.6%'''</b>
| style="text-align:right" | '''<b>22.3%'''</b>
|}
</div>
 
{{fn note|1=27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
{{fn note|1=28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
{{fn note|1=29|2=Shareholders' equity includes undated and deeply subordinated debts.}}
 
{{chunk|doc=gr2rpazfcv|c=20|p=20}}
== Information on Solvency II ==
 
<div style="overflow-x:auto">
{| id="t39" class="wikitable fintable"
|+ Solvency II rollforward
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | Regulatory & model changes
! class="col-s" style="text-align:right" | Normalized capital generation
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Economic variance (incl. FX)
! class="col-s" style="text-align:right" | Dividend & share buy-backs
! class="col-s" style="text-align:right" | Debt
! class="col-s" style="text-align:right" | M&A, in-force and other
! class="col-s" style="text-align:right" | FY25
|-
|! style="text-align:left" | '''Eligible ownIn fundEUR (EOF)'''billion
|! style="text-align:right" | '''55.9'''[[Definition:Full year 2024|FY24]]
|! style="text-align:right" | '''0.2'''Regulatory &amp; model changes
|! style="text-align:right" | '''8.8'''Normalized Capital Generation
|! style="text-align:right" | '''-0.4'''Operating variance
|! style="text-align:right" | '''-2Economic variance (incl.1''' [[Definition:Foreign exchange|FX]])
|! style="text-align:right" | '''[[Definition:Dividend|Dividend]] &amp; share buy-6.0'''backs
|! style="text-align:right" | '''1.6'''Debt
|! style="text-align:right" | '''M&amp;A, In-1.7'''force and Other
|! style="text-align:right" | '''56.4'''[[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | '''Solvency<b>Eligible capitalOwn requirementFund (SCREOF)'''</b>
| style="text-align:right" | '''25<b>55.9'''</b>
| style="text-align:right" | '''<b>0.0'''2</b>
| style="text-align:right" | '''0<b>8.6'''8</b>
| style="text-align:right" | '''<b>-0.0'''4</b>
| style="text-align:right" | '''<b>-1.2'''.1</b>
| style="text-align:right" | '''0<b>-6.0'''</b>
| style="text-align:right" | '''0<b>1.0'''6</b>
| style="text-align:right" | '''<b>-01.2'''7</b>
| style="text-align:right" | '''25<b>56.2'''4</b>
|-
| style="text-align:left" | '''<b>Solvency IICapital ratio'''Requirement (SCR)</b>
| style="text-align:right" | '''216%'''<b>25.9</b>
| style="text-align:right" | '''<b>0%'''.0</b>
| style="text-align:right" | '''28%'''<b>0.6</b>
| style="text-align:right" | '''-1%'''<b>0.0</b>
| style="text-align:right" | '''4%'''<b>-1.2</b>
| style="text-align:right" | '''-24%'''<b>0.0</b>
| style="text-align:right" | '''6%'''<b>0.0</b>
| style="text-align:right" | '''<b>-5%'''0.2</b>
| style="text-align:right" | '''224%'''<b>25.2</b>
|-
| style="text-align:left" | <b>Solvency II Ratio</b>
| style="text-align:right" | <b>216%</b>
| style="text-align:right" | <b>0%</b>
| style="text-align:right" | <b>28%</b>
| style="text-align:right" | <b>-1%</b>
| style="text-align:right" | <b>4%</b>
| style="text-align:right" | <b>-24%</b>
| style="text-align:right" | <b>6%</b>
| style="text-align:right" | <b>-5%</b>
| style="text-align:right" | <b>224%</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t40" class="wikitable fintable"
|+ EOFEligible tieringown breakdownfund tiering by tiersector
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | Unrestricted tier
! class="col-s" style="text-align:right" | Restricted tier
! colspan="2" style="text-align:center" | Tier
|-
|! style="text-align:left" | '''EOF asIn ofEUR FY25'''billion
|! style="text-align:right" | '''56.4'''Total
|! style="text-align:right" | 39.6Unrestricted Tier 1
|! style="text-align:right" | 4.7Restricted Tier 1
|! style="text-align:right" | 11.6Tier 2
|! style="text-align:right" | 0.4Tier 3
|-
| style="text-align:left" | <b>EOF as of [[Definition:Full year 2025|FY25]]</b>
| style="text-align:right" | <b>56.4</b>
| style="text-align:right" | <b>39.6</b>
| style="text-align:right" | <b>4.7</b>
| style="text-align:right" | <b>11.6</b>
| style="text-align:right" | <b>0.4</b>
|-
| style="text-align:left" | Insurance sectorSector
| style="text-align:right" | '''<b>55.1'''</b>
| style="text-align:right" | 38.4
| style="text-align:right" | 4.7
Line 8,209 ⟶ 8,671:
| style="text-align:right" | 0.4
|-
| class="wt-indent-1" style="text-align:left" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,216 ⟶ 8,678:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Subject to transitionalTransitional measuresMeasures {{footnotefn ref|130|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" | —
Line 8,223 ⟶ 8,685:
| style="text-align:right" | —
|-
| style="text-align:left" | Other financialFinancial sectorsSectors
| style="text-align:right" | '''<b>1.2'''</b>
| style="text-align:right" | 1.2
| style="text-align:right" | —
Line 8,230 ⟶ 8,692:
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>EOF as of [[Definition:Full year 2024|FY24''']]</b>
| style="text-align:right" | '''<b>55.9'''</b>
| style="text-align:right" | <b>40.0</b>
| style="text-align:right" | <b>4.9</b>
| style="text-align:right" | <b>10.2</b>
| style="text-align:right" | <b>0.8</b>
|-
| style="text-align:left" | Insurance sectorSector
| style="text-align:right" | '''<b>53.5'''</b>
| style="text-align:right" | 37.5
| style="text-align:right" | 4.9
Line 8,244 ⟶ 8,706:
| style="text-align:right" | 0.8
|-
| class="wt-indent-1" style="text-align:left" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,251 ⟶ 8,713:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Subject to transitionalTransitional measuresMeasures {{footnotefn ref|130|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" | —
Line 8,258 ⟶ 8,720:
| style="text-align:right" | —
|-
| style="text-align:left" | Other financialFinancial sectorsSectors
| style="text-align:right" | '''<b>2.5'''</b>
| style="text-align:right" | 2.5
| style="text-align:right" | —
Line 8,268 ⟶ 8,730:
 
<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|+ Solvency II key sensitivities (in pts) by scenario
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
|! style="text-align:left" | Interest rateIn +50EUR bpsbillion
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Interest Rate +50 bps
| style="text-align:right" | +2 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Interest rateRate -50 bps
| style="text-align:right" | -4 pts
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Corporate spreadSpread +50bps
| style="text-align:right" | -1 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro governmentGovernment spreadsSpreads +50bps
| style="text-align:right" | -10 pts
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Credit migrationMigration +20%
| style="text-align:right" | -4 pts
| style="text-align:right" | -4 pts
|-
| style="text-align:left" | Listed equitiesEquities +25%
| style="text-align:right" | +0 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Listed equitiesEquities -25%
| style="text-align:right" | -3 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Private and infrastructureInfrastructure equityEquity +25%
| style="text-align:right" | +13 pts
| style="text-align:right" | +14 pts
|-
| style="text-align:left" | Private and infrastructureInfrastructure equityEquity -25%
| style="text-align:right" | -15 pts
| style="text-align:right" | -19 pts
Line 8,316 ⟶ 8,779:
</div>
 
{{fn note|1=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.}}
 
{{chunk|doc=gr2rpazfcv|c=21|p=21}}
== IFRS17 SHE to Group EOF ==
 
<div style="overflow-x:auto">
{| id="t42" class="wikitable fintable"
|+ Reconciliation IFRS17IFRS 17/9 shareholders' equity to Solvency II eligible own funds
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY25
|-
|! style="text-align:left" | '''IFRSIn shareholders'EUR equity'''billion
|! class="col-m" style="text-align:right" | '''49.6'''[[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Contractual<b>IFRS serviceSHAREHOLDERS' margin (net of tax)EQUITY</b>
| style="text-align:right" | <b>49.6</b>
|-
| style="text-align:left" | Contractual Service Margin (net of tax)
| style="text-align:right" | 25.9
|-
| style="text-align:left" | '''<b>IFRS shareholdersSHAREHOLDERS' equityEQUITY inc. CSM'''</b>
| style="text-align:right" | '''<b>75.5'''</b>
|-
| style="text-align:left" | Net URCG not included in shareholdersShareholders' equityEquity
| style="text-align:right" | 6.4
|-
| style="text-align:left" | Elimination undatedUndated subordinatedSubordinated debtsDebts
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Elimination intangiblesIntangibles
| style="text-align:right" | -21.3
|-
| class="wt-indent-5" style="text-align:left" | Goodwill
| style="text-align:right" | -17.8
|-
| class="wt-indent-5" style="text-align:left" | Othersothers
| style="text-align:right" | -3.5
|-
| style="text-align:left" | '''<b>IFRS tangibleTANGIBLE netNET assetASSET value'''VALUE</b>
| style="text-align:right" | '''<b>56.0'''</b>
|-
| style="text-align:left" | Foreseeable [[Definition:Dividend|dividends]] and distribution
| style="text-align:right" | -6.3
|-
Line 8,357 ⟶ 8,824:
| style="text-align:right" | -9.6
|-
| class="wt-indent-5" style="text-align:left" | Risk marginMargin vs riskRisk adjustmentAdjustment
| style="text-align:right" | -6.4
|-
| class="wt-indent-5" style="text-align:left" | BEL adjustment
| style="text-align:right" | -3.2
|-
Line 8,366 ⟶ 8,833:
| style="text-align:right" | -0.6
|-
| style="text-align:left" | '''Unrestricted<b>UNRESTRICTED tierTIER 1'''</b>
| style="text-align:right" | '''<b>39.6'''</b>
|-
| style="text-align:left" | Restricted tierTier 1 + tierTier 2
| style="text-align:right" | 16.4
|-
| style="text-align:left" | Tier 3
| style="text-align:right" | 0.4
|-
| style="text-align:left" | '''Group<b>GROUP eligibleELIGIBLE ownOWN funds'''FUNDS</b>
| style="text-align:right" | '''<b>56.4'''</b>
|}
</div>
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