AXA/2025/FY/Financial supplement

Document info
Document ID	gr2rpazfcv
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document category	Financial supplement
Document name	AXA FY 2025 Financial Supplement (Excel)
Publication date	2026-02-26
Language	English
Pages	21
Source	original URL
Transcript	wiki page
Data	data page

This article summarizes AXA's Financial supplement published on 2026-02-26 (21 pages).

[c. 1; p. 1]

Market Data

Exchange rate by currency

	1H24	FY24	1H25	FY25	Average 1H24	Average FY24	Average 1H25	Average FY25
USD	1.07	1.04	1.17	1.17	1.08	1.08	1.09	1.13
JPY	172	163	170	184	165	164	162	169
GBP	0.85	0.83	0.86	0.87	0.85	0.85	0.84	0.86
CHF	0.96	0.94	0.93	0.93	0.96	0.95	0.94	0.94
HKD	8.37	8.04	9.21	9.14	8.45	8.44	8.53	8.82

Discount rate 5Y by currency

%	Average 1H24	Average FY24	Average 1H25	Average FY25
EUR	2.79%	2.84%	2.57%	2.59%
USD	4.35%	4.41%	4.40%	4.23%
JPY	0.22%	0.42%	0.89%	1.01%
GBP	4.00%	4.25%	4.38%	4.31%
CHF	1.05%	0.82%	0.18%	0.16%
HKD	3.75%	3.67%	3.45%	3.18%

Discount rate 10Y by currency

%	Closing 1H24	Closing FY24	Closing 1H25	Closing FY25
EUR	3.06%	2.71%	2.91%	3.17%
USD	4.54%	4.66%	4.43%	4.45%
JPY	1.04%	1.07%	1.44%	2.08%
GBP	4.27%	4.48%	4.56%	4.55%
CHF	0.98%	0.38%	0.53%	0.67%
HKD	3.79%	3.91%	3.02%	3.21%

[c. 2; p. 2]

UE by LOB and Net Income

Group underlying earnings build-up by line of business and net income

In EUR million	Group				Property & Casualty				Life & Health				Asset Management 1(footnote: 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.)				Holdings 2(footnote: 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.)
	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	35,273	72,104	37,209	75,071	27,294	55,898	28,697	57,656	7,979	16,207	8,512	17,416	—	—	—	—	—	—	—	—
Combined Ratio	—	—	—	—	90.2%	91.0%	90.0%	90.6%	97.6%	97.4%	97.1%	97.2%	—	—	—	—	—	—	—	—
Technical Margin	2,877	5,421	3,107	5,888	2,682	5,006	2,859	5,409	195	415	248	479	—	—	—	—	—	—	—	—
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	1,395	2,775	1,428	2,954	—	—	—	—	1,395	2,775	1,428	2,954	—	—	—	—	—	—	—	—
Technical Experience	-64	-95	-30	-150	—	—	—	—	-64	-95	-30	-150	—	—	—	—	—	—	—	—
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	2,064	3,971	2,148	4,013	1,324	2,559	1,343	2,631	536	975	563	946	24	35	14	14	181	402	228	422
Other Revenues	1,459	3,054	1,625	2,167	—	—	—	—	—	—	—	—	937	2,004	1,018	1,018	522	1,050	607	1,149
Other Expenses	-1,624	-3,479	-1,868	-2,900	—	—	—	—	—	—	—	—	-698	-1,493	-793	-793	-925	-1,986	-1,075	-2,107
Debt Financing Charges	-471	-948	-452	-928	—	—	—	—	—	—	—	—	—	—	—	—	-471	-948	-452	-928
Underlying Earnings Before Tax	5,638	10,700	5,958	11,044	4,006	7,565	4,202	8,040	2,061	4,070	2,209	4,229	263	546	239	239	-693	-1,482	-692	-1,464
Tax	-1,427	-2,662	-1,503	-2,644	-1,046	-1,952	-1,074	-2,060	-412	-874	-462	-800	-69	-160	-68	-68	100	324	101	284
Income from Affiliates & Other	122	218	111	168	2	3	1	3	103	186	101	157	16	29	8	8	0	0	0	0
Minority Interests	-89	-179	-101	-199	-56	-106	-63	-111	-27	-60	-34	-85	-6	-13	-4	-4	0	0	0	0
Underlying Earnings Group Share	4,244	8,078	4,465	8,368	2,908	5,510	3,067	5,872	1,725	3,323	1,814	3,501	204	402	175	175	-592	-1,157	-591	-1,180
Underlying Earnings Growth Rate (constant FX)	4%	7%	6%	6%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying ROE	16.6%	15.2%	17.5%	16.0%	—	16.2%	—	17.3%	—	13.6%	—	14.4%	—	26.0%	—	n.a.	—	—	—	—
Net Realized Capital Gains & Losses	93	195	66	138	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Change in Fair Value of Assets & Derivatives	-43	83	-467	-813	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Amortization of customer intangibles	-50	-131	-48	-86	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Integration and Restructuring Costs	-78	-240	-63	-197	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Exceptional Items	-147	-99	-30	2,386	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income Group Share	4,020	7,886	3,922	9,797	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Deeply Subordinated and Undated Subordinated Debt Charges	-106	-201	-86	-174	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings for EPS calculation	4,138	7,877	4,379	8,195	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income for EPS calculation	3,914	7,685	3,836	9,623	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

(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.

(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.

[c. 3; p. 3]

UE by Geography

Underlying earnings build-up by geography

In EUR million	Group				France				Europe				AXA XL				Asia, Africa & EME-LATAM				AXA IM 3(footnote: 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.)				Transversal & Other
	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	35,273	72,104	37,209	75,071	9,046	18,698	9,567	19,555	11,839	24,005	12,661	25,724	9,022	18,530	9,428	18,699	4,312	8,750	4,478	8,986	—	—	—	—	1,053	2,122	1,075	2,107
Combined Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Technical Margin	2,877	5,421	3,107	5,888	692	1,470	658	1,485	998	1,957	1,176	2,357	1,111	1,820	1,074	1,928	70	81	150	9	—	—	—	—	6	93	49	109
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	1,395	2,775	1,428	2,954	407	823	419	895	468	920	471	984	4	3	0	1	516	1,029	538	1,074	—	—	—	—	0	0	0	0
Technical Experience	-64	-95	-30	-150	-40	-96	-37	-81	-11	-8	8	-70	3	2	0	-5	-17	7	-1	6	—	—	—	—	0	0	0	0
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	2,064	3,971	2,148	4,013	350	613	380	667	784	1,486	765	1,398	283	616	308	651	382	741	425	782	24	35	14	14	241	480	255	502
Other Revenues	1,459	3,054	1,625	2,167	53	108	44	91	-18	-32	-8	-12	0	0	0	0	0	0	-2	-3	937	2,004	1,018	1,018	488	974	573	1,073
Other Expenses	-1,624	-3,479	-1,868	-2,900	-83	-180	-79	-168	-10	-25	-6	-3	0	0	0	0	-9	-20	-14	-26	-698	-1,493	-793	-793	-823	-1,761	-976	-1,910
Debt Financing Charges	-471	-948	-452	-928	0	0	0	0	-1	-2	-1	-2	-16	-33	-16	-32	-7	-12	-4	-6	—	—	—	—	-447	-902	-431	-887
Underlying Earnings Before Tax	5,638	10,700	5,958	11,044	1,380	2,738	1,384	2,888	2,210	4,297	2,406	4,651	1,385	2,409	1,366	2,543	935	1,826	1,093	1,835	263	546	239	239	-535	-1,116	-530	-1,113
Tax	-1,427	-2,662	-1,503	-2,644	-350	-676	-308	-665	-536	-1,004	-568	-1,039	-355	-588	-342	-650	-205	-443	-294	-434	-69	-160	-68	-68	88	209	76	212
Income from Affiliates & Other	122	218	111	168	4	9	0	0	0	0	0	0	0	0	0	0	102	181	103	160	16	29	8	8	0	0	0	0
Minority Interests	-89	-179	-101	-199	0	0	0	0	-48	-105	-56	-126	0	0	0	0	-34	-60	-39	-68	-6	-13	-4	-4	0	0	-1	-2
Underlying Earnings Group share	4,244	8,078	4,465	8,368	1,034	2,071	1,076	2,224	1,626	3,187	1,782	3,486	1,030	1,820	1,024	1,893	798	1,504	862	1,493	204	402	175	175	-447	-907	-455	-903

Underlying earnings by line of business and geography

In EUR million	Group				France				Europe				AXA XL				Asia, Africa & EME-LATAM				AXA IM 3(footnote: 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.)				Transversal & Other
	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25
Underlying Earnings by Line of Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Property & Casualty	2,908	5,510	3,067	5,872	539	1,161	574	1,237	1,073	2,029	1,152	2,216	1,032	1,828	1,032	1,913	194	334	233	355	—	—	—	—	70	158	75	151
Life & Health	1,725	3,323	1,814	3,501	519	964	524	1,039	559	1,104	616	1,264	14	25	8	12	627	1,211	653	1,165	—	—	—	—	7	19	14	22
Asset Management	204	402	175	175	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	204	402	175	175	—	—	—	—
Holdings 4(footnote: 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.)	-592	-1,157	-591	-1,180	-24	-54	-23	-52	-6	54	14	6	-16	-33	-16	-32	-23	-41	-24	-26	—	—	—	—	-524	-1,083	-543	-1,076

(3) 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.

(4) 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.

[c. 4; p. 4]

Shares & UEPS

Basic number of shares rollforward

million	Outstanding Shares Excluding Treasury Shares 5(footnote: 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.)		Weighted Average Number
	FY24	FY25	FY24	FY25
Basic Number of Shares	—	—	—	—
As of Beginning of Period	2,226.2	2,175.4	2,226.2	2,175.4
Increase of Capital Dedicated to Employees	12.9	12.7	0.9	1.0
Exercice of Stock-options	2.6	1.1	1.4	0.6
Other Movement of Treasury Shares	4.6	4.2	17.5	6.3
Capital Increase / (Decrease)	-70.9	-138.0	-55.2	-64.9
As at End of Period	2,175.4	2,055.4	—	—
During the Period	—	—	2,190.8	2,118.3
Fully Diluted Number of Shares	—	—	—	—
Stock Options	—	—	0.8	0.6
Performance Shares	—	—	5.6	5.1
During the Period (A)	—	—	2,197.1	2,124.0
Earnings Group Share:	—	—	—	—
Net Income	—	—	7,886	9,797
Underlying Earnings	—	—	8,078	8,368
Impact of undated and deeply subordinated debts:	—	—	—	—
Undated and deeply subordinated debt charges	—	—	-201	-174
Earnings for EPS Calculation:	—	—	—	—
Net Income for EPS Calculation (B)	—	—	7,685	9,623
Underlying Earnings for EPS Calculation (C)	—	—	7,877	8,195
Fully Diluted Euro per Share (EPS)	—	—	—	—
EPS (B/A)	—	—	3.50	4.53
Underlying EPS (C/A)	—	—	3.59	3.86

(5) 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.

[c. 5; p. 5]

P&C UE by Sub LOB

Property & casualty underlying earnings build-up by line of business

In EUR million	Total				Commercial lines				Personal lines				AXA XL Reinsurance				Intercompany eliminations
	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	27,294	55,898	28,697	57,656	18,657	38,019	19,575	39,090	9,144	18,705	9,513	19,276	1,155	2,394	1,299	2,493	-1,662	-3,220	-1,689	-3,203
Current Accident Year Loss Ratio	67.0%	67.7%	66.7%	66.9%	68.1%	68.8%	68.0%	68.0%	69.8%	70.0%	68.8%	69.1%	69.7%	70.6%	70.8%	71.9%	—	—	—	—
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	67.4%	67.4%	67.0%	67.0%	69.2%	69.4%	69.3%	68.8%	68.8%	68.5%	67.5%	67.9%	68.0%	67.9%	69.4%	71.5%	—	—	—	—
Undiscounted Current Accident Year Nat Cats	3.6%	3.8%	3.5%	3.4%	2.7%	2.9%	2.7%	2.6%	4.0%	4.1%	3.8%	3.6%	10.6%	10.4%	9.2%	8.7%	—	—	—	—
Current Accident Year Discounting	-3.9%	-3.6%	-3.9%	-3.5%	-3.7%	-3.5%	-3.9%	-3.5%	-3.0%	-2.6%	-2.6%	-2.4%	-8.8%	-7.7%	-7.8%	-8.3%	—	—	—	—
Prior Year Reserve Development Ratio	-1.5%	-1.6%	-1.1%	-1.1%	-1.1%	-1.2%	-1.3%	-0.8%	-2.3%	-1.8%	-0.6%	-1.6%	-1.1%	-0.8%	-0.3%	0.0%	—	—	—	—
Expense Ratio	24.7%	25.0%	24.5%	24.8%	23.1%	23.6%	23.2%	23.5%	25.5%	25.7%	25.1%	25.2%	10.0%	9.9%	9.1%	9.4%	—	—	—	—
Combined Ratio	90.2%	91.0%	90.0%	90.6%	90.1%	91.1%	89.9%	90.7%	92.9%	93.9%	93.3%	92.8%	78.7%	79.7%	79.6%	81.4%	—	—	—	—
Technical Margin	2,682	5,006	2,859	5,409	1,850	3,372	1,968	3,616	645	1,136	638	1,392	246	486	265	464	-60	12	-12	-63
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Technical Experience	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	1,324	2,559	1,343	2,631	993	1,831	1,004	1,941	240	538	275	523	119	210	85	186	-28	-20	-20	-20
Investment Income	1,967	3,731	2,088	3,988	1,427	2,625	1,512	2,864	366	761	422	794	202	365	174	350	-28	-20	-20	-20
Insurance Finance Expenses	-643	-1,172	-745	-1,358	-434	-794	-508	-922	-126	-223	-148	-272	-83	-155	-90	-163	0	0	0	0
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	4,006	7,565	4,202	8,040	2,843	5,203	2,973	5,557	886	1,674	913	1,914	365	696	349	650	-87	-8	-33	-82
Tax	-1,046	-1,952	-1,074	-2,060	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Income from Affiliates & Other	2	3	1	3	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Minority Interests	-56	-106	-63	-111	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Group share	2,908	5,510	3,067	5,872	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Closing Invested Assets	113,515	118,104	116,895	117,507	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
o/w VFA	0	0	0	0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
o/w Non VFA	113,515	118,104	116,895	117,507	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	19,284	16,006	19,766	16,040	12,070	9,480	12,240	9,127	6,369	5,478	6,831	5,871	1,572	1,075	1,436	1,009	-728	-27	-740	32
Best Estimate for incurred Claims net of reinsurance	69,800	71,751	70,215	70,567	45,710	46,570	46,591	47,002	17,809	18,308	17,781	17,402	6,704	6,830	6,290	6,198	-423	43	-447	-35

[c. 6; p. 6]

P&C UE by Geography

Property & casualty underlying earnings build-up by geography

In EUR million	Total				France				Europe				AXA XL								Asia, Africa & EME-LATAM				Transversal & Other
	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	o/w AXA XL Insurance	FY24	o/w AXA XL Insurance	1H25	o/w AXA XL Insurance	FY25	o/w AXA XL Insurance	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	27,294	55,898	28,697	57,656	4,393	9,194	4,697	9,768	10,060	20,400	10,610	21,305	9,022	7,867	18,530	16,136	9,428	8,129	18,699	16,207	2,855	5,825	2,975	5,949	963	1,948	987	1,935
Current Accident Year Loss Ratio	67.0%	67.7%	66.7%	66.9%	69.4%	68.9%	70.6%	70.1%	66.5%	66.9%	64.7%	65.1%	67.5%	67.2%	69.2%	69.0%	68.4%	68.0%	68.8%	68.3%	68.6%	69.3%	68.2%	69.6%	53.2%	51.0%	48.0%	44.6%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	67.4%	67.4%	67.0%	67.0%	71.3%	69.7%	70.6%	70.2%	65.0%	65.5%	64.1%	64.3%	68.8%	68.9%	69.3%	69.5%	69.7%	69.8%	69.8%	69.6%	70.0%	70.4%	69.7%	70.2%	52.9%	51.1%	48.0%	44.5%
Undiscounted Current Accident Year Nat Cats	3.6%	3.8%	3.5%	3.4%	3.4%	3.8%	4.8%	4.5%	4.5%	4.1%	3.3%	3.1%	3.8%	2.8%	4.6%	3.8%	4.2%	3.4%	3.9%	3.1%	0.8%	0.9%	0.8%	1.6%	1.4%	1.1%	1.3%	1.2%
Current Accident Year Discounting	-3.9%	-3.6%	-3.9%	-3.5%	-5.3%	-4.6%	-4.8%	-4.6%	-3.1%	-2.8%	-2.7%	-2.3%	-5.1%	-4.6%	-4.7%	-4.2%	-5.5%	-5.2%	-4.9%	-4.4%	-2.2%	-2.0%	-2.3%	-2.2%	-1.1%	-1.2%	-1.2%	-1.1%
Prior Year Reserve Development Ratio	-1.5%	-1.6%	-1.1%	-1.1%	-3.5%	-3.9%	-2.6%	-2.9%	-2.1%	-2.1%	-1.1%	-1.3%	-0.1%	0.0%	-0.1%	0.0%	-0.2%	-0.2%	0.0%	0.0%	-0.1%	0.1%	-1.0%	-0.2%	-3.7%	-5.7%	-4.0%	-1.9%
Expense Ratio	24.7%	25.0%	24.5%	24.8%	21.9%	21.9%	20.7%	20.4%	25.9%	26.2%	26.0%	26.2%	20.3%	21.8%	21.0%	22.7%	20.4%	22.2%	20.9%	22.6%	29.4%	29.6%	29.0%	29.8%	50.5%	50.9%	52.5%	52.8%
Combined Ratio	90.2%	91.0%	90.0%	90.6%	87.8%	86.8%	88.6%	87.5%	90.3%	91.0%	89.6%	90.0%	87.7%	89.0%	90.2%	91.7%	88.6%	90.0%	89.7%	91.0%	98.0%	99.1%	96.2%	99.2%	100.1%	96.2%	96.5%	95.5%
Technical Margin	2,682	5,006	2,859	5,409	538	1,212	533	1,220	977	1,844	1,104	2,127	1,111	865	1,820	1,335	1,074	809	1,928	1,464	57	55	114	48	-1	74	35	86
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Technical Experience	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	1,324	2,559	1,343	2,631	251	421	261	468	473	912	461	876	273	159	596	387	298	213	632	445	242	484	261	530	86	146	62	125
Investment Income	1,967	3,731	2,088	3,988	334	572	373	675	658	1,244	667	1,257	614	416	1,233	868	681	507	1,331	981	261	518	292	585	100	164	74	140
Insurance Finance Expenses	-643	-1,172	-745	-1,358	-83	-151	-112	-207	-185	-332	-206	-381	-341	-257	-637	-481	-384	-294	-699	-536	-20	-35	-31	-55	-14	-18	-12	-15
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	4,006	7,565	4,202	8,040	788	1,633	794	1,688	1,450	2,757	1,564	3,002	1,384	1,024	2,417	1,721	1,372	1,022	2,560	1,910	299	539	375	579	85	220	97	211
Tax	-1,046	-1,952	-1,074	-2,060	-249	-472	-220	-451	-352	-671	-384	-734	-352	-257	-588	-457	-339	-252	-647	-482	-77	-159	-110	-170	-15	-62	-21	-58
Income from Affiliates & Other	2	3	1	3	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	3	1	3	0	0	0	0
Minority Interests	-56	-106	-63	-111	0	0	0	0	-25	-57	-28	-52	0	0	0	0	0	0	0	0	-30	-49	-34	-57	0	0	-1	-2
Underlying Earnings Group share	2,908	5,510	3,067	5,872	539	1,161	574	1,237	1,073	2,029	1,152	2,216	1,032	767	1,828	1,264	1,032	770	1,913	1,427	194	334	233	355	70	158	75	151
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	19,284	16,006	19,766	16,040	2,153	1,712	2,221	1,783	7,151	5,166	7,591	5,534	7,478	5,905	7,028	5,948	7,315	5,879	6,467	5,461	1,802	1,834	1,935	2,024	700	266	705	231
Best Estimate for incurred Claims net of reinsurance	69,800	71,751	70,215	70,567	13,485	13,889	13,900	13,882	24,834	25,955	26,003	25,737	24,865	18,223	25,915	19,146	24,533	18,295	25,044	18,897	3,385	3,640	3,510	3,804	3,231	2,351	2,269	2,101

[c. 7; p. 7]

L&H UE by LOB

Life & health underlying earnings build-up by line of business

In EUR million	Total				Life				Health				Employee Benefits* (out of Total Life & Health) 6(footnote: Employee Benefits include Group Protection and Group Health contracts.)	Employee Benefits* (out of Total Life & Health)
	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	7,979	16,207	8,512	17,416	2,112	4,247	2,211	4,444	5,867	11,960	6,301	12,972	5,592	11,482	5,931	12,035
Combined Ratio	97.6%	97.4%	97.1%	97.2%	94.5%	95.5%	95.2%	95.4%	98.6%	98.1%	97.8%	97.9%	98.2%	97.8%	97.4%	97.1%
Technical Margin	195	415	248	479	116	191	107	206	79	224	141	273	101	248	156	347
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	1,395	2,775	1,428	2,954	1,136	2,253	1,158	2,415	259	522	270	539	58	110	59	107
Technical Experience	-64	-95	-30	-150	-71	-98	-28	-139	7	3	-2	-11	17	37	22	38
Actual vs. Expected Cash Flows	9	-15	12	39	-4	-33	10	37	13	18	2	2	-3	-2	-5	-8
Risk Adjustment Release	30	59	44	72	25	51	37	59	4	8	7	13	2	4	7	8
Changes in Onerous Contracts	-32	6	-12	-29	-30	9	-10	-25	-1	-2	-2	-4	0	0	0	0
Other Long-term	-72	-145	-74	-232	-63	-124	-65	-211	-8	-21	-9	-22	19	35	20	38
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	536	975	563	946	454	799	462	738	82	176	101	209	75	157	91	175
Investment Income	1,319	2,525	1,329	2,484	1,159	2,209	1,159	2,142	160	317	170	341	219	429	232	456
Insurance Finance Expenses	-783	-1,551	-767	-1,538	-705	-1,410	-697	-1,405	-78	-140	-69	-133	-144	-272	-141	-281
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	2,061	4,070	2,209	4,229	1,634	3,145	1,699	3,219	427	925	510	1,010	252	552	328	666
Tax	-412	-874	-462	-800	-316	-635	-329	-584	-96	-239	-133	-216	-46	-111	-64	-110
Income from Affiliates & Other	103	186	101	157	101	182	93	154	2	4	8	2	—	—	—	—
Minority Interests	-27	-60	-34	-85	-27	-56	-30	-75	0	-4	-3	-9	—	—	—	—
Underlying Earnings Group share	1,725	3,323	1,814	3,501	1,392	2,636	1,433	2,715	333	687	381	787	205	441	264	556
Closing Invested Assets	329,460	345,008	338,447	334,840	—	—	—	—	—	—	—	—	—	—	—	—
o/w VFA	234,783	230,205	229,844	226,937	—	—	—	—	—	—	—	—	—	—	—	—
o/w Non VFA	94,677	114,803	108,603	107,903	—	—	—	—	—	—	—	—	—	—	—	—
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	2,446	2,096	2,856	2,511	157	96	105	21	2,289	2,000	2,750	2,490	—	—	—	—
Best Estimate for incurred Claims net of reinsurance	13,876	14,162	13,960	14,592	11,589	11,778	11,623	11,205	2,286	2,384	2,337	3,386	—	—	—	—
For long-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Best Estimate Liabilities net of reinsurance	295,342	306,249	301,040	300,391	275,276	285,391	280,314	280,280	20,066	20,858	20,726	20,112	—	—	—	—
o/w VFA Gross of reinsurance	264,013	273,094	266,960	271,902	243,037	251,273	244,964	250,326	20,977	21,821	21,996	21,576	—	—	—	—
o/w BBA Gross of reinsurance	50,097	51,845	51,524	45,307	50,917	52,713	52,731	46,724	-821	-868	-1,207	-1,417	—	—	—	—
o/w Reinsurance	-18,768	-18,690	-17,443	-16,817	-18,679	-18,595	-17,381	-16,770	-90	-95	-62	-47	—	—	—	—

(6) Employee Benefits include Group Protection and Group Health contracts.

[c. 8; p. 8]

L&H UE by Geography

Life & health underlying earnings build-up by geography

In EUR million	Total				France				Europe				AXA XL				Asia, Africa & EME-LATAM				Transversal & Other
	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	7,979	16,207	8,512	17,416	4,654	9,503	4,870	9,787	1,778	3,604	2,051	4,419	0	0	0	0	1,457	2,925	1,503	3,037	90	174	88	172
Combined Ratio	97.6%	97.4%	97.1%	97.2%	96.7%	97.3%	97.4%	97.3%	98.8%	96.9%	96.4%	94.8%	0.0%	0.0%	0.0%	0.0%	99.1%	99.1%	97.6%	101.3%	92.2%	89.1%	83.6%	86.7%
Technical Margin	195	415	248	479	155	258	124	265	21	113	73	230	0	0	0	0	13	26	36	-39	7	19	14	23
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	1,395	2,775	1,428	2,954	407	823	419	895	468	920	471	984	4	3	0	1	516	1,029	538	1,074	0	0	0	0
Technical Experience	-64	-95	-30	-150	-40	-96	-37	-81	-11	-8	8	-70	3	2	0	-5	-17	7	-1	6	0	0	0	0
Actual vs. Expected Cash Flows	9	-15	12	39	8	-8	2	15	5	-11	-11	-6	-2	-3	-1	-6	0	8	22	35	0	0	0	0
Risk Adjustment Release	30	59	44	72	5	15	9	14	11	21	21	32	0	1	0	1	13	23	13	25	0	0	0	0
Changes in Onerous Contracts	-32	6	-12	-29	0	0	0	0	-33	-25	-13	-36	5	5	0	0	-3	26	1	7	0	0	0	0
Other Long-term	-72	-145	-74	-232	-52	-103	-49	-111	7	7	12	-61	0	0	0	0	-26	-50	-37	-61	0	0	0	0
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	536	975	563	946	100	192	118	197	284	504	269	477	10	19	10	20	142	260	165	250	0	0	0	2
Investment Income	1,319	2,525	1,329	2,484	370	701	370	703	490	916	478	889	13	27	14	27	446	882	467	862	0	0	0	2
Insurance Finance Expenses	-783	-1,551	-767	-1,538	-270	-509	-252	-507	-206	-412	-209	-411	-3	-7	-4	-8	-303	-622	-301	-612	0	0	0	0
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	2,061	4,070	2,209	4,229	622	1,176	624	1,276	762	1,529	821	1,622	17	25	10	16	654	1,322	739	1,291	7	19	14	25
Tax	-412	-874	-462	-800	-106	-220	-100	-237	-180	-376	-176	-285	-3	0	-2	-4	-123	-277	-182	-272	0	0	-1	-4
Income from Affiliates & Other	103	186	101	157	4	9	0	0	0	0	0	0	0	0	0	0	100	177	101	157	0	0	0	0
Minority Interests	-27	-60	-34	-85	0	0	0	0	-23	-49	-28	-74	0	0	0	0	-4	-12	-5	-11	0	0	0	0
Underlying Earnings Group share	1,725	3,323	1,814	3,501	519	964	524	1,039	559	1,104	616	1,264	14	25	8	12	627	1,211	653	1,165	7	19	14	22
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	2,446	2,096	2,856	2,511	50	-2	28	-6	1,228	967	1,619	1,352	0	0	0	0	1,159	1,124	1,204	1,155	9	6	5	10
Best Estimate for incurred Claims net of reinsurance	13,876	14,162	13,960	14,592	12,589	12,831	12,443	12,850	773	871	1,015	1,186	0	0	0	0	501	447	487	541	13	14	15	15
For long-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Best Estimate Liabilities net of reinsurance	295,342	306,249	301,040	300,391	112,949	115,280	114,525	114,424	135,034	139,257	137,584	136,725	324	345	310	309	47,035	51,368	48,620	48,934	0	0	0	0
o/w VFA Gross of reinsurance	264,013	273,094	266,960	271,902	116,132	117,942	116,770	117,266	121,623	125,513	121,135	122,782	0	0	0	0	26,258	29,639	29,055	31,854	0	0	0	0
o/w BBA Gross of reinsurance	50,097	51,845	51,524	45,307	9,606	10,019	9,848	8,873	13,520	13,810	16,410	13,760	1,670	1,659	1,522	1,473	25,301	26,356	23,743	21,201	0	0	0	0
o/w Reinsurance	-18,768	-18,690	-17,443	-16,817	-12,790	-12,682	-12,093	-11,715	-108	-66	39	183	-1,346	-1,315	-1,212	-1,164	-4,524	-4,627	-4,178	-4,121	0	0	0	0

[c. 9; p. 9]

Life UE by Geography

Life underlying earnings build-up by geography

In EUR million	Total				France				Europe				AXA XL				Asia, Africa & EME-LATAM				Transversal & Other
	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	2,112	4,247	2,211	4,444	1,902	3,843	2,005	4,044	53	109	54	106	0	0	0	0	157	296	152	295	0	0	0	0
Combined Ratio	94.5%	95.5%	95.2%	95.4%	95.1%	96.3%	95.9%	96.1%	79.8%	77.0%	79.0%	77.3%	0.0%	0.0%	0.0%	0.0%	92.3%	91.5%	91.5%	91.6%	0.0%	0.0%	0.0%	0.0%
Technical Margin	116	191	107	206	93	141	83	158	11	25	11	24	0	0	0	0	12	25	13	25	0	0	0	0
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	1,136	2,253	1,158	2,415	407	823	419	895	390	759	386	804	4	3	0	1	336	669	353	715	0	0	0	0
Technical Experience	-71	-98	-28	-139	-40	-96	-37	-81	-4	12	13	-53	3	2	0	-5	-30	-16	-4	0	0	0	0	0
Actual vs. Expected Cash Flows	-4	-33	10	37	8	-8	2	15	3	-11	-11	-6	-2	-3	-1	-6	-12	-10	20	33	0	0	0	0
Risk Adjustment Release	25	51	37	59	5	15	9	14	12	23	20	30	0	1	0	1	8	13	8	14	0	0	0	0
Changes in Onerous Contracts	-30	9	-10	-25	0	0	0	0	-32	-23	-13	-33	5	5	0	0	-3	26	3	8	0	0	0	0
Other Long-term	-63	-124	-65	-211	-52	-103	-49	-111	13	23	17	-44	0	0	0	0	-23	-45	-34	-55	0	0	0	0
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	454	799	462	738	103	193	114	185	249	432	232	401	10	19	10	20	92	155	105	132	0	0	0	0
Investment Income	1,159	2,209	1,159	2,142	344	660	346	649	451	838	438	809	13	27	14	27	350	684	361	657	0	0	0	0
Insurance Finance Expenses	-705	-1,410	-697	-1,405	-241	-467	-232	-464	-202	-407	-206	-408	-3	-7	-4	-8	-259	-530	-256	-525	0	0	0	0
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	1,634	3,145	1,699	3,219	563	1,060	579	1,156	645	1,227	643	1,176	17	25	10	16	409	833	468	872	0	0	0	0
Tax	-316	-635	-329	-584	-96	-194	-93	-213	-148	-289	-131	-183	-3	0	-2	-4	-68	-152	-103	-184	0	0	0	0
Income from Affiliates & Other	101	182	93	154	4	9	0	0	0	0	0	0	0	0	0	0	97	173	93	154	0	0	0	0
Minority Interests	-27	-56	-30	-75	0	0	0	0	-23	-47	-28	-70	0	0	0	0	-4	-9	-3	-5	0	0	0	0
Underlying Earnings Group share	1,392	2,636	1,433	2,715	470	875	486	943	474	891	484	923	14	25	8	12	434	845	456	837	0	0	0	0
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	157	96	105	21	23	-19	4	-41	-3	-14	-35	-24	0	0	0	0	137	129	137	86	0	0	0	0
Best Estimate for incurred Claims net of reinsurance	11,589	11,778	11,623	11,205	11,349	11,502	11,352	10,939	75	120	118	124	0	0	0	0	165	157	154	142	0	0	0	0
For long-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Best Estimate Liabilities net of reinsurance	275,276	285,391	280,314	280,280	112,949	115,280	114,525	114,424	114,389	117,841	116,058	115,433	324	345	310	309	47,614	51,926	49,420	50,113	0	0	0	0
o/w VFA Gross of reinsurance	243,037	251,273	244,964	250,326	116,132	117,942	116,770	117,266	100,727	103,800	99,267	101,144	0	0	0	0	26,178	29,530	28,928	31,916	0	0	0	0
o/w BBA Gross of reinsurance	50,917	52,713	52,731	46,724	9,606	10,019	9,848	8,873	13,770	14,107	16,752	14,106	1,670	1,659	1,522	1,473	25,871	26,927	24,608	22,272	0	0	0	0
o/w Reinsurance	-18,679	-18,595	-17,381	-16,770	-12,790	-12,682	-12,093	-11,715	-108	-66	39	183	-1,346	-1,315	-1,212	-1,164	-4,435	-4,532	-4,116	-4,074	0	0	0	0

[c. 10; p. 10]

Health UE by Geography

Health underlying earnings build-up by geography

In EUR million	Total				France				Europe				AXA XL				Asia, Africa & EME-LATAM				Transversal & Other
	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	5,867	11,960	6,301	12,972	2,752	5,661	2,865	5,744	1,725	3,495	1,997	4,314	0	0	0	0	1,300	2,629	1,350	2,742	90	174	88	172
Combined Ratio	98.6%	98.1%	97.8%	97.9%	97.8%	97.9%	98.5%	98.1%	99.4%	97.5%	96.9%	95.2%	0.0%	0.0%	0.0%	0.0%	100.0%	100.0%	98.3%	102.3%	92.2%	89.1%	83.6%	86.7%
Technical Margin	79	224	141	273	62	117	42	108	10	88	62	206	0	0	0	0	1	1	23	-64	7	19	14	23
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	259	522	270	539	0	0	0	0	78	161	84	180	0	0	0	0	180	360	186	359	0	0	0	0
Technical Experience	7	3	-2	-11	0	0	0	0	-6	-20	-5	-17	0	0	0	0	14	23	3	6	0	0	0	0
Actual vs. Expected Cash Flows	13	18	2	2	0	0	0	0	1	0	0	0	0	0	0	0	12	18	2	2	0	0	0	0
Risk Adjustment Release	4	8	7	13	0	0	0	0	0	-2	1	3	0	0	0	0	5	10	5	11	0	0	0	0
Changes in Onerous Contracts	-1	-2	-2	-4	0	0	0	0	-1	-2	0	-3	0	0	0	0	-1	0	-1	-1	0	0	0	0
Other Long-term	-8	-21	-9	-22	0	0	0	0	-6	-16	-6	-16	0	0	0	0	-2	-5	-3	-5	0	0	0	0
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	82	176	101	209	-3	-1	4	12	35	72	37	76	0	0	0	0	51	105	60	118	0	0	0	2
Investment Income	160	317	170	341	26	41	24	55	39	77	40	79	0	0	0	0	95	198	106	205	0	0	0	2
Insurance Finance Expenses	-78	-140	-69	-133	-29	-43	-20	-42	-4	-5	-4	-3	0	0	0	0	-45	-93	-45	-87	0	0	0	0
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	427	925	510	1,010	59	116	46	120	117	302	178	446	0	0	0	0	245	489	272	419	7	19	14	25
Tax	-96	-239	-133	-216	-10	-27	-7	-24	-31	-87	-46	-101	0	0	0	0	-55	-125	-80	-88	0	0	-1	-4
Income from Affiliates & Other	2	4	8	2	0	0	0	0	0	0	0	0	0	0	0	0	2	4	8	2	0	0	0	0
Minority Interests	0	-4	-3	-9	0	0	0	0	0	-1	0	-4	0	0	0	0	0	-3	-3	-6	0	0	0	0
Underlying Earnings Group share	333	687	381	787	49	89	39	96	85	213	132	341	0	0	0	0	192	366	197	328	7	19	14	22
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	2,289	2,000	2,750	2,490	27	18	24	35	1,231	981	1,654	1,375	0	0	0	0	1,022	995	1,067	1,069	9	6	5	10
Best Estimate for incurred Claims net of reinsurance	2,286	2,384	2,337	3,386	1,240	1,329	1,091	1,911	698	751	898	1,062	0	0	0	0	336	290	334	398	13	14	15	15
For long-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Best Estimate Liabilities net of reinsurance	20,066	20,858	20,726	20,112	0	0	0	0	20,645	21,416	21,527	21,291	0	0	0	0	-579	-557	-800	-1,180	0	0	0	0
o/w VFA Gross of reinsurance	20,977	21,821	21,996	21,576	0	0	0	0	20,896	21,713	21,868	21,637	0	0	0	0	81	109	128	-62	0	0	0	0
o/w BBA Gross of reinsurance	-821	-868	-1,207	-1,417	0	0	0	0	-250	-297	-342	-346	0	0	0	0	-571	-571	-866	-1,071	0	0	0	0
o/w Reinsurance	-90	-95	-62	-47	0	0	0	0	0	0	0	0	0	0	0	0	-90	-95	-62	-47	0	0	0	0

[c. 11; p. 11]

Asset Management

Asset management rollforward

In EUR million	1H24		FY24		1H25		FY25 7(footnote: 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.)
	Total	o/w Third Party	Total	o/w Third Party	Total	o/w Third Party	Total	o/w Third Party
Opening AUM (in Euro billion)	843	332	843	332	879	356	879	356
Net Inflows	7	-1	3	4	-3	-10	-3	-10
Scope & Other	0	10	2	21	0	-6	0	-6
Market Effect	12	10	26	21	-3	-6	-3	-6
Currency Impact	-4	10	5	21	-21	-6	-21	-6
Closing AUM (in Euro billion)	859	340	879	356	853	341	853	341
Alternatives	227	86	229	90	233	95	233	95
Core & Other	532	254	551	266	528	246	528	246
Asian Joint Ventures	101	—	99	—	92	—	92	—
Gross Revenues - After Intercompany Elimination	787	—	1,701	—	875	—	875	—
Gross Revenues - Before Intercompany Elimination	937	—	2,004	—	1,018	—	1,018	—
Management Fees	679	385	1,425	773	724	439	724	439
Performance Fees	18	8	57	21	16	9	16	9
Distribution Fees	205	—	409	—	231	—	231	—
Other	35	—	112	—	46	—	46	—
General Expenses	-698	—	-1,493	—	-793	—	-793	—
Distribution Fees Retroceded	-205	—	-409	—	-231	—	-231	—
Financial Result	24	—	35	—	14	—	14	—
Underlying Earnings Before Tax	263	—	546	—	239	—	239	—
Tax	-69	—	-160	—	-68	—	-68	—
Income from Affiliates & Other	16	—	29	—	8	—	8	—
Minority Interests	-6	—	-13	—	-4	—	-4	—
Underlying Earnings Group Share	204	—	402	—	175	—	175	—
Average Assets under Management (€bn)	749	—	759	—	769	—	769	—
Asset Management Fee bps	18.1 bps	—	18.8 bps	—	18.8 bps	—	18.8 bps	—
Underlying Cost Income Ratio	67.3%	—	68.0%	—	71.4%	—	71.4%	—

(7) 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.

[c. 12; p. 12]

Holdings

Holdings underlying earnings build-up ⁸(footnote: 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.)

In EUR million	1H24	FY24	1H25	FY25
Financial Result	181	402	228	422
Other Revenues	522	1,050	607	1,149
Other Expenses	-925	-1,986	-1,075	-2,107
Debt Financing Charges	-471	-948	-452	-928
Underlying Earnings Before Tax	-693	-1,482	-692	-1,464
Tax	100	324	101	284
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	-592	-1,157	-591	-1,180

Holdings cash balance rollforward

In EUR billion	1H24	FY24	1H25	FY25
Opening Cash Balance at AXA SA 9(footnote: Includes liquid invested assets.)	—	4.0	—	4.0
Net cash remittance from subsidiaries 10(footnote: 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).)	—	7.7	—	7.5
Property & Casualty	—	4.0	—	5.1
Life & Health	—	3.6	—	2.5
Asset Management & Other	—	0.1	—	0.0
Dividends	—	-4.4	—	-4.6
Share buy-backs 11(footnote: 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).)	—	-1.8	—	-4.7
Holding costs and interests	—	-1.3	—	-1.3
Debt issuance	—	0.1	—	1.6
M&A and disposals	—	0.0	—	3.8
Other	—	-0.3	—	-0.7
Closing Cash Balance at AXA SA 9(footnote: Includes liquid invested assets.)	—	4.0	—	5.6

(8) 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.

(9) Includes liquid invested assets.

(10) 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).

(11) 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).

[c. 13; p. 13]

Activity Indicators

Activity indicators by line of business

In EUR million	1H24								FY24								1H25								FY25
	Total	P&C	Life & Health	o/w Employee Benefits 12(footnote: Employee Benefits include Group Protection and Group Health contracts.)	Life	Health	Asset Management	Bank	Total	P&C	Life & Health	o/w Employee Benefits 12(footnote: Employee Benefits include Group Protection and Group Health contracts.)	Life	Health	Asset Management	Bank	Total	P&C	Life & Health	o/w Employee Benefits 12(footnote: Employee Benefits include Group Protection and Group Health contracts.)	Life	Health	Asset Management	Bank	Total	P&C	Life & Health	o/w Employee Benefits 12(footnote: Employee Benefits include Group Protection and Group Health contracts.)	Life	Health	Asset Management	Bank
Gross Written Premiums & Other Revenues	59,872	32,522	26,505	6,673	17,419	9,086	787	57	110,316	56,514	51,983	12,167	34,497	17,486	1,701	118	64,251	34,097	29,230	7,223	19,081	10,149	875	49	115,524	58,038	56,512	12,867	37,499	19,014	875	99
IFRS17/9 New Business Value (NBV) (a)	1,206	—	1,206	—	953	253	—	—	2,264	—	2,264	—	1,792	473	—	—	1,189	—	1,189	—	928	260	—	—	2,233	—	2,233	—	1,747	486	—	—
New Business Contractual Service Margin (NB CSM)	1,131	—	1,131	—	919	213	—	—	2,169	—	2,169	—	1,770	399	—	—	1,184	—	1,184	—	950	234	—	—	2,199	—	2,199	—	1,822	377	—	—
Other NBV 13(footnote: Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.)	456	—	456	—	333	123	—	—	824	—	824	—	594	231	—	—	382	—	382	—	270	113	—	—	757	—	757	—	491	266	—	—
Tax	-381	—	-381	—	-299	-83	—	—	-729	—	-729	—	-572	-158	—	—	-378	—	-378	—	-292	-86	—	—	-724	—	-724	—	-567	-157	—	—
Present Value of Expected Premiums (PVEP) (b)	25,588	—	25,588	—	18,234	7,354	—	—	50,896	—	50,896	—	36,860	14,036	—	—	25,918	—	25,918	—	19,487	6,430	—	—	49,357	—	49,357	—	37,103	12,254	—	—
IFRS17/9 NBV Margin (a)/(b)	4.7%	—	4.7%	—	5.2%	3.4%	—	—	4.4%	—	4.4%	—	4.9%	3.4%	—	—	4.6%	—	4.6%	—	4.8%	4.0%	—	—	4.5%	—	4.5%	—	4.7%	4.0%	—	—

Activity indicators by geography

In EUR million	1H24							FY24							1H25							FY25
	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other
Gross Written Premiums & Other Revenues	59,872	14,719	22,579	11,220	9,571	787	995	110,316	28,996	39,298	19,383	19,083	1,701	1,856	64,251	15,670	24,649	11,749	10,302	875	1,006	115,524	30,598	43,005	19,277	19,925	875	1,844
IFRS17/9 New Business Value (NBV) (a)	1,206	354	348	—	504	—	—	2,264	682	597	—	986	—	—	1,189	315	364	—	510	—	—	2,233	695	578	—	959	—	—
New Business Contractual Service Margin (NB CSM)	1,131	203	398	—	531	—	—	2,169	391	731	—	1,047	—	—	1,184	199	443	—	541	—	—	2,199	431	740	—	1,028	—	—
Other NBV 13(footnote: Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.)	456	275	50	—	131	—	—	824	528	49	—	247	—	—	382	225	28	—	129	—	—	757	506	12	—	239	—	—
Tax	-381	-123	-100	—	-158	—	—	-729	-237	-184	—	-309	—	—	-378	-109	-107	—	-161	—	—	-724	-242	-174	—	-308	—	—
Present Value of Expected Premiums (PVEP) (b)	25,588	12,301	6,317	—	6,971	—	—	50,896	25,370	11,831	—	13,695	—	—	25,918	11,662	6,843	—	7,413	—	—	49,357	22,858	12,651	—	13,847	—	—
IFRS17/9 NBV Margin (a)/(b)	4.7%	2.9%	5.5%	—	7.2%	—	—	4.4%	2.7%	5.0%	—	7.2%	—	—	4.6%	2.7%	5.3%	—	6.9%	—	—	4.5%	3.0%	4.6%	—	6.9%	—	—

(12) Employee Benefits include Group Protection and Group Health contracts.

(13) 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.

[c. 14; p. 14]

Balance Sheet

Assets build-up

In EUR billion	FY24	FY25
Goodwill	18.1	17.8
Other intangible assets	4.4	4.4
Total Intangible assets	22.6	22.2
Investments in real estate properties	29.2	27.8
Financial investments	418.2	401.8
Unit-linked Assets	90.1	97.2
Total Investments from Insurance activities	537.5	526.9
Investments from Non-Insurance Activities	18.5	16.6
Equity Method investments	1.5	1.5
Assets Arising from Insurance and Reinsurance Contracts Held	26.1	23.9
Present Value of Future Cash Flows	24.1	22.0
Contractual Service Margin	1.4	1.4
Risk Adjustment	0.5	0.5
Receivables and Other Assets	24.1	21.9
Assets held for sale	4.5	0.2
Cash and cash equivalents	19.0	22.2
Total Assets	653.8	635.5

Liabilities, non-controlling interests, and shareholders' equity build-up

In EUR billion	FY24	FY25
Shareholders' Equity group share	49.9	47.2
Non-controlling Interests	2.5	2.4
Shareholders’ equity	52.5	49.6
Financing debt	14.4	15.8
Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts	477.0	470.4
Present Value of Future Cash Flows	438.4	432.6
Contractual Service Margin	35.3	34.7
Risk Adjustment	3.3	3.1
Other Investment Contract Liabilities	12.6	12.8
Liabilities arising from insurance, reinsurance and investment contracts	489.6	483.2
Liabilities Arising from Non-Insurance Activities	10.1	9.9
Provisions for risks and charges	4.9	4.6
Payables and Other liabilities	80.9	72.5
Liabilities held for sale	1.4	0.0
Total Liabilities, Non-controlling Interests and Shareholders' Equity	653.8	635.5

[c. 15; p. 15]

CSM rollforward

Contractual Service Margin (CSM) rollforward by business unit

In EUR million	FY23 Restated 14(footnote: Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.)	New Business CSM	Underlying Return on inforce	CSM Release	Economic Variance	Operating Variance	Other 15(footnote: Including scope changes and FX.)	FY24
Total Group (pre-tax)	34,187	2,169	1,383	-2,775	-998	432	-545	33,853
P&C	206	0	0	0	0	0	76	282
Life	26,200	1,770	1,172	-2,253	-890	363	-534	25,826
Health	7,782	400	211	-522	-108	69	-87	7,744
Total Group (post-tax)	26,777	—	—	—	—	—	—	26,320

Contractual Service Margin (CSM) rollforward by business unit

In EUR million	FY24	New Business CSM	Underlying Return on inforce	CSM Release	Economic Variance	Operating Variance	Other 15(footnote: Including scope changes and FX.)	FY25
Total Group (pre-tax)	33,853	2,199	1,328	-2,954	594	-316	-1,451	33,253
P&C	282	0	0	0	0	0	-21	261
Life	25,826	1,822	1,150	-2,415	487	-526	-903	25,442
Health	7,744	377	178	-539	107	210	-527	7,550
Total Group (post-tax)	26,320	—	—	—	—	—	—	25,864

(14) 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.

(15) Including scope changes and FX.

[c. 16; p. 16]

Invested Assets

General Account invested assets build-up by asset class and rating

In EUR billion	Fair value	Asset Allocation %	o/w Participating	Duration gap	Fair Value by Rating
	Fair value	Asset Allocation %	o/w Participating	Duration gap	Average rating1 21(footnote: 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.)	AAA	AA	A	BBB	Below Investment Grade	Non Rated
General Account Invested Assets 16(footnote: Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.)	450	—	60%	-0.4 yr	—	—	—	—	—	—	—
Fixed Income	345	77%	60%	—	—	—	—	—	—	—	—
Government Bonds	167	37%	66%	—	AA	27%	31%	28%	10%	2%	2%
Corporate Bonds and Loans	121	27%	55%	—	A	16%	6%	39%	28%	11%	—
Other Fixed Income	56	13%	52%	—	—	—	—	—	—	—	—
Asset Backed Securities 17(footnote: Includes 91% of CLOs.)	25	6%	48%	—	—	54%	28%	10%	3%	1%	4%
Mortgage Loans 18(footnote: Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).)	31	7%	56%	—	—	—	—	—	—	—	—
Real Estate	41	9%	63%	—	—	—	—	—	—	—	—
Infrastructure Equity	10	2%	64%	—	—	—	—	—	—	—	—
Listed Equities 19(footnote: Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).)	10	2%	82%	—	—	—	—	—	—	—	—
Private Equity & Hedge Funds 20(footnote: Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).)	23	5%	55%	—	—	—	—	—	—	—	—
Cash	19	4%	50%	—	—	—	—	—	—	—	—
Policy Loans	2	0%	51%	—	—	—	—	—	—	—	—

(21) 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.

(16) 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.

(17) Includes 91% of CLOs.

(18) Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).

(19) Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).

(20) Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).

[c. 17; p. 17]

Supplementary Info on Asset

Government bonds breakdown by geographical exposure

In EUR billion	Fair Value	Belgium	France	Germany	Italy	Japan	Netherlands	Spain	Switzerland	United States	Other EU countries	Supranational	Rest of the World
Breakdown By Geographical Exposure	167	6%	12%	6%	5%	8%	3%	6%	9%	10%	8%	13%	15%

Corporate bonds and loans breakdown by industry

In EUR billion	Fair Value	Basic Materials	Communications	Consumer, Cyclical	Consumer, Non-Cyclical	Covered and Senior Secured Bonds	Energy	Financials	Industrial	Technology	Utilities	Other
Breakdown By Industry	121	2%	6%	4%	11%	29%	1%	28%	6%	2%	8%	3%

Corporate bonds and loans exposure to financials ³¹(footnote: Includes REITS corporate bonds (Euro 3 billion).)

In EUR billion	Total	Banks	Non-Banks1 23(footnote: Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).)
Total	33.4	27.5	6.0
Senior Unsecured Bonds	29.8	24.3	5.5
Subordinated Bonds 22(footnote: Includes AT1 (Euro 0.4 billion).)	3.0	2.7	0.4
Other	0.6	0.5	0.1

Listed equities breakdown by asset domiciliation

In EUR billion	Fair Value	Belgium	France	Germany	Japan	Netherlands	Switzerland	United States	Other EU countries	Rest of the World
Breakdown By Asset Domiciliation	10	3%	7%	3%	7%	2%	4%	37%	9%	27%

Listed equities breakdown by industry ³²(footnote: Including hedges.)

In EUR billion	Fair Value	Basic Materials	Communications	Consumer, Cyclical	Consumer, Non-Cyclical	Diversified	Energy	Financials	Funds	Industrial	Technology	Utilities	Other
Breakdown By Industry	10	5%	11%	9%	14%	3%	0%	20%	6%	12%	17%	1%	0%

Real estate breakdown by geographical exposure

In EUR billion	Fair Value	Belgium	France	Germany	Italy	Japan	Spain	Switzerland	United Kingdom	United States	Other EU countries	Rest of the World
Breakdown By Geographical Exposure	41	5%	25%	11%	3%	5%	4%	13%	7%	12%	5%	10%

Real estate breakdown by type

In EUR billion	Fair Value	Office	Residential	Industrial-Logistic	Retail	Others
Breakdown By Type	41	33%	22%	15%	12%	18%

Private equities breakdown by asset domiciliation ³³(footnote: Excluding Non-listed Equity.)

In EUR billion	Fair Value	Europe	Japan	United States	Other
Breakdown By Asset Domiciliation	17	45%	5%	46%	5%

Mortgage loans breakdown by type

In EUR billion	Fair Value	Residential	Commercial 24(footnote: Loan to Value: 46%.)
Breakdown by Type	23	69%	31%

(31) Includes REITS corporate bonds (Euro 3 billion).

(23) Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).

(22) Includes AT1 (Euro 0.4 billion).

(32) Including hedges.

(33) Excluding Non-listed Equity.

(24) Loan to Value: 46%.

[c. 18; p. 18]

Shareholders Equity

Change in Group Share Consolidated Shareholders' Equity rollforward

In EUR billion	FY25
Shareholders' Equity at Beginning of the Period	49.9
Paid-in Capital	-4.9
Treasury Shares	-0.1
Other Comprehensive Income Arising from Defined Benefit Plans	-0.3
Fair Value Recorded in Shareholders' Equity	1.3
Other Comprehensive Income Related to Invested Assets	-4.2
Other Comprehensive Income Related to (re) Insurance Contracts	5.4
Impact of Currency Fluctuations	-3.5
Undated Subordinated Debt (including interest charges)	-0.3
Realized Gains on Equity through Retained Earnings	0.1
Dividends	-4.6
Net Income for the Period	9.8
Other	-0.2
Shareholders' Equity at End of the Period	47.2

Group Share Consolidated Shareholders' Equity build-up

In EUR billion	FY24	FY25
Paid-in Capital	21.8	16.9
Treasury Shares	-1.5	-1.6
Other Comprehensive Income Arising from Defined Benefit Plans	-2.4	-2.8
Other Comprehensive Income	-8.1	-6.8
Other Comprehensive Income Related to Invested Assets	-13.1	-17.3
Other Comprehensive Income Related to (re) Insurance Contracts	5.0	10.5
Translation Reserves	-1.1	-4.6
Undated Subordinated Debt	4.8	4.6
Retained Earnings	36.5	41.4
Total Shareholders' Equity at the End of the Period	49.9	47.2

Book value per share and shareholders' equity plus CSM per share

EUR	FY24	FY25
Book Value per Share 25(footnote: Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.)	24.5	24.0
Shareholders' Equity + CSM per Share 26(footnote: Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.)	32.7	33.2

Unrealized gains and losses on invested assets net of tax build-up

In EUR billion	FY24	FY25
Government Bonds (recyclable)	-7.5	-13.0
Corporate Bonds (recyclable)	-4.1	-3.0
Cash Flow hedges (recyclable)	-3.5	-3.3
Equities (non-recyclable)	2.3	2.1
Others (recyclable)	-0.3	-0.1
Total Other Comprehensive Income Related to Invested Assets	-13.1	-17.3
Real Estate	6.7	6.5
Other Invested Assets Not Included in Shareholders' Equity	-0.6	-0.1
Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)	6.1	6.4
Total Unrealized Gains and Losses on Invested Assets (Net of Tax)	-7.0	-10.9

(25) Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.

(26) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.

[c. 19; p. 19]

RoE & Gearing

Return on equity

In EUR billion	FY24	FY25	Change in % points (FY25 vs FY24)
Net Income ROE	14.8%	18.8%	3.9 pt
Net Income 27(footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).)	7.7	9.6	—
Average Adjusted Shareholders' Equity 28(footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).)	51.8	51.3	—
Underlying ROE	15.2%	16.0%	0.8 pt
Underlying Earnings 27(footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).)	7.9	8.2	—
Average Adjusted Shareholders' Equity 28(footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).)	51.8	51.3	—

Debt gearing build-up

In EUR billion	FY24	FY25
Financing Debt	3.2	3.2
Financing Debt Instrument Issued	3.2	3.2
Financing Debt Owed to Credit Institutions	0.0	0.0
Dated Subordinated Debt	11.2	12.6
Reversal of mark-to-market of interest rates derivatives	-0.1	-0.1
Total Gross Debt (A)	14.3	15.7
Undated Deeply Subordinated Notes (TSS)	2.9	4.3
Deeply Subordinated Notes (TSDI)	1.9	0.3
Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)	19.2	20.3
Shareholders' Equity (Including Non-Controlling Interests) (a) (C) 29(footnote: Shareholders' equity includes undated and deeply subordinated debts.)	52.5	49.6
Contractual Service Margin net of tax (D)	26.3	25.9
Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)	93.1	91.1
Debt Gearing (G) = (B) / (E)	20.6%	22.3%

(27) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).

(28) Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).

(29) Shareholders' equity includes undated and deeply subordinated debts.

[c. 20; p. 20]

Information on Solvency II

Solvency II rollforward

In EUR billion	FY24	Regulatory & model changes	Normalized Capital Generation	Operating variance	Economic variance (incl. FX)	Dividend & share buy-backs	Debt	M&A, In-force and Other	FY25
Eligible Own Fund (EOF)	55.9	0.2	8.8	-0.4	-2.1	-6.0	1.6	-1.7	56.4
Solvency Capital Requirement (SCR)	25.9	0.0	0.6	0.0	-1.2	0.0	0.0	-0.2	25.2
Solvency II Ratio	216%	0%	28%	-1%	4%	-24%	6%	-5%	224%

Eligible own fund tiering by sector

In EUR billion	Total	Unrestricted Tier 1	Restricted Tier 1	Tier 2	Tier 3
EOF as of FY25	56.4	39.6	4.7	11.6	0.4
Insurance Sector	55.1	38.4	4.7	11.6	0.4
Ancillary	—	—	—	—	—
Subject to Transitional Measures 30(footnote: 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.)	2.4	—	1.4	1.0	—
Other Financial Sectors	1.2	1.2	—	—	—
EOF as of FY24	55.9	40.0	4.9	10.2	0.8
Insurance Sector	53.5	37.5	4.9	10.2	0.8
Ancillary	—	—	—	—	—
Subject to Transitional Measures 30(footnote: 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.)	4.5	—	3.4	1.1	—
Other Financial Sectors	2.5	2.5	—	—	—

Solvency II key sensitivities

In EUR billion	FY24	FY25
Interest Rate +50 bps	+2 pts	+2 pts
Interest Rate -50 bps	-4 pts	-1 pt
Corporate Spread +50bps	-1 pt	-1 pt
Euro Government Spreads +50bps	-10 pts	-7 pts
Credit Migration +20%	-4 pts	-4 pts
Listed Equities +25%	+0 pt	-1 pt
Listed Equities -25%	-3 pts	+2 pts
Private and Infrastructure Equity +25%	+13 pts	+14 pts
Private and Infrastructure Equity -25%	-15 pts	-19 pts
Inflation swap curve +50bps	-6 pts	-5 pts

(30) 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.

[c. 21; p. 21]

IFRS17 SHE to Group EOF

Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds

In EUR billion	FY25
IFRS SHAREHOLDERS' EQUITY	49.6
Contractual Service Margin (net of tax)	25.9
IFRS SHAREHOLDERS' EQUITY inc. CSM	75.5
Net URCG not included in Shareholders' Equity	6.4
Elimination Undated Subordinated Debts	-4.6
Elimination Intangibles	-21.3
Goodwill	-17.8
others	-3.5
IFRS TANGIBLE NET ASSET VALUE	56.0
Foreseeable dividends and distribution	-6.3
Technical provision adjustments	-9.6
Risk Margin vs Risk Adjustment	-6.4
BEL adjustment	-3.2
Other adjustments	-0.6
UNRESTRICTED TIER 1	39.6
Restricted Tier 1 + Tier 2	16.4
Tier 3	0.4
GROUP ELIGIBLE OWN FUNDS	56.4