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| 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
|
| intro_sentence = This article
| wide = yes
| document = Document:AXA/2025/FY/Financial supplement
| doc_id = gr2rpazfcv
}}
''This article
{{chunk|doc=gr2rpazfcv|c=1|p=1}}
== Market Data ==
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Exchange rate by currency
|-
! 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 ⟶ 87:
|}
</div>
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Discount rate 5Y by currency
|-
! 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 130 ⟶ 135:
|}
</div>
<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|+ Discount rate 10Y by currency
|-
! 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 179 ⟶ 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
|-
! style="text-align:left" |
!
!
!
! 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.}}
! 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-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! 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-
! 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" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 302 ⟶ 308:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 368 ⟶ 374:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 412 ⟶ 418:
| style="text-align:right" | 422
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | 1,459
| style="text-align:right" | 3,054
Line 478 ⟶ 484:
| style="text-align:right" | -928
|-
| style="text-align:left" |
| 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" | Tax
Line 522 ⟶ 528:
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 122
| style="text-align:right" | 218
Line 566 ⟶ 572:
| style="text-align:right" | 0
|-
| style="text-align:left" |
| 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:Underlying earnings|Underlying Earnings]] Growth Rate (constant [[Definition:Foreign exchange|FX]])
| style="text-align:right" | 4%
| style="text-align:right" | 7%
Line 610 ⟶ 616:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | —
Line 632 ⟶ 638:
| style="text-align:right" | —
|-
| style="text-align:left" | Net Realized Capital Gains & Losses
| style="text-align:right" | 93
| style="text-align:right" | 195
Line 654 ⟶ 660:
| style="text-align:right" | —
|-
| style="text-align:left" | Change in Fair Value of Assets & Derivatives
| style="text-align:right" | -43
| style="text-align:right" | 83
Line 742 ⟶ 748:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 786 ⟶ 792:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 808 ⟶ 814:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 832 ⟶ 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
|-
! style="text-align:left" |
! 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 & 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 & 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-
! class="col-
! class="col-
! 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" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 997 ⟶ 1,007:
| style="text-align:right" | 109
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,087 ⟶ 1,097:
| style="text-align:right" | 0
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,147 ⟶ 1,157:
| style="text-align:right" | 502
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | 1,459
| style="text-align:right" | 3,054
Line 1,237 ⟶ 1,247:
| style="text-align:right" | -887
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
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| 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" | Tax
Line 1,297 ⟶ 1,307:
| style="text-align:right" | 212
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 122
| style="text-align:right" | 218
Line 1,357 ⟶ 1,367:
| style="text-align:right" | -2
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
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| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
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| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|}
</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" |
! 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 & 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 & 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" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,462 ⟶ 1,472:
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Property & casualty|Property & Casualty]]
| style="text-align:right" | 2,908
| style="text-align:right" | 5,510
Line 1,492 ⟶ 1,502:
| style="text-align:right" | 151
|-
| style="text-align:left" | [[Definition:Life & health|Life & Health]]
| style="text-align:right" | 1,725
| style="text-align:right" | 3,323
Line 1,522 ⟶ 1,532:
| 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
Line 1,552 ⟶ 1,562:
| style="text-align:right" | —
|-
| style="text-align:left" | Holdings {{
| style="text-align:right" | -592
| style="text-align:right" | -1,157
Line 1,584 ⟶ 1,594:
</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
|-
! 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.}}
! colspan="2" style="text-align:center" | Weighted Average Number
|-
! style="text-align:left" |
! class="col-
! class="col-
! class="col-
! class="col-
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,606 ⟶ 1,620:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Increase of Capital Dedicated to Employees
Line 1,636 ⟶ 1,650:
| style="text-align:right" | -64.9
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,666 ⟶ 1,680:
| style="text-align:right" | 5.1
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,684 ⟶ 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 1,690 ⟶ 1,704:
| style="text-align:right" | 8,368
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,702 ⟶ 1,716:
| style="text-align:right" | -174
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,714 ⟶ 1,728:
| style="text-align:right" | 9,623
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] for EPS Calculation (C)
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,720 ⟶ 1,734:
| style="text-align:right" | 8,195
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,726 ⟶ 1,740:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,732 ⟶ 1,746:
| style="text-align:right" | 4.53
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,740 ⟶ 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 & casualty]] [[Definition:Underlying earnings|underlying earnings]] build-up by [[Definition:Business mix|line of business]]
|-
! 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]] Reinsurance
! colspan="4" style="text-align:center" | Intercompany eliminations
|-
! style="text-align:left" |
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,995 ⟶ 2,012:
| style="text-align:right" | -63
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,061 ⟶ 2,078:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,149 ⟶ 2,166:
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,215 ⟶ 2,232:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | Tax
Line 2,259 ⟶ 2,276:
| style="text-align:right" | —
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 2
| style="text-align:right" | 3
Line 2,303 ⟶ 2,320:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,325 ⟶ 2,342:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,347 ⟶ 2,364:
| style="text-align:right" | —
|-
|
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 2,369 ⟶ 2,386:
| style="text-align:right" | —
|-
|
| style="text-align:right" | 113,515
| style="text-align:right" | 118,104
Line 2,413 ⟶ 2,430:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" |
| 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" |
|}
</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 & casualty]] [[Definition:Underlying earnings|underlying earnings]] build-up by geography
|-
! 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" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
! style="text-align:left" |
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,803 ⟶ 2,821:
| style="text-align:right" | 86
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,893 ⟶ 2,911:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,013 ⟶ 3,031:
| style="text-align:right" | -15
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,103 ⟶ 3,121:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | Tax
Line 3,163 ⟶ 3,181:
| style="text-align:right" | -58
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 2
| style="text-align:right" | 3
Line 3,223 ⟶ 3,241:
| style="text-align:right" | -2
|-
| style="text-align:left" |
| 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" | For short-term business
Line 3,283 ⟶ 3,301:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" |
| 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" |
|}
</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 & health|Life & health]] [[Definition:Underlying earnings|underlying earnings]] build-up by [[Definition:Business mix|line of business]]
|-
! 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
!
! colspan="3" style="text-align:center" | Employee Benefits* (out of Total [[Definition:Life & health|Life & Health]])
|-
! style="text-align:left" |
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! 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" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,447 ⟶ 3,467:
| style="text-align:right" | 347
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,573 ⟶ 3,593:
| style="text-align:right" | 38
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,645 ⟶ 3,665:
| style="text-align:right" | -281
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,699 ⟶ 3,719:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | Tax
Line 3,735 ⟶ 3,755:
| style="text-align:right" | -110
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 103
| style="text-align:right" | 186
Line 3,771 ⟶ 3,791:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,807 ⟶ 3,827:
| style="text-align:right" | —
|-
|
| style="text-align:right" | 234,783
| style="text-align:right" | 230,205
Line 3,825 ⟶ 3,845:
| style="text-align:right" | —
|-
|
| style="text-align:right" | 94,677
| style="text-align:right" | 114,803
Line 3,861 ⟶ 3,881:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | —
Line 3,879 ⟶ 3,899:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | —
Line 3,915 ⟶ 3,935:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | —
Line 3,933 ⟶ 3,953:
| style="text-align:right" | —
|-
|
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
Line 3,951 ⟶ 3,971:
| style="text-align:right" | —
|-
|
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
Line 3,969 ⟶ 3,989:
| style="text-align:right" | —
|-
|
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
Line 3,989 ⟶ 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 & health|Life & health]] [[Definition:Underlying earnings|underlying earnings]] build-up by geography
|-
! 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 & EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
! style="text-align:left" |
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! 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" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,133 ⟶ 4,156:
| style="text-align:right" | 23
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,315 ⟶ 4,338:
| style="text-align:right" | 0
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,419 ⟶ 4,442:
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,497 ⟶ 4,520:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | Tax
Line 4,549 ⟶ 4,572:
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 103
| style="text-align:right" | 186
Line 4,601 ⟶ 4,624:
| style="text-align:right" | 0
|-
| style="text-align:left" |
| 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" | For short-term business
Line 4,653 ⟶ 4,676:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" |
| 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" | For long-term business
Line 4,731 ⟶ 4,754:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | 264,013
| style="text-align:right" | 273,094
Line 4,783 ⟶ 4,806:
| style="text-align:right" | 0
|-
|
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
Line 4,809 ⟶ 4,832:
| style="text-align:right" | 0
|-
|
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
Line 4,837 ⟶ 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 earnings|underlying earnings]] build-up by geography
|-
! 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 & EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
! style="text-align:left" |
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! 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" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,981 ⟶ 5,005:
| style="text-align:right" | 0
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,163 ⟶ 5,187:
| style="text-align:right" | 0
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,267 ⟶ 5,291:
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,345 ⟶ 5,369:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | Tax
Line 5,397 ⟶ 5,421:
| style="text-align:right" | 0
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 101
| style="text-align:right" | 182
Line 5,449 ⟶ 5,473:
| style="text-align:right" | 0
|-
| style="text-align:left" |
| 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" | For short-term business
Line 5,501 ⟶ 5,525:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" |
| 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" | For long-term business
Line 5,579 ⟶ 5,603:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | 243,037
| style="text-align:right" | 251,273
Line 5,631 ⟶ 5,655:
| style="text-align:right" | 0
|-
|
| style="text-align:right" | 50,917
| style="text-align:right" | 52,713
Line 5,657 ⟶ 5,681:
| style="text-align:right" | 0
|-
|
| style="text-align:right" | -18,679
| style="text-align:right" | -18,595
Line 5,685 ⟶ 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 earnings|underlying earnings]] build-up by geography
|-
! 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 & EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
! style="text-align:left" |
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! class="col-
! 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" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,829 ⟶ 5,854:
| style="text-align:right" | 23
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 6,011 ⟶ 6,036:
| style="text-align:right" | 0
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 6,115 ⟶ 6,140:
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
Line 6,193 ⟶ 6,218:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | Tax
Line 6,245 ⟶ 6,270:
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 2
| style="text-align:right" | 4
Line 6,297 ⟶ 6,322:
| style="text-align:right" | 0
|-
| style="text-align:left" |
| 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" | For short-term business
Line 6,349 ⟶ 6,374:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" |
| 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" | For long-term business
Line 6,427 ⟶ 6,452:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | 20,977
| style="text-align:right" | 21,821
Line 6,479 ⟶ 6,504:
| style="text-align:right" | 0
|-
|
| style="text-align:right" | -821
| style="text-align:right" | -868
Line 6,505 ⟶ 6,530:
| style="text-align:right" | 0
|-
|
| style="text-align:right" | -90
| style="text-align:right" | -95
Line 6,533 ⟶ 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
|-
! 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]] {{
|-
! style="text-align:left" |
! class="col-
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-
! class="col-s" style="text-align:right" | o/w Third Party
|-
| style="text-align:left" |
| 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" | Net Inflows
Line 6,575 ⟶ 6,601:
| style="text-align:right" | -10
|-
| style="text-align:left" | Scope & Other
| style="text-align:right" | 0
| style="text-align:right" | 10
Line 6,605 ⟶ 6,631:
| style="text-align:right" | -6
|-
| style="text-align:left" |
| 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" | Alternatives
Line 6,625 ⟶ 6,651:
| style="text-align:right" | 95
|-
| class="wt-indent-1" style="text-align:left" | Core & Other
| style="text-align:right" | 532
| style="text-align:right" | 254
Line 6,645 ⟶ 6,671:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" |
| 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" | —
|-
Line 6,705 ⟶ 6,731:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | —
|-
Line 6,735 ⟶ 6,761:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" | —
|-
Line 6,755 ⟶ 6,781:
| style="text-align:right" | —
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 16
| style="text-align:right" | —
Line 6,775 ⟶ 6,801:
| style="text-align:right" | —
|-
| style="text-align:left" |
| 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" |
| 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" |
| 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" |
| 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" | —
|}
</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 earnings|underlying earnings]] build-up {{fn ref|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.}}
|-
!
! class="col-
! class="col-
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Financial Result
Line 6,835 ⟶ 6,864:
| style="text-align:right" | 422
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | 522
| style="text-align:right" | 1,050
Line 6,853 ⟶ 6,882:
| style="text-align:right" | -928
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Tax
Line 6,865 ⟶ 6,894:
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,877 ⟶ 6,906:
| style="text-align:right" | 0
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|}
</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" |
| style="text-align:right" | —
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" |
|-
| style="text-align:left" | Net cash remittance from subsidiaries {{
| style="text-align:right" | —
| style="text-align:right" | 7.7
Line 6,907 ⟶ 6,936:
| style="text-align:right" | 7.5
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:Property & casualty|Property & Casualty]]
| style="text-align:right" | —
| style="text-align:right" | 4.0
Line 6,913 ⟶ 6,942:
| style="text-align:right" | 5.1
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:Life & health|Life & Health]]
| style="text-align:right" | —
| style="text-align:right" | 3.6
Line 6,919 ⟶ 6,948:
| style="text-align:right" | 2.5
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:AXA Investment Managers|Asset Management]] & Other
| style="text-align:right" | —
| style="text-align:right" | 0.1
Line 6,925 ⟶ 6,954:
| style="text-align:right" | 0.0
|-
| style="text-align:left" | [[Definition:Dividend|Dividends]]
| style="text-align:right" | —
| style="text-align:right" | -4.4
Line 6,931 ⟶ 6,960:
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Share buy-backs {{
| style="text-align:right" | —
| style="text-align:right" | -1.8
Line 6,949 ⟶ 6,978:
| style="text-align:right" | 1.6
|-
| style="text-align:left" | M&A and disposals
| style="text-align:right" | —
| style="text-align:right" | 0.0
Line 6,961 ⟶ 6,990:
| style="text-align:right" | -0.7
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" |
|}
</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 indicators by [[Definition:Business mix|line of business]]
|-
! 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" |
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life & Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{
! 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 Management]]
! 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&C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life & Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{
! 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 Management]]
! 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&C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life & Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{
! 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 Management]]
! 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&C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life & Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{
! 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 Management]]
! class="col-s" style="text-align:right" | Bank
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross Written Premiums & Other Revenues]]
| style="text-align:right" | 59,872
| style="text-align:right" | 32,522
Line 7,117 ⟶ 7,152:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other NBV {{
| style="text-align:right" | 456
| style="text-align:right" | —
Line 7,254 ⟶ 7,289:
|}
</div>
<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|+ Activity indicators by geography
|-
! 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" |
! 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 & 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 & 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 & 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 & 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 & 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 & 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 & 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 & Other]]
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross Written Premiums & Other Revenues]]
| style="text-align:right" | 59,872
| style="text-align:right" | 14,719
Line 7,385 ⟶ 7,420:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other NBV {{
| style="text-align:right" | 456
| style="text-align:right" | 275
Line 7,507 ⟶ 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
|-
!
! 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" | Goodwill
Line 7,525 ⟶ 7,564:
| style="text-align:right" | 4.4
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Investments in real estate properties
Line 7,541 ⟶ 7,580:
| style="text-align:right" | 97.2
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Investments from Non-Insurance Activities
Line 7,581 ⟶ 7,620:
| style="text-align:right" | 22.2
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|}
</div>
<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|+ Liabilities, non-controlling interests, and shareholders' equity build-up
|-
!
! 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
Line 7,603 ⟶ 7,642:
| style="text-align:right" | 2.4
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Financing debt
Line 7,631 ⟶ 7,670:
| style="text-align:right" | 12.8
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Liabilities Arising from Non-Insurance Activities
Line 7,651 ⟶ 7,690:
| style="text-align:right" | 0.0
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|}
</div>
{{chunk|doc=gr2rpazfcv|c=15|p=15}}
== CSM rollforward ==
<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|+ Contractual Service Margin (CSM) rollforward by [[Definition:Business mix|business unit]]
|-
!
! class="col-
! class="col-
! class="col-
! class="col-m" style="text-align:right" | CSM Release
! class="col-m" style="text-align:right" | Economic Variance
! class="col-s" style="text-align:right" | Operating Variance
! class="col-
! class="col-
|-
| style="text-align:left" |
| 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" | [[Definition:Property & casualty|P&C]]
| style="text-align:right" | 206
| style="text-align:right" | 0
Line 7,715 ⟶ 7,753:
| style="text-align:right" | 7,744
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,723 ⟶ 7,761:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" |
|}
</div>
<div style="overflow-x:auto">
{| id="t22" class="wikitable fintable"
|+ Contractual Service Margin (CSM) rollforward by [[Definition:Business mix|business unit]]
|-
!
! class="col-
! class="col-
! class="col-m" style="text-align:right" | Underlying Return on inforce
! class="col-m" style="text-align:right" | CSM Release
! class="col-s" style="text-align:right" | Economic Variance
! class="col-
! class="col-
! class="col-
|-
| style="text-align:left" |
| 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" | [[Definition:Property & casualty|P&C]]
| style="text-align:right" | 282
| style="text-align:right" | 0
Line 7,781 ⟶ 7,819:
| style="text-align:right" | 7,550
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,789 ⟶ 7,827:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" |
|}
</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
|-
! style="text-align:
! class="col-s" style="text-align:
! class="col-s" style="text-align:
! class="col-s" style="text-align:right" | o/w Participating
! class="col-m" style="text-align:right" | Duration gap
! colspan="7" style="text-align:center" | Fair Value by Rating
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Fair value
! class="col-s" style="text-align:right" | Asset Allocation %
! class="col-s" style="text-align:right" | o/w Participating
! class="col-
! class="col-s" style="text-align:right" | Average rating1 {{
! class="col-s" style="text-align:right" | AAA
! class="col-s" style="text-align:right" | AA
Line 7,819 ⟶ 7,861:
! class="col-s" style="text-align:right" | Non Rated
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,850 ⟶ 7,892:
| style="text-align:right" | 66%
| style="text-align:right" | —
| style="text-align:right" |
| style="text-align:right" | 27%
| style="text-align:right" | 31%
Line 7,863 ⟶ 7,905:
| style="text-align:right" | 55%
| style="text-align:right" | —
| style="text-align:right" |
| style="text-align:right" | 16%
| style="text-align:right" | 6%
Line 7,884 ⟶ 7,926:
| style="text-align:right" | —
|-
| class="wt-indent-2" style="text-align:left" | Asset Backed Securities {{
| style="text-align:right" | 25
| style="text-align:right" | 6%
Line 7,897 ⟶ 7,939:
| style="text-align:right" | 4%
|-
| class="wt-indent-2" style="text-align:left" | Mortgage Loans {{
| style="text-align:right" | 31
| style="text-align:right" | 7%
Line 7,936 ⟶ 7,978:
| style="text-align:right" | —
|-
| style="text-align:left" | Listed Equities {{
| style="text-align:right" | 10
| style="text-align:right" | 2%
Line 7,949 ⟶ 7,991:
| style="text-align:right" | —
|-
| style="text-align:left" | Private Equity & Hedge Funds {{
| style="text-align:right" | 23
| style="text-align:right" | 5%
Line 7,990 ⟶ 8,032:
</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"
|+ Government bonds breakdown by geographical exposure
|-
! style="text-align:left" | In EUR billion
! 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 8,012 ⟶ 8,062:
|-
| style="text-align:left" | Breakdown By Geographical Exposure
| style="text-align:right" |
| style="text-align:right" | 6%
| style="text-align:right" | 12%
Line 8,027 ⟶ 8,077:
|}
</div>
<div style="overflow-x:auto">
{| id="t25" class="wikitable fintable"
|+ Corporate bonds and loans breakdown by industry
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Basic Materials
Line 8,038 ⟶ 8,088:
! class="col-s" style="text-align:right" | Consumer, Cyclical
! class="col-s" style="text-align:right" | Consumer, Non-Cyclical
!
! class="col-s" style="text-align:right" | Energy
! class="col-s" style="text-align:right" | Financials
Line 8,047 ⟶ 8,097:
|-
| style="text-align:left" | Breakdown By Industry
| style="text-align:right" |
| style="text-align:right" | 2%
| style="text-align:right" | 6%
| style="text-align:right" | 4%
| style="text-align:right" | 11%
| style="text-align:
| style="text-align:right" | 1%
| style="text-align:right" | 28%
Line 8,061 ⟶ 8,111:
|}
</div>
<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).}}
|-
!
! class="col-
! class="col-m" style="text-align:right" | 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" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Senior Unsecured Bonds
Line 8,081 ⟶ 8,131:
| style="text-align:right" | 5.5
|-
| style="text-align:left" | Subordinated Bonds {{
| style="text-align:right" | 3.0
| style="text-align:right" | 2.7
Line 8,092 ⟶ 8,142:
|}
</div>
<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|+ Listed equities breakdown by asset domiciliation
|-
! style="text-align:left" | In EUR billion
! 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 8,110 ⟶ 8,160:
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
| style="text-align:right" |
| style="text-align:right" | 3%
| style="text-align:right" | 7%
Line 8,122 ⟶ 8,172:
|}
</div>
<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|+ Listed equities breakdown by industry {{fn ref|32|2=Including hedges.}}
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Basic Materials
Line 8,143 ⟶ 8,193:
|-
| style="text-align:left" | Breakdown By Industry
| style="text-align:right" |
| style="text-align:right" | 5%
| style="text-align:right" | 11%
Line 8,158 ⟶ 8,208:
|}
</div>
<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+ Real estate breakdown by geographical exposure
|-
! style="text-align:left" | In EUR billion
! 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 8,178 ⟶ 8,228:
|-
| style="text-align:left" | Breakdown By Geographical Exposure
| style="text-align:right" |
| style="text-align:right" | 5%
| style="text-align:right" | 25%
Line 8,192 ⟶ 8,242:
|}
</div>
<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|+ Real estate breakdown by type
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Office
Line 8,206 ⟶ 8,256:
|-
| style="text-align:left" | Breakdown By Type
| style="text-align:right" |
| style="text-align:right" | 33%
| style="text-align:right" | 22%
Line 8,214 ⟶ 8,264:
|}
</div>
<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|+ Private equities breakdown by asset domiciliation {{fn ref|33|2=Excluding Non-listed Equity.}}
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair 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
Line 8,227 ⟶ 8,277:
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
| style="text-align:right" |
| style="text-align:right" | 45%
| style="text-align:right" | 5%
Line 8,234 ⟶ 8,284:
|}
</div>
<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|+ Mortgage loans breakdown by type
|-
! style="text-align:left" | In EUR billion
! 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 {{
|-
| style="text-align:left" | Breakdown by Type
| style="text-align:right" |
| style="text-align:right" | 69%
| style="text-align:right" | 31%
Line 8,251 ⟶ 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 Group Share Consolidated Shareholders' Equity rollforward
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" |
| style="text-align:right" |
|-
| style="text-align:left" | Paid-in Capital
Line 8,290 ⟶ 8,348:
| style="text-align:right" | 0.1
|-
| style="text-align:left" | [[Definition:Dividend|Dividends]]
| style="text-align:right" | -4.6
|-
Line 8,299 ⟶ 8,357:
| style="text-align:right" | -0.2
|-
| style="text-align:left" |
| style="text-align:right" |
|}
</div>
<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|+ Group Share Consolidated Shareholders' Equity build-up
|-
!
! 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" | Paid-in Capital
Line 8,348 ⟶ 8,406:
| style="text-align:right" | 41.4
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|}
</div>
<div style="overflow-x:auto">
{| id="t35" class="wikitable
|+ Book value per share and shareholders' equity plus CSM per share
|-
! style="text-align:left" | EUR
!
!
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|}
</div>
<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|+ Unrealized gains and losses on invested assets net of tax build-up
|-
!
! 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)
Line 8,400 ⟶ 8,458:
| style="text-align:right" | -0.1
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Real Estate
Line 8,412 ⟶ 8,470:
| style="text-align:right" | -0.1
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|}
</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
|+ Return on equity
|-
!
!
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
! style="text-align:right" | Change in % points ([[Definition:Full year 2025|FY25]] vs [[Definition:Full year 2024|FY24]])
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Net Income {{
| style="text-align:right" | 7.7
| style="text-align:right" | 9.6
| style="text-align:right" | —
|-
| style="text-align:left" | Average Adjusted Shareholders' Equity {{
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] {{
| style="text-align:right" | 7.9
| style="text-align:right" | 8.2
| style="text-align:right" | —
|-
| style="text-align:left" | Average Adjusted Shareholders' Equity {{
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
Line 8,464 ⟶ 8,526:
|}
</div>
<div style="overflow-x:auto">
{| id="t38" class="wikitable
|+ Debt gearing build-up
|-
!
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Financing Debt
Line 8,493 ⟶ 8,555:
| style="text-align:right" | -0.1
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Undated Deeply Subordinated Notes (TSS)
Line 8,505 ⟶ 8,567:
| style="text-align:right" | 0.3
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|}
</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
|+ Solvency II rollforward
|-
|-
| style="text-align:left" |
| 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" |
| 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" | <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
|+ Eligible own fund tiering by sector
|-
!
!
!
!
! style="text-align:right" | Tier 2
! style="text-align:right" | Tier 3
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Insurance Sector
| style="text-align:right" |
| style="text-align:right" | 38.4
| style="text-align:right" | 4.7
Line 8,611 ⟶ 8,678:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Subject to Transitional Measures {{
| style="text-align:right" | 2.4
| style="text-align:right" | —
Line 8,619 ⟶ 8,686:
|-
| style="text-align:left" | Other Financial Sectors
| style="text-align:right" |
| style="text-align:right" | 1.2
| style="text-align:right" | —
Line 8,625 ⟶ 8,692:
| style="text-align:right" | —
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Insurance Sector
| style="text-align:right" |
| style="text-align:right" | 37.5
| style="text-align:right" | 4.9
Line 8,646 ⟶ 8,713:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Subject to Transitional Measures {{
| style="text-align:right" | 4.5
| style="text-align:right" | —
Line 8,654 ⟶ 8,721:
|-
| style="text-align:left" | Other Financial Sectors
| style="text-align:right" |
| style="text-align:right" | 2.5
| style="text-align:right" | —
Line 8,661 ⟶ 8,728:
|}
</div>
<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|+ Solvency II key sensitivities
|-
!
! 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
Line 8,712 ⟶ 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 IFRS 17/9 shareholders' equity to Solvency II eligible own funds
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" |
| style="text-align:right" |
|-
| style="text-align:left" | Contractual Service Margin (net of tax)
| style="text-align:right" | 25.9
|-
| style="text-align:left" |
| style="text-align:right" |
|-
| style="text-align:left" | Net URCG not included in Shareholders' Equity
Line 8,739 ⟶ 8,809:
| style="text-align:right" | -21.3
|-
| class="wt-indent-
| style="text-align:right" | -17.8
|-
| class="wt-indent-
| style="text-align:right" | -3.5
|-
| style="text-align:left" |
| style="text-align:right" |
|-
| style="text-align:left" | Foreseeable [[Definition:Dividend|dividends]] and distribution
| style="text-align:right" | -6.3
|-
Line 8,754 ⟶ 8,824:
| style="text-align:right" | -9.6
|-
| class="wt-indent-
| style="text-align:right" | -6.4
|-
| class="wt-indent-
| style="text-align:right" | -3.2
|-
Line 8,763 ⟶ 8,833:
| style="text-align:right" | -0.6
|-
| style="text-align:left" |
| style="text-align:right" |
|-
| style="text-align:left" | Restricted Tier 1 + Tier 2
Line 8,772 ⟶ 8,842:
| style="text-align:right" | 0.4
|-
| style="text-align:left" |
| style="text-align:right" |
|}
</div>
| |||