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

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{| id="t4" class="wikitable fintable"

|-

! style="text-align:left" | In EUR million

! 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.}}

|-

|-

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

|-

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

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

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

|-

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

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

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

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

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

|-

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

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

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

|-

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

|-

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

|-

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|}

</div>

|-

! style="text-align:left" | In EUR million

! 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.}}

|-

! style="text-align:left" |

|-

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

|-

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

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

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

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

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

|-

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

|-

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

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

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

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

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

|-

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

|-

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

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

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

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

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

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

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

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

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

|-

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

|-

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

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

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

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

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

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{| id="t6" class="wikitable fintable"

|-

! style="text-align:left" | In EUR million

! 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.}}

|-

! style="text-align:left" |

! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]

|-

|-

| style="text-align:right" | 2,908

| style="text-align:right" | 5,510

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

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

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

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

| style="text-align:right" | 151

|-

| style="text-align:right" | 1,725

| style="text-align:right" | 3,323

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

|-

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

|-

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

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

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

|-

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

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

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

|-

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

|-

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

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

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

|-

| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]]

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

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

|-

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

|-

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

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

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

|-

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

|-

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

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

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

|-

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

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

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

|-

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

|-

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

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

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

|-

| style="text-align:left" | <b>[[Definition:Underlying earnings per share|Underlying EPS]] (C/A)</b>

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

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

<div style="overflow-x:auto">

{| id="t8" class="wikitable fintable"

|-

! style="text-align:left" | In EUR million

! colspan="4" style="text-align:center" | Commercial lines

! colspan="4" style="text-align:center" | Personal lines

! colspan="4" style="text-align:center" | Intercompany eliminations

|-

|-

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]

|-

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

|-

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

|-

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

<div style="overflow-x:auto">

{| id="t9" class="wikitable fintable"

|-

! style="text-align:left" | In EUR million

! colspan="4" style="text-align:center" | Total

|-

! style="text-align:left" |

! 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]]

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]

|-

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

|-

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

|-

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

|-

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

|-

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

<div style="overflow-x:auto">

{| id="t10" class="wikitable fintable"

|-

! style="text-align:left" | In EUR million

! colspan="4" style="text-align:center" | Life

! colspan="4" style="text-align:center" | Health

|-

! style="text-align:left" |

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]

|-

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

|-

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

|-

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

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

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

|-

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

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

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

|-

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|}

</div>

<div style="overflow-x:auto">

{| id="t11" class="wikitable fintable"

|-

! style="text-align:left" | In EUR million

! colspan="4" style="text-align:center" | Total

|-

! style="text-align:left" |

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

! style="text-align:left" | In EUR million

! colspan="4" style="text-align:center" | Total

|-

! style="text-align:left" |

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

! style="text-align:left" | In EUR million

! colspan="4" style="text-align:center" | Total

|-

! style="text-align:left" |

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

|-

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

<div style="overflow-x:auto">

{| id="t14" class="wikitable fintable"

|-

! style="text-align:left" | In EUR million

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

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

|-

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

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

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

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

|-

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

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

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

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

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

|}

</div>

! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]

|-

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

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

|-

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

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

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

|-

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

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

|-

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

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

|-

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

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

|-

| style="text-align:left" | [[Definition:Dividend|Dividends]]

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

|}

<div style="overflow-x:auto">

{| id="t17" class="wikitable fintable"

|-

! style="text-align:left" | In EUR million

! style="text-align:left" |

! class="col-s" style="text-align:right" | Total

! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}

! class="col-s" style="text-align:right" | Life

! class="col-s" style="text-align:right" | Health

! class="col-s" style="text-align:right" | Bank

! class="col-s" style="text-align:right" | Total

! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}

! class="col-s" style="text-align:right" | Life

! class="col-s" style="text-align:right" | Health

! class="col-s" style="text-align:right" | Bank

! class="col-s" style="text-align:right" | Total

! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}

! class="col-s" style="text-align:right" | Life

! class="col-s" style="text-align:right" | Health

! class="col-s" style="text-align:right" | Bank

! class="col-s" style="text-align:right" | Total

! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}

! class="col-s" style="text-align:right" | Life

! class="col-s" style="text-align:right" | Health

! class="col-s" style="text-align:right" | Bank

|-

| style="text-align:right" | 59,872

| style="text-align:right" | 32,522

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|}

</div>

! style="text-align:left" |

! class="col-s" style="text-align:right" | Total

! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]

! class="col-s" style="text-align:right" | Total

! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]

! class="col-s" style="text-align:right" | Total

! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]

! class="col-s" style="text-align:right" | Total

! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]

|-

| style="text-align:right" | 59,872

| style="text-align:right" | 14,719

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|}

</div>

<div style="overflow-x:auto">

{| id="t21" class="wikitable fintable"

|-

! style="text-align:left" | In EUR million

| style="text-align:right" | <b>33,853</b>

|-

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

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

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

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

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

|}

<div style="overflow-x:auto">

{| id="t22" class="wikitable fintable"

|-

! style="text-align:left" | In EUR million

| style="text-align:right" | <b>33,253</b>

|-

| style="text-align:right" | 282

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

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

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

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

|}

| style="text-align:left" | <b>General Account Invested Assets {{fn ref|16|2=Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}}</b>

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

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

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

|-

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

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

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

|-

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

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

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

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

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

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

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

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

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

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

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

|-

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

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

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

|-

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

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

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

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

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|}

</div>

! class="col-s" style="text-align:right" | Fair Value

! class="col-s" style="text-align:right" | Belgium

! class="col-s" style="text-align:right" | Germany

! class="col-s" style="text-align:right" | Italy

! class="col-s" style="text-align:right" | Fair Value

! class="col-s" style="text-align:right" | Belgium

! class="col-s" style="text-align:right" | Germany

! class="col-s" style="text-align:right" | Japan

! class="col-s" style="text-align:right" | Fair Value

! class="col-s" style="text-align:right" | Belgium

! class="col-s" style="text-align:right" | Germany

! class="col-s" style="text-align:right" | Italy

! style="text-align:left" | In EUR billion

! class="col-s" style="text-align:right" | Fair Value

! class="col-s" style="text-align:right" | Japan

! class="col-s" style="text-align:right" | United States

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

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

|-

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

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

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

|-

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

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

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

|-

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

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

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

|}

</div>

|-

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

|-

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

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

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

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

|-

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

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

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

|-

| style="text-align:left" | <b>EOF as of [[Definition:Full year 2024|FY24]]</b>

|-

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

|-

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

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

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

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

|-

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

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

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

|}

</div>