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Line 1: <small>''AXA Group 2025 Universal Registration Document (probe: 11 pages) — anchor-injection probe (11 selected pages) — converted from probe_original.md''</small> ~~<!-- abcd123 -->~~ <!-- page 2 --> ~~<div data-wix-module="nav" data-wix-pages='[["Introduction","Test"],["Module 1","Main_Page"],["Module 2","Internal:Training/IFRS17/module-2"]]'></div>~~ <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 2 —</div> == Content == ~~<div data-wix-module="nav-dropdown" data-wix-pages='[["Introduction","Test"],["Module 1","Main_Page"],["Module 2","Internal:Training/IFRS17/module-2"]]'></div>~~ ~~<div data-wix-module="pool-simulator"></div>~~ <div style="overflow-x:auto"> {\| class="wikitable" ! colspan="3" style="text-align:center" \| Certain preliminary information about this Document ! class="col-xs" style="text-align:right" \| 1 ! class="col-xs" style="text-align:right" \| 5 ! colspan="2" style="text-align:center" \| Risk factors and risk management ! class="col-xs" style="text-align:right" \| 297 \|- \| style="text-align:left" \| Cautionary statement regarding forward-looking statements and Use of Non-GAAP and Alternative Performance Measures \| class="col-l" style="text-align:right" \| Cautionary statement regarding forward-looking statements and Use of Non-GAAP and Alternative Performance Measures \| style="text-align:left" \| Cautionary statement regarding forward-looking statements and Use of Non-GAAP and Alternative Performance Measures \| class="col-xs" style="text-align:right" \| 3 \| class="col-xs" style="text-align:right" \| 5 \| class="col-l" style="text-align:right" \| 5.1 \| style="text-align:left" \| Risk factors \| class="col-xs" style="text-align:right" \| 298 \|- \| style="text-align:left" \| Chairman and Chief Executive Officer's Message \| class="col-l" style="text-align:right" \| Chairman and Chief Executive Officer's Message \| style="text-align:left" \| Chairman and Chief Executive Officer's Message \| class="col-xs" style="text-align:right" \| 4 \| class="col-xs" style="text-align:right" \| 5 \| class="col-l" style="text-align:right" \| 5.2 \| style="text-align:left" \| Internal control and Risk Management \| class="col-xs" style="text-align:right" \| 321 \|- \| style="text-align:left" \| Strategic Orientations \| class="col-l" style="text-align:right" \| Strategic Orientations \| style="text-align:left" \| Strategic Orientations \| class="col-xs" style="text-align:right" \| 5 \| class="col-xs" style="text-align:right" \| 5 \| class="col-l" style="text-align:right" \| 5.3 \| style="text-align:left" \| Market risks \| class="col-xs" style="text-align:right" \| 334 \|- \| style="text-align:left" \| Our sustainable value creation \| class="col-l" style="text-align:right" \| Our sustainable value creation \| style="text-align:left" \| Our sustainable value creation \| class="col-xs" style="text-align:right" \| 6 \| class="col-xs" style="text-align:right" \| 5 \| class="col-l" style="text-align:right" \| 5.4 \| style="text-align:left" \| Credit risk \| class="col-xs" style="text-align:right" \| 337 \|- \| style="text-align:left" \| "Unlock the Future": 2025 achievement \| class="col-l" style="text-align:right" \| "Unlock the Future": 2025 achievement \| style="text-align:left" \| "Unlock the Future": 2025 achievement \| class="col-xs" style="text-align:right" \| 8 \| class="col-xs" style="text-align:right" \| 5 \| class="col-l" style="text-align:right" \| 5.5 \| style="text-align:left" \| Liquidity risk \| class="col-xs" style="text-align:right" \| 340 \|- \| style="text-align:left" \| 2025 Full Year Earnings \| class="col-l" style="text-align:right" \| 2025 Full Year Earnings \| style="text-align:left" \| 2025 Full Year Earnings \| class="col-xs" style="text-align:right" \| 9 \| class="col-xs" style="text-align:right" \| 5 \| class="col-l" style="text-align:right" \| 5.6 \| style="text-align:left" \| Insurance risks \| class="col-xs" style="text-align:right" \| 341 \|- \| style="text-align:left" \| Financial strength and dividend \| class="col-l" style="text-align:right" \| Financial strength and dividend \| style="text-align:left" \| Financial strength and dividend \| class="col-xs" style="text-align:right" \| 10 \| class="col-xs" style="text-align:right" \| 5 \| class="col-l" style="text-align:right" \| 5.7 \| style="text-align:left" \| Operational risks \| class="col-xs" style="text-align:right" \| 344 \|- \| style="text-align:left" \| — \| class="col-l" style="text-align:right" \| — \| style="text-align:left" \| — \| class="col-xs" style="text-align:right" \| — \| class="col-xs" style="text-align:right" \| 5 \| class="col-l" style="text-align:right" \| 5.8 \| style="text-align:left" \| Other material risks \| class="col-xs" style="text-align:right" \| 345 \|- \| style="text-align:left" \| 1 \| class="col-l" style="text-align:right" \| The AXA Group \| style="text-align:left" \| The AXA Group \| class="col-xs" style="text-align:right" \| 11 \| class="col-xs" style="text-align:right" \| 6 \| class="col-l" style="text-align:right" \| Consolidated financial statements \| style="text-align:left" \| Consolidated financial statements \| class="col-xs" style="text-align:right" \| 347 \|- \| style="text-align:left" \| 1 \| class="col-l" style="text-align:right" \| 1.1 \| style="text-align:left" \| History \| class="col-xs" style="text-align:right" \| 12 \| class="col-xs" style="text-align:right" \| 6 \| class="col-l" style="text-align:right" \| 6.1 \| style="text-align:left" \| Consolidated statement of financial position \| class="col-xs" style="text-align:right" \| 348 \|- \| style="text-align:left" \| 1 \| class="col-l" style="text-align:right" \| 1.2 \| style="text-align:left" \| Business overview \| class="col-xs" style="text-align:right" \| 13 \| class="col-xs" style="text-align:right" \| 6 \| class="col-l" style="text-align:right" \| 6.2 \| style="text-align:left" \| Consolidated statement of profit or loss \| class="col-xs" style="text-align:right" \| 350 \|- \| style="text-align:left" \| 1 \| class="col-l" style="text-align:right" \| 1.3 \| style="text-align:left" \| Human Capital \| class="col-xs" style="text-align:right" \| 17 \| class="col-xs" style="text-align:right" \| 6 \| class="col-l" style="text-align:right" \| 6.3 \| style="text-align:left" \| Consolidated statement of comprehensive income \| class="col-xs" style="text-align:right" \| 351 \|- \| style="text-align:left" \| 1 \| class="col-l" style="text-align:right" \| 1.4 \| style="text-align:left" \| Dividends and dividend policy \| class="col-xs" style="text-align:right" \| 18 \| class="col-xs" style="text-align:right" \| 6 \| class="col-l" style="text-align:right" \| 6.4 \| style="text-align:left" \| Consolidated statement of changes in equity \| class="col-xs" style="text-align:right" \| 352 \|- \| style="text-align:left" \| 1 \| class="col-l" style="text-align:right" \| 1.5 \| style="text-align:left" \| Ratings \| class="col-xs" style="text-align:right" \| 19 \| class="col-xs" style="text-align:right" \| 6 \| class="col-l" style="text-align:right" \| 6.5 \| style="text-align:left" \| Consolidated statement of cash flows \| class="col-xs" style="text-align:right" \| 354 \|- \| style="text-align:left" \| 2 \| class="col-l" style="text-align:right" \| Activity Report and Capital Management \| style="text-align:left" \| Activity Report and Capital Management \| class="col-xs" style="text-align:right" \| 21 \| class="col-xs" style="text-align:right" \| 6 \| class="col-l" style="text-align:right" \| 6.6 \| style="text-align:left" \| Notes to the Consolidated Financial statements \| class="col-xs" style="text-align:right" \| 356 \|- \| style="text-align:left" \| 2 \| class="col-l" style="text-align:right" \| 2.1 \| style="text-align:left" \| Operating Highlights \| class="col-xs" style="text-align:right" \| 22 \| class="col-xs" style="text-align:right" \| 6 \| class="col-l" style="text-align:right" \| 6.7 \| style="text-align:left" \| Report of the Statutory Auditors on the Consolidated financial statements \| class="col-xs" style="text-align:right" \| 501 \|- \| style="text-align:left" \| 2 \| class="col-l" style="text-align:right" \| 2.2 \| style="text-align:left" \| Market Environment \| class="col-xs" style="text-align:right" \| 27 \| class="col-xs" style="text-align:right" \| — \| class="col-l" style="text-align:right" \| — \| style="text-align:left" \| — \| class="col-xs" style="text-align:right" \| — \|- \| style="text-align:left" \| 2 \| class="col-l" style="text-align:right" \| 2.3 \| style="text-align:left" \| Activity Report \| class="col-xs" style="text-align:right" \| 32 \| class="col-xs" style="text-align:right" \| 7 \| class="col-l" style="text-align:right" \| Shares, share capital and general information \| style="text-align:left" \| Shares, share capital and general information \| class="col-xs" style="text-align:right" \| 507 \|- \| style="text-align:left" \| 2 \| class="col-l" style="text-align:right" \| 2.4 \| style="text-align:left" \| Liquidity and capital resources \| class="col-xs" style="text-align:right" \| 44 \| class="col-xs" style="text-align:right" \| 7 \| class="col-l" style="text-align:right" \| 7.1 \| style="text-align:left" \| AXA shares \| class="col-xs" style="text-align:right" \| 508 \|- \| style="text-align:left" \| 2 \| class="col-l" style="text-align:right" \| 2.5 \| style="text-align:left" \| Events subsequent to December 31, 2025 \| class="col-xs" style="text-align:right" \| 49 \| class="col-xs" style="text-align:right" \| 7 \| class="col-l" style="text-align:right" \| 7.2 \| style="text-align:left" \| Share capital \| class="col-xs" style="text-align:right" \| 509 \|- \| style="text-align:left" \| 2 \| class="col-l" style="text-align:right" \| 2.6 \| style="text-align:left" \| Outlook \| class="col-xs" style="text-align:right" \| 50 \| class="col-xs" style="text-align:right" \| 7 \| class="col-l" style="text-align:right" \| 7.3 \| style="text-align:left" \| General information \| class="col-xs" style="text-align:right" \| 514 \|- \| style="text-align:left" \| 3 \| class="col-l" style="text-align:right" \| Corporate Governance \| style="text-align:left" \| Corporate Governance \| class="col-xs" style="text-align:right" \| 51 \| class="col-xs" style="text-align:right" \| A \| class="col-l" style="text-align:right" \| Appendices \| style="text-align:left" \| Appendices \| class="col-xs" style="text-align:right" \| 525 \|- \| style="text-align:left" \| 3 \| class="col-l" style="text-align:right" \| 3.1 \| style="text-align:left" \| AXA's governance \| class="col-xs" style="text-align:right" \| 52 \| class="col-xs" style="text-align:right" \| A \| class="col-l" style="text-align:right" \| Appendix I \| style="text-align:left" \| Management's annual evaluation of internal control over financial reporting \| class="col-xs" style="text-align:right" \| 526 \|- \| style="text-align:left" \| 3 \| class="col-l" style="text-align:right" \| 3.2 \| style="text-align:left" \| Composition of the Board of Directors and its Committees \| class="col-xs" style="text-align:right" \| 55 \| class="col-xs" style="text-align:right" \| A \| class="col-l" style="text-align:right" \| Appendix II \| style="text-align:left" \| Statement of the person responsible for the Universal Registration Document \| class="col-xs" style="text-align:right" \| 530 \|- \| style="text-align:left" \| 3 \| class="col-l" style="text-align:right" \| 3.3 \| style="text-align:left" \| Organization and activities of the Board of Directors and its Committees \| class="col-xs" style="text-align:right" \| 75 \| class="col-xs" style="text-align:right" \| A \| class="col-l" style="text-align:right" \| Appendix III \| style="text-align:left" \| AXA Parent Company Financial Statements \| class="col-xs" style="text-align:right" \| 531 \|- \| style="text-align:left" \| 3 \| class="col-l" style="text-align:right" \| 3.4 \| style="text-align:left" \| Agreements \| class="col-xs" style="text-align:right" \| 88 \| class="col-xs" style="text-align:right" \| A \| class="col-l" style="text-align:right" \| Appendix IV \| style="text-align:left" \| Glossary \| class="col-xs" style="text-align:right" \| 571 \|- \| style="text-align:left" \| 3 \| class="col-l" style="text-align:right" \| 3.5 \| style="text-align:left" \| Compensation and share ownership \| class="col-xs" style="text-align:right" \| 90 \| class="col-xs" style="text-align:right" \| A \| class="col-l" style="text-align:right" \| Appendix V \| style="text-align:left" \| Cross-reference table of the Board of Directors' management report (including the corporate governance report) \| class="col-xs" style="text-align:right" \| 575 \|- \| style="text-align:left" \| 4 \| class="col-l" style="text-align:right" \| Sustainability \| style="text-align:left" \| Sustainability \| class="col-xs" style="text-align:right" \| 121 \| class="col-xs" style="text-align:right" \| A \| class="col-l" style="text-align:right" \| Appendix VI \| style="text-align:left" \| Cross-reference tables - EU regulation \| class="col-xs" style="text-align:right" \| 578 \|- \| style="text-align:left" \| 4 \| class="col-l" style="text-align:right" \| 4.1 \| style="text-align:left" \| General information \| class="col-xs" style="text-align:right" \| 126 \| class="col-xs" style="text-align:right" \| A \| class="col-l" style="text-align:right" \| Appendix VII \| style="text-align:left" \| Cross-reference table of the Annual Financial Report \| class="col-xs" style="text-align:right" \| 582 \|- \| style="text-align:left" \| 4 \| class="col-l" style="text-align:right" \| 4.2 \| style="text-align:left" \| Environmental information \| class="col-xs" style="text-align:right" \| 149 \| class="col-xs" style="text-align:right" \| — \| class="col-l" style="text-align:right" \| — \| style="text-align:left" \| — \| class="col-xs" style="text-align:right" \| — \|- \| style="text-align:left" \| 4 \| class="col-l" style="text-align:right" \| 4.3 \| style="text-align:left" \| Social information \| class="col-xs" style="text-align:right" \| 199 \| class="col-xs" style="text-align:right" \| — \| class="col-l" style="text-align:right" \| — \| style="text-align:left" \| — \| class="col-xs" style="text-align:right" \| — \|- \| style="text-align:left" \| 4 \| class="col-l" style="text-align:right" \| 4.4 \| style="text-align:left" \| Governance information \| class="col-xs" style="text-align:right" \| 222 \| class="col-xs" style="text-align:right" \| — \| class="col-l" style="text-align:right" \| — \| style="text-align:left" \| — \| class="col-xs" style="text-align:right" \| — \|- \| style="text-align:left" \| 4 \| class="col-l" style="text-align:right" \| 4.5 \| style="text-align:left" \| Appendices \| class="col-xs" style="text-align:right" \| 233 \| class="col-xs" style="text-align:right" \| — \| class="col-l" style="text-align:right" \| — \| style="text-align:left" \| — \| class="col-xs" style="text-align:right" \| — \|- \| style="text-align:left" \| 4 \| class="col-l" style="text-align:right" \| 4.6 \| style="text-align:left" \| Sustainability information certification report \| class="col-xs" style="text-align:right" \| 276 \| class="col-xs" style="text-align:right" \| — \| class="col-l" style="text-align:right" \| — \| style="text-align:left" \| — \| class="col-xs" style="text-align:right" \| — \|- \| style="text-align:left" \| — \| class="col-l" style="text-align:right" \| 4.7 \| style="text-align:left" \| Vigilance Plan \| class="col-xs" style="text-align:right" \| 281 \| class="col-xs" style="text-align:right" \| — \| class="col-l" style="text-align:right" \| — \| style="text-align:left" \| — \| class="col-xs" style="text-align:right" \| — \|} </div> <!-- page 19 --> ~~{{Quiz/start}}~~ <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 19 —</div> ~~{{Quiz~~ == 1.3 Human Capital == ~~\| topic = Valuation~~ ~~\| question = Under Solvency II, how must assets be valued on the economic balance sheet?~~ ~~\| option_a = At historical cost, consistent with IFRS 9~~ <div style="overflow-x:auto"> ~~\| option_b = At market-consistent (fair) value, using quoted market prices where available~~ {\| class="wikitable fintable" ~~\| option_c = At the lower of cost and net realisable value~~ ! style="text-align:left" \| Salaried employees (full time equivalent) ~~\| option_d = At amortised cost with an impairment overlay~~ ! class="col-s" style="text-align:right" \| At December 31, 2025 ~~\| correct_answer = b~~ ! class="col-s" style="text-align:right" \| At December 31, 2024 restated {{footnote\|1=Restated to reflect (i) a scope which was not reported previously in France in 2024 (ii) as well as in Japan to account for employees on parental leaves in both 2024 and 2023.}} \| explanation = Solvency II requires a market-consistent valuation framework. Assets must be valued at the amount for which they could be exchanged between knowledgeable, willing parties in an arm's-length transaction. ! class="col-s" style="text-align:right" \| At December 31, 2023 restated {{footnote\|1=Restated to reflect (i) a scope which was not reported previously in France in 2024 (ii) as well as in Japan to account for employees on parental leaves in both 2024 and 2023.}} }} \|- ~~{{Quiz~~ \| style="text-align:left" \| France {{footnote\|1=In 2025, the increase of 719 FTEs in France is mainly due to the reinforcement of the offshore center in Morocco combined with underwriting ramp up to support business growth.}} ~~\| topic = Technical Provisions~~ \| style="text-align:right" \| 19,495 ~~\| question = Technical provisions under Solvency II are equal to the sum of which two components?~~ \| style="text-align:right" \| 18,776 ~~\| option_a = Unearned Premium Reserve + Claims Outstanding Reserve~~ \| style="text-align:right" \| 17,834 ~~\| option_b = Best Estimate Liability (BEL) + Risk Margin~~ \|- ~~\| option_c = Solvency Capital Requirement + Risk Margin~~ \| style="text-align:left" \| Europe {{footnote\|1=In 2025, Europe market includes FTEs from Prima following its first consolidation effective November 28, 2025.}} ~~\| option_d = Best Estimate Liability (BEL) + Matching Adjustment~~ \| style="text-align:right" \| 31,669 ~~\| correct_answer = b~~ \| style="text-align:right" \| 30,002 ~~\| explanation = Article 77 of the Solvency II Directive defines technical provisions as the sum of the [[Definition:Best estimate liability]] and the Risk Margin.~~ \| style="text-align:right" \| 29,962 }} \|- ~~{{Quiz/end}}~~ \| class="wt-indent-1" style="text-align:left" \| Of which Switzerland \| style="text-align:right" \| 4,442 \| style="text-align:right" \| 4,363 \| style="text-align:right" \| 4,305 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Germany {{footnote\|1=In 2025, the increase of 244 FTEs in Germany is driven by business growth and strategic initiatives such as Tech, Artificial Intelligence and Data as well as claims management transformation, partly offset by efficiency measures.}} \| style="text-align:right" \| 8,148 \| style="text-align:right" \| 7,904 \| style="text-align:right" \| 7,883 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Belgium & Luxembourg \| style="text-align:right" \| 3,333 \| style="text-align:right" \| 3,317 \| style="text-align:right" \| 3,243 \|- \| class="wt-indent-1" style="text-align:left" \| Of which United Kingdom & Ireland {{footnote\|1=In 2025, the decrease of 363 FTEs in UK&I is driven by the combination of optimization efforts and project completion along with offshoring activities to AXA Global Business Services.}} \| style="text-align:right" \| 9,716 \| style="text-align:right" \| 10,079 \| style="text-align:right" \| 10,226 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Spain \| style="text-align:right" \| 2,393 \| style="text-align:right" \| 2,475 \| style="text-align:right" \| 2,443 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Italy {{footnote\|1=In 2025, the increase of 373 FTEs in Italy is entirely due to the first consolidation of Nobis.}} \| style="text-align:right" \| 2,172 \| style="text-align:right" \| 1,799 \| style="text-align:right" \| 1,800 \|- \| style="text-align:left" \| AXA XL {{footnote\|1=In 2025, the increase of 543 FTEs at AXA XL is mainly from growth initiatives and ramp-up of offshore resources.}} \| style="text-align:right" \| 10,816 \| style="text-align:right" \| 10,273 \| style="text-align:right" \| 9,916 \|- \| style="text-align:left" \| Asia, Africa & EME - LATAM \| style="text-align:right" \| 28,382 \| style="text-align:right" \| 28,322 \| style="text-align:right" \| 26,784 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Japan \| style="text-align:right" \| 9,225 \| style="text-align:right" \| 9,212 \| style="text-align:right" \| 9,053 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Hong Kong \| style="text-align:right" \| 1,740 \| style="text-align:right" \| 1,724 \| style="text-align:right" \| 1,667 \|- \| class="wt-indent-1" style="text-align:left" \| Of which China \| style="text-align:right" \| 2,557 \| style="text-align:right" \| 2,560 \| style="text-align:right" \| 2,714 \|- \| class="wt-indent-1" style="text-align:left" \| Of which South Korea \| style="text-align:right" \| 1,536 \| style="text-align:right" \| 1,593 \| style="text-align:right" \| 1,607 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Mexico {{footnote\|1=In 2025, the decrease of 211 FTEs in Mexico is mainly from optimization efforts.}} \| style="text-align:right" \| 3,933 \| style="text-align:right" \| 4,144 \| style="text-align:right" \| 4,006 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Colombia \| style="text-align:right" \| 4,358 \| style="text-align:right" \| 4,267 \| style="text-align:right" \| 4,208 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Turkey \| style="text-align:right" \| 1,135 \| style="text-align:right" \| 1,097 \| style="text-align:right" \| 1,039 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Egypt \| style="text-align:right" \| 1,080 \| style="text-align:right" \| 1,011 \| style="text-align:right" \| - \|- \| style="text-align:left" \| Asset Management {{footnote\|1=In 2025, AXA has completed the sale of AXA Investment Managers (AXA IM) to BNP Paribas, FTEs from AXA IM are therefore not included above.}} \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \|- \| style="text-align:left" \| Transversal & Other \| style="text-align:right" \| 13,061 \| style="text-align:right" \| 13,446 \| style="text-align:right" \| 13,061 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Group Management Services \| style="text-align:right" \| 1,208 \| style="text-align:right" \| 1,217 \| style="text-align:right" \| 1,182 \|- \| class="wt-indent-1" style="text-align:left" \| Of which AXA Group Operations and AXA Global Business Services {{footnote\|1=In 2025, the increase of 188 FTEs is mainly from the support of business growth in AXA Global Business Services.}} \| style="text-align:right" \| 5,288 \| style="text-align:right" \| 5,100 \| style="text-align:right" \| 4,546 \|- \| class="wt-indent-1" style="text-align:left" \| Of which AXA Assistance {{footnote\|1=In 2025, the decrease of 567 FTEs in AXA Assistance is mainly from optimization efforts.}} \| style="text-align:right" \| 6,460 \| style="text-align:right" \| 7,027 \| style="text-align:right" \| 7,231 \|- \| style="text-align:left" \| '''TOTAL''' \| style="text-align:right" \| '''103,423''' \| style="text-align:right" \| '''100,820''' \| style="text-align:right" \| '''97,557''' \|} </div> Employees of non-consolidated companies or companies accounted for using the equity method are not included in the above table. <!-- page 96 --> <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 96 —</div> '''''Chart/image description:''''' Bar chart showing the compensation structure comparison. The y-axis represents values from 0 to 20,000. The bars are stacked into three components: Annual Fixed Salary (bottom, light grey), Annual Target Short Term Incentive (middle, medium grey/purple), and Long-Term Incentive (top, blue/dark grey). The data points shown on the bars are: * AXA (since 2022): 25% Annual Fixed Salary, 27% Annual Target Short Term Incentive, 48% Long-Term Incentive. * AXA (from 2026): 25% Annual Fixed Salary, 26% Annual Target Short Term Incentive, 49% Long-Term Incentive. * 3 main European Insurers (Average): 27% Annual Fixed Salary, 26% Annual Target Short Term Incentive, 47% Long-Term Incentive. * 3 main European Insurers (Median): 29% Annual Fixed Salary, 30% Annual Target Short Term Incentive, 41% Long-Term Incentive. * European Financial Services (3<sup>rd</sup> quartile): 28% Annual Fixed Salary, 21% Annual Target Short Term Incentive, 51% Long-Term Incentive. * CAC 12 Companies (Median): 25% Annual Fixed Salary, 32% Annual Target Short Term Incentive, 43% Long-Term Incentive. * CAC 12 Companies (3<sup>rd</sup> quartile): 20% Annual Fixed Salary, 26% Annual Target Short Term Incentive, 54% Long-Term Incentive. * International Insurers (US and Asia) (1<sup>st</sup> quartile): 8% Annual Fixed Salary, 17% Annual Target Short Term Incentive, 75% Long-Term Incentive. * International Insurers (US and Asia) (Median): 7% Annual Fixed Salary, 23% Annual Target Short Term Incentive, 70% Long-Term Incentive. All amounts in Euro thousands For consistency, the Chief Executive Officer's Total Target Compensation will remain within the third quartile of the CAC12 panel and below the first quartile of the International Insurance Companies panel. In determining the total target compensation level, the Compensation, Governance & Sustainability Committee took into account: * The weighting of the annual variable and long-term share-based compensation as well as the rigor of the applicable performance conditions, as evidenced by historical achievement rates. Between 2022 and 2025, the average payout rate for annual variable compensation was 113% (i.e. 87% of the maximum opportunity), and the average global performance rate for performance shares was 94% (i.e. 72% of the maximum opportunity). * The results of its benchmarking analysis, which highlighted that the Company's compensation structure offers lower upside potential than that of the three main European insurers (Allianz, Generali and Zurich Insurance). By maintaining stringent performance conditions and a 130% payout cap on both target variable compensation and long-term compensation delivered in AXA shares, the Compensation, Governance & Sustainability Committee aimed to avoid a disproportionate increase in total compensation in the event of outperformance. '''''Chart/image description:''''' Scatter plot comparing compensation levels. The y-axis represents values from 5,000 to 15,000. The x-axis shows different companies/panels: * AXA (since 2022) * AXA (from 2026) * Generali, Allianz, Zurich (represented by logos under 2025) Data points: * AXA (since 2022): Total Target Compensation (light blue dot) at ~6,500; Maximum Opportunity (dark blue dot) at ~8,200. * AXA (from 2026): Total Target Compensation (light blue dot) at ~7,500; Maximum Opportunity (dark blue dot) at ~9,400. * Generali (2025): Total Target Compensation (light pink dot) at ~7,000; Maximum Opportunity (dark pink dot) at ~10,000. * Allianz (2025): Total Target Compensation (light pink dot) at ~7,000; Maximum Opportunity (dark pink dot) at ~13,000. * Zurich (2025): Total Target Compensation (light pink dot) at ~8,000; Maximum Opportunity (dark pink dot) at ~14,000. Legend: * Total Target Compensation (in Euro thousands) (represented by light blue and light pink dots) * Maximum Opportunity (in Euro thousands) (represented by dark blue and dark pink dots) Finally, the Compensation, Governance & Sustainability Committee recommended that, in accordance with the Company's past practice, this new compensation package will remain unchanged for the duration of the Chief Executive Officer's next mandate (i.e. until April 2030). The Board and the Compensation, Governance & Sustainability Committee therefore took particular care to design a new compensation package that is well balanced, aligned with shareholders' interests, and expected to remain sufficiently competitive over this period. <!-- page 145 --> <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 145 —</div> == 4.1.4 Assessing the impact of AXA's strategy == ### AXA for Progress Index: Strategic Key Performance Indicators Since 2021, AXA has used the "AXA for Progress Index" as a set of key performance indicators to measure the impact and track progress of AXA's role in society. This tool is designed to: (i) integrate sustainability into the Group's activities as an investor, insurer and company; and (ii) monitor AXA's sustainability strategy at the Group level. During its 2024 Annual Shareholders' Meeting, AXA presented the second edition of the "AXA for Progress Index", highlighting (i) a new set of strategic targets aligned with the 2024-2026 Group strategic plan "Unlock the Future", (ii) its commitment to meeting its 2030 decarbonization targets which are set in line with industry standards {{footnote\|1=Refer to Sections 4.2.1.3 "Addressing climate change as an investor", 4.2.1.4 "Addressing climate change as an insurer" and 4.2.1.5 "Addressing climate change as a company".}}; and (iii) AXA's extra-financial performance leveraging S&P Global Corporate Sustainability Assessment {{footnote\|1=S&P Global Corporate Sustainability Assessment evaluates each year over 7,500 companies using criteria that are both industry-specific and financially material. AXA is included in indices that use CSA data, including the Dow Jones Sustainability Indices. For more information, refer to https://www.spglobal.com/sustainable1/en/csa.}}, an internationally recognized methodology. <div style="overflow-x:auto"> {\| class="wikitable" ! colspan="3" style="text-align:center" \| Expand AXA's role in society on climate transitions & inclusion with a new set of targets \|- ! style="text-align:left" \| As an investor ! style="text-align:left" \| As an insurer ! style="text-align:left" \| As a company \|- \| style="text-align:left" \| Finance climate transition: €5 billion a per year Finance community resilience: €500 million a per year \| style="text-align:left" \| Support transition underwriting: €6 billion b in P&C Gross Written Premiums cumulative 2024-2026 Deliver >20,000 c climate Adaptation solutions & services to customers and intermediaries by 2026 Increase the number of customers covered by inclusive insurance: > 20 million d by 2026 \| style="text-align:left" \| Upskill AXA's employees > 80,000 e employees trained on climate adaptation by 2026 Increase engagement of AXA's employees in volunteering activities: 50% f of employees by 2026 \|- \| style="text-align:left" \| '''Deliver AXA's existing commitments on climate change mitigation''' \| style="text-align:left" \| — \| style="text-align:left" \| — \|- \| style="text-align:left" \| Reduce by 54% g the carbon intensity of AXA's investment portfolio (General Account assets) by 2030 \| style="text-align:left" \| Reduce by 30% h in absolute terms Insurance-Associated Emissions for AXA's largest corporate clients by 2030 Reduce by 20% i in intensity Insurance-Associated Emissions for all other corporate clients within AXA's largest markets by 2030 Reduce by 20% j in intensity Insurance-Associated Emissions for retail motor vehicles insured within AXA's largest markets by 2030 \| style="text-align:left" \| Contribute to net-zero operations: -50% k by 2030 in absolute terms carbon emissions while also financing carbon credits \|- \| style="text-align:left" \| '''Transversal sustainability commitment''' \| style="text-align:left" \| — \| style="text-align:left" \| — \|- \| style="text-align:left" \| '''AXA's S&P Global Corporate Sustainability Assessment (CSA) i percentile ranking (95 th -99 th )''' \| style="text-align:left" \| — \| style="text-align:left" \| — \|} </div> <!-- page 179 --> <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 179 —</div> == Sustainability == 4.2 Environmental information <div style="overflow-x:auto"> {\| class="wikitable fintable" ! style="text-align:left" \| (in tCO₂ eq, except percentage and intensity) ! colspan="3" style="text-align:center" \| Retrospective ! colspan="4" style="text-align:center" \| Milestones and target \|- ! colspan="8" style="text-align:center" \| Scope 1 GHG emissions \|- ! style="text-align:left" \| (in tCO₂ eq, except percentage and intensity) ! class="col-s" style="text-align:right" \| Base year (2019 - Restated) ! class="col-m" style="text-align:right" \| 2024 ! class="col-s" style="text-align:right" \| 2025 ! class="col-s" style="text-align:right" \| %N/N-1 ! class="col-s" style="text-align:right" \| 2025 ! class="col-s" style="text-align:right" \| 2030 ! class="col-s" style="text-align:right" \| Annual% target/ base year (2019) \|- \| style="text-align:left" \| ● Gross Scope 1 GHG emissions \| style="text-align:right" \| 31,150 \| style="text-align:right" \| 21,054 \| style="text-align:right" \| 20,046 \| style="text-align:right" \| -5% \| style="text-align:right" \| -25% \| style="text-align:right" \| -60%{{footnote\|1=Target for Scopes 1 and 2 combined.}} \| style="text-align:right" \| -36% \|- \| style="text-align:left" \| ● Percentage of Scope 1 GHG emissions from regulated emission trading schemes \| style="text-align:right" \| 100% \| style="text-align:right" \| 100% \| style="text-align:right" \| 100% \| style="text-align:right" \| 0% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| '''Scope 2 GHG emissions''' \| style="text-align:right" \| — \| style="text-align: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" \| ● Gross location-based Scope 2 GHG emissions \| style="text-align:right" \| 66,002 \| style="text-align:right" \| 46,912 \| style="text-align:right" \| 40,752 \| style="text-align:right" \| -13% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| ● Gross market-based Scope 2 GHG emissions \| style="text-align:right" \| 49,795 \| style="text-align:right" \| 23,146 \| style="text-align:right" \| 2,120 \| style="text-align:right" \| -91% \| style="text-align:right" \| -35% \| style="text-align:right" \| -60%{{footnote\|1=Target for Scopes 1 and 2 combined.}} \| style="text-align:right" \| -96% \|- \| style="text-align:left" \| '''Significant Scope 3 GHG emissions''' \| style="text-align:right" \| — \| style="text-align: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" \| '''TOTAL GROSS INDIRECT (SCOPE 3) GHG EMISSIONS''' \| style="text-align:right" \| '''56,850,699''' \| style="text-align:right" \| '''27,037,251''' \| style="text-align:right" \| '''25,680,872''' \| style="text-align:right" \| '''-5%''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \|- \| style="text-align:left" \| 1- Purchased goods and services \| style="text-align:right" \| 294,825 \| style="text-align:right" \| 552,834 \| style="text-align:right" \| 369,096 \| style="text-align:right" \| -33% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| class="wt-indent-1" style="text-align:left" \| of which Cloud computing and data center services \| style="text-align:right" \| 7,033 \| style="text-align:right" \| 11,241 \| style="text-align:right" \| 14,961 \| style="text-align:right" \| 33% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| 2 - Capital goods \| style="text-align:right" \| 27,585 \| style="text-align:right" \| 28,848 \| style="text-align:right" \| 25,306 \| style="text-align:right" \| -12% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| 3 - Fuel and energy-related Activities (not included in Scope 1 or Scope 2) \| style="text-align:right" \| 20,308 \| style="text-align:right" \| 13,615 \| style="text-align:right" \| 12,599 \| style="text-align:right" \| -7% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| 6 - Business traveling \| style="text-align:right" \| 74,154 \| style="text-align:right" \| 56,833 \| style="text-align:right" \| 33,676 \| style="text-align:right" \| -41% \| style="text-align:right" \| -18% \| style="text-align:right" \| -40% \| style="text-align:right" \| -55% \|- \| style="text-align:left" \| 7 - Employee commuting \| style="text-align:right" \| 120,080 \| style="text-align:right" \| 50,855 \| style="text-align:right" \| 53,338 \| style="text-align:right" \| 5% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| 9 - Downstream transportation and distribution \| style="text-align:right" \| 17,847 \| style="text-align:right" \| 10,941 \| style="text-align:right" \| 10,573 \| style="text-align:right" \| -3% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| 15 - Investments \| style="text-align:right" \| 56,295,901 \| style="text-align:right" \| 26,323,325{{footnote\|1=Since 2024 Annual Report, this number has been restated to 29,831,021 to include European supranational bonds and sub-sovereign exposure as presented in the section 4.2.1.3 - Addressing climate change as an investor.}} \| style="text-align:right" \| 25,176,284 \| style="text-align:right" \| -4% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| '''TOTAL GHG EMISSIONS''' \| style="text-align:right" \| — \| style="text-align: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" \| ● Total GHG emissions (location-based) \| style="text-align:right" \| 56,947,852 \| style="text-align:right" \| 27,105,217 \| style="text-align:right" \| 25,741,670 \| style="text-align:right" \| -5% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| ● Total GHG emissions (market-based) \| style="text-align:right" \| 56,931,645 \| style="text-align:right" \| 27,081,451 \| style="text-align:right" \| 25,703,038 \| style="text-align:right" \| -5% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| ● Total GHG emissions of energy, car fleet, business travel and IT{{footnote\|1=GHG emissions considered for the 2025 target: energy (Scopes 1, 2 and 3.3), car fleet (Scope 1), business travel (Scope 3.6), manufacturing of digital equipment (Scope 3.2) and cloud and network services from main IT providers as described in the 'Digital technologies" section (Scope 3.1).}} \| style="text-align:right" \| 208,328 \| style="text-align:right" \| 154,461 \| style="text-align:right" \| 107,700 \| style="text-align:right" \| -30% \| style="text-align:right" \| -20% \| style="text-align:right" \| — \| style="text-align:right" \| -48% \|- \| style="text-align:left" \| ● Total GHG emissions of energy (Scopes 1 and 2), car fleet and business travel (Absolute carbon emissions of AXA's own operations 'AXA for Progress Index') \| style="text-align:right" \| 155,099 \| style="text-align:right" \| 101,033 \| style="text-align:right" \| 55,843 \| style="text-align:right" \| -45% \| style="text-align:right" \| — \| style="text-align:right" \| -50% \| style="text-align:right" \| -64% \|- \| style="text-align:left" \| GHG Intensity Location-based per net revenue{{footnote\|1=Where revenue is defined as Gross Written Premiums and Other Revenues (after intercompany eliminations) of entities in the scope of financial statements. See Section 1.2 - Business overview. As AXA's financial statements are prepared in accordance with IFRS standards and the revenues resulting from the application of IFRS 17 do not correspond to the premiums issued, it is not possible to provide a direct reference to financial accounts.}} (tCO₂ eq / Euro millions) \| style="text-align:right" \| 550.1 \| style="text-align:right" \| 247.8 \| style="text-align:right" \| 224.5 \| style="text-align:right" \| -7% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| GHG Intensity Market-based per net revenue{{footnote\|1=Where revenue is defined as Gross Written Premiums and Other Revenues (after intercompany eliminations) of entities in the scope of financial statements. See Section 1.2 - Business overview. As AXA's financial statements are prepared in accordance with IFRS standards and the revenues resulting from the application of IFRS 17 do not correspond to the premiums issued, it is not possible to provide a direct reference to financial accounts.}} (tCO₂ eq / Euro millions) \| style="text-align:right" \| 549.9 \| style="text-align:right" \| 247.6 \| style="text-align:right" \| 224.2 \| style="text-align:right" \| -14% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| '''GHG emissions - Breakdown by Source''' \| style="text-align:right" \| — \| style="text-align: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" \| ● GHG emissions from car fleet \| style="text-align:right" \| 22,812 \| style="text-align:right" \| 16,796 \| style="text-align:right" \| 16,092 \| style="text-align:right" \| -4% \| style="text-align:right" \| -20% \| style="text-align:right" \| -50% \| style="text-align:right" \| -29% \|- \| style="text-align:left" \| ● GHG emissions from energy Scopes 1 and 2 - Market-based \| style="text-align:right" \| 58,133 \| style="text-align:right" \| 27,403 \| style="text-align:right" \| 6,075 \| style="text-align:right" \| -78% \| style="text-align:right" \| -35% \| style="text-align:right" \| -65% \| style="text-align:right" \| -90% \|- \| style="text-align:left" \| ● GHG emission Scope 1 and 2 (car fleet and energy Market-based) \| style="text-align:right" \| 80,946 \| style="text-align:right" \| 44,199 \| style="text-align:right" \| 22,167 \| style="text-align:right" \| -50% \| style="text-align:right" \| — \| style="text-align:right" \| -60%{{footnote\|1=Target for Scopes 1 and 2 combined.}} \| style="text-align:right" \| -73% \|- \| style="text-align:left" \| ● GHG emissions from Digital{{footnote\|1=Emissions from data centers, electricity of terminals, capital goods and cloud and network services from main IT providers as described in the 'Digital technologies" section (Scope 3.1).}} Market-based \| style="text-align:right" \| 52,377 \| style="text-align:right" \| 53,733 \| style="text-align:right" \| 47,382 \| style="text-align:right" \| -12% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| class="wt-indent-1" style="text-align:left" \| of which from energy of data centers \| style="text-align:right" \| 12,316 \| style="text-align:right" \| 7,879 \| style="text-align:right" \| 2,886 \| style="text-align:right" \| -63% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| class="wt-indent-1" style="text-align:left" \| of which from electricity of terminals \| style="text-align:right" \| 7,141 \| style="text-align:right" \| 6,040 \| style="text-align:right" \| 5,238 \| style="text-align:right" \| -13% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| class="wt-indent-1" style="text-align:left" \| of which portion of Scope 3.1 from cloud and network services related to main IT providers \| style="text-align:right" \| 5,336 \| style="text-align:right" \| 10,966 \| style="text-align:right" \| 13,952 \| style="text-align:right" \| 27% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| ● GHG emissions from Digital{{footnote\|1=Emissions from data centers, electricity of terminals, capital goods and cloud and network services from main IT providers as described in the 'Digital technologies" section (Scope 3.1).}} Location-based \| style="text-align:right" \| 55,814 \| style="text-align:right" \| 58,713 \| style="text-align:right" \| 55,094 \| style="text-align:right" \| -6% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|} </div> <!-- page 202 --> <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 202 —</div> == 4.3 Social information == === 4.3.1 Own workforce (S1) === ==== 4.3.1.1 AXA's approach to its own workforce ==== ===== Impacts, risks and opportunities related to AXA's own workforce ===== <div style="overflow-x:auto"> {\| class="wikitable" ! colspan="2" style="text-align:center" \| AXA's Impacts, risks and opportunities ! class="col-m" style="text-align:right" \| As a company ! class="col-m" style="text-align:right" \| ESRS Topic (Yes/No){{footnote\|1=IROs flagged as "Yes" refer to sustainability topics identified in the ESRS and addressed by disclosure requirements set by the regulation. IROs flagged as "No" are disclosure made by AXA in relation with sustainability topics not listed directly by the ESRS and addressed by minimum disclosure requirements.}} \|- \| style="text-align:left" \| '''SOCIAL''' \| style="text-align:left" \| — \| class="col-m" style="text-align:right" \| — \| class="col-m" style="text-align:right" \| — \|- \| style="text-align:left" \| Working conditions \| style="text-align:left" \| AXA employees may face working conditions that are not satisfactory, such as unfair treatment, unequal opportunities, harassment, or the non-respect of other rights. \| class="col-m" style="text-align:right" \| I- \| class="col-m" style="text-align:right" \| Yes \|- \| style="text-align:left" \| Inclusion and diversity \| style="text-align:left" \| AXA contributes to the health, well-being and development of its employees. \| class="col-m" style="text-align:right" \| I+ \| class="col-m" style="text-align:right" \| Yes \|} </div> I- Negative impacts I+ Positive impacts O Opportunities R Risks The material negative impact identified by AXA relates to sporadic incidents. The material positive impact results from the activities of the Group as the decision to go beyond the minimum legal requirements with respect to the social benefits of AXA's employees is under the responsibility of the management. Currently, AXA's impacts on its workforce do not result in any material risks for its business strategy or model. However, understanding employee's needs helps AXA adapt its actions and policies both locally and globally, involving human resources and diversity teams. More work is needed to fully understand the current and future effects of these impacts and to better integrate them into AXA's overall strategy. The workforce that could be materially impacted by AXA, through its own operations or through its value chain, products and services are: * AXA's employees who are physically working on-site or remotely across any of AXA's entities, including those on long and short-term contracts, as well as full-time and part-time employees. Processes related to the understanding of the specificities of its employees are disclosed in the Section "4.3.1.5 - Supporting social dialogue and engaging with employees"; and * non-salaried workforce corresponds to the staff physically working on-site or remotely across any of AXA's entities, but who are not AXA's employees: logistics (e.g. receptionists, security guards, canteen staff, cleaning staff, and maintenance staff), IT consultants, temporary workers, student trainees/interns/apprentices (without labor contract), outsourcing agreements, third-party suppliers or strategic consultants. AXA has not identified any business partnerships at significant risk of incidents of forced labor, compulsory labor or child labor due to its own operations. AXA has not conducted a resilience analysis of its strategy and business model regarding its capacity to address own workforce impacts. With respect to any material impact arising from AXA's Climate Transition Plan (CTP) on its own workforce, please see Section 4.2.1.4 - Addressing climate change as an insurer on upskilling AXA's employees to climate adaptation. <!-- page 374 --> <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 374 —</div> Consolidated financial statements 6.6 Notes to the Consolidated Financial statements ### 1.14.3.2 Estimates of future cash flows The FCF notably include all the probability-weighted estimates of future cash flows within the boundary of each contract already recognized. Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which AXA can compel the policyholder to pay the premiums or in which the entity has a substantive obligation to provide the policyholder with services. A substantive obligation to provide services ends notably when AXA has the practical ability to reassess the insurance risks and, as a result, can set a price or level of benefits that fully reflects those risks. The unbiased estimate of the expected future cash flows within the boundary of insurance contracts, including the cost of options and guarantees, are based on a probability-weighted mean of the full range of possible outcomes to factor the uncertainty about the timing and amounts of the cash flows, determined from the perspective of the Group, provided that the estimates are consistent with observable market prices for market variables reflecting conditions existing at the measurement date. The cash flows attributable to the group of insurance contracts include premiums from the policyholders, claims' payments (including reported, incurred and all the future claims for which AXA has a substantive obligation net of recoveries from claims), profit sharing to policyholders, as well as payments arising from the policyholders exercising options, expenses and commissions, costs related to investment activities performed for the benefit of policyholders (i.e. including investment-return services and investment-related services). The following cash flows are not included in the contracts boundary: Investment returns as they are recognized, measured and presented separately under other applicable IFRSs, costs of investment activities performed for the benefit of shareholders, payments or receipts that arise under reinsurance contracts held (as they are accounted for separately), those that may arise from future insurance contracts, overheads that do not provide any economic benefits to fulfilling insurance contracts, income tax payments and receipts AXA does not pay or receive in a fiduciary capacity, flows arising from components separated from the insurance contracts and accounted for using other applicable IFRSs. If insurance premiums are first collected by an intermediary and then transferred to AXA at a later date, the premium receivables from the intermediary are accounted for as future cash flows within the boundary of insurance contracts included in the measurement of the corresponding group of insurance contracts applying IFRS 17. ### 1.14.3.3 Discount rate AXA has defined a Group methodology for the calibration and the generation of 'IFRS 17 yield curves' used to discount the estimate of future cash flows within the boundary of contracts, consistent with the IFRS 17 requirements and applied homogeneously across all AXA entities. If the standard does not impose a particular estimation technique to determine the yield curves, AXA has chosen to adopt a bottom-up approach as it has been widely used for many years in the European embedded value (EEV) and Solvency II frameworks. This approach consists in using a basic Risk-Free Rate (RFR), based on swap rates for most currencies and government bond rates for others, adjusted by adding on a Liquidity Premium (LP) allowance to reflect the remuneration of illiquidity observed on traded assets until the Last Liquid Point (LLP), meaning the longest maturity for which there are enough traded bonds. An Ultimate Forward Rate (UFR) macro-economically defined as the sum of the average of past real interest rates and central bank's target inflation is also considered. Discount rates between the LLP and the UFR maturities are obtained by extrapolation. The yield curves used by AXA for main currencies are summarized in Note 12.1.6. The Group has chosen to apply the 'OCI option' (refer to paragraph 1.21.2) to all portfolio of insurance contracts, allowing to recognize the impact of changes in discount rates through Other Comprehensive Income (OCI). ### 1.14.3.4 Risk adjustment for non-financial risk (RA) The measurement of the RA reflects the compensation required by AXA for bearing the uncertainty around the amount and timing of the future cash flows that arises from non-financial risk as AXA fulfils insurance contracts. In this respect, the Group considers the 62.5<sup>th</sup>-67.5<sup>th</sup> percentile range as the adequate level of prudence on underlying insurance liabilities. The determination of the risk adjustment follows a value-at-risk type approach, reflecting a retained confidence level with reference to the risk drivers of insurance liabilities. The value-at-risk is the maximum loss within a certain confidence level. The implementation is slightly different between Life & Health and Property & Casualty businesses. For Life & Health, the groups of contracts are first shocked, risk factor by risk factor, up to the retained confidence level to assess the change in the present value of future cash flows. Then, diversification benefits between risks implicit to the entity's portfolio are considered by applying correlation factors between risks. For Property & Casualty liabilities for incurred claims, a direct value-at-risk calculation, reflecting the retained confidence level, is applied to the full probability distribution of the related liabilities. Finally, a diversification effect between AXA entities is considered to reflect the fact that the same risk is unlikely to impact all the Group's entities at the same time. <!-- page 431 --> <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 431 —</div> 6.6 Notes to the Consolidated Financial statements ==== 12.1.3.1 Changes in the carrying amount of insurance contracts and investment contracts with DPF, split between remaining coverage and incurred claims components ==== The two following tables provide an analysis of the movements in the carrying amount of insurance contracts and investment contracts with DPF, split between the LRC and the LIC. The analysis of movements highlights how this carrying amount is affected by '''(i)''' the amounts recognized in the statement of profit or loss and OCI, '''(ii)''' the cash flows, '''(iii)''' the movements in exchange rates and '''(iv)''' the changes in scope of consolidation and other changes. The following changes occurred during the year 2025: <div style="overflow-x:auto"> {\| class="wikitable fintable" \|+ Analysis of changes occurred during the year 2025, split between LRC and LIC ! style="text-align:left" \| (in Euro million) ! colspan="3" style="text-align:center" \| LRC ! colspan="5" style="text-align:center" \| LIC ! style="text-align:center" \| Total ! colspan="2" style="text-align:center" \| Of which \|- ! style="text-align:left" \| (in Euro million) ! style="text-align:center" \| Excluding loss component ! style="text-align:center" \| Loss component ! style="text-align:center" \| Total LRC ! style="text-align:center" \| LIC related to non PAA contracts ! colspan="3" style="text-align:center" \| LIC related to PAA contracts ! style="text-align:center" \| Total LIC ! style="text-align:center" \| Total ! style="text-align:center" \| Life & Health ! style="text-align:center" \| Property & Casualty \|- ! style="text-align:left" \| (in Euro million) ! class="col-s" style="text-align:right" \| Excluding loss component ! class="col-s" style="text-align:right" \| Loss component ! class="col-s" style="text-align:right" \| Total LRC ! class="col-s" style="text-align:right" \| LIC related to non PAA contracts ! class="col-s" style="text-align:right" \| Estimates of the PVFCF ! class="col-s" style="text-align:right" \| RA ! class="col-s" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| Total LIC ! class="col-s" style="text-align:right" \| Total ! class="col-m" style="text-align:right" \| Life & Health ! class="col-m" style="text-align:right" \| Property & Casualty \|- \| style="text-align:left" \| Opening assets \| style="text-align:right" \| -11 \| style="text-align:right" \| - \| style="text-align:right" \| -11 \| style="text-align:right" \| 1 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| Total LIC \| style="text-align:right" \| Total \| style="text-align:right" \| Life & Health \| style="text-align:right" \| Property & Casualty \| style="text-align:right" \| 1 \| style="text-align:right" \| -10 \| style="text-align:right" \| -10 \| style="text-align:right" \| - \|- \| style="text-align:left" \| Opening liabilities \| style="text-align:right" \| 372,174 \| style="text-align:right" \| 1,634 \| style="text-align:right" \| 373,809 \| style="text-align:right" \| 2,880 \| style="text-align:right" \| 115,976 \| style="text-align:right" \| 1,675 \| style="text-align:right" \| 117,652 \| style="text-align:right" \| 120,531 \| style="text-align:right" \| 494,340 \| style="text-align:right" \| 382,651 \| style="text-align:right" \| 111,689 \|- \| style="text-align:left" \| Net balance as of January 1 (A) \| style="text-align:right" \| 372,164 \| style="text-align:right" \| 1,634 \| style="text-align:right" \| 373,798 \| style="text-align:right" \| 2,880 \| style="text-align:right" \| 115,976 \| style="text-align:right" \| 1,675 \| style="text-align:right" \| 117,652 \| style="text-align:right" \| 120,532 \| style="text-align:right" \| 494,330 \| style="text-align:right" \| 382,641 \| style="text-align:right" \| 111,689 \|- \| style="text-align:left" \| Insurance revenue coming from contracts under the MRA \| style="text-align:right" \| -4,510 \| style="text-align:right" \| - \| style="text-align:right" \| -4,510 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| -4,510 \| style="text-align:right" \| -1,862 \| style="text-align:right" \| -2,648 \|- \| style="text-align:left" \| Insurance revenue coming from contracts under the FVA \| style="text-align:right" \| -1,160 \| style="text-align:right" \| - \| style="text-align:right" \| -1,160 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| -1,160 \| style="text-align:right" \| -892 \| style="text-align:right" \| -268 \|- \| style="text-align:left" \| Insurance revenue coming from other contracts \| style="text-align:right" \| -84,283 \| style="text-align:right" \| - \| style="text-align:right" \| -84,283 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| -84,283 \| style="text-align:right" \| -30,611 \| style="text-align:right" \| -53,671 \|- \| style="text-align:left" \| Insurance revenue (B) \| style="text-align:right" \| -89,953 \| style="text-align:right" \| - \| style="text-align:right" \| -89,953 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| -89,953 \| style="text-align:right" \| -33,365 \| style="text-align:right" \| -56,588 \|- \| style="text-align:left" \| Incurred claims and other insurance service expenses \| style="text-align:right" \| - \| style="text-align:right" \| -178 \| style="text-align:right" \| -178 \| style="text-align:right" \| 11,752 \| style="text-align:right" \| 52,919 \| style="text-align:right" \| 366 \| style="text-align:right" \| 53,285 \| style="text-align:right" \| 65,036 \| style="text-align:right" \| 64,858 \| style="text-align:right" \| 26,158 \| style="text-align:right" \| 38,700 \|- \| style="text-align:left" \| Amortization of insurance acquisition cash flows \| style="text-align:right" \| 12,992 \| style="text-align:right" \| - \| style="text-align:right" \| 12,992 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| 12,992 \| style="text-align:right" \| 3,492 \| style="text-align:right" \| 9,500 \|- \| style="text-align:left" \| Losses and reversal of losses on onerous contracts \| style="text-align:right" \| - \| style="text-align:right" \| 144 \| style="text-align:right" \| 144 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| 144 \| style="text-align:right" \| 118 \| style="text-align:right" \| 26 \|- \| style="text-align:left" \| Adjustments relating to liability for incurred claims \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| 30 \| style="text-align:right" \| 94 \| style="text-align:right" \| -291 \| style="text-align:right" \| -197 \| style="text-align:right" \| -167 \| style="text-align:right" \| -167 \| style="text-align:right" \| 329 \| style="text-align:right" \| -496 \|- \| style="text-align:left" \| Insurance service expenses (C) \| style="text-align:right" \| 12,992 \| style="text-align:right" \| -34 \| style="text-align:right" \| 12,957 \| style="text-align:right" \| 11,781 \| style="text-align:right" \| 53,014 \| style="text-align:right" \| 74 \| style="text-align:right" \| 53,088 \| style="text-align:right" \| 64,869 \| style="text-align:right" \| 77,827 \| style="text-align:right" \| 30,097 \| style="text-align:right" \| 47,730 \|- \| style="text-align:left" \| Investment components (D) \| style="text-align:right" \| -25,292 \| style="text-align:right" \| - \| style="text-align:right" \| -25,292 \| style="text-align:right" \| 24,166 \| style="text-align:right" \| 1,127 \| style="text-align:right" \| - \| style="text-align:right" \| 1,127 \| style="text-align:right" \| 25,292 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \|- \| style="text-align:left" \| INSURANCE SERVICE RESULT (E=B+C+D) \| style="text-align:right" \| -102,253 \| style="text-align:right" \| -34 \| style="text-align:right" \| -102,288 \| style="text-align:right" \| 35,947 \| style="text-align:right" \| 54,140 \| style="text-align:right" \| 74 \| style="text-align:right" \| 54,215 \| style="text-align:right" \| 90,162 \| style="text-align:right" \| -12,126 \| style="text-align:right" \| -3,268 \| style="text-align:right" \| -8,858 \|- \| style="text-align:left" \| Net finance income or expenses recognized in profit or loss \| style="text-align:right" \| 12,746 \| style="text-align:right" \| 41 \| style="text-align:right" \| 12,787 \| style="text-align:right" \| 4 \| style="text-align:right" \| 1,888 \| style="text-align:right" \| -7 \| style="text-align:right" \| 1,881 \| style="text-align:right" \| 1,885 \| style="text-align:right" \| 14,673 \| style="text-align:right" \| 13,049 \| style="text-align:right" \| 1,624 \|- \| style="text-align:left" \| Net finance income or expenses recognized in OCI \| style="text-align:right" \| -7,517 \| style="text-align:right" \| - \| style="text-align:right" \| -7,517 \| style="text-align:right" \| -21 \| style="text-align:right" \| -812 \| style="text-align:right" \| -0 \| style="text-align:right" \| -812 \| style="text-align:right" \| -833 \| style="text-align:right" \| -8,350 \| style="text-align:right" \| -7,877 \| style="text-align:right" \| -473 \|- \| style="text-align:left" \| Net finance income or expenses from insurance contracts issued (F) \| style="text-align:right" \| 5,230 \| style="text-align:right" \| 41 \| style="text-align:right" \| 5,271 \| style="text-align:right" \| -17 \| style="text-align:right" \| 1,076 \| style="text-align:right" \| -7 \| style="text-align:right" \| 1,069 \| style="text-align:right" \| 1,052 \| style="text-align:right" \| 6,322 \| style="text-align:right" \| 5,172 \| style="text-align:right" \| 1,151 \|- \| style="text-align:left" \| '''TOTAL CHANGES IN THE STATEMENT OF PROFIT OR LOSS AND IN OCI (G=E+F)''' \| style="text-align:right" \| '''-97,024''' \| style="text-align:right" \| '''7''' \| style="text-align:right" \| '''-97,017''' \| style="text-align:right" \| '''35,930''' \| style="text-align:right" \| '''55,216''' \| style="text-align:right" \| '''67''' \| style="text-align:right" \| '''55,283''' \| style="text-align:right" \| '''91,213''' \| style="text-align:right" \| '''-5,804''' \| style="text-align:right" \| '''1,904''' \| style="text-align:right" \| '''-7,707''' \|- \| style="text-align:left" \| Premiums received \| style="text-align:right" \| 111,780 \| style="text-align:right" \| - \| style="text-align:right" \| 111,780 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| 111,780 \| style="text-align:right" \| 54,245 \| style="text-align:right" \| 57,534 \|- \| style="text-align:left" \| Claims and other insurance service expenses paid \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| -35,909 \| style="text-align:right" \| -51,916 \| style="text-align:right" \| - \| style="text-align:right" \| -51,916 \| style="text-align:right" \| -87,825 \| style="text-align:right" \| -87,825 \| style="text-align:right" \| -49,976 \| style="text-align:right" \| -37,849 \|- \| style="text-align:left" \| Insurance acquisition cash flows paid \| style="text-align:right" \| -15,160 \| style="text-align:right" \| - \| style="text-align:right" \| -15,160 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| -15,160 \| style="text-align:right" \| -5,564 \| style="text-align:right" \| -9,596 \|- \| style="text-align:left" \| '''Total cash flows (H)''' \| style="text-align:right" \| '''96,620''' \| style="text-align:right" \| '''-''' \| style="text-align:right" \| '''96,620''' \| style="text-align:right" \| '''-35,909''' \| style="text-align:right" \| '''-51,916''' \| style="text-align:right" \| '''-''' \| style="text-align:right" \| '''-51,916''' \| style="text-align:right" \| '''-87,825''' \| style="text-align:right" \| '''8,795''' \| style="text-align:right" \| '''-1,294''' \| style="text-align:right" \| '''10,089''' \|- \| style="text-align:left" \| Effect of movements in exchange rates (I) \| style="text-align:right" \| -8,736 \| style="text-align:right" \| -160 \| style="text-align:right" \| -8,897 \| style="text-align:right" \| -79 \| style="text-align:right" \| -3,665 \| style="text-align:right" \| -69 \| style="text-align:right" \| -3,735 \| style="text-align:right" \| -3,814 \| style="text-align:right" \| -12,711 \| style="text-align:right" \| -7,974 \| style="text-align:right" \| -4,737 \|- \| style="text-align:left" \| Effect of changes in scope of consolidation and other changes (J) \| style="text-align:right" \| 3,902 \| style="text-align:right" \| 2 \| style="text-align:right" \| 3,903 \| style="text-align:right" \| 6 \| style="text-align:right" \| -2,988 \| style="text-align:right" \| 17 \| style="text-align:right" \| -2,971 \| style="text-align:right" \| -2,965 \| style="text-align:right" \| 939 \| style="text-align:right" \| 555 \| style="text-align:right" \| 384 \|- \| style="text-align:left" \| Closing assets \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align: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" \| Closing liabilities \| style="text-align:right" \| 366,925 \| style="text-align:right" \| 1,483 \| style="text-align:right" \| 368,408 \| style="text-align:right" \| 2,828 \| style="text-align:right" \| 112,624 \| style="text-align:right" \| 1,690 \| style="text-align:right" \| 114,314 \| style="text-align:right" \| 117,143 \| style="text-align:right" \| 485,550 \| style="text-align:right" \| 375,831 \| style="text-align:right" \| 109,719 \|- \| style="text-align:left" \| NET BALANCE AS OF DECEMBER 31 (K=A+G+H+I+J) \| style="text-align:right" \| 366,925 \| style="text-align:right" \| 1,483 \| style="text-align:right" \| 368,408 \| style="text-align:right" \| 2,828 \| style="text-align:right" \| 112,623 \| style="text-align:right" \| 1,690 \| style="text-align:right" \| 114,313 \| style="text-align:right" \| 117,143 \| style="text-align:right" \| 485,550 \| style="text-align:right" \| 375,831 \| style="text-align:right" \| 109,719 \|- \| class="wt-indent-1" style="text-align:left" \| Of which Life & Health \| style="text-align:right" \| 347,207 \| style="text-align:right" \| 1,347 \| style="text-align:right" \| 348,554 \| style="text-align:right" \| 2,797 \| style="text-align:right" \| 24,362 \| style="text-align:right" \| 119 \| style="text-align:right" \| 24,481 \| style="text-align:right" \| 27,277 \| style="text-align:right" \| 375,831 \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| class="wt-indent-1" style="text-align:left" \| Of which Property & Casualty \| style="text-align:right" \| 19,718 \| style="text-align:right" \| 136 \| style="text-align:right" \| 19,854 \| style="text-align:right" \| 32 \| style="text-align:right" \| 88,263 \| style="text-align:right" \| 1,571 \| style="text-align:right" \| 89,834 \| style="text-align:right" \| 89,865 \| style="text-align:right" \| 109,719 \| style="text-align:right" \| — \| style="text-align:right" \| — \|} </div> The amounts recognized in the consolidated statement of profit or loss reconcile to Insurance revenue (see paragraph 12.1.5.1) as well as to insurance service expenses and net finance income or expenses from insurance contracts issued as disclosed above (see paragraph 12.1.1.2). 6.6 Notes to the Consolidated Financial statements Compared to the liability for Property & Casualty incurred claims disclosed in Note 12.1.2 the following components are not included in the claims development table: <!-- page 445 --> <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 445 —</div> [Chart/image description:] Two-column introductory text explaining components not included in the claims development table. * "Estimate of gross liabilities not developed" corresponding to the estimate of gross liabilities of incurred claims prior to 2016 and of claims incurred before the acquisition date of acquired entities (e.g. AXA XL claims incurred before 2018) as well as gross liabilities not developed, notably annuities and construction (€29,192 million); * "Effect of discounting" being the discounting impact (€-17,587 million); * "RA" being the risk adjustment for non-financial risk (€1,573 million). As a consequence, the claims development that can be deducted from the 10 years claims development table below does not correspond to the prior year development shown in the Profit or Loss. == 12.1.8.1 Gross claims development table by accident year == <div style="overflow-x:auto"> {\| class="wikitable fintable" ! style="text-align:left" \| — ! colspan="10" style="text-align:center" \| December 31, 2025 ! class="col-s" style="text-align:right" \| — \|- \| style="text-align:left" \| (in Euro million) \| style="text-align:right" \| 2016 \| style="text-align:right" \| 2017 \| style="text-align:right" \| 2018 \| style="text-align:right" \| 2019 \| style="text-align:right" \| 2020 \| style="text-align:right" \| 2021 \| style="text-align:right" \| 2022 \| style="text-align:right" \| 2023 \| style="text-align:right" \| 2024 \| style="text-align:right" \| 2025 \| style="text-align:right" \| Total \|- \| style="text-align:left" \| '''Estimate of gross undiscounted ultimate claim costs, including claims expenses''' \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align: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" \| At end of accident year \| style="text-align:right" \| 16,731 \| style="text-align:right" \| 17,220 \| style="text-align:right" \| 29,211 \| style="text-align:right" \| 29,350 \| style="text-align:right" \| 32,631 \| style="text-align:right" \| 30,728 \| style="text-align:right" \| 30,678 \| style="text-align:right" \| 32,528 \| style="text-align:right" \| 32,697 \| style="text-align:right" \| 34,272 \| style="text-align:right" \| — \|- \| style="text-align:left" \| One year later \| style="text-align:right" \| 17,149 \| style="text-align:right" \| 17,441 \| style="text-align:right" \| 30,114 \| style="text-align:right" \| 29,701 \| style="text-align:right" \| 31,644 \| style="text-align:right" \| 31,786 \| style="text-align:right" \| 31,868 \| style="text-align:right" \| 33,757 \| style="text-align:right" \| 32,925 \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| Two years later \| style="text-align:right" \| 16,829 \| style="text-align:right" \| 17,213 \| style="text-align:right" \| 30,136 \| style="text-align:right" \| 30,319 \| style="text-align:right" \| 31,043 \| style="text-align:right" \| 31,446 \| style="text-align:right" \| 31,753 \| style="text-align:right" \| 34,093 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| Three years later \| style="text-align:right" \| 16,515 \| style="text-align:right" \| 16,899 \| style="text-align:right" \| 30,074 \| style="text-align:right" \| 30,433 \| style="text-align:right" \| 30,672 \| style="text-align:right" \| 30,881 \| style="text-align:right" \| 31,771 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| Four years later \| style="text-align:right" \| 16,337 \| style="text-align:right" \| 16,807 \| style="text-align:right" \| 29,863 \| style="text-align:right" \| 30,506 \| style="text-align:right" \| 30,255 \| style="text-align:right" \| 30,779 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| Five years later \| style="text-align:right" \| 16,249 \| style="text-align:right" \| 16,748 \| style="text-align:right" \| 29,923 \| style="text-align:right" \| 30,327 \| style="text-align:right" \| 29,874 \| style="text-align: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" \| Six years later \| style="text-align:right" \| 16,185 \| style="text-align:right" \| 16,803 \| style="text-align:right" \| 30,020 \| style="text-align:right" \| 30,230 \| style="text-align:right" \| — \| style="text-align: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" \| Seven years later \| style="text-align:right" \| 16,198 \| style="text-align:right" \| 16,656 \| style="text-align:right" \| 29,947 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align: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" \| Eight years later \| style="text-align:right" \| 16,099 \| style="text-align:right" \| 16,584 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align: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" \| Nine years later \| style="text-align:right" \| 16,045 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align: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" \| Cumulative gross payments to date \| style="text-align:right" \| -15,158 \| style="text-align:right" \| -15,448 \| style="text-align:right" \| -26,741 \| style="text-align:right" \| -26,321 \| style="text-align:right" \| -24,481 \| style="text-align:right" \| -24,792 \| style="text-align:right" \| -23,464 \| style="text-align:right" \| -23,688 \| style="text-align:right" \| -18,411 \| style="text-align:right" \| -11,329 \| style="text-align:right" \| — \|- \| style="text-align:left" \| Estimate of gross liabilities from 2016 to 2025 \| style="text-align:right" \| 887 \| style="text-align:right" \| 1,135 \| style="text-align:right" \| 3,206 \| style="text-align:right" \| 3,909 \| style="text-align:right" \| 5,393 \| style="text-align:right" \| 5,987 \| style="text-align:right" \| 8,307 \| style="text-align:right" \| 10,406 \| style="text-align:right" \| 14,514 \| style="text-align:right" \| 22,944 \| style="text-align:right" \| 76,688 \|- \| style="text-align:left" \| Estimate of gross liabilities not developed \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 29,192 \|- \| style="text-align:left" \| Effect of discounting \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| -17,587 \|- \| style="text-align:left" \| RA \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 1,573 \|- \| style="text-align:left" \| '''TOTAL LIC GROSS OF REINSURANCE''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''—''' \| style="text-align:right" \| '''89,865''' \|} </div> <!-- page 501 --> <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 501 —</div> == 7.2.1.1 Significant changes in capital ownership == Significant changes in the Company's share capital ownership between December 31, 2023, and December 31, 2025 are set out in the table below: <div style="overflow-x:auto"> {\| class="wikitable fintable" ! style="text-align:left" \| ! colspan="4" style="text-align:center" \| As at December 31, 2025 {{footnote\|1=In this table, voting right percentages are calculated on the basis that all outstanding ordinary shares carry voting rights, notwithstanding the fact that, in accordance with applicable law or other provisions, some of these shares may not carry voting rights (for example, in accordance with French law, treasury shares do not carry voting rights).}} ! colspan="4" style="text-align:center" \| As at December 31, 2024 {{footnote\|1=In this table, voting right percentages are calculated on the basis that all outstanding ordinary shares carry voting rights, notwithstanding the fact that, in accordance with applicable law or other provisions, some of these shares may not carry voting rights (for example, in accordance with French law, treasury shares do not carry voting rights).}} ! colspan="4" style="text-align:center" \| As at December 31, 2023 {{footnote\|1=In this table, voting right percentages are calculated on the basis that all outstanding ordinary shares carry voting rights, notwithstanding the fact that, in accordance with applicable law or other provisions, some of these shares may not carry voting rights (for example, in accordance with French law, treasury shares do not carry voting rights).}} \|- ! style="text-align:left" \| — ! class="col-m" style="text-align:right" \| Number of shares ! class="col-s" style="text-align:right" \| Capital ownership (in %) ! class="col-m" style="text-align:right" \| Number of voting rights ! class="col-m" style="text-align:right" \| Voting rights (in %) ! class="col-m" style="text-align:right" \| Number of shares ! class="col-s" style="text-align:right" \| Capital ownership (in %) ! class="col-m" style="text-align:right" \| Number of voting rights ! class="col-m" style="text-align:right" \| Voting rights (in %) ! class="col-m" style="text-align:right" \| Number of shares ! class="col-s" style="text-align:right" \| Capital ownership (in %) ! class="col-m" style="text-align:right" \| Number of voting rights ! class="col-m" style="text-align:right" \| Voting rights (in %) \|- \| style="text-align:left" \| Mutuelles d'assurances AXA {{footnote\|1=AXA Assurances IARD Mutuelle and AXA Assurances Vie Mutuelle.}} \| style="text-align:right" \| 326,907,687 \| style="text-align:right" \| 15.64% \| style="text-align:right" \| 653,815,374 \| style="text-align:right" \| 25.78% \| style="text-align:right" \| 341,107,687 \| style="text-align:right" \| 15.40% \| style="text-align:right" \| 681,724,518 \| style="text-align:right" \| 25.99% \| style="text-align:right" \| 355,307,687 \| style="text-align:right" \| 15.65% \| style="text-align:right" \| 710,615,374 \| style="text-align:right" \| 26.02% \|- \| style="text-align:left" \| Employees and agents \| style="text-align:right" \| 101,827,829 \| style="text-align:right" \| 4.87% \| style="text-align:right" \| 178,650,679 \| style="text-align:right" \| 7.04% \| style="text-align:right" \| 94,370,150 \| style="text-align:right" \| 4.26% \| style="text-align:right" \| 163,950,715 \| style="text-align:right" \| 6.25% \| style="text-align:right" \| 98,554,259 \| style="text-align:right" \| 4.34% \| style="text-align:right" \| 168,188,301 \| style="text-align:right" \| 6.16% \|- \| style="text-align:left" \| Treasury shares held directly by the Company \| style="text-align:right" \| 35,242,362 \| style="text-align:right" \| 1.69% \| style="text-align:right" \| [35,242,362] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \| style="text-align:right" \| [1.39%] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \| style="text-align:right" \| 39,423,070 \| style="text-align:right" \| 1.78% \| style="text-align:right" \| [39,423,070] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \| style="text-align:right" \| [1.48%] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \| style="text-align:right" \| 43,984,687 \| style="text-align:right" \| 1.94% \| style="text-align:right" \| [43,984,687] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \| style="text-align:right" \| [1.61%] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \|- \| style="text-align:left" \| Treasury shares held by Company subsidiaries {{footnote\|1=Treasury shares as indicated in Note 11 - Shareholders' equity and Non-controlling interests in Chapter 6 Consolidated financial statements of this Document.}} \| style="text-align:right" \| 7,148 \| style="text-align:right" \| 0.00% \| style="text-align:right" \| [14,296] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \| style="text-align:right" \| [0.00%] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \| style="text-align:right" \| 7,148 \| style="text-align:right" \| 0.00% \| style="text-align:right" \| [14,296] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \| style="text-align:right" \| [0.00%] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \| style="text-align:right" \| 7,148 \| style="text-align:right" \| 0.00% \| style="text-align:right" \| [14,296] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \| style="text-align:right" \| [0.00%] {{footnote\|1=These shares will be entitled to voting rights when they cease to be treasury shares.}} \|- \| style="text-align:left" \| General public \| style="text-align:right" \| 1,626,636,848 \| style="text-align:right" \| 77.80% \| style="text-align:right" \| 1,668,511,490 \| style="text-align:right" \| 65.79% \| style="text-align:right" \| 1,739,889,818 \| style="text-align:right" \| 78.56% \| style="text-align:right" \| 1,385,076,207 \| style="text-align:right" \| 66.28% \| style="text-align:right" \| 1,772,335,025 \| style="text-align:right" \| 78.07% \| style="text-align:right" \| 1,808,127,566 \| style="text-align:right" \| 66.21% \|- \| style="text-align:left" \| '''TOTAL''' \| style="text-align:right" \| '''2,090,621,874 {{footnote\|1=Source: Euronext Notice of January 2, 2026.}}''' \| style="text-align:right" \| '''100%''' \| style="text-align:right" \| '''2,536,234,201''' \| style="text-align:right" \| '''100%''' \| style="text-align:right" \| '''2,214,797,873''' \| style="text-align:right" \| '''100%''' \| style="text-align:right" \| '''2,662,450,452''' \| style="text-align:right" \| '''100%''' \| style="text-align:right" \| '''2,270,188,806''' \| style="text-align:right" \| '''100%''' \| style="text-align:right" \| '''2,730,930,224''' \| style="text-align:right" \| '''100%''' \|} </div> As at December 31, 2025, to the best of the Company's knowledge based on the information available to it, the Company had a total of 20,214 registered holders of its ordinary shares (''i.e.'', shareholders holding in nominative form). == 7.2.1.2 Transactions completed by AXA in 2025 involving its own shares == In connection with the share buy-back programs approved during the Shareholders' Meetings held on April 23, 2024 (resolution 21) and April 24, 2025 (resolution 14) and pursuant to Article L.22-10-62 of the French Commercial Code, 141,668,856 AXA shares {{footnote\|1=Including 87,743,053 AXA shares purchased in the context of the share buy-back program announced on February 28, 2025 to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas.}} were bought back (for the purposes of (a) hedging free shares granted to Group employees or (b) cancelling them to (i) neutralize the earnings dilution from certain disposal and in-force management transactions, as well as the dilutive effect relating to capital increases reserved for employees and the exercise of stock options or to (ii) implement the annual share buy-back program in line with the Group's capital management policy). The AXA shares were repurchased for an average weighted gross unit price per share of €40.09 {{footnote\|1=Including fees (commission, VAT, and FTT).}} and no AXA shares were sold between January 1 and December 31, 2025. These shares were acquired for an aggregate purchase price of €5,679,802,795.48. As at December 31, 2025, the total number of AXA treasury shares, all allocated for hedging or cancellation purposes, was 35,242,362 (or 1.69% of AXA's share capital at that date). The book value of these 35,242,362 treasury shares as at December 31, 2025 was €1,311,164,034.44. The total number of treasury shares held by Company subsidiaries was 7,148 (or 0.00% of AXA's share capital at that date). The book value of these 7,148 treasury shares as at December 31, 2025 was €129,182. <!-- page 543 --> <div style="text-align:right; color:#72777d; font-size:85%; margin:0.8em 0 0.2em;">— PDF page 543 —</div> == Subsidiaries and participating interests == <div style="overflow-x:auto"> {\| class="wikitable fintable" ! colspan="12" style="text-align:center" \| A. DETAILED INFORMATION CONCERNING SUBSIDIARIES AND INVESTMENTS ACCOUNTING FOR IN EXCESS OF 1% OF AXA SA'S SHAREHOLDERS' EQUITY \|- ! colspan="12" style="text-align:center" \| 1) Subsidiaries (at least 50%-owned) \|- ! style="text-align:left" \| (in Euro thousand) ! class="col-s" style="text-align:right" \| Share capital ! class="col-s" style="text-align:right" \| Other shareholders' equity ! class="col-s" style="text-align:right" \| Percentage of capital held ! class="col-s" style="text-align:right" \| Gross Book Value of securities held ! class="col-s" style="text-align:right" \| Net Book Value of securities held ! class="col-s" style="text-align:right" \| Loans and cash advances given by the Company still outstanding ! class="col-s" style="text-align:right" \| Guarantees and commitments given by the Company under commitments made by subsidiary/ participation ! class="col-s" style="text-align:right" \| Last closing revenues available a ! class="col-s" style="text-align:right" \| Last closing result available ! class="col-s" style="text-align:right" \| Dividends received ! class="col-m" style="text-align:right" \| Observation Closing date \|- \| style="text-align:left" \| AXA XL Group Ltd O'Hara House, One Bermudiana Road - Hamilton Bermuda - HM 08 - Bermuda \| style="text-align:right" \| - \| style="text-align:right" \| 19,826,716 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 18,253,297 \| style="text-align:right" \| 18,253,297 \| style="text-align:right" \| — \| style="text-align:right" \| 1,996,541 \| style="text-align:right" \| - \| style="text-align:right" \| 1,696,434 \| style="text-align:right" \| 1,425,926 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA ASIA - SAS 21, avenue Matignon - 75008 Paris - France \| style="text-align:right" \| 7,623,388 \| style="text-align:right" \| 167,966 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 7,634,352 \| style="text-align:right" \| 7,634,352 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 477,789 \| style="text-align:right" \| 454,796 \| style="text-align:right" \| 551,334 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA UK PLC b 20 Gracechurch Street - London EC3V 0BG - England \| style="text-align:right" \| 1,043,844 \| style="text-align:right" \| 5,577,846 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 6,389,934 \| style="text-align:right" \| 6,389,934 \| style="text-align:right" \| — \| style="text-align:right" \| 1,112,066 \| style="text-align:right" \| — \| style="text-align:right" \| -30,659 \| style="text-align:right" \| 235,253 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA VERSICHERUNGEN AG - SA General Guisan-strasse 40 - CH-8401 Winterthur - Switzerland \| style="text-align:right" \| 181,306 \| style="text-align:right" \| 5,167,163 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 5,171,327 \| style="text-align:right" \| 5,171,327 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 4,214,185 \| style="text-align:right" \| 1,272,327 \| style="text-align:right" \| 1,246,374 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA HOLDINGS BELGIUM - SA 1, place du trône - 1000 Brussels - Belgium \| style="text-align:right" \| 453,101 \| style="text-align:right" \| 915,111 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 4,493,243 \| style="text-align:right" \| 4,493,243 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 297,806 \| style="text-align:right" \| 304,159 \| style="text-align:right" \| 284,238 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA MEDITERRANEAN HOLDING - SA Calle monseñor Palmer number 1 - Palma de Mallorca - Balearic Island \| style="text-align:right" \| 213,417 \| style="text-align:right" \| 4,143,482 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 4,531,474 \| style="text-align:right" \| 4,531,474 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 333,628 \| style="text-align:right" \| 306,170 \| style="text-align:right" \| 383,661 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA KONZERN AG - SA Colonia Allee, 10 - 20 - 51067 Koln - Germany \| style="text-align:right" \| 79,840 \| style="text-align:right" \| 2,424,311 \| style="text-align:right" \| 74,37% \| style="text-align:right" \| 3,572,889 \| style="text-align:right" \| 3,572,889 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 497,115 \| style="text-align:right" \| 507,978 \| style="text-align:right" \| 793,803 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA France VIE - SA 313 Terrasses de l'Arche - 92727 Nanterre - France \| style="text-align:right" \| 487,725 \| style="text-align:right" \| 7,140,985 \| style="text-align:right" \| 98,57% \| style="text-align:right" \| 2,548,734 \| style="text-align:right" \| 2,548,734 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 20,563,786 \| style="text-align:right" \| 1,788,960 \| style="text-align:right" \| 471,144 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA HOLDINGS JAPAN - Kabusikigaisya NBF Platinium Tower 1 - 17 - 3 Shirokane - Minato - ku - 108 - 8020 Tokyo - Japan \| style="text-align:right" \| 461,733 \| style="text-align:right" \| 1,777,743 \| style="text-align:right" \| 74,49% \| style="text-align:right" \| 2,261,181 \| style="text-align:right" \| 2,261,181 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 113,101 \| style="text-align:right" \| 346,077 \| style="text-align:right" \| 274,423 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA France IARD - SA 313 Terrasses de l'Arche - 92727 Nanterre - France \| style="text-align:right" \| 214,799 \| style="text-align:right" \| 2,484,793 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 1,805,826 \| style="text-align:right" \| 1,805,826 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 9,718,848 \| style="text-align:right" \| 1,885,617 \| style="text-align:right" \| 1,253,990 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| KOLNISCHE VERWALTUNGS - SA Marie - Curie Strasse 8 51377 Leverkusen - Germany \| style="text-align:right" \| 13,498 \| style="text-align:right" \| 51,292 \| style="text-align:right" \| 76,98% \| style="text-align:right" \| 1,121,697 \| style="text-align:right" \| 1,121,697 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 1,300 \| style="text-align:right" \| 1,248 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA LIFE EUROPE - DAC Wolfe Tone House, Wolfe Tone Street - D01 HP90 Dublin - Ireland \| style="text-align:right" \| 99,960 \| style="text-align:right" \| 343,846 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 869,424 \| style="text-align:right" \| 738,186 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 172,188 \| style="text-align:right" \| 34,208 \| style="text-align:right" \| 120,000 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA PARTNERS HOLDING SA (ex AXA ASSISTANCE) 8 - 10 rue Paul Vaillant Courturier - 92240 Malakoff - France \| style="text-align:right" \| 476,452 \| style="text-align:right" \| 46,013 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 826,638 \| style="text-align:right" \| 826,638 \| style="text-align:right" \| 69,000 \| style="text-align:right" \| — \| style="text-align:right" \| 2,264,202 \| style="text-align:right" \| - \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA France PARTICIPATIONS - SAS 313 Terrasses de l'Arche - 92727 Nanterre - France \| style="text-align:right" \| 746,755 \| style="text-align:right" \| 21,301 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 746,755 \| style="text-align:right" \| 510,306 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| - \| style="text-align:right" \| 2,225 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| COLISEE RE - SA 89 - 91 rue du Faubourg saint Honoré - 75008 Paris - France \| style="text-align:right" \| 95,436 \| style="text-align:right" \| 93,349 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 619,892 \| style="text-align:right" \| 150,018 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 2,099 \| style="text-align:right" \| 9,504 \| style="text-align:right" \| 9,400 \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA GROUP OPERATIONS SAS 81 Rue Mstislav Rostropovitch - 75017 Paris - France \| style="text-align:right" \| 185,127 \| style="text-align:right" \| 90,690 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 546,423 \| style="text-align:right" \| 260,344 \| style="text-align:right" \| 88,500 \| style="text-align:right" \| 10,000 \| style="text-align:right" \| 911,273 \| style="text-align:right" \| 28,577 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA GENERAL INSURANCE - Ltd Liability Company 4 Hangang - daero 71 - gil - Seoul - South Korea \| style="text-align:right" \| 148,274 \| style="text-align:right" \| 50,664 \| style="text-align:right" \| 99,76% \| style="text-align:right" \| 293,867 \| style="text-align:right" \| 212,313 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 503,597 \| style="text-align:right" \| 28,541 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| SOCIETE BEAUJON - SAS 21, Avenue Matignon - 75008 Paris - France \| style="text-align:right" \| 9,738 \| style="text-align:right" \| 63,577 \| style="text-align:right" \| 99,96% \| style="text-align:right" \| 254,897 \| style="text-align:right" \| 45,535 \| style="text-align:right" \| — \| style="text-align:right" \| 1,002,000 \| style="text-align:right" \| - \| style="text-align:right" \| -28,516 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| CFP MANAGEMENT - SAS 21, Avenue Matignon - 75008 Paris - France \| style="text-align:right" \| 1,300 \| style="text-align:right" \| 18,218 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 139,808 \| style="text-align:right" \| 15,931 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| - \| style="text-align:right" \| 34 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA CLIMATE - SAS 14 boulevard Poissonnière - 75009 Paris - France \| style="text-align:right" \| 50,557 \| style="text-align:right" \| -14,511 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 106,000 \| style="text-align:right" \| 85,674 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 36,199 \| style="text-align:right" \| -13,326 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| ARCHITAS LIMITED 22 Bishopsgate - Londres EC2N 4BQ - England \| style="text-align:right" \| 7 \| style="text-align:right" \| 1,000 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 76,851 \| style="text-align:right" \| - \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| - \| style="text-align:right" \| -210 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA EB PARTNERS - SAS 313 Terrasses de l'Arche - 92727 Nanterre - France \| style="text-align:right" \| 54,234 \| style="text-align:right" \| -23,022 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 70,330 \| style="text-align:right" \| 5,835 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 4,044 \| style="text-align:right" \| -10,510 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| LOR PATRIMOINE - SAS 23, Avenue Matignon - 75008 Paris - France \| style="text-align:right" \| 59,035 \| style="text-align:right" \| 591 \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 59,043 \| style="text-align:right" \| 59,043 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| - \| style="text-align:right" \| 15 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA Health Solutions (ex AXA MATIGNON 10) 21, avenue Matignon - 75008 Paris - France \| style="text-align:right" \| 78,010 \| style="text-align:right" \| - \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 78,025 \| style="text-align:right" \| 78,016 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 80 \| style="text-align:right" \| -22 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA Health Insurance (ex AXA MATIGNON 12) 21, avenue Matignon - 75008 Paris - France \| style="text-align:right" \| 125,037 \| style="text-align:right" \| 8,010 \| style="text-align:right" \| 99,97% \| style="text-align:right" \| 125,037 \| style="text-align:right" \| 125,037 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 241,274 \| style="text-align:right" \| 2,987 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|- \| style="text-align:left" \| AXA Health Re (ex AXA NEOMATIGNON 9) 21, avenue Matignon - 75008 Paris - France \| style="text-align:right" \| 17 \| style="text-align:right" \| - \| style="text-align:right" \| 100,00% \| style="text-align:right" \| 54,050 \| style="text-align:right" \| 54,050 \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| - \| style="text-align:right" \| -5 \| style="text-align:right" \| - \| style="text-align:right" \| December 31, 2025 \|} </div>