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== 1. Market Data ==
 
<table id="1">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Exchange Rate
! style="text-align:right; width:6emleft" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Average 1H24
! style="text-align:right; width:6em" | Average FY24
Line 19 ⟶ 17:
|-
| style="text-align:left" | USD
| style="text-align:right" | —
| style="text-align:right" | 1.07
| style="text-align:right" | 1.035504
| style="text-align:right" | 1.17
| style="text-align:right" | 1.17
| style="text-align:right" | —
| style="text-align:right" | 1.08
| style="text-align:right" | 1.08
| style="text-align:right" | 1.09
| style="text-align:right" | 1.13075113
|-
| style="text-align:left" | JPY
| style="text-align:right" | —172
| style="text-align:right" | 172.4163
| style="text-align:right" | 162.7392170
| style="text-align:right" | 169.56184
| style="text-align:right" | 184.09165
| style="text-align:right" | —164
| style="text-align:right" | 164.51162
| style="text-align:right" | 163.86169
| style="text-align:right" | 162.18
| style="text-align:right" | 169.10111
|-
| style="text-align:left" | GBP
| style="text-align:right" | —
| style="text-align:right" | 0.85
| style="text-align:right" | 0.83
| style="text-align:right" | 0.86
| style="text-align:right" | 0.87
| style="text-align:right" | —
| style="text-align:right" | 0.85
| style="text-align:right" | 0.85
| style="text-align:right" | 0.84
| style="text-align:right" | 0.85695386
|-
| style="text-align:left" | CHF
| style="text-align:right" | —
| style="text-align:right" | 0.96
| style="text-align:right" | 0.94
| style="text-align:right" | 0.93
| style="text-align:right" | 0.93
| style="text-align:right" | —
| style="text-align:right" | 0.96
| style="text-align:right" | 0.95
| style="text-align:right" | 0.94
| style="text-align:right" | 0.93707394
|-
| style="text-align:left" | HKD
| style="text-align:right" | —
| style="text-align:right" | 8.37
| style="text-align:right" | 8.04
| style="text-align:right" | 9.21
| style="text-align:right" | 9.14
| style="text-align:right" | —
| style="text-align:right" | 8.45
| style="text-align:right" | 8.44
| style="text-align:right" | 8.53
| style="text-align:right" | 8.81596282
|}
</div>
</table>
 
<table id="2">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Discount Rate - 5Y
! style="text-align:right; width:6emleft" | —
! style="text-align:right; width:6em" | Average 1H24
! style="text-align:right; width:6em" | Average FY24
Line 92 ⟶ 78:
|-
| style="text-align:left" | EUR
| style="text-align:right" | —2.79%
| style="text-align:right" | 02.027984%
| style="text-align:right" | 02.028457%
| style="text-align:right" | 02.025759%
| style="text-align:right" | 0.0259
|-
| style="text-align:left" | USD
| style="text-align:right" | —4.35%
| style="text-align:right" | 04.043541%
| style="text-align:right" | 04.044140%
| style="text-align:right" | 04.04423%
| style="text-align:right" | 0.0423
|-
| style="text-align:left" | JPY
| style="text-align:right" | —0.22%
| style="text-align:right" | 0.002242%
| style="text-align:right" | 0.004289%
| style="text-align:right" | 01.008901%
| style="text-align:right" | 0.0101
|-
| style="text-align:left" | GBP
| style="text-align:right" | —4.00%
| style="text-align:right" | 04.0425%
| style="text-align:right" | 04.042538%
| style="text-align:right" | 04.043831%
| style="text-align:right" | 0.0431
|-
| style="text-align:left" | CHF
| style="text-align:right" | —1.05%
| style="text-align:right" | 0.010582%
| style="text-align:right" | 0.008218%
| style="text-align:right" | 0.001816%
| style="text-align:right" | 0.0016
|-
| style="text-align:left" | HKD
| style="text-align:right" | —3.75%
| style="text-align:right" | 03.037567%
| style="text-align:right" | 03.036745%
| style="text-align:right" | 03.034518%
| style="text-align:right" | 0.0318
|}
</div>
</table>
 
<table id="3">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Discount Rate - 10Y
! style="text-align:right; width:6emleft" | —
! style="text-align:right; width:6em" | Closing 1H24
! style="text-align:right; width:6em" | Closing FY24
Line 147 ⟶ 125:
|-
| style="text-align:left" | EUR
| style="text-align:right" | —3.06%
| style="text-align:right" | 02.030671%
| style="text-align:right" | 02.027191%
| style="text-align:right" | 03.029117%
| style="text-align:right" | 0.0317
|-
| style="text-align:left" | USD
| style="text-align:right" | —4.54%
| style="text-align:right" | 04.045466%
| style="text-align:right" | 04.046643%
| style="text-align:right" | 04.044345%
| style="text-align:right" | 0.0445
|-
| style="text-align:left" | JPY
| style="text-align:right" | —1.04%
| style="text-align:right" | 01.010407%
| style="text-align:right" | 01.010744%
| style="text-align:right" | 02.014408%
| style="text-align:right" | 0.0208
|-
| style="text-align:left" | GBP
| style="text-align:right" | —4.27%
| style="text-align:right" | 04.042748%
| style="text-align:right" | 04.044856%
| style="text-align:right" | 04.045655%
| style="text-align:right" | 0.0455
|-
| style="text-align:left" | CHF
| style="text-align:right" | —0.98%
| style="text-align:right" | 0.009838%
| style="text-align:right" | 0.003853%
| style="text-align:right" | 0.005367%
| style="text-align:right" | 0.0067
|-
| style="text-align:left" | HKD
| style="text-align:right" | —3.79%
| style="text-align:right" | 03.037991%
| style="text-align:right" | 03.039102%
| style="text-align:right" | 03.030221%
| style="text-align:right" | 0.0321
|}
</div>
</table>
 
== 2. UE by LOB and Net Income ==
 
<table id="4">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Group Underlying Earnings by Line of Business and Net Income
! style="text-align:centerleft" | EUR million
! colspan="4" style="text-align:center" | Group
! style="text-align:center" |
! colspan="4" style="text-align:center" | Property & Casualty
! style="text-align:center" |
! colspan="4" style="text-align:center" | Life & Health
! style="text-align:center" |
! colspan="4" style="text-align:center" | Asset Management*
! style="text-align:center" |
! colspan="4" style="text-align:center" | Holdings
|-
! style="text-align:left" | Group Underlying Earnings by Line of Business and Net Income—
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
Line 235 ⟶ 196:
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 263 ⟶ 219:
|-
| style="text-align:left" | Revenues
| style="text-align:right" | —35,273
| style="text-align:right" | 3527372,104
| style="text-align:right" | 7210437,209
| style="text-align:right" | 3720975,071
| style="text-align:right" | 7507127,294
| style="text-align:right" | —55,898
| style="text-align:right" | 2729428,697
| style="text-align:right" | 5589857,656
| style="text-align:right" | 286977,979
| style="text-align:right" | 5765616,207
| style="text-align:right" | —8,512
| style="text-align:right" | 797917,416
| style="text-align:right" | 16207
| style="text-align:right" | 8512
| style="text-align:right" | 17416
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 294 ⟶ 245:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —90.2%
| style="text-align:right" | —91.0%
| style="text-align:right" | 090.9020%
| style="text-align:right" | 090.916%
| style="text-align:right" | 097.96%
| style="text-align:right" | 097.9064%
| style="text-align:right" | —97.1%
| style="text-align:right" | 097.9762%
| style="text-align:right" | 0.974
| style="text-align:right" | 0.971
| style="text-align:right" | 0.972
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 317 ⟶ 263:
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | —2,877
| style="text-align:right" | 28775,421
| style="text-align:right" | 54213,107
| style="text-align:right" | 31075,888
| style="text-align:right" | 58882,682
| style="text-align:right" | —5,006
| style="text-align:right" | 26822,859
| style="text-align:right" | 50065,409
| style="text-align:right" | 2859
| style="text-align:right" | 5409
| style="text-align:right" | —
| style="text-align:right" | 195
| style="text-align:right" | 415
| style="text-align:right" | 248
| style="text-align:right" | 479
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 343 ⟶ 284:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Long-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 371 ⟶ 307:
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | —
| style="text-align:right" | 1395
| style="text-align:right" | 2775
| style="text-align:right" | 1428
| style="text-align:right" | 2954
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —1,395
| style="text-align:right" | —2,775
| style="text-align:right" | —1,428
| style="text-align:right" | 13952,954
| style="text-align:right" | 2775
| style="text-align:right" | 1428
| style="text-align:right" | 2954
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 398 ⟶ 329:
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 413 ⟶ 341:
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 424 ⟶ 350:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Financial Result & Other'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 452 ⟶ 373:
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | —2,064
| style="text-align:right" | 20643,971
| style="text-align:right" | 39712,148
| style="text-align:right" | 21484,013
| style="text-align:right" | 40131,324
| style="text-align:right" | —2,559
| style="text-align:right" | 13241,343
| style="text-align:right" | 25592,631
| style="text-align:right" | 1343
| style="text-align:right" | 2631
| style="text-align:right" | —
| style="text-align:right" | 536
| style="text-align:right" | 975
| style="text-align:right" | 563
| style="text-align:right" | 946
| style="text-align:right" | —
| style="text-align:right" | 24
| style="text-align:right" | 35
| style="text-align:right" | 14
| style="text-align:right" | 14
| style="text-align:right" | —
| style="text-align:right" | 181
| style="text-align:right" | 402
Line 479 ⟶ 395:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —1,459
| style="text-align:right" | 14593,054
| style="text-align:right" | 30541,625
| style="text-align:right" | 16252,167
| style="text-align:right" | 2167
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 496 ⟶ 408:
| style="text-align:right" | —
| style="text-align:right" | 937
| style="text-align:right" | 20042,004
| style="text-align:right" | 10181,018
| style="text-align:right" | 10181,018
| style="text-align:right" | —
| style="text-align:right" | 522
| style="text-align:right" | 10501,050
| style="text-align:right" | 607
| style="text-align:right" | 11491,149
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —-1,624
| style="text-align:right" | -16243,479
| style="text-align:right" | -34791,868
| style="text-align:right" | -18682,900
| style="text-align:right" | -2900
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 523 ⟶ 430:
| style="text-align:right" | —
| style="text-align:right" | -698
| style="text-align:right" | -14931,493
| style="text-align:right" | -793
| style="text-align:right" | -793
| style="text-align:right" | —
| style="text-align:right" | -925
| style="text-align:right" | -19861,986
| style="text-align:right" | -10751,075
| style="text-align:right" | -21072,107
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | -471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 559 ⟶ 460:
| style="text-align:right" | -928
|-
| style="text-align:left" | '''Underlying Earnings Before Tax'''
| style="text-align:right" | —'''5,638'''
| style="text-align:right" | 5638'''10,700'''
| style="text-align:right" | 10700'''5,958'''
| style="text-align:right" | 5958'''11,044'''
| style="text-align:right" | 11044'''4,006'''
| style="text-align:right" | —'''7,565'''
| style="text-align:right" | 4006'''4,202'''
| style="text-align:right" | 7565'''8,040'''
| style="text-align:right" | 4202'''2,061'''
| style="text-align:right" | 8040'''4,070'''
| style="text-align:right" | —'''2,209'''
| style="text-align:right" | 2061'''4,229'''
| style="text-align:right" | 4070'''263'''
| style="text-align:right" | 2209'''546'''
| style="text-align:right" | 4229'''239'''
| style="text-align:right" | —'''239'''
| style="text-align:right" | 263'''-693'''
| style="text-align:right" | 546'''-1,482'''
| style="text-align:right" | 239'''-692'''
| style="text-align:right" | 239'''-1,464'''
| style="text-align:right" | —
| style="text-align:right" | -693
| style="text-align:right" | -1482
| style="text-align:right" | -692
| style="text-align:right" | -1464
|-
| style="text-align:left" | Tax
| style="text-align:right" | —-1,427
| style="text-align:right" | -14272,662
| style="text-align:right" | -26621,503
| style="text-align:right" | -15032,644
| style="text-align:right" | -26441,046
| style="text-align:right" | —-1,952
| style="text-align:right" | -10461,074
| style="text-align:right" | -19522,060
| style="text-align:right" | -1074
| style="text-align:right" | -2060
| style="text-align:right" | —
| style="text-align:right" | -412
| style="text-align:right" | -874
| style="text-align:right" | -462
| style="text-align:right" | -800
| style="text-align:right" | —
| style="text-align:right" | -69
| style="text-align:right" | -160
| style="text-align:right" | -68
| style="text-align:right" | -68
| style="text-align:right" | —
| style="text-align:right" | 100
| style="text-align:right" | 324
Line 614 ⟶ 505:
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | —
| style="text-align:right" | 122
| style="text-align:right" | 218
| style="text-align:right" | 111
| style="text-align:right" | 168
| style="text-align:right" | —
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | —
| style="text-align:right" | 103
| style="text-align:right" | 186
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | —
| style="text-align:right" | 16
| style="text-align:right" | 29
| style="text-align:right" | 8
| style="text-align:right" | 8
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 641 ⟶ 527:
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | —
| style="text-align:right" | -89
| style="text-align:right" | -179
| style="text-align:right" | -101
| style="text-align:right" | -199
| style="text-align:right" | —
| style="text-align:right" | -56
| style="text-align:right" | -106
| style="text-align:right" | -63
| style="text-align:right" | -111
| style="text-align:right" | —
| style="text-align:right" | -27
| style="text-align:right" | -60
| style="text-align:right" | -34
| style="text-align:right" | -85
| style="text-align:right" | —
| style="text-align:right" | -6
| style="text-align:right" | -13
| style="text-align:right" | -4
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 667 ⟶ 548:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying Earnings Group Share'''
| style="text-align:right" | —'''4,244'''
| style="text-align:right" | 4244'''8,078'''
| style="text-align:right" | 8078'''4,465'''
| style="text-align:right" | 4465'''8,368'''
| style="text-align:right" | 8368'''2,908'''
| style="text-align:right" | —'''5,510'''
| style="text-align:right" | 2908'''3,067'''
| style="text-align:right" | 5510'''5,872'''
| style="text-align:right" | 3067'''1,725'''
| style="text-align:right" | 5872'''3,323'''
| style="text-align:right" | —'''1,814'''
| style="text-align:right" | 1725'''3,501'''
| style="text-align:right" | 3323'''204'''
| style="text-align:right" | 1814'''402'''
| style="text-align:right" | 3501'''175'''
| style="text-align:right" | —'''175'''
| style="text-align:right" | 204'''-592'''
| style="text-align:right" | 402'''-1,157'''
| style="text-align:right" | 175'''-591'''
| style="text-align:right" | 175'''-1,180'''
| style="text-align:right" | —
| style="text-align:right" | -592
| style="text-align:right" | -1157
| style="text-align:right" | -591
| style="text-align:right" | -1180
|-
| style="text-align:left" | Underlying Earnings Growth Rate (constant FX)
| style="text-align:right" | —4%
| style="text-align:right" | 0.047%
| style="text-align:right" | 0.0676%
| style="text-align:right" | 0.0626%
| style="text-align:right" | 0.058
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 721 ⟶ 592:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying ROE'''
| style="text-align:right" | '''16.6%'''
| style="text-align:right" | '''15.2%'''
| style="text-align:right" | '''17.5%'''
| style="text-align:right" | '''16.0%'''
| style="text-align:right" | —
| style="text-align:right" | 0'''16.1662%'''
| style="text-align:right" | 0.152
| style="text-align:right" | 0.175
| style="text-align:right" | 0.16
| style="text-align:right" | —
| style="text-align:right" | '''17.3%'''
| style="text-align:right" | —
| style="text-align:right" | 0'''13.1626%'''
| style="text-align:right" | —
| style="text-align:right" | 0'''14.1734%'''
| style="text-align:right" | —
| style="text-align:right" | '''26.0%'''
| style="text-align:right" | —
| style="text-align:right" | 0'''n.136a.'''
| style="text-align:right" | —
| style="text-align:right" | 0.144
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.26
| style="text-align:right" | —
| style="text-align:right" | n.a.
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 749 ⟶ 615:
|-
| style="text-align:left" | Net Realized Capital Gains & Losses
| style="text-align:right" | —
| style="text-align:right" | 93
| style="text-align:right" | 195
| style="text-align:right" | 66
| style="text-align:right" | 138
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 776 ⟶ 637:
|-
| style="text-align:left" | Change in Fair Value of Assets & Derivatives
| style="text-align:right" | —
| style="text-align:right" | -43
| style="text-align:right" | 83
| style="text-align:right" | -467
| style="text-align:right" | -813
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 803 ⟶ 659:
|-
| style="text-align:left" | Amortization of customer intangibles
| style="text-align:right" | —
| style="text-align:right" | -50
| style="text-align:right" | -131
| style="text-align:right" | -48
| style="text-align:right" | -86
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 830 ⟶ 681:
|-
| style="text-align:left" | Integration and Restructuring Costs
| style="text-align:right" | —
| style="text-align:right" | -78
| style="text-align:right" | -240
| style="text-align:right" | -63
| style="text-align:right" | -197
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 857 ⟶ 703:
|-
| style="text-align:left" | Exceptional Items
| style="text-align:right" | —
| style="text-align:right" | -147
| style="text-align:right" | -99
| style="text-align:right" | -30
| style="text-align:right" | 23862,386
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 883 ⟶ 724:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Net Income Group Share'''
| style="text-align:right" | —'''4,020'''
| style="text-align:right" | 4020'''7,886'''
| style="text-align:right" | 7886'''3,922'''
| style="text-align:right" | 3922'''9,797'''
| style="text-align:right" | 9797
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 911 ⟶ 747:
|-
| style="text-align:left" | Deeply Subordinated and Undated Subordinated Debt Charges
| style="text-align:right" | —
| style="text-align:right" | -106
| style="text-align:right" | -201
| style="text-align:right" | -86
| style="text-align:right" | -174
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 937 ⟶ 768:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings for EPS calculation'''
| style="text-align:right" | —'''4,138'''
| style="text-align:right" | 4138'''7,877'''
| style="text-align:right" | 7877'''4,379'''
| style="text-align:right" | 4379'''8,195'''
| style="text-align:right" | 8195
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 964 ⟶ 790:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Net Income for EPS calculation'''
| style="text-align:right" | —'''3,914'''
| style="text-align:right" | 3914'''7,685'''
| style="text-align:right" | 7685'''3,836'''
| style="text-align:right" | 3836'''9,623'''
| style="text-align:right" | 9623
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 992 ⟶ 813:
|}
</div>
</table>
 
* (*AXA) ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
* (**) Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
 
== 3. UE by Geography ==
 
<table id="5">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Underlying Earnings by Geography
! style="text-align:centerleft" | EUR million
! colspan="4" style="text-align:center" | Group
! style="text-align:center" |
! colspan="4" style="text-align:center" | France
! style="text-align:center" |
! colspan="4" style="text-align:center" | Europe
! style="text-align:center" |
! colspan="4" style="text-align:center" | AXA XL
! style="text-align:center" |
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! style="text-align:center" |
! colspan="4" style="text-align:center" | AXA IM*
! style="text-align:center" |
! colspan="4" style="text-align:center" | Transversal & Other
|-
! style="text-align:left" | Underlying Earnings by Geography—
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:9em6em" | 1H25
! style="text-align:right; width:9em6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:9em6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:9em6em" | 1H25
! style="text-align:right; width:9em6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
Line 1,101 ⟶ 861:
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,139 ⟶ 892:
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 35,273
| style="text-align:right" | 72,104
| style="text-align:right" | 37,209
| style="text-align:right" | 75,071
| style="text-align:right" | 9,046
| style="text-align:right" | 18,698
| style="text-align:right" | 9,567
| style="text-align:right" | 19,555
| style="text-align:right" | 11,839
| style="text-align:right" | 24,005
| style="text-align:right" | 12,661
| style="text-align:right" | 25,724
| style="text-align:right" | 9,022
| style="text-align:right" | 18,530
| style="text-align:right" | 9,428
| style="text-align:right" | 18,699
| style="text-align:right" | 4,312
| style="text-align:right" | 8,750
| style="text-align:right" | 4,478
| style="text-align:right" | 8,986
| style="text-align:right" | —
| style="text-align:right" | 35273
| style="text-align:right" | 72104
| style="text-align:right" | 37208.865661
| style="text-align:right" | 75071.468308
| style="text-align:right" | —
| style="text-align:right" | 9046
| style="text-align:right" | 18698
| style="text-align:right" | 9566.63486
| style="text-align:right" | 19555.35033
| style="text-align:right" | —
| style="text-align:right" | 11839
| style="text-align:right" | 24005
| style="text-align:right" | 12661.109383
| style="text-align:right" | 25724.032033
| style="text-align:right" | —
| style="text-align:right" | 90221,053
| style="text-align:right" | 185302,122
| style="text-align:right" | 94281,075
| style="text-align:right" | 186992,107
| style="text-align:right" | —
| style="text-align:right" | 4312
| style="text-align:right" | 8750
| style="text-align:right" | 4478
| style="text-align:right" | 8986
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1053
| style="text-align:right" | 2122
| style="text-align:right" | 1075
| style="text-align:right" | 2107
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,213 ⟶ 952:
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | —2,877
| style="text-align:right" | 28775,421
| style="text-align:right" | 54213,107
| style="text-align:right" | 31075,888
| style="text-align:right" | 5888
| style="text-align:right" | —
| style="text-align:right" | 692
| style="text-align:right" | 14701,470
| style="text-align:right" | 658
| style="text-align:right" | 14851,485
| style="text-align:right" | —
| style="text-align:right" | 998
| style="text-align:right" | 19571,957
| style="text-align:right" | 11761,176
| style="text-align:right" | 23572,357
| style="text-align:right" | —1,111
| style="text-align:right" | 11111,820
| style="text-align:right" | 18201,074
| style="text-align:right" | 10741,928
| style="text-align:right" | 1928
| style="text-align:right" | —
| style="text-align:right" | 70
| style="text-align:right" | 81
| style="text-align:right" | 150
| style="text-align:right" | 9
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,249 ⟶ 981:
| style="text-align:right" | 109
|-
| style="text-align:left" | '''Long-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,287 ⟶ 1,012:
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —1,395
| style="text-align:right" | 13952,775
| style="text-align:right" | 27751,428
| style="text-align:right" | 14282,954
| style="text-align:right" | 2954
| style="text-align:right" | —
| style="text-align:right" | 407
| style="text-align:right" | 823
| style="text-align:right" | 419
| style="text-align:right" | 895
| style="text-align:right" | —
| style="text-align:right" | 468
| style="text-align:right" | 920
| style="text-align:right" | 471
| style="text-align:right" | 984
| style="text-align:right" | —
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | —
| style="text-align:right" | 516
| style="text-align:right" | 10291,029
| style="text-align:right" | 538
| style="text-align:right" | 10741,074
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,324 ⟶ 1,042:
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | -40
| style="text-align:right" | -96
| style="text-align:right" | -37
| style="text-align:right" | -81
| style="text-align:right" | —
| style="text-align:right" | -11
| style="text-align:right" | -8
| style="text-align:right" | 8
| style="text-align:right" | -70
| style="text-align:right" | —
| style="text-align:right" | 3
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | -5
| style="text-align:right" | —
| style="text-align:right" | -17
| style="text-align:right" | 7
| style="text-align:right" | -1
| style="text-align:right" | 6
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,360 ⟶ 1,071:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Financial Result & Other'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,398 ⟶ 1,102:
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | —2,064
| style="text-align:right" | 20643,971
| style="text-align:right" | 39712,148
| style="text-align:right" | 21484,013
| style="text-align:right" | 4013
| style="text-align:right" | —
| style="text-align:right" | 350
| style="text-align:right" | 613
| style="text-align:right" | 380
| style="text-align:right" | 667
| style="text-align:right" | —
| style="text-align:right" | 784
| style="text-align:right" | 14861,486
| style="text-align:right" | 765
| style="text-align:right" | 13981,398
| style="text-align:right" | —
| style="text-align:right" | 283
| style="text-align:right" | 616
| style="text-align:right" | 308
| style="text-align:right" | 651
| style="text-align:right" | —
| style="text-align:right" | 382
| style="text-align:right" | 741
| style="text-align:right" | 425
| style="text-align:right" | 782
| style="text-align:right" | —
| style="text-align:right" | 24
| style="text-align:right" | 35
| style="text-align:right" | 14
| style="text-align:right" | 14
| style="text-align:right" | —
| style="text-align:right" | 241
| style="text-align:right" | 480
Line 1,435 ⟶ 1,132:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —1,459
| style="text-align:right" | 14593,054
| style="text-align:right" | 30541,625
| style="text-align:right" | 16252,167
| style="text-align:right" | 2167
| style="text-align:right" | —
| style="text-align:right" | 53
| style="text-align:right" | 108
| style="text-align:right" | 44
| style="text-align:right" | 91
| style="text-align:right" | —
| style="text-align:right" | -18
| style="text-align:right" | -32
| style="text-align:right" | -8
| style="text-align:right" | -12
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -3
| style="text-align:right" | —
| style="text-align:right" | 937
| style="text-align:right" | 20042,004
| style="text-align:right" | 10181,018
| style="text-align:right" | 10181,018
| style="text-align:right" | —
| style="text-align:right" | 488
| style="text-align:right" | 974
| style="text-align:right" | 573
| style="text-align:right" | 10731,073
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —-1,624
| style="text-align:right" | -16243,479
| style="text-align:right" | -34791,868
| style="text-align:right" | -18682,900
| style="text-align:right" | -2900
| style="text-align:right" | —
| style="text-align:right" | -83
| style="text-align:right" | -180
| style="text-align:right" | -79
| style="text-align:right" | -168
| style="text-align:right" | —
| style="text-align:right" | -10
| style="text-align:right" | -25
| style="text-align:right" | -6
| style="text-align:right" | -3
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -9
| style="text-align:right" | -20
| style="text-align:right" | -14
| style="text-align:right" | -26
| style="text-align:right" | —
| style="text-align:right" | -698
| style="text-align:right" | -14931,493
| style="text-align:right" | -793
| style="text-align:right" | -793
| style="text-align:right" | —
| style="text-align:right" | -823
| style="text-align:right" | -17611,761
| style="text-align:right" | -976
| style="text-align:right" | -19101,910
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | -471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | —
| style="text-align:right" | -16
| style="text-align:right" | -33
| style="text-align:right" | -16
| style="text-align:right" | -32
| style="text-align:right" | —
| style="text-align:right" | -7
| style="text-align:right" | -12
| style="text-align:right" | -4
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,545 ⟶ 1,221:
| style="text-align:right" | -887
|-
| style="text-align:left" | '''Underlying Earnings Before Tax'''
| style="text-align:right" | —'''5,638'''
| style="text-align:right" | 5638'''10,700'''
| style="text-align:right" | 10700'''5,958'''
| style="text-align:right" | 5958'''11,044'''
| style="text-align:right" | 11044'''1,380'''
| style="text-align:right" | —'''2,738'''
| style="text-align:right" | 1380'''1,384'''
| style="text-align:right" | 2738'''2,888'''
| style="text-align:right" | 1384'''2,210'''
| style="text-align:right" | 2888'''4,297'''
| style="text-align:right" | —'''2,406'''
| style="text-align:right" | 2210'''4,651'''
| style="text-align:right" | 4297'''1,385'''
| style="text-align:right" | 2406'''2,409'''
| style="text-align:right" | 4651'''1,366'''
| style="text-align:right" | —'''2,543'''
| style="text-align:right" | 1385'''935'''
| style="text-align:right" | 2409'''1,826'''
| style="text-align:right" | 1366'''1,093'''
| style="text-align:right" | 2543'''1,835'''
| style="text-align:right" | —'''263'''
| style="text-align:right" | 935'''546'''
| style="text-align:right" | 1826'''239'''
| style="text-align:right" | 1093'''239'''
| style="text-align:right" | 1835'''-535'''
| style="text-align:right" | —'''-1,116'''
| style="text-align:right" | 263'''-530'''
| style="text-align:right" | 546'''-1,113'''
| style="text-align:right" | 239
| style="text-align:right" | 239
| style="text-align:right" | —
| style="text-align:right" | -535
| style="text-align:right" | -1116
| style="text-align:right" | -530
| style="text-align:right" | -1113
|-
| style="text-align:left" | Tax
| style="text-align:right" | —-1,427
| style="text-align:right" | -14272,662
| style="text-align:right" | -26621,503
| style="text-align:right" | -15032,644
| style="text-align:right" | -2644
| style="text-align:right" | —
| style="text-align:right" | -350
| style="text-align:right" | -676
| style="text-align:right" | -308
| style="text-align:right" | -665
| style="text-align:right" | —
| style="text-align:right" | -536
| style="text-align:right" | -10041,004
| style="text-align:right" | -568
| style="text-align:right" | -10391,039
| style="text-align:right" | —
| style="text-align:right" | -355
| style="text-align:right" | -588
| style="text-align:right" | -342
| style="text-align:right" | -650
| style="text-align:right" | —
| style="text-align:right" | -205
| style="text-align:right" | -443
| style="text-align:right" | -294
| style="text-align:right" | -434
| style="text-align:right" | —
| style="text-align:right" | -69
| style="text-align:right" | -160
| style="text-align:right" | -68
| style="text-align:right" | -68
| style="text-align:right" | —
| style="text-align:right" | 88
| style="text-align:right" | 209
Line 1,620 ⟶ 1,282:
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | —
| style="text-align:right" | 122
| style="text-align:right" | 218
| style="text-align:right" | 111
| style="text-align:right" | 168
| style="text-align:right" | —
| style="text-align:right" | 4
| style="text-align:right" | 9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 102
| style="text-align:right" | 181
| style="text-align:right" | 103
| style="text-align:right" | 160
| style="text-align:right" | —
| style="text-align:right" | 16
| style="text-align:right" | 29
| style="text-align:right" | 8
| style="text-align:right" | 8
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 1,657 ⟶ 1,312:
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | —
| style="text-align:right" | -89
| style="text-align:right" | -179
| style="text-align:right" | -101
| style="text-align:right" | -199
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -48
| style="text-align:right" | -105
| style="text-align:right" | -56
| style="text-align:right" | -126
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -34
| style="text-align:right" | -60
| style="text-align:right" | -39
| style="text-align:right" | -68
| style="text-align:right" | —
| style="text-align:right" | -6
| style="text-align:right" | -13
| style="text-align:right" | -4
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 1,693 ⟶ 1,341:
| style="text-align:right" | -2
|-
| style="text-align:left" | '''Underlying Earnings Group share'''
| style="text-align:right" | —'''4,244'''
| style="text-align:right" | 4244'''8,078'''
| style="text-align:right" | 8078'''4,465'''
| style="text-align:right" | 4465'''8,368'''
| style="text-align:right" | 8368'''1,034'''
| style="text-align:right" | —'''2,071'''
| style="text-align:right" | 1034'''1,076'''
| style="text-align:right" | 2071'''2,224'''
| style="text-align:right" | 1076'''1,626'''
| style="text-align:right" | 2224'''3,187'''
| style="text-align:right" | —'''1,782'''
| style="text-align:right" | 1626'''3,486'''
| style="text-align:right" | 3187'''1,030'''
| style="text-align:right" | 1782'''1,820'''
| style="text-align:right" | 3486'''1,024'''
| style="text-align:right" | —'''1,893'''
| style="text-align:right" | 1030'''798'''
| style="text-align:right" | 1820'''1,504'''
| style="text-align:right" | 1024'''862'''
| style="text-align:right" | 1893'''1,493'''
| style="text-align:right" | —'''204'''
| style="text-align:right" | 798'''402'''
| style="text-align:right" | 1504'''175'''
| style="text-align:right" | 862'''175'''
| style="text-align:right" | 1493'''-447'''
| style="text-align:right" | —'''-907'''
| style="text-align:right" | 204'''-455'''
| style="text-align:right" | 402'''-903'''
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | -447
| style="text-align:right" | -907
| style="text-align:right" | -455
| style="text-align:right" | -903
|}
</div>
</table>
 
* (*AXA) ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
* (**) Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
**AXA ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
'''''Includes '''Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
 
== 4. Shares & UEPS ==
 
<table id="6">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |
! style="text-align:center" |
! colspan="2" style="text-align:center" | Outstanding Shares Excluding Treasury Shares (a)
! style="text-align:center" |
! colspan="2" style="text-align:center" | Weighted Average Number
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Basic Number of Shares'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,827 ⟶ 1,396:
| style="text-align:right" | —
|-
| style="text-align:left" | '''As of Beginning of Period'''
| style="text-align:right" | —'''2,226.2'''
| style="text-align:right" | 2226.'''2,175.4'''
| style="text-align:right" | 2175'''2,226.372'''
| style="text-align:right" | —'''2,175.4'''
| style="text-align:right" | 2226.2
| style="text-align:right" | 2175.37
|-
| style="text-align:left" | Increase of Capital Dedicated to Employees
| style="text-align:right" | —
| style="text-align:right" | 12.9
| style="text-align:right" | 12.727
| style="text-align:right" | —
| style="text-align:right" | 0.9
| style="text-align:right" | 1.0
|-
| style="text-align:left" | Exercice of Stock-options
| style="text-align:right" | —
| style="text-align:right" | 2.6
| style="text-align:right" | 1.131
| style="text-align:right" | —
| style="text-align:right" | 1.4
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Other Movement of Treasury Shares
| style="text-align:right" | —
| style="text-align:right" | 4.6
| style="text-align:right" | 4.182
| style="text-align:right" | —
| style="text-align:right" | 17.5
| style="text-align:right" | 6.3
|-
| style="text-align:left" | Capital Increase / (Decrease)
| style="text-align:right" | —
| style="text-align:right" | -70.9
| style="text-align:right" | -138.030
| style="text-align:right" | —
| style="text-align:right" | -55.2
| style="text-align:right" | -64.9
|-
| style="text-align:left" | '''As at End of Period'''
| style="text-align:right" | —'''2,175.4'''
| style="text-align:right" | 2175'''2,055.4'''
| style="text-align:right" | 2055.38
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''During the Period'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —'''2,190.8'''
| style="text-align:right" | —'''2,118.3'''
| style="text-align:right" | 2190.8
| style="text-align:right" | 2118.3
|-
| style="text-align:left" | '''Fully Diluted Number of Shares'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,892 ⟶ 1,445:
|-
| style="text-align:left" | Stock Options
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,900 ⟶ 1,451:
|-
| style="text-align:left" | Performance Shares
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,907 ⟶ 1,456:
| style="text-align:right" | 5.1
|-
| style="text-align:left" | '''During the Period (A)'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —'''2,197.1'''
| style="text-align:right" | —'''2,124.0'''
| style="text-align:right" | 2197.1
| style="text-align:right" | 2124
|-
| style="text-align:left" | '''Earnings Group Share:'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,926 ⟶ 1,471:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —7,886
| style="text-align:right" | —9,797
| style="text-align:right" | 7886
| style="text-align:right" | 9796.7
|-
| style="text-align:left" | Underlying Earnings
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —8,078
| style="text-align:right" | —8,368
| style="text-align:right" | 8077.9
| style="text-align:right" | 8368.3
|-
| style="text-align:left" | '''Impact of undated and deeply subordinated debts:'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,950 ⟶ 1,489:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —-201
| style="text-align:right" | —-174
| style="text-align:right" | -201.2
| style="text-align:right" | -173.5
|-
| style="text-align:left" | '''Earnings for EPS Calculation:'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,966 ⟶ 1,501:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —7,685
| style="text-align:right" | —9,623
| style="text-align:right" | 7684.8
| style="text-align:right" | 9623.2
|-
| style="text-align:left" | Underlying Earnings for EPS Calculation (C)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —7,877
| style="text-align:right" | —8,195
| style="text-align:right" | 7876.7
| style="text-align:right" | 8194.8
|-
| style="text-align:left" | '''Fully Diluted Euro per Share (EPS)'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,987 ⟶ 1,516:
| style="text-align:right" | —
|-
| style="text-align:left" | '''EPS (B/A)'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 3.550
| style="text-align:right" | 4.53
|-
| style="text-align:left" | '''Underlying EPS (C/A)'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,004 ⟶ 1,529:
|}
</div>
</table>
 
''(a)* <sup>(a)</sup> Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.''
''(a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.''
''(a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.''
''(a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.''
''(a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.''
''(a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.''
''(a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.''
 
== 5. P&C UE by Sub LOB ==
 
<table id="7">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Property & Casualty Underlying Earnings by Line of Business
! style="text-align:centerleft" | EUR million
! colspan="4" style="text-align:center" | Total
! style="text-align:center" |
! colspan="4" style="text-align:center" | Commercial lines
! style="text-align:center" |
! colspan="4" style="text-align:center" | Personal lines
! style="text-align:center" |
! colspan="4" style="text-align:center" | AXA XL Reinsurance
! style="text-align:center" |
! colspan="4" style="text-align:center" | Intercompany eliminations
|-
! style="text-align:left" | Property & Casualty Underlying Earnings by Line of Business—
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
Line 2,058 ⟶ 1,566:
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,086 ⟶ 1,589:
|-
| style="text-align:left" | Revenues
| style="text-align:right" | —27,294
| style="text-align:right" | 2729455,898
| style="text-align:right" | 5589828,697
| style="text-align:right" | 2869757,656
| style="text-align:right" | 5765618,657
| style="text-align:right" | —38,019
| style="text-align:right" | 1865719,575
| style="text-align:right" | 3801939,090
| style="text-align:right" | 195759,144
| style="text-align:right" | 3909018,705
| style="text-align:right" | —9,513
| style="text-align:right" | 914419,276
| style="text-align:right" | 187051,155
| style="text-align:right" | 95132,394
| style="text-align:right" | 192761,299
| style="text-align:right" | —2,493
| style="text-align:right" | 1155-1,662
| style="text-align:right" | 2394-3,220
| style="text-align:right" | 1299-1,689
| style="text-align:right" | 2493-3,203
| style="text-align:right" | —
| style="text-align:right" | -1662
| style="text-align:right" | -3220
| style="text-align:right" | -1689
| style="text-align:right" | -3203
|-
| style="text-align:left" | Current Accident Year Loss Ratio
| style="text-align:right" | —67.0%
| style="text-align:right" | 0.67.7%
| style="text-align:right" | 066.6777%
| style="text-align:right" | 066.6679%
| style="text-align:right" | 068.6691%
| style="text-align:right" | —68.8%
| style="text-align:right" | 068.6810%
| style="text-align:right" | 068.6880%
| style="text-align:right" | 069.688%
| style="text-align:right" | 070.680%
| style="text-align:right" | —68.8%
| style="text-align:right" | 069.6981%
| style="text-align:right" | 069.7%
| style="text-align:right" | 070.6886%
| style="text-align:right" | 070.6918%
| style="text-align:right" | —71.9%
| style="text-align:right" | 0.697
| style="text-align:right" | 0.706
| style="text-align:right" | 0.708
| style="text-align:right" | 0.719
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,140 ⟶ 1,633:
|-
| style="text-align:left" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
| style="text-align:right" | —67.4%
| style="text-align:right" | 067.6744%
| style="text-align:right" | 067.6740%
| style="text-align:right" | 0.67.0%
| style="text-align:right" | 069.672%
| style="text-align:right" | —69.4%
| style="text-align:right" | 069.6923%
| style="text-align:right" | 068.6948%
| style="text-align:right" | 068.6938%
| style="text-align:right" | 068.6885%
| style="text-align:right" | —67.5%
| style="text-align:right" | 067.6889%
| style="text-align:right" | 068.6850%
| style="text-align:right" | 067.6759%
| style="text-align:right" | 069.6794%
| style="text-align:right" | —71.5%
| style="text-align:right" | 0.68
| style="text-align:right" | 0.679
| style="text-align:right" | 0.694
| style="text-align:right" | 0.715
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,167 ⟶ 1,655:
|-
| style="text-align:left" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | —3.6%
| style="text-align:right" | 03.0368%
| style="text-align:right" | 03.0385%
| style="text-align:right" | 03.0354%
| style="text-align:right" | 02.0347%
| style="text-align:right" | —2.9%
| style="text-align:right" | 02.0277%
| style="text-align:right" | 02.0296%
| style="text-align:right" | 04.0270%
| style="text-align:right" | 04.0261%
| style="text-align:right" | —3.8%
| style="text-align:right" | 03.046%
| style="text-align:right" | 010.0416%
| style="text-align:right" | 010.0384%
| style="text-align:right" | 09.0362%
| style="text-align:right" | —8.7%
| style="text-align:right" | 0.106
| style="text-align:right" | 0.104
| style="text-align:right" | 0.092
| style="text-align:right" | 0.087
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,194 ⟶ 1,677:
|-
| style="text-align:left" | Current Accident Year Discounting
| style="text-align:right" | —-3.9%
| style="text-align:right" | -03.0396%
| style="text-align:right" | -03.0369%
| style="text-align:right" | -03.0395%
| style="text-align:right" | -03.0357%
| style="text-align:right" | —-3.5%
| style="text-align:right" | -03.0379%
| style="text-align:right" | -03.0355%
| style="text-align:right" | -03.0390%
| style="text-align:right" | -02.0356%
| style="text-align:right" | —-2.6%
| style="text-align:right" | -02.034%
| style="text-align:right" | -08.0268%
| style="text-align:right" | -07.0267%
| style="text-align:right" | -07.0248%
| style="text-align:right" | —-8.3%
| style="text-align:right" | -0.088
| style="text-align:right" | -0.077
| style="text-align:right" | -0.078
| style="text-align:right" | -0.083
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,221 ⟶ 1,699:
|-
| style="text-align:left" | Prior Year Reserve Development Ratio
| style="text-align:right" | —-1.5%
| style="text-align:right" | -01.0156%
| style="text-align:right" | -01.0161%
| style="text-align:right" | -01.0111%
| style="text-align:right" | -01.0111%
| style="text-align:right" | —-1.2%
| style="text-align:right" | -01.0113%
| style="text-align:right" | -0.0128%
| style="text-align:right" | -02.0133%
| style="text-align:right" | -01.0088%
| style="text-align:right" | —-0.6%
| style="text-align:right" | -01.0236%
| style="text-align:right" | -01.0181%
| style="text-align:right" | -0.0068%
| style="text-align:right" | -0.0163%
| style="text-align:right" | —0.0%
| style="text-align:right" | -0.011
| style="text-align:right" | -0.008
| style="text-align:right" | -0.003
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,248 ⟶ 1,721:
|-
| style="text-align:left" | Expense Ratio
| style="text-align:right" | —24.7%
| style="text-align:right" | 025.2470%
| style="text-align:right" | 024.255%
| style="text-align:right" | 024.2458%
| style="text-align:right" | 023.2481%
| style="text-align:right" | —23.6%
| style="text-align:right" | 023.2312%
| style="text-align:right" | 023.2365%
| style="text-align:right" | 025.2325%
| style="text-align:right" | 025.2357%
| style="text-align:right" | —25.1%
| style="text-align:right" | 025.2552%
| style="text-align:right" | 010.2570%
| style="text-align:right" | 09.2519%
| style="text-align:right" | 09.2521%
| style="text-align:right" | —9.4%
| style="text-align:right" | 0.1
| style="text-align:right" | 0.099
| style="text-align:right" | 0.091
| style="text-align:right" | 0.094
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,275 ⟶ 1,743:
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —90.2%
| style="text-align:right" | 091.9020%
| style="text-align:right" | 090.910%
| style="text-align:right" | 090.96%
| style="text-align:right" | 090.9061%
| style="text-align:right" | —91.1%
| style="text-align:right" | 089.9019%
| style="text-align:right" | 090.9117%
| style="text-align:right" | 092.8999%
| style="text-align:right" | 093.9079%
| style="text-align:right" | —93.3%
| style="text-align:right" | 092.9298%
| style="text-align:right" | 078.9397%
| style="text-align:right" | 079.9337%
| style="text-align:right" | 079.9286%
| style="text-align:right" | —81.4%
| style="text-align:right" | 0.787
| style="text-align:right" | 0.797
| style="text-align:right" | 0.796
| style="text-align:right" | 0.814
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,302 ⟶ 1,765:
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | —2,682
| style="text-align:right" | 26825,006
| style="text-align:right" | 50062,859
| style="text-align:right" | 28595,409
| style="text-align:right" | 54091,850
| style="text-align:right" | —3,372
| style="text-align:right" | 18501,968
| style="text-align:right" | 33723,616
| style="text-align:right" | 1968
| style="text-align:right" | 3616
| style="text-align:right" | —
| style="text-align:right" | 645
| style="text-align:right" | 11361,136
| style="text-align:right" | 638
| style="text-align:right" | 13921,392
| style="text-align:right" | —
| style="text-align:right" | 246
| style="text-align:right" | 486
| style="text-align:right" | 265
| style="text-align:right" | 464
| style="text-align:right" | —
| style="text-align:right" | -60
| style="text-align:right" | 12
Line 2,328 ⟶ 1,786:
| style="text-align:right" | -63
|-
| style="text-align:left" | '''Long-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,356 ⟶ 1,809:
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,383 ⟶ 1,831:
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,409 ⟶ 1,852:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Financial Result & Other'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,437 ⟶ 1,875:
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | —1,324
| style="text-align:right" | 13242,559
| style="text-align:right" | 25591,343
| style="text-align:right" | 13432,631
| style="text-align:right" | 2631
| style="text-align:right" | —
| style="text-align:right" | 993
| style="text-align:right" | 18311,831
| style="text-align:right" | 10041,004
| style="text-align:right" | 19411,941
| style="text-align:right" | —
| style="text-align:right" | 240
| style="text-align:right" | 538
| style="text-align:right" | 275
| style="text-align:right" | 523
| style="text-align:right" | —
| style="text-align:right" | 119
| style="text-align:right" | 210
| style="text-align:right" | 85
| style="text-align:right" | 186
| style="text-align:right" | —
| style="text-align:right" | -28
| style="text-align:right" | -20
Line 2,464 ⟶ 1,897:
|-
| style="text-align:left" | Investment Income
| style="text-align:right" | —1,967
| style="text-align:right" | 19673,731
| style="text-align:right" | 37312,088
| style="text-align:right" | 20883,988
| style="text-align:right" | 39881,427
| style="text-align:right" | —2,625
| style="text-align:right" | 14271,512
| style="text-align:right" | 26252,864
| style="text-align:right" | 1512
| style="text-align:right" | 2864
| style="text-align:right" | —
| style="text-align:right" | 366
| style="text-align:right" | 761
| style="text-align:right" | 422
| style="text-align:right" | 794
| style="text-align:right" | —
| style="text-align:right" | 202
| style="text-align:right" | 365
| style="text-align:right" | 174
| style="text-align:right" | 350
| style="text-align:right" | —
| style="text-align:right" | -28
| style="text-align:right" | -20
Line 2,491 ⟶ 1,919:
|-
| style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | —
| style="text-align:right" | -643
| style="text-align:right" | -11721,172
| style="text-align:right" | -745
| style="text-align:right" | -13581,358
| style="text-align:right" | —
| style="text-align:right" | -434
| style="text-align:right" | -794
| style="text-align:right" | -508
| style="text-align:right" | -922
| style="text-align:right" | —
| style="text-align:right" | -126
| style="text-align:right" | -223
| style="text-align:right" | -148
| style="text-align:right" | -272
| style="text-align:right" | —
| style="text-align:right" | -83
| style="text-align:right" | -155
| style="text-align:right" | -90
| style="text-align:right" | -163
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 2,518 ⟶ 1,941:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,545 ⟶ 1,963:
|-
| style="text-align:left" | Other 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" | —
Line 2,572 ⟶ 1,985:
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,598 ⟶ 2,006:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings Before Tax'''
| style="text-align:right" | —'''4,006'''
| style="text-align:right" | 4006'''7,565'''
| style="text-align:right" | 7565'''4,202'''
| style="text-align:right" | 4202'''8,040'''
| style="text-align:right" | 8040'''2,843'''
| style="text-align:right" | —'''5,203'''
| style="text-align:right" | 2843'''2,973'''
| style="text-align:right" | 5203'''5,557'''
| style="text-align:right" | 2973'''886'''
| style="text-align:right" | 5557'''1,674'''
| style="text-align:right" | —'''913'''
| style="text-align:right" | 886'''1,914'''
| style="text-align:right" | 1674'''365'''
| style="text-align:right" | 913'''696'''
| style="text-align:right" | 1914'''349'''
| style="text-align:right" | —'''650'''
| style="text-align:right" | 365'''-87'''
| style="text-align:right" | 696'''-8'''
| style="text-align:right" | 349'''-33'''
| style="text-align:right" | 650'''-82'''
| style="text-align:right" | —
| style="text-align:right" | -87
| style="text-align:right" | -8
| style="text-align:right" | -33
| style="text-align:right" | -82
|-
| style="text-align:left" | Tax
| style="text-align:right" | —-1,046
| style="text-align:right" | -10461,952
| style="text-align:right" | -19521,074
| style="text-align:right" | -10742,060
| style="text-align:right" | -2060
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,653 ⟶ 2,051:
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | —
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,680 ⟶ 2,073:
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | —
| style="text-align:right" | -56
| style="text-align:right" | -106
| style="text-align:right" | -63
| style="text-align:right" | -111
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,706 ⟶ 2,094:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings Group share'''
| style="text-align:right" | —'''2,908'''
| style="text-align:right" | 2908'''5,510'''
| style="text-align:right" | 5510'''3,067'''
| style="text-align:right" | 3067'''5,872'''
| style="text-align:right" | 5872
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,733 ⟶ 2,116:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Closing Invested Assets'''
| style="text-align:right" | —'''113,515'''
| style="text-align:right" | 113515'''118,104'''
| style="text-align:right" | 118104'''116,895'''
| style="text-align:right" | 116895'''117,507'''
| style="text-align:right" | 117507
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,761 ⟶ 2,139:
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,788 ⟶ 2,161:
|-
| style="text-align:left; padding-left:1.5em" | o/w Non VFA
| style="text-align:right" | —113,515
| style="text-align:right" | 113515118,104
| style="text-align:right" | 118104116,895
| style="text-align:right" | 116895117,507
| style="text-align:right" | 117507
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,815 ⟶ 2,183:
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,841 ⟶ 2,204:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Liabilities for remaining coverage net of reinsurance'''
| style="text-align:right" | —'''19,284'''
| style="text-align:right" | 19284'''16,006'''
| style="text-align:right" | 16006'''19,766'''
| style="text-align:right" | 19766'''16,040'''
| style="text-align:right" | 16040'''12,070'''
| style="text-align:right" | —'''9,480'''
| style="text-align:right" | 12070'''12,240'''
| style="text-align:right" | 9480'''9,127'''
| style="text-align:right" | 12240'''6,369'''
| style="text-align:right" | 9127'''5,478'''
| style="text-align:right" | —'''6,831'''
| style="text-align:right" | 6369'''5,871'''
| style="text-align:right" | 5478'''1,572'''
| style="text-align:right" | 6831'''1,075'''
| style="text-align:right" | 5871'''1,436'''
| style="text-align:right" | —'''1,009'''
| style="text-align:right" | 1572'''-728'''
| style="text-align:right" | 1075'''-27'''
| style="text-align:right" | 1436'''-740'''
| style="text-align:right" | 1009'''32'''
| style="text-align:right" | —
| style="text-align:right" | -728
| style="text-align:right" | -27
| style="text-align:right" | -740
| style="text-align:right" | 32
|-
| style="text-align:left" | '''Best Estimate for incurred Claims net of reinsurance'''
| style="text-align:right" | —'''69,800'''
| style="text-align:right" | 69800'''71,751'''
| style="text-align:right" | 71751'''70,215'''
| style="text-align:right" | 70215'''70,567'''
| style="text-align:right" | 70567'''45,710'''
| style="text-align:right" | —'''46,570'''
| style="text-align:right" | 45710'''46,591'''
| style="text-align:right" | 46570'''47,002'''
| style="text-align:right" | 46591'''17,809'''
| style="text-align:right" | 47002'''18,308'''
| style="text-align:right" | —'''17,781'''
| style="text-align:right" | 17809'''17,402'''
| style="text-align:right" | 18308'''6,704'''
| style="text-align:right" | 17781'''6,830'''
| style="text-align:right" | 17402'''6,290'''
| style="text-align:right" | —'''6,198'''
| style="text-align:right" | 6704'''-423'''
| style="text-align:right" | 6830'''43'''
| style="text-align:right" | 6290'''-447'''
| style="text-align:right" | 6198'''-35'''
| style="text-align:right" | —
| style="text-align:right" | -423
| style="text-align:right" | 43
| style="text-align:right" | -447
| style="text-align:right" | -35
|}
</div>
</table>
 
''For* For long-term business''
''Best* Best Estimate Liabilities net of reinsurance''
 
== 6. P&C UE by Geography ==
 
<table id="8">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Property & Casualty Underlying Earnings by Geography
! style="text-align:centerleft" | EUR million
! colspan="4" style="text-align:center" | Total
! style="text-align:center" |
! colspan="4" style="text-align:center" | France
! style="text-align:center" |
! colspan="4" style="text-align:center" | Europe
! style="text-align:center" |
! colspan="8" style="text-align:center" | AXA XL
! style="text-align:center" |
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! style="text-align:center" |
! colspan="4" style="text-align:center" | Transversal & Other
|-
! style="text-align:left" | Property & Casualty Underlying Earnings by Geography—
! style="text-align:center" |
! style="text-align:center" | 1H24
! style="text-align:center" | FY24
! style="text-align:center" | 1H25
! style="text-align:center" | FY25
! style="text-align:center" |
! style="text-align:center" | 1H24
! style="text-align:center" | FY24
! style="text-align:center" | 1H25
! style="text-align:center" | FY25
! style="text-align:center" |
! style="text-align:center" | 1H24
! style="text-align:center" | FY24
! style="text-align:center" | 1H25
! style="text-align:center" | FY25
! style="text-align:center" |
! style="text-align:center" | 1H24
! style="text-align:center" | o/w AXA XL Insurance
! style="text-align:center" | FY24
! style="text-align:center" | o/w AXA XL Insurance
! style="text-align:center" | 1H25
! style="text-align:center" | o/w AXA XL Insurance
! style="text-align:center" | FY25
! style="text-align:center" | o/w AXA XL Insurance
! style="text-align:center" |
! style="text-align:center" | 1H24
! style="text-align:center" | FY24
! style="text-align:center" | 1H25
! style="text-align:center" | FY25
! style="text-align:center" |
! style="text-align:center" | 1H24
! style="text-align:center" | FY24
! style="text-align:center" | 1H25
! style="text-align:center" | FY25
|-
! style="text-align:left" | Property & Casualty Underlying Earnings by Geography
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | o/w AXA XL Insurance
Line 2,981 ⟶ 2,287:
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | o/w AXA XL Insurance
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
Line 2,992 ⟶ 2,296:
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,029 ⟶ 2,327:
|-
| style="text-align:left" | Revenues
| style="text-align:right" | —27,294
| style="text-align:right" | 2729455,898
| style="text-align:right" | 5589828,697
| style="text-align:right" | 2869757,656
| style="text-align:right" | 576564,393
| style="text-align:right" | —9,194
| style="text-align:right" | 43934,697
| style="text-align:right" | 91949,768
| style="text-align:right" | 469710,060
| style="text-align:right" | 976820,400
| style="text-align:right" | —10,610
| style="text-align:right" | 1006021,305
| style="text-align:right" | 204009,022
| style="text-align:right" | 106107,867
| style="text-align:right" | 2130518,530
| style="text-align:right" | —16,136
| style="text-align:right" | 90229,428
| style="text-align:right" | 78678,129
| style="text-align:right" | 1853018,699
| style="text-align:right" | 1613616,207
| style="text-align:right" | 94282,855
| style="text-align:right" | 81295,825
| style="text-align:right" | 186992,975
| style="text-align:right" | 162075,949
| style="text-align:right" | —
| style="text-align:right" | 2855
| style="text-align:right" | 5825
| style="text-align:right" | 2975
| style="text-align:right" | 5949
| style="text-align:right" | —
| style="text-align:right" | 963
| style="text-align:right" | 19481,948
| style="text-align:right" | 987
| style="text-align:right" | 19351,935
|-
| style="text-align:left" | Current Accident Year Loss Ratio
| style="text-align:right" | —67.0%
| style="text-align:right" | 0.67.7%
| style="text-align:right" | 066.6777%
| style="text-align:right" | 066.6679%
| style="text-align:right" | 069.6694%
| style="text-align:right" | —68.9%
| style="text-align:right" | 070.6946%
| style="text-align:right" | 070.6891%
| style="text-align:right" | 066.7065%
| style="text-align:right" | 066.7019%
| style="text-align:right" | —64.7%
| style="text-align:right" | 065.6651%
| style="text-align:right" | 067.6695%
| style="text-align:right" | 067.6472%
| style="text-align:right" | 069.6512%
| style="text-align:right" | —69.0%
| style="text-align:right" | 068.6754%
| style="text-align:right" | 068.6720%
| style="text-align:right" | 068.6928%
| style="text-align:right" | 068.693%
| style="text-align:right" | 068.6846%
| style="text-align:right" | 069.683%
| style="text-align:right" | 068.6882%
| style="text-align:right" | 069.6836%
| style="text-align:right" | —53.2%
| style="text-align:right" | 051.6860%
| style="text-align:right" | 048.6930%
| style="text-align:right" | 044.6826%
| style="text-align:right" | 0.696
| style="text-align:right" | —
| style="text-align:right" | 0.532
| style="text-align:right" | 0.51
| style="text-align:right" | 0.48
| style="text-align:right" | 0.446
|-
| style="text-align:left" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
| style="text-align:right" | —67.4%
| style="text-align:right" | 067.6744%
| style="text-align:right" | 067.6740%
| style="text-align:right" | 0.67.0%
| style="text-align:right" | 071.673%
| style="text-align:right" | —69.7%
| style="text-align:right" | 070.7136%
| style="text-align:right" | 070.6972%
| style="text-align:right" | 065.7060%
| style="text-align:right" | 065.7025%
| style="text-align:right" | —64.1%
| style="text-align:right" | 064.653%
| style="text-align:right" | 068.6558%
| style="text-align:right" | 068.6419%
| style="text-align:right" | 069.6433%
| style="text-align:right" | —69.5%
| style="text-align:right" | 069.6887%
| style="text-align:right" | 069.6898%
| style="text-align:right" | 069.6938%
| style="text-align:right" | 069.6956%
| style="text-align:right" | 070.6970%
| style="text-align:right" | 070.6984%
| style="text-align:right" | 069.6987%
| style="text-align:right" | 070.6962%
| style="text-align:right" | —52.9%
| style="text-align:right" | 051.71%
| style="text-align:right" | 048.7040%
| style="text-align:right" | 044.6975%
| style="text-align:right" | 0.702
| style="text-align:right" | —
| style="text-align:right" | 0.529
| style="text-align:right" | 0.511
| style="text-align:right" | 0.48
| style="text-align:right" | 0.445
|-
| style="text-align:left" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | —3.6%
| style="text-align:right" | 03.0368%
| style="text-align:right" | 03.0385%
| style="text-align:right" | 03.0354%
| style="text-align:right" | 03.0344%
| style="text-align:right" | —3.8%
| style="text-align:right" | 04.0348%
| style="text-align:right" | 04.0385%
| style="text-align:right" | 04.0485%
| style="text-align:right" | 04.0451%
| style="text-align:right" | —3.3%
| style="text-align:right" | 03.0451%
| style="text-align:right" | 03.0418%
| style="text-align:right" | 02.0338%
| style="text-align:right" | 04.0316%
| style="text-align:right" | —3.8%
| style="text-align:right" | 04.0382%
| style="text-align:right" | 03.0284%
| style="text-align:right" | 03.0469%
| style="text-align:right" | 03.0381%
| style="text-align:right" | 0.0428%
| style="text-align:right" | 0.0349%
| style="text-align:right" | 0.0398%
| style="text-align:right" | 01.0316%
| style="text-align:right" | —1.4%
| style="text-align:right" | 01.0081%
| style="text-align:right" | 01.0093%
| style="text-align:right" | 01.0082%
| style="text-align:right" | 0.016
| style="text-align:right" | —
| style="text-align:right" | 0.014
| style="text-align:right" | 0.011
| style="text-align:right" | 0.013
| style="text-align:right" | 0.012
|-
| style="text-align:left" | Current Accident Year Discounting
| style="text-align:right" | —-3.9%
| style="text-align:right" | -03.0396%
| style="text-align:right" | -03.0369%
| style="text-align:right" | -03.0395%
| style="text-align:right" | -05.0353%
| style="text-align:right" | —-4.6%
| style="text-align:right" | -04.0538%
| style="text-align:right" | -04.0466%
| style="text-align:right" | -03.0481%
| style="text-align:right" | -02.0468%
| style="text-align:right" | —-2.7%
| style="text-align:right" | -02.0313%
| style="text-align:right" | -05.0281%
| style="text-align:right" | -04.0276%
| style="text-align:right" | -04.0237%
| style="text-align:right" | —-4.2%
| style="text-align:right" | -05.0515%
| style="text-align:right" | -05.0462%
| style="text-align:right" | -04.0479%
| style="text-align:right" | -04.0424%
| style="text-align:right" | -02.0552%
| style="text-align:right" | -02.0520%
| style="text-align:right" | -02.0493%
| style="text-align:right" | -02.0442%
| style="text-align:right" | —-1.1%
| style="text-align:right" | -01.0222%
| style="text-align:right" | -01.022%
| style="text-align:right" | -01.0231%
| style="text-align:right" | -0.022
| style="text-align:right" | —
| style="text-align:right" | -0.011
| style="text-align:right" | -0.012
| style="text-align:right" | -0.012
| style="text-align:right" | -0.011
|-
| style="text-align:left" | Prior Year Reserve Development Ratio
| style="text-align:right" | —-1.5%
| style="text-align:right" | -01.0156%
| style="text-align:right" | -01.0161%
| style="text-align:right" | -01.0111%
| style="text-align:right" | -03.0115%
| style="text-align:right" | —-3.9%
| style="text-align:right" | -02.0356%
| style="text-align:right" | -02.0399%
| style="text-align:right" | -02.0261%
| style="text-align:right" | -02.0291%
| style="text-align:right" | —-1.1%
| style="text-align:right" | -01.0213%
| style="text-align:right" | -0.0211%
| style="text-align:right" | -0.0110%
| style="text-align:right" | -0.0131%
| style="text-align:right" | —0.0%
| style="text-align:right" | -0.0012%
| style="text-align:right" | -0.2%
| style="text-align:right" | -0.0010%
| style="text-align:right" | 0.0%
| style="text-align:right" | -0.0021%
| style="text-align:right" | -0.0021%
| style="text-align:right" | -1.0%
| style="text-align:right" | -0.2%
| style="text-align:right" | —-3.7%
| style="text-align:right" | -05.0017%
| style="text-align:right" | 0-4.0010%
| style="text-align:right" | -01.019%
| style="text-align:right" | -0.002
| style="text-align:right" | —
| style="text-align:right" | -0.037
| style="text-align:right" | -0.057
| style="text-align:right" | -0.04
| style="text-align:right" | -0.019
|-
| style="text-align:left" | Expense Ratio
| style="text-align:right" | —24.7%
| style="text-align:right" | 025.2470%
| style="text-align:right" | 024.255%
| style="text-align:right" | 024.2458%
| style="text-align:right" | 021.2489%
| style="text-align:right" | —21.9%
| style="text-align:right" | 020.2197%
| style="text-align:right" | 020.2194%
| style="text-align:right" | 025.2079%
| style="text-align:right" | 026.2042%
| style="text-align:right" | —26.0%
| style="text-align:right" | 026.2592%
| style="text-align:right" | 020.2623%
| style="text-align:right" | 021.268%
| style="text-align:right" | 021.2620%
| style="text-align:right" | —22.7%
| style="text-align:right" | 020.2034%
| style="text-align:right" | 022.2182%
| style="text-align:right" | 020.219%
| style="text-align:right" | 022.2276%
| style="text-align:right" | 029.2044%
| style="text-align:right" | 029.2226%
| style="text-align:right" | 029.2090%
| style="text-align:right" | 029.2268%
| style="text-align:right" | —50.5%
| style="text-align:right" | 050.2949%
| style="text-align:right" | 052.2965%
| style="text-align:right" | 052.298%
| style="text-align:right" | 0.298
| style="text-align:right" | —
| style="text-align:right" | 0.505
| style="text-align:right" | 0.509
| style="text-align:right" | 0.525
| style="text-align:right" | 0.528
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —90.2%
| style="text-align:right" | 091.9020%
| style="text-align:right" | 090.910%
| style="text-align:right" | 090.96%
| style="text-align:right" | 087.9068%
| style="text-align:right" | —86.8%
| style="text-align:right" | 088.8786%
| style="text-align:right" | 087.8685%
| style="text-align:right" | 090.8863%
| style="text-align:right" | 091.8750%
| style="text-align:right" | —89.6%
| style="text-align:right" | 090.9030%
| style="text-align:right" | 087.917%
| style="text-align:right" | 089.8960%
| style="text-align:right" | 090.92%
| style="text-align:right" | —91.7%
| style="text-align:right" | 088.8776%
| style="text-align:right" | 090.890%
| style="text-align:right" | 089.9027%
| style="text-align:right" | 091.9170%
| style="text-align:right" | 098.8860%
| style="text-align:right" | 099.91%
| style="text-align:right" | 096.8972%
| style="text-align:right" | 099.912%
| style="text-align:right" | —100.1%
| style="text-align:right" | 096.982%
| style="text-align:right" | 096.9915%
| style="text-align:right" | 095.9625%
| style="text-align:right" | 0.992
| style="text-align:right" | —
| style="text-align:right" | 1.001
| style="text-align:right" | 0.962
| style="text-align:right" | 0.965
| style="text-align:right" | 0.955
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | —2,682
| style="text-align:right" | 26825,006
| style="text-align:right" | 50062,859
| style="text-align:right" | 28595,409
| style="text-align:right" | 5409
| style="text-align:right" | —
| style="text-align:right" | 538
| style="text-align:right" | 12121,212
| style="text-align:right" | 533
| style="text-align:right" | 12201,220
| style="text-align:right" | —
| style="text-align:right" | 977
| style="text-align:right" | 18441,844
| style="text-align:right" | 11041,104
| style="text-align:right" | 21272,127
| style="text-align:right" | —1,111
| style="text-align:right" | 1111
| style="text-align:right" | 865
| style="text-align:right" | 18201,820
| style="text-align:right" | 13351,335
| style="text-align:right" | 10741,074
| style="text-align:right" | 809
| style="text-align:right" | 19281,928
| style="text-align:right" | 14641,464
| style="text-align:right" | —
| style="text-align:right" | 57
| style="text-align:right" | 55
| style="text-align:right" | 114
| style="text-align:right" | 48
| style="text-align:right" | —
| style="text-align:right" | -1
| style="text-align:right" | 74
Line 3,352 ⟶ 2,596:
| style="text-align:right" | 86
|-
| style="text-align:left" | '''Long-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,389 ⟶ 2,627:
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,425 ⟶ 2,657:
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,460 ⟶ 2,686:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Financial Result & Other'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,497 ⟶ 2,717:
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | —1,324
| style="text-align:right" | 13242,559
| style="text-align:right" | 25591,343
| style="text-align:right" | 13432,631
| style="text-align:right" | 2631
| style="text-align:right" | —
| style="text-align:right" | 251
| style="text-align:right" | 421
| style="text-align:right" | 261
| style="text-align:right" | 468
| style="text-align:right" | —
| style="text-align:right" | 473
| style="text-align:right" | 912
| style="text-align:right" | 461
| style="text-align:right" | 876
| style="text-align:right" | —
| style="text-align:right" | 273
| style="text-align:right" | 159
Line 3,521 ⟶ 2,737:
| style="text-align:right" | 632
| style="text-align:right" | 445
| style="text-align:right" | —
| style="text-align:right" | 242
| style="text-align:right" | 484
| style="text-align:right" | 261
| style="text-align:right" | 530
| style="text-align:right" | —
| style="text-align:right" | 86
| style="text-align:right" | 146
Line 3,533 ⟶ 2,747:
|-
| style="text-align:left" | Investment Income
| style="text-align:right" | —1,967
| style="text-align:right" | 19673,731
| style="text-align:right" | 37312,088
| style="text-align:right" | 20883,988
| style="text-align:right" | 3988
| style="text-align:right" | —
| style="text-align:right" | 334
| style="text-align:right" | 572
| style="text-align:right" | 373
| style="text-align:right" | 675
| style="text-align:right" | —
| style="text-align:right" | 658
| style="text-align:right" | 12441,244
| style="text-align:right" | 667
| style="text-align:right" | 12571,257
| style="text-align:right" | —
| style="text-align:right" | 614
| style="text-align:right" | 416
| style="text-align:right" | 12331,233
| style="text-align:right" | 868
| style="text-align:right" | 681
| style="text-align:right" | 507
| style="text-align:right" | 13311,331
| style="text-align:right" | 981
| style="text-align:right" | —
| style="text-align:right" | 261
| style="text-align:right" | 518
| style="text-align:right" | 292
| style="text-align:right" | 585
| style="text-align:right" | —
| style="text-align:right" | 100
| style="text-align:right" | 164
Line 3,569 ⟶ 2,777:
|-
| style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | —
| style="text-align:right" | -643
| style="text-align:right" | -11721,172
| style="text-align:right" | -745
| style="text-align:right" | -13581,358
| style="text-align:right" | —
| style="text-align:right" | -83
| style="text-align:right" | -151
| style="text-align:right" | -112
| style="text-align:right" | -207
| style="text-align:right" | —
| style="text-align:right" | -185
| style="text-align:right" | -332
| style="text-align:right" | -206
| style="text-align:right" | -381
| style="text-align:right" | —
| style="text-align:right" | -341
| style="text-align:right" | -257
Line 3,593 ⟶ 2,797:
| style="text-align:right" | -699
| style="text-align:right" | -536
| style="text-align:right" | —
| style="text-align:right" | -20
| style="text-align:right" | -35
| style="text-align:right" | -31
| style="text-align:right" | -55
| style="text-align:right" | —
| style="text-align:right" | -14
| style="text-align:right" | -18
Line 3,605 ⟶ 2,807:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,641 ⟶ 2,837:
|-
| style="text-align:left" | Other 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" | —
Line 3,677 ⟶ 2,867:
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,712 ⟶ 2,896:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings Before Tax'''
| style="text-align:right" | —'''4,006'''
| style="text-align:right" | 4006'''7,565'''
| style="text-align:right" | 7565'''4,202'''
| style="text-align:right" | 4202'''8,040'''
| style="text-align:right" | 8040'''788'''
| style="text-align:right" | —'''1,633'''
| style="text-align:right" | 788'''794'''
| style="text-align:right" | 1633'''1,688'''
| style="text-align:right" | 794'''1,450'''
| style="text-align:right" | 1688'''2,757'''
| style="text-align:right" | —'''1,564'''
| style="text-align:right" | 1450'''3,002'''
| style="text-align:right" | 2757'''1,384'''
| style="text-align:right" | 1564'''1,024'''
| style="text-align:right" | 3002'''2,417'''
| style="text-align:right" | —'''1,721'''
| style="text-align:right" | 1384'''1,372'''
| style="text-align:right" | 1024'''1,022'''
| style="text-align:right" | 2417'''2,560'''
| style="text-align:right" | 1721'''1,910'''
| style="text-align:right" | 1372'''299'''
| style="text-align:right" | 1022'''539'''
| style="text-align:right" | 2560'''375'''
| style="text-align:right" | 1910'''579'''
| style="text-align:right" | —'''85'''
| style="text-align:right" | 299'''220'''
| style="text-align:right" | 539'''97'''
| style="text-align:right" | 375'''211'''
| style="text-align:right" | 579
| style="text-align:right" | —
| style="text-align:right" | 85
| style="text-align:right" | 220
| style="text-align:right" | 97
| style="text-align:right" | 211
|-
| style="text-align:left" | Tax
| style="text-align:right" | —-1,046
| style="text-align:right" | -10461,952
| style="text-align:right" | -19521,074
| style="text-align:right" | -10742,060
| style="text-align:right" | -2060
| style="text-align:right" | —
| style="text-align:right" | -249
| style="text-align:right" | -472
| style="text-align:right" | -220
| style="text-align:right" | -451
| style="text-align:right" | —
| style="text-align:right" | -352
| style="text-align:right" | -671
| style="text-align:right" | -384
| style="text-align:right" | -734
| style="text-align:right" | —
| style="text-align:right" | -352
| style="text-align:right" | -257
Line 3,773 ⟶ 2,947:
| style="text-align:right" | -647
| style="text-align:right" | -482
| style="text-align:right" | —
| style="text-align:right" | -77
| style="text-align:right" | -159
| style="text-align:right" | -110
| style="text-align:right" | -170
| style="text-align:right" | —
| style="text-align:right" | -15
| style="text-align:right" | -62
Line 3,785 ⟶ 2,957:
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | —
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 3,809 ⟶ 2,977:
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 3,821 ⟶ 2,987:
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | —
| style="text-align:right" | -56
| style="text-align:right" | -106
| style="text-align:right" | -63
| style="text-align:right" | -111
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -25
| style="text-align:right" | -57
| style="text-align:right" | -28
| style="text-align:right" | -52
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 3,845 ⟶ 3,007:
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -30
| style="text-align:right" | -49
| style="text-align:right" | -34
| style="text-align:right" | -57
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 3,856 ⟶ 3,016:
| style="text-align:right" | -2
|-
| style="text-align:left" | '''Underlying Earnings Group share'''
| style="text-align:right" | —'''2,908'''
| style="text-align:right" | 2908'''5,510'''
| style="text-align:right" | 5510'''3,067'''
| style="text-align:right" | 3067'''5,872'''
| style="text-align:right" | 5872'''539'''
| style="text-align:right" | —'''1,161'''
| style="text-align:right" | 539'''574'''
| style="text-align:right" | 1161'''1,237'''
| style="text-align:right" | 574'''1,073'''
| style="text-align:right" | 1237'''2,029'''
| style="text-align:right" | —'''1,152'''
| style="text-align:right" | 1073'''2,216'''
| style="text-align:right" | 2029'''1,032'''
| style="text-align:right" | 1152'''767'''
| style="text-align:right" | 2216'''1,828'''
| style="text-align:right" | —'''1,264'''
| style="text-align:right" | 1032'''1,032'''
| style="text-align:right" | 767'''770'''
| style="text-align:right" | 1828'''1,913'''
| style="text-align:right" | 1264'''1,427'''
| style="text-align:right" | 1032'''194'''
| style="text-align:right" | 770'''334'''
| style="text-align:right" | 1913'''233'''
| style="text-align:right" | 1427'''355'''
| style="text-align:right" | —'''70'''
| style="text-align:right" | 194'''158'''
| style="text-align:right" | 334'''75'''
| style="text-align:right" | 233'''151'''
| style="text-align:right" | 355
| style="text-align:right" | —
| style="text-align:right" | 70
| style="text-align:right" | 158
| style="text-align:right" | 75
| style="text-align:right" | 151
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,928 ⟶ 3,076:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Liabilities for remaining coverage net of reinsurance'''
| style="text-align:right" | —'''19,284'''
| style="text-align:right" | 19284'''16,006'''
| style="text-align:right" | 16006'''19,766'''
| style="text-align:right" | 19766'''16,040'''
| style="text-align:right" | 16040'''2,153'''
| style="text-align:right" | —'''1,712'''
| style="text-align:right" | 2153'''2,221'''
| style="text-align:right" | 1712'''1,783'''
| style="text-align:right" | 2221'''7,151'''
| style="text-align:right" | 1783'''5,166'''
| style="text-align:right" | —'''7,591'''
| style="text-align:right" | 7151'''5,534'''
| style="text-align:right" | 5166'''7,478'''
| style="text-align:right" | 7591'''5,905'''
| style="text-align:right" | 5534'''7,028'''
| style="text-align:right" | —'''5,948'''
| style="text-align:right" | 7478'''7,315'''
| style="text-align:right" | 5905'''5,879'''
| style="text-align:right" | 7028'''6,467'''
| style="text-align:right" | 5948'''5,461'''
| style="text-align:right" | 7315'''1,802'''
| style="text-align:right" | 5879'''1,834'''
| style="text-align:right" | 6467'''1,935'''
| style="text-align:right" | 5461'''2,024'''
| style="text-align:right" | —'''700'''
| style="text-align:right" | 1802'''266'''
| style="text-align:right" | 1834'''705'''
| style="text-align:right" | 1935'''231'''
| style="text-align:right" | 2024
| style="text-align:right" | —
| style="text-align:right" | 700
| style="text-align:right" | 266
| style="text-align:right" | 705
| style="text-align:right" | 231
|-
| style="text-align:left" | '''Best Estimate for incurred Claims net of reinsurance'''
| style="text-align:right" | —'''69,800'''
| style="text-align:right" | 69800'''71,751'''
| style="text-align:right" | 71751'''70,215'''
| style="text-align:right" | 70215'''70,567'''
| style="text-align:right" | 70567'''13,485'''
| style="text-align:right" | —'''13,889'''
| style="text-align:right" | 13485'''13,900'''
| style="text-align:right" | 13889'''13,882'''
| style="text-align:right" | 13900'''24,834'''
| style="text-align:right" | 13882'''25,955'''
| style="text-align:right" | —'''26,003'''
| style="text-align:right" | 24834'''25,737'''
| style="text-align:right" | 25955'''24,865'''
| style="text-align:right" | 26003'''18,223'''
| style="text-align:right" | 25737'''25,915'''
| style="text-align:right" | —'''19,146'''
| style="text-align:right" | 24865'''24,533'''
| style="text-align:right" | 18223'''18,295'''
| style="text-align:right" | 25915'''25,044'''
| style="text-align:right" | 19146'''18,897'''
| style="text-align:right" | 24533'''3,385'''
| style="text-align:right" | 18295'''3,640'''
| style="text-align:right" | 25044'''3,510'''
| style="text-align:right" | 18897'''3,804'''
| style="text-align:right" | —'''3,231'''
| style="text-align:right" | 3385'''2,351'''
| style="text-align:right" | 3640'''2,269'''
| style="text-align:right" | 3510'''2,101'''
| style="text-align:right" | 3804
| style="text-align:right" | —
| style="text-align:right" | 3231
| style="text-align:right" | 2351
| style="text-align:right" | 2269
| style="text-align:right" | 2101
|}
</div>
</table>
 
''For* For long-term business''
''Best* Best Estimate Liabilities net of reinsurance''
 
== 7. L&H UE by LOB ==
 
<table id="9">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Life & Health Underlying Earnings by Line of Business
! style="text-align:centerleft" | EUR million
! colspan="4" style="text-align:center" | Total
! style="text-align:center" |
! colspan="4" style="text-align:center" | Life
! style="text-align:center" |
! colspan="4" style="text-align:center" | Health
! style="text-align:center" |
! colspan="4" style="text-align:center" | Employee Benefits* (out of Total Life & Health)
|-
! style="text-align:left" | Life & Health Underlying Earnings by Line of Business—
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
Line 4,043 ⟶ 3,170:
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,066 ⟶ 3,189:
|-
| style="text-align:left" | Revenues
| style="text-align:right" | —7,979
| style="text-align:right" | 797916,207
| style="text-align:right" | 162078,512
| style="text-align:right" | 851217,416
| style="text-align:right" | 174162,112
| style="text-align:right" | —4,247
| style="text-align:right" | 21122,211
| style="text-align:right" | 42474,444
| style="text-align:right" | 22115,867
| style="text-align:right" | 444411,960
| style="text-align:right" | —6,301
| style="text-align:right" | 586712,972
| style="text-align:right" | 119605,592
| style="text-align:right" | 630111,482
| style="text-align:right" | 129725,931
| style="text-align:right" | —12,035
| style="text-align:right" | 5592
| style="text-align:right" | 11482
| style="text-align:right" | 5931
| style="text-align:right" | 12035
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —97.6%
| style="text-align:right" | 097.9764%
| style="text-align:right" | 097.9741%
| style="text-align:right" | 097.9712%
| style="text-align:right" | 094.9725%
| style="text-align:right" | —95.5%
| style="text-align:right" | 095.9452%
| style="text-align:right" | 095.9554%
| style="text-align:right" | 098.9526%
| style="text-align:right" | 098.9541%
| style="text-align:right" | —97.8%
| style="text-align:right" | 097.9869%
| style="text-align:right" | 098.9812%
| style="text-align:right" | 097.9788%
| style="text-align:right" | 097.9794%
| style="text-align:right" | —97.1%
| style="text-align:right" | 0.982
| style="text-align:right" | 0.978
| style="text-align:right" | 0.974
| style="text-align:right" | 0.971
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | —
| style="text-align:right" | 195
| style="text-align:right" | 415
| style="text-align:right" | 248
| style="text-align:right" | 479
| style="text-align:right" | —
| style="text-align:right" | 116
| style="text-align:right" | 191
| style="text-align:right" | 107
| style="text-align:right" | 206
| style="text-align:right" | —
| style="text-align:right" | 79
| style="text-align:right" | 224
| style="text-align:right" | 141
| style="text-align:right" | 273
| style="text-align:right" | —
| style="text-align:right" | 101
| style="text-align:right" | 248
Line 4,131 ⟶ 3,242:
| style="text-align:right" | 347
|-
| style="text-align:left" | '''Long-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,154 ⟶ 3,261:
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —1,395
| style="text-align:right" | 13952,775
| style="text-align:right" | 27751,428
| style="text-align:right" | 14282,954
| style="text-align:right" | 29541,136
| style="text-align:right" | —2,253
| style="text-align:right" | 11361,158
| style="text-align:right" | 22532,415
| style="text-align:right" | 1158
| style="text-align:right" | 2415
| style="text-align:right" | —
| style="text-align:right" | 259
| style="text-align:right" | 522
| style="text-align:right" | 270
| style="text-align:right" | 539
| style="text-align:right" | —
| style="text-align:right" | 58
| style="text-align:right" | 110
Line 4,176 ⟶ 3,279:
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | -71
| style="text-align:right" | -98
| style="text-align:right" | -28
| style="text-align:right" | -139
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 3
| style="text-align:right" | -2
| style="text-align:right" | -11
| style="text-align:right" | —
| style="text-align:right" | 17
| style="text-align:right" | 37
Line 4,198 ⟶ 3,297:
|-
| style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | —
| style="text-align:right" | 9
| style="text-align:right" | -15
| style="text-align:right" | 12
| style="text-align:right" | 39
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | -33
| style="text-align:right" | 10
| style="text-align:right" | 37
| style="text-align:right" | —
| style="text-align:right" | 13
| style="text-align:right" | 18
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | -2
Line 4,220 ⟶ 3,315:
|-
| style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | —
| style="text-align:right" | 30
| style="text-align:right" | 59
| style="text-align:right" | 44
| style="text-align:right" | 72
| style="text-align:right" | —
| style="text-align:right" | 25
| style="text-align:right" | 51
| style="text-align:right" | 37
| style="text-align:right" | 59
| style="text-align:right" | —
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 7
| style="text-align:right" | 13
| style="text-align:right" | —
| style="text-align:right" | 2
| style="text-align:right" | 4
Line 4,242 ⟶ 3,333:
|-
| style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | —
| style="text-align:right" | -32
| style="text-align:right" | 6
| style="text-align:right" | -12
| style="text-align:right" | -29
| style="text-align:right" | —
| style="text-align:right" | -30
| style="text-align:right" | 9
| style="text-align:right" | -10
| style="text-align:right" | -25
| style="text-align:right" | —
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 4,264 ⟶ 3,351:
|-
| style="text-align:left" | Other Long-term
| style="text-align:right" | —
| style="text-align:right" | -72
| style="text-align:right" | -145
| style="text-align:right" | -74
| style="text-align:right" | -232
| style="text-align:right" | —
| style="text-align:right" | -63
| style="text-align:right" | -124
| style="text-align:right" | -65
| style="text-align:right" | -211
| style="text-align:right" | —
| style="text-align:right" | -8
| style="text-align:right" | -21
| style="text-align:right" | -9
| style="text-align:right" | -22
| style="text-align:right" | —
| style="text-align:right" | 19
| style="text-align:right" | 35
Line 4,285 ⟶ 3,368:
| style="text-align:right" | 38
|-
| style="text-align:left" | '''Financial Result & Other'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,308 ⟶ 3,387:
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | —
| style="text-align:right" | 536
| style="text-align:right" | 975
| style="text-align:right" | 563
| style="text-align:right" | 946
| style="text-align:right" | —
| style="text-align:right" | 454
| style="text-align:right" | 799
| style="text-align:right" | 462
| style="text-align:right" | 738
| style="text-align:right" | —
| style="text-align:right" | 82
| style="text-align:right" | 176
| style="text-align:right" | 101
| style="text-align:right" | 209
| style="text-align:right" | —
| style="text-align:right" | 75
| style="text-align:right" | 157
Line 4,330 ⟶ 3,405:
|-
| style="text-align:left" | Investment Income
| style="text-align:right" | —1,319
| style="text-align:right" | 13192,525
| style="text-align:right" | 25251,329
| style="text-align:right" | 13292,484
| style="text-align:right" | 24841,159
| style="text-align:right" | —2,209
| style="text-align:right" | 11591,159
| style="text-align:right" | 22092,142
| style="text-align:right" | 1159
| style="text-align:right" | 2142
| style="text-align:right" | —
| style="text-align:right" | 160
| style="text-align:right" | 317
| style="text-align:right" | 170
| style="text-align:right" | 341
| style="text-align:right" | —
| style="text-align:right" | 219
| style="text-align:right" | 429
Line 4,352 ⟶ 3,423:
|-
| style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | —
| style="text-align:right" | -783
| style="text-align:right" | -15511,551
| style="text-align:right" | -767
| style="text-align:right" | -15381,538
| style="text-align:right" | —
| style="text-align:right" | -705
| style="text-align:right" | -14101,410
| style="text-align:right" | -697
| style="text-align:right" | -14051,405
| style="text-align:right" | —
| style="text-align:right" | -78
| style="text-align:right" | -140
| style="text-align:right" | -69
| style="text-align:right" | -133
| style="text-align:right" | —
| style="text-align:right" | -144
| style="text-align:right" | -272
Line 4,374 ⟶ 3,441:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,396 ⟶ 3,459:
|-
| style="text-align:left" | Other 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" | —
Line 4,418 ⟶ 3,477:
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,439 ⟶ 3,494:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings Before Tax'''
| style="text-align:right" | —'''2,061'''
| style="text-align:right" | 2061'''4,070'''
| style="text-align:right" | 4070'''2,209'''
| style="text-align:right" | 2209'''4,229'''
| style="text-align:right" | 4229'''1,634'''
| style="text-align:right" | —'''3,145'''
| style="text-align:right" | 1634'''1,699'''
| style="text-align:right" | 3145'''3,219'''
| style="text-align:right" | 1699'''427'''
| style="text-align:right" | 3219'''925'''
| style="text-align:right" | —'''510'''
| style="text-align:right" | 427'''1,010'''
| style="text-align:right" | 925'''252'''
| style="text-align:right" | 510'''552'''
| style="text-align:right" | 1010'''328'''
| style="text-align:right" | —'''666'''
| style="text-align:right" | 252
| style="text-align:right" | 552
| style="text-align:right" | 328
| style="text-align:right" | 666
|-
| style="text-align:left" | Tax
| style="text-align:right" | —
| style="text-align:right" | -412
| style="text-align:right" | -874
| style="text-align:right" | -462
| style="text-align:right" | -800
| style="text-align:right" | —
| style="text-align:right" | -316
| style="text-align:right" | -635
| style="text-align:right" | -329
| style="text-align:right" | -584
| style="text-align:right" | —
| style="text-align:right" | -96
| style="text-align:right" | -239
| style="text-align:right" | -133
| style="text-align:right" | -216
| style="text-align:right" | —
| style="text-align:right" | -46
| style="text-align:right" | -111
Line 4,484 ⟶ 3,531:
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | —
| style="text-align:right" | 103
| style="text-align:right" | 186
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | —
| style="text-align:right" | 101
| style="text-align:right" | 182
| style="text-align:right" | 93
| style="text-align:right" | 154
| style="text-align:right" | —
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 2
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,506 ⟶ 3,549:
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | —
| style="text-align:right" | -27
| style="text-align:right" | -60
| style="text-align:right" | -34
| style="text-align:right" | -85
| style="text-align:right" | —
| style="text-align:right" | -27
| style="text-align:right" | -56
| style="text-align:right" | -30
| style="text-align:right" | -75
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | -9
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,527 ⟶ 3,566:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings Group share'''
| style="text-align:right" | —'''1,725'''
| style="text-align:right" | 1725'''3,323'''
| style="text-align:right" | 3323'''1,814'''
| style="text-align:right" | 1814'''3,501'''
| style="text-align:right" | 3501'''1,392'''
| style="text-align:right" | —'''2,636'''
| style="text-align:right" | 1392'''1,433'''
| style="text-align:right" | 2636'''2,715'''
| style="text-align:right" | 1433'''333'''
| style="text-align:right" | 2715'''687'''
| style="text-align:right" | —'''381'''
| style="text-align:right" | 333'''787'''
| style="text-align:right" | 687'''205'''
| style="text-align:right" | 381'''441'''
| style="text-align:right" | 787'''264'''
| style="text-align:right" | —'''556'''
| style="text-align:right" | 205
| style="text-align:right" | 441
| style="text-align:right" | 264
| style="text-align:right" | 556
|-
| style="text-align:left" | '''Closing Invested Assets'''
| style="text-align:right" | —'''329,460'''
| style="text-align:right" | 329460'''345,008'''
| style="text-align:right" | 345008'''338,447'''
| style="text-align:right" | 338447'''334,840'''
| style="text-align:right" | 334840
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,572 ⟶ 3,603:
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA
| style="text-align:right" | —234,783
| style="text-align:right" | 234783230,205
| style="text-align:right" | 230205229,844
| style="text-align:right" | 229844226,937
| style="text-align:right" | 226937
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,594 ⟶ 3,621:
|-
| style="text-align:left; padding-left:1.5em" | o/w Non VFA
| style="text-align:right" | —94,677
| style="text-align:right" | 94677114,803
| style="text-align:right" | 114803108,603
| style="text-align:right" | 108603107,903
| style="text-align:right" | 107903
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,616 ⟶ 3,639:
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,637 ⟶ 3,656:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Liabilities for remaining coverage net of reinsurance'''
| style="text-align:right" | —'''2,446'''
| style="text-align:right" | 2446'''2,096'''
| style="text-align:right" | 2096'''2,856'''
| style="text-align:right" | 2856'''2,511'''
| style="text-align:right" | 2511'''157'''
| style="text-align:right" | —'''96'''
| style="text-align:right" | 157'''105'''
| style="text-align:right" | 96'''21'''
| style="text-align:right" | 105'''2,289'''
| style="text-align:right" | 21'''2,000'''
| style="text-align:right" | —'''2,750'''
| style="text-align:right" | 2289'''2,490'''
| style="text-align:right" | 2000
| style="text-align:right" | 2750
| style="text-align:right" | 2490
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,659 ⟶ 3,674:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Best Estimate for incurred Claims net of reinsurance'''
| style="text-align:right" | —'''13,876'''
| style="text-align:right" | 13876'''14,162'''
| style="text-align:right" | 14162'''13,960'''
| style="text-align:right" | 13960'''14,592'''
| style="text-align:right" | 14592'''11,589'''
| style="text-align:right" | —'''11,778'''
| style="text-align:right" | 11589'''11,623'''
| style="text-align:right" | 11778'''11,205'''
| style="text-align:right" | 11623'''2,286'''
| style="text-align:right" | 11205'''2,384'''
| style="text-align:right" | —'''2,337'''
| style="text-align:right" | 2286'''3,386'''
| style="text-align:right" | 2384
| style="text-align:right" | 2337
| style="text-align:right" | 3386
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,682 ⟶ 3,693:
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,703 ⟶ 3,710:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Best Estimate Liabilities net of reinsurance'''
| style="text-align:right" | —'''295,342'''
| style="text-align:right" | 295342'''306,249'''
| style="text-align:right" | 306249'''301,040'''
| style="text-align:right" | 301040'''300,391'''
| style="text-align:right" | 300391'''275,276'''
| style="text-align:right" | —'''285,391'''
| style="text-align:right" | 275276'''280,314'''
| style="text-align:right" | 285391'''280,280'''
| style="text-align:right" | 280314'''20,066'''
| style="text-align:right" | 280280'''20,858'''
| style="text-align:right" | —'''20,726'''
| style="text-align:right" | 20066'''20,112'''
| style="text-align:right" | 20858
| style="text-align:right" | 20726
| style="text-align:right" | 20112
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,726 ⟶ 3,729:
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA Gross of reinsurance
| style="text-align:right" | —264,013
| style="text-align:right" | 264013273,094
| style="text-align:right" | 273094266,960
| style="text-align:right" | 266960271,902
| style="text-align:right" | 271902243,037
| style="text-align:right" | —251,273
| style="text-align:right" | 243037244,964
| style="text-align:right" | 251273250,326
| style="text-align:right" | 24496420,977
| style="text-align:right" | 25032621,821
| style="text-align:right" | —21,996
| style="text-align:right" | 2097721,576
| style="text-align:right" | 21821
| style="text-align:right" | 21996
| style="text-align:right" | 21576
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,748 ⟶ 3,747:
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA Gross of reinsurance
| style="text-align:right" | —50,097
| style="text-align:right" | 5009751,845
| style="text-align:right" | 5184551,524
| style="text-align:right" | 5152445,307
| style="text-align:right" | 4530750,917
| style="text-align:right" | —52,713
| style="text-align:right" | 5091752,731
| style="text-align:right" | 5271346,724
| style="text-align:right" | 52731
| style="text-align:right" | 46724
| style="text-align:right" | —
| style="text-align:right" | -821
| style="text-align:right" | -868
| style="text-align:right" | -12071,207
| style="text-align:right" | -14171,417
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,770 ⟶ 3,765:
|-
| style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | —-18,768
| style="text-align:right" | -1876818,690
| style="text-align:right" | -1869017,443
| style="text-align:right" | -1744316,817
| style="text-align:right" | -1681718,679
| style="text-align:right" | —-18,595
| style="text-align:right" | -1867917,381
| style="text-align:right" | -1859516,770
| style="text-align:right" | -17381
| style="text-align:right" | -16770
| style="text-align:right" | —
| style="text-align:right" | -90
| style="text-align:right" | -95
| style="text-align:right" | -62
| style="text-align:right" | -47
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,792 ⟶ 3,783:
|}
</div>
</table>
 
* (*Employee) ''Employee Benefits include Group Protection and Group Health contracts.''
 
== 8. L&H UE by Geography ==
 
<table id="10">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Life & Health Underlying Earnings by Geography
! style="text-align:centerleft" | EUR million
! colspan="4" style="text-align:center" | Total
! style="text-align:center" |
! colspan="4" style="text-align:center" | France
! style="text-align:center" |
! colspan="4" style="text-align:center" | Europe
! style="text-align:center" |
! colspan="4" style="text-align:center" | AXA XL
! style="text-align:center" |
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! style="text-align:center" |
! colspan="4" style="text-align:center" | Transversal & Other
|-
! style="text-align:left" | Life & Health Underlying Earnings by Geography—
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
Line 4,847 ⟶ 3,825:
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,880 ⟶ 3,852:
|-
| style="text-align:left" | Revenues
| style="text-align:right" | —7,979
| style="text-align:right" | 797916,207
| style="text-align:right" | 162078,512
| style="text-align:right" | 851217,416
| style="text-align:right" | 174164,654
| style="text-align:right" | —9,503
| style="text-align:right" | 46544,870
| style="text-align:right" | 95039,787
| style="text-align:right" | 48701,778
| style="text-align:right" | 97873,604
| style="text-align:right" | —2,051
| style="text-align:right" | 17784,419
| style="text-align:right" | 3604
| style="text-align:right" | 2051
| style="text-align:right" | 4419
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —1,457
| style="text-align:right" | 14572,925
| style="text-align:right" | 29251,503
| style="text-align:right" | 15033,037
| style="text-align:right" | 3037
| style="text-align:right" | —
| style="text-align:right" | 90
| style="text-align:right" | 174
Line 4,912 ⟶ 3,878:
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —97.6%
| style="text-align:right" | 097.9764%
| style="text-align:right" | 097.9741%
| style="text-align:right" | 097.9712%
| style="text-align:right" | 096.9727%
| style="text-align:right" | —97.3%
| style="text-align:right" | 097.9674%
| style="text-align:right" | 097.9733%
| style="text-align:right" | 098.9748%
| style="text-align:right" | 096.9739%
| style="text-align:right" | —96.4%
| style="text-align:right" | 094.9888%
| style="text-align:right" | 0.9690%
| style="text-align:right" | 0.9640%
| style="text-align:right" | 0.9480%
| style="text-align:right" | —0.0%
| style="text-align:right" | 099.1%
| style="text-align:right" | 099.1%
| style="text-align:right" | 097.6%
| style="text-align:right" | 0101.3%
| style="text-align:right" | —92.2%
| style="text-align:right" | 089.9911%
| style="text-align:right" | 083.9916%
| style="text-align:right" | 086.9767%
| style="text-align:right" | 1.013
| style="text-align:right" | —
| style="text-align:right" | 0.922
| style="text-align:right" | 0.891
| style="text-align:right" | 0.836
| style="text-align:right" | 0.867
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | —
| style="text-align:right" | 195
| style="text-align:right" | 415
| style="text-align:right" | 248
| style="text-align:right" | 479
| style="text-align:right" | —
| style="text-align:right" | 155
| style="text-align:right" | 258
| style="text-align:right" | 124
| style="text-align:right" | 265
| style="text-align:right" | —
| style="text-align:right" | 21
| style="text-align:right" | 113
| style="text-align:right" | 73
| style="text-align:right" | 230
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 13
| style="text-align:right" | 26
| style="text-align:right" | 36
| style="text-align:right" | -39
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 19
Line 4,975 ⟶ 3,929:
| style="text-align:right" | 23
|-
| style="text-align:left" | '''Long-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,008 ⟶ 3,956:
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —1,395
| style="text-align:right" | 13952,775
| style="text-align:right" | 27751,428
| style="text-align:right" | 14282,954
| style="text-align:right" | 2954
| style="text-align:right" | —
| style="text-align:right" | 407
| style="text-align:right" | 823
| style="text-align:right" | 419
| style="text-align:right" | 895
| style="text-align:right" | —
| style="text-align:right" | 468
| style="text-align:right" | 920
| style="text-align:right" | 471
| style="text-align:right" | 984
| style="text-align:right" | —
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | —
| style="text-align:right" | 516
| style="text-align:right" | 10291,029
| style="text-align:right" | 538
| style="text-align:right" | 10741,074
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,040 ⟶ 3,982:
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | -40
| style="text-align:right" | -96
| style="text-align:right" | -37
| style="text-align:right" | -81
| style="text-align:right" | —
| style="text-align:right" | -11
| style="text-align:right" | -8
| style="text-align:right" | 8
| style="text-align:right" | -70
| style="text-align:right" | —
| style="text-align:right" | 3
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | -5
| style="text-align:right" | —
| style="text-align:right" | -17
| style="text-align:right" | 7
| style="text-align:right" | -1
| style="text-align:right" | 6
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,072 ⟶ 4,008:
|-
| style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | —
| style="text-align:right" | 9
| style="text-align:right" | -15
| style="text-align:right" | 12
| style="text-align:right" | 39
| style="text-align:right" | —
| style="text-align:right" | 8
| style="text-align:right" | -8
| style="text-align:right" | 2
| style="text-align:right" | 15
| style="text-align:right" | —
| style="text-align:right" | 5
| style="text-align:right" | -11
| style="text-align:right" | -11
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | -2
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 8
| style="text-align:right" | 22
| style="text-align:right" | 35
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,104 ⟶ 4,034:
|-
| style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | —
| style="text-align:right" | 30
| style="text-align:right" | 59
| style="text-align:right" | 44
| style="text-align:right" | 72
| style="text-align:right" | —
| style="text-align:right" | 5
| style="text-align:right" | 15
| style="text-align:right" | 9
| style="text-align:right" | 14
| style="text-align:right" | —
| style="text-align:right" | 11
| style="text-align:right" | 21
| style="text-align:right" | 21
| style="text-align:right" | 32
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | —
| style="text-align:right" | 13
| style="text-align:right" | 23
| style="text-align:right" | 13
| style="text-align:right" | 25
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,136 ⟶ 4,060:
|-
| style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | —
| style="text-align:right" | -32
| style="text-align:right" | 6
| style="text-align:right" | -12
| style="text-align:right" | -29
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -33
| style="text-align:right" | -25
| style="text-align:right" | -13
| style="text-align:right" | -36
| style="text-align:right" | —
| style="text-align:right" | 5
| style="text-align:right" | 5
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | 26
| style="text-align:right" | 1
| style="text-align:right" | 7
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,168 ⟶ 4,086:
|-
| style="text-align:left" | Other Long-term
| style="text-align:right" | —
| style="text-align:right" | -72
| style="text-align:right" | -145
| style="text-align:right" | -74
| style="text-align:right" | -232
| style="text-align:right" | —
| style="text-align:right" | -52
| style="text-align:right" | -103
| style="text-align:right" | -49
| style="text-align:right" | -111
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 7
| style="text-align:right" | 12
| style="text-align:right" | -61
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -26
| style="text-align:right" | -50
| style="text-align:right" | -37
| style="text-align:right" | -61
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,199 ⟶ 4,111:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Financial Result & Other'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,232 ⟶ 4,138:
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | —
| style="text-align:right" | 536
| style="text-align:right" | 975
| style="text-align:right" | 563
| style="text-align:right" | 946
| style="text-align:right" | —
| style="text-align:right" | 100
| style="text-align:right" | 192
| style="text-align:right" | 118
| style="text-align:right" | 197
| style="text-align:right" | —
| style="text-align:right" | 284
| style="text-align:right" | 504
| style="text-align:right" | 269
| style="text-align:right" | 477
| style="text-align:right" | —
| style="text-align:right" | 10
| style="text-align:right" | 19
| style="text-align:right" | 10
| style="text-align:right" | 20
| style="text-align:right" | —
| style="text-align:right" | 142
| style="text-align:right" | 260
| style="text-align:right" | 165
| style="text-align:right" | 250
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,264 ⟶ 4,164:
|-
| style="text-align:left" | Investment Income
| style="text-align:right" | —1,319
| style="text-align:right" | 13192,525
| style="text-align:right" | 25251,329
| style="text-align:right" | 13292,484
| style="text-align:right" | 2484
| style="text-align:right" | —
| style="text-align:right" | 370
| style="text-align:right" | 701
| style="text-align:right" | 370
| style="text-align:right" | 703
| style="text-align:right" | —
| style="text-align:right" | 490
| style="text-align:right" | 916
| style="text-align:right" | 478
| style="text-align:right" | 889
| style="text-align:right" | —
| style="text-align:right" | 13
| style="text-align:right" | 27
| style="text-align:right" | 14
| style="text-align:right" | 27
| style="text-align:right" | —
| style="text-align:right" | 446
| style="text-align:right" | 882
| style="text-align:right" | 467
| style="text-align:right" | 862
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,296 ⟶ 4,190:
|-
| style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | —
| style="text-align:right" | -783
| style="text-align:right" | -15511,551
| style="text-align:right" | -767
| style="text-align:right" | -15381,538
| style="text-align:right" | —
| style="text-align:right" | -270
| style="text-align:right" | -509
| style="text-align:right" | -252
| style="text-align:right" | -507
| style="text-align:right" | —
| style="text-align:right" | -206
| style="text-align:right" | -412
| style="text-align:right" | -209
| style="text-align:right" | -411
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | -7
| style="text-align:right" | -4
| style="text-align:right" | -8
| style="text-align:right" | —
| style="text-align:right" | -303
| style="text-align:right" | -622
| style="text-align:right" | -301
| style="text-align:right" | -612
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,328 ⟶ 4,216:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,360 ⟶ 4,242:
|-
| style="text-align:left" | Other 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" | —
Line 5,392 ⟶ 4,268:
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,423 ⟶ 4,293:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings Before Tax'''
| style="text-align:right" | —'''2,061'''
| style="text-align:right" | 2061'''4,070'''
| style="text-align:right" | 4070'''2,209'''
| style="text-align:right" | 2209'''4,229'''
| style="text-align:right" | 4229'''622'''
| style="text-align:right" | —'''1,176'''
| style="text-align:right" | 622'''624'''
| style="text-align:right" | 1176'''1,276'''
| style="text-align:right" | 624'''762'''
| style="text-align:right" | 1276'''1,529'''
| style="text-align:right" | —'''821'''
| style="text-align:right" | 762'''1,622'''
| style="text-align:right" | 1529'''17'''
| style="text-align:right" | 821'''25'''
| style="text-align:right" | 1622'''10'''
| style="text-align:right" | —'''16'''
| style="text-align:right" | 17'''654'''
| style="text-align:right" | 25'''1,322'''
| style="text-align:right" | 10'''739'''
| style="text-align:right" | 16'''1,291'''
| style="text-align:right" | —'''7'''
| style="text-align:right" | 654'''19'''
| style="text-align:right" | 1322'''14'''
| style="text-align:right" | 739'''25'''
| style="text-align:right" | 1291
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 25
|-
| style="text-align:left" | Tax
| style="text-align:right" | —
| style="text-align:right" | -412
| style="text-align:right" | -874
| style="text-align:right" | -462
| style="text-align:right" | -800
| style="text-align:right" | —
| style="text-align:right" | -106
| style="text-align:right" | -220
| style="text-align:right" | -100
| style="text-align:right" | -237
| style="text-align:right" | —
| style="text-align:right" | -180
| style="text-align:right" | -376
| style="text-align:right" | -176
| style="text-align:right" | -285
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | -123
| style="text-align:right" | -277
| style="text-align:right" | -182
| style="text-align:right" | -272
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,488 ⟶ 4,346:
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | —
| style="text-align:right" | 103
| style="text-align:right" | 186
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | —
| style="text-align:right" | 4
| style="text-align:right" | 9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 100
| style="text-align:right" | 177
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,520 ⟶ 4,372:
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | —
| style="text-align:right" | -27
| style="text-align:right" | -60
| style="text-align:right" | -34
| style="text-align:right" | -85
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -23
| style="text-align:right" | -49
| style="text-align:right" | -28
| style="text-align:right" | -74
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | -12
| style="text-align:right" | -5
| style="text-align:right" | -11
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,551 ⟶ 4,397:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying Earnings Group share'''
| style="text-align:right" | —'''1,725'''
| style="text-align:right" | 1725'''3,323'''
| style="text-align:right" | 3323'''1,814'''
| style="text-align:right" | 1814'''3,501'''
| style="text-align:right" | 3501'''519'''
| style="text-align:right" | —'''964'''
| style="text-align:right" | 519'''524'''
| style="text-align:right" | 964'''1,039'''
| style="text-align:right" | 524'''559'''
| style="text-align:right" | 1039'''1,104'''
| style="text-align:right" | —'''616'''
| style="text-align:right" | 559'''1,264'''
| style="text-align:right" | 1104'''14'''
| style="text-align:right" | 616'''25'''
| style="text-align:right" | 1264'''8'''
| style="text-align:right" | —'''12'''
| style="text-align:right" | 14'''627'''
| style="text-align:right" | 25'''1,211'''
| style="text-align:right" | 8'''653'''
| style="text-align:right" | 12'''1,165'''
| style="text-align:right" | —'''7'''
| style="text-align:right" | 627'''19'''
| style="text-align:right" | 1211'''14'''
| style="text-align:right" | 653'''22'''
| style="text-align:right" | 1165
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 22
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,615 ⟶ 4,449:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Liabilities for remaining coverage net of reinsurance'''
| style="text-align:right" | —'''2,446'''
| style="text-align:right" | 2446'''2,096'''
| style="text-align:right" | 2096'''2,856'''
| style="text-align:right" | 2856'''2,511'''
| style="text-align:right" | 2511'''50'''
| style="text-align:right" | —'''-2'''
| style="text-align:right" | 50'''28'''
| style="text-align:right" | '''-26'''
| style="text-align:right" | 28'''1,228'''
| style="text-align:right" | -6'''967'''
| style="text-align:right" | —'''1,619'''
| style="text-align:right" | 1228'''1,352'''
| style="text-align:right" | 967'''0'''
| style="text-align:right" | 1619'''0'''
| style="text-align:right" | 1352'''0'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 0'''1,159'''
| style="text-align:right" | 0'''1,124'''
| style="text-align:right" | 0'''1,204'''
| style="text-align:right" | 0'''1,155'''
| style="text-align:right" | —'''9'''
| style="text-align:right" | 1159'''6'''
| style="text-align:right" | 1124'''5'''
| style="text-align:right" | 1204'''10'''
| style="text-align:right" | 1155
| style="text-align:right" | —
| style="text-align:right" | 9
| style="text-align:right" | 6
| style="text-align:right" | 5
| style="text-align:right" | 10
|-
| style="text-align:left" | '''Best Estimate for incurred Claims net of reinsurance'''
| style="text-align:right" | —'''13,876'''
| style="text-align:right" | 13876'''14,162'''
| style="text-align:right" | 14162'''13,960'''
| style="text-align:right" | 13960'''14,592'''
| style="text-align:right" | 14592'''12,589'''
| style="text-align:right" | —'''12,831'''
| style="text-align:right" | 12589'''12,443'''
| style="text-align:right" | 12831'''12,850'''
| style="text-align:right" | 12443'''773'''
| style="text-align:right" | 12850'''871'''
| style="text-align:right" | —'''1,015'''
| style="text-align:right" | 773'''1,186'''
| style="text-align:right" | 871'''0'''
| style="text-align:right" | 1015'''0'''
| style="text-align:right" | 1186'''0'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 0'''501'''
| style="text-align:right" | 0'''447'''
| style="text-align:right" | 0'''487'''
| style="text-align:right" | 0'''541'''
| style="text-align:right" | —'''13'''
| style="text-align:right" | 501'''14'''
| style="text-align:right" | 447'''15'''
| style="text-align:right" | 487'''15'''
| style="text-align:right" | 541
| style="text-align:right" | —
| style="text-align:right" | 13
| style="text-align:right" | 14
| style="text-align:right" | 15
| style="text-align:right" | 15
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,711 ⟶ 4,527:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Best Estimate Liabilities net of reinsurance'''
| style="text-align:right" | —'''295,342'''
| style="text-align:right" | 295342'''306,249'''
| style="text-align:right" | 306249'''301,040'''
| style="text-align:right" | 301040'''300,391'''
| style="text-align:right" | 300391'''112,949'''
| style="text-align:right" | —'''115,280'''
| style="text-align:right" | 112949'''114,525'''
| style="text-align:right" | 115280'''114,424'''
| style="text-align:right" | 114525'''135,034'''
| style="text-align:right" | 114424'''139,257'''
| style="text-align:right" | —'''137,584'''
| style="text-align:right" | 135034'''136,725'''
| style="text-align:right" | 139257'''324'''
| style="text-align:right" | 137584'''345'''
| style="text-align:right" | 136725'''310'''
| style="text-align:right" | —'''309'''
| style="text-align:right" | 324'''47,035'''
| style="text-align:right" | 345'''51,368'''
| style="text-align:right" | 310'''48,620'''
| style="text-align:right" | 309'''48,934'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 47035'''0'''
| style="text-align:right" | 51368'''0'''
| style="text-align:right" | 48620'''0'''
| style="text-align:right" | 48934
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA Gross of reinsurance
| style="text-align:right" | —264,013
| style="text-align:right" | 264013273,094
| style="text-align:right" | 273094266,960
| style="text-align:right" | 266960271,902
| style="text-align:right" | 271902116,132
| style="text-align:right" | —117,942
| style="text-align:right" | 116132116,770
| style="text-align:right" | 117942117,266
| style="text-align:right" | 116770121,623
| style="text-align:right" | 117266125,513
| style="text-align:right" | —121,135
| style="text-align:right" | 121623122,782
| style="text-align:right" | 125513
| style="text-align:right" | 121135
| style="text-align:right" | 122782
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —26,258
| style="text-align:right" | 2625829,639
| style="text-align:right" | 2963929,055
| style="text-align:right" | 2905531,854
| style="text-align:right" | 31854
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,776 ⟶ 4,580:
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA Gross of reinsurance
| style="text-align:right" | —50,097
| style="text-align:right" | 5009751,845
| style="text-align:right" | 5184551,524
| style="text-align:right" | 5152445,307
| style="text-align:right" | 453079,606
| style="text-align:right" | —10,019
| style="text-align:right" | 96069,848
| style="text-align:right" | 100198,873
| style="text-align:right" | 984813,520
| style="text-align:right" | 887313,810
| style="text-align:right" | —16,410
| style="text-align:right" | 1352013,760
| style="text-align:right" | 138101,670
| style="text-align:right" | 164101,659
| style="text-align:right" | 137601,522
| style="text-align:right" | —1,473
| style="text-align:right" | 167025,301
| style="text-align:right" | 165926,356
| style="text-align:right" | 152223,743
| style="text-align:right" | 147321,201
| style="text-align:right" | —
| style="text-align:right" | 25301
| style="text-align:right" | 26356
| style="text-align:right" | 23743
| style="text-align:right" | 21201
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,808 ⟶ 4,606:
|-
| style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | —-18,768
| style="text-align:right" | -1876818,690
| style="text-align:right" | -1869017,443
| style="text-align:right" | -1744316,817
| style="text-align:right" | -1681712,790
| style="text-align:right" | —-12,682
| style="text-align:right" | -1279012,093
| style="text-align:right" | -1268211,715
| style="text-align:right" | -12093
| style="text-align:right" | -11715
| style="text-align:right" | —
| style="text-align:right" | -108
| style="text-align:right" | -66
| style="text-align:right" | 39
| style="text-align:right" | 183
| style="text-align:right" | —-1,346
| style="text-align:right" | -13461,315
| style="text-align:right" | -13151,212
| style="text-align:right" | -12121,164
| style="text-align:right" | -11644,524
| style="text-align:right" | —-4,627
| style="text-align:right" | -45244,178
| style="text-align:right" | -46274,121
| style="text-align:right" | -4178
| style="text-align:right" | -4121
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,840 ⟶ 4,632:
|}
</div>
</table>
 
== 9. Life UE by Geography ==
 
<table id="11">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Life Underlying Earnings by Geography
! style="text-align:centerleft" | EUR million
! colspan="4" style="text-align:center" | Total
! style="text-align:center" |
! colspan="4" style="text-align:center" | France
! style="text-align:center" |
! colspan="4" style="text-align:center" | Europe
! style="text-align:center" |
! colspan="4" style="text-align:center" | AXA XL
! style="text-align:center" |
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! style="text-align:center" |
! colspan="4" style="text-align:center" | Transversal & Other
|-
! style="text-align:left" | Life Underlying Earnings by Geography—
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
Line 5,893 ⟶ 4,672:
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,926 ⟶ 4,699:
|-
| style="text-align:left" | Revenues
| style="text-align:right" | —2,112
| style="text-align:right" | 21124,247
| style="text-align:right" | 42472,211
| style="text-align:right" | 22114,444
| style="text-align:right" | 44441,902
| style="text-align:right" | —3,843
| style="text-align:right" | 19022,005
| style="text-align:right" | 38434,044
| style="text-align:right" | 2005
| style="text-align:right" | 4044
| style="text-align:right" | —
| style="text-align:right" | 53
| style="text-align:right" | 109
| style="text-align:right" | 54
| style="text-align:right" | 106
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 157
| style="text-align:right" | 296
| style="text-align:right" | 152
| style="text-align:right" | 295
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 5,958 ⟶ 4,725:
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —94.5%
| style="text-align:right" | 095.9455%
| style="text-align:right" | 095.9552%
| style="text-align:right" | 095.9524%
| style="text-align:right" | 095.9541%
| style="text-align:right" | —96.3%
| style="text-align:right" | 095.9519%
| style="text-align:right" | 096.9631%
| style="text-align:right" | 079.9598%
| style="text-align:right" | 077.9610%
| style="text-align:right" | —79.0%
| style="text-align:right" | 077.7983%
| style="text-align:right" | 0.770%
| style="text-align:right" | 0.790%
| style="text-align:right" | 0.7730%
| style="text-align:right" | —0.0%
| style="text-align:right" | 092.3%
| style="text-align:right" | 091.5%
| style="text-align:right" | 091.5%
| style="text-align:right" | 091.6%
| style="text-align:right" | —0.0%
| style="text-align:right" | 0.9230%
| style="text-align:right" | 0.9150%
| style="text-align:right" | 0.9150%
| style="text-align:right" | 0.916
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | —
| style="text-align:right" | 116
| style="text-align:right" | 191
| style="text-align:right" | 107
| style="text-align:right" | 206
| style="text-align:right" | —
| style="text-align:right" | 93
| style="text-align:right" | 141
| style="text-align:right" | 83
| style="text-align:right" | 158
| style="text-align:right" | —
| style="text-align:right" | 11
| style="text-align:right" | 25
| style="text-align:right" | 11
| style="text-align:right" | 24
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 12
| style="text-align:right" | 25
| style="text-align:right" | 13
| style="text-align:right" | 25
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,021 ⟶ 4,776:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Long-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 6,054 ⟶ 4,803:
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —1,136
| style="text-align:right" | 11362,253
| style="text-align:right" | 22531,158
| style="text-align:right" | 11582,415
| style="text-align:right" | 2415
| style="text-align:right" | —
| style="text-align:right" | 407
| style="text-align:right" | 823
| style="text-align:right" | 419
| style="text-align:right" | 895
| style="text-align:right" | —
| style="text-align:right" | 390
| style="text-align:right" | 759
| style="text-align:right" | 386
| style="text-align:right" | 804
| style="text-align:right" | —
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | —
| style="text-align:right" | 336
| style="text-align:right" | 669
| style="text-align:right" | 353
| style="text-align:right" | 715
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,086 ⟶ 4,829:
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | -71
| style="text-align:right" | -98
| style="text-align:right" | -28
| style="text-align:right" | -139
| style="text-align:right" | —
| style="text-align:right" | -40
| style="text-align:right" | -96
| style="text-align:right" | -37
| style="text-align:right" | -81
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | 12
| style="text-align:right" | 13
| style="text-align:right" | -53
| style="text-align:right" | —
| style="text-align:right" | 3
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | -5
| style="text-align:right" | —
| style="text-align:right" | -30
| style="text-align:right" | -16
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,118 ⟶ 4,855:
|-
| style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | -33
| style="text-align:right" | 10
| style="text-align:right" | 37
| style="text-align:right" | —
| style="text-align:right" | 8
| style="text-align:right" | -8
| style="text-align:right" | 2
| style="text-align:right" | 15
| style="text-align:right" | —
| style="text-align:right" | 3
| style="text-align:right" | -11
| style="text-align:right" | -11
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | -2
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | -12
| style="text-align:right" | -10
| style="text-align:right" | 20
| style="text-align:right" | 33
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,150 ⟶ 4,881:
|-
| style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | —
| style="text-align:right" | 25
| style="text-align:right" | 51
| style="text-align:right" | 37
| style="text-align:right" | 59
| style="text-align:right" | —
| style="text-align:right" | 5
| style="text-align:right" | 15
| style="text-align:right" | 9
| style="text-align:right" | 14
| style="text-align:right" | —
| style="text-align:right" | 12
| style="text-align:right" | 23
| style="text-align:right" | 20
| style="text-align:right" | 30
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | —
| style="text-align:right" | 8
| style="text-align:right" | 13
| style="text-align:right" | 8
| style="text-align:right" | 14
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,182 ⟶ 4,907:
|-
| style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | —
| style="text-align:right" | -30
| style="text-align:right" | 9
| style="text-align:right" | -10
| style="text-align:right" | -25
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -32
| style="text-align:right" | -23
| style="text-align:right" | -13
| style="text-align:right" | -33
| style="text-align:right" | —
| style="text-align:right" | 5
| style="text-align:right" | 5
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | 26
| style="text-align:right" | 3
| style="text-align:right" | 8
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,214 ⟶ 4,933:
|-
| style="text-align:left" | Other Long-term
| style="text-align:right" | —
| style="text-align:right" | -63
| style="text-align:right" | -124
| style="text-align:right" | -65
| style="text-align:right" | -211
| style="text-align:right" | —
| style="text-align:right" | -52
| style="text-align:right" | -103
| style="text-align:right" | -49
| style="text-align:right" | -111
| style="text-align:right" | —
| style="text-align:right" | 13
| style="text-align:right" | 23
| style="text-align:right" | 17
| style="text-align:right" | -44
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -23
| style="text-align:right" | -45
| style="text-align:right" | -34
| style="text-align:right" | -55
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,245 ⟶ 4,958:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Financial Result & Other'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 6,278 ⟶ 4,985:
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | —
| style="text-align:right" | 454
| style="text-align:right" | 799
| style="text-align:right" | 462
| style="text-align:right" | 738
| style="text-align:right" | —
| style="text-align:right" | 103
| style="text-align:right" | 193
| style="text-align:right" | 114
| style="text-align:right" | 185
| style="text-align:right" | —
| style="text-align:right" | 249
| style="text-align:right" | 432
| style="text-align:right" | 232
| style="text-align:right" | 401
| style="text-align:right" | —
| style="text-align:right" | 10
| style="text-align:right" | 19
| style="text-align:right" | 10
| style="text-align:right" | 20
| style="text-align:right" | —
| style="text-align:right" | 92
| style="text-align:right" | 155
| style="text-align:right" | 105
| style="text-align:right" | 132
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,310 ⟶ 5,011:
|-
| style="text-align:left" | Investment Income
| style="text-align:right" | —1,159
| style="text-align:right" | 11592,209
| style="text-align:right" | 22091,159
| style="text-align:right" | 11592,142
| style="text-align:right" | 2142
| style="text-align:right" | —
| style="text-align:right" | 344
| style="text-align:right" | 660
| style="text-align:right" | 346
| style="text-align:right" | 649
| style="text-align:right" | —
| style="text-align:right" | 451
| style="text-align:right" | 838
| style="text-align:right" | 438
| style="text-align:right" | 809
| style="text-align:right" | —
| style="text-align:right" | 13
| style="text-align:right" | 27
| style="text-align:right" | 14
| style="text-align:right" | 27
| style="text-align:right" | —
| style="text-align:right" | 350
| style="text-align:right" | 684
| style="text-align:right" | 361
| style="text-align:right" | 657
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,342 ⟶ 5,037:
|-
| style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | —
| style="text-align:right" | -705
| style="text-align:right" | -14101,410
| style="text-align:right" | -697
| style="text-align:right" | -14051,405
| style="text-align:right" | —
| style="text-align:right" | -241
| style="text-align:right" | -467
| style="text-align:right" | -232
| style="text-align:right" | -464
| style="text-align:right" | —
| style="text-align:right" | -202
| style="text-align:right" | -407
| style="text-align:right" | -206
| style="text-align:right" | -408
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | -7
| style="text-align:right" | -4
| style="text-align:right" | -8
| style="text-align:right" | —
| style="text-align:right" | -259
| style="text-align:right" | -530
| style="text-align:right" | -256
| style="text-align:right" | -525
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,374 ⟶ 5,063:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 6,406 ⟶ 5,089:
|-
| style="text-align:left" | Other 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" | —
Line 6,438 ⟶ 5,115:
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 6,469 ⟶ 5,140:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings Before Tax'''
| style="text-align:right" | —'''1,634'''
| style="text-align:right" | 1634'''3,145'''
| style="text-align:right" | 3145'''1,699'''
| style="text-align:right" | 1699'''3,219'''
| style="text-align:right" | 3219'''563'''
| style="text-align:right" | —'''1,060'''
| style="text-align:right" | 563'''579'''
| style="text-align:right" | 1060'''1,156'''
| style="text-align:right" | 579'''645'''
| style="text-align:right" | 1156'''1,227'''
| style="text-align:right" | —'''643'''
| style="text-align:right" | 645'''1,176'''
| style="text-align:right" | 1227'''17'''
| style="text-align:right" | 643'''25'''
| style="text-align:right" | 1176'''10'''
| style="text-align:right" | —'''16'''
| style="text-align:right" | 17'''409'''
| style="text-align:right" | 25'''833'''
| style="text-align:right" | 10'''468'''
| style="text-align:right" | 16'''872'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 409'''0'''
| style="text-align:right" | 833'''0'''
| style="text-align:right" | 468'''0'''
| style="text-align:right" | 872
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Tax
| style="text-align:right" | —
| style="text-align:right" | -316
| style="text-align:right" | -635
| style="text-align:right" | -329
| style="text-align:right" | -584
| style="text-align:right" | —
| style="text-align:right" | -96
| style="text-align:right" | -194
| style="text-align:right" | -93
| style="text-align:right" | -213
| style="text-align:right" | —
| style="text-align:right" | -148
| style="text-align:right" | -289
| style="text-align:right" | -131
| style="text-align:right" | -183
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | -68
| style="text-align:right" | -152
| style="text-align:right" | -103
| style="text-align:right" | -184
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,534 ⟶ 5,193:
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | —
| style="text-align:right" | 101
| style="text-align:right" | 182
| style="text-align:right" | 93
| style="text-align:right" | 154
| style="text-align:right" | —
| style="text-align:right" | 4
| style="text-align:right" | 9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 97
| style="text-align:right" | 173
| style="text-align:right" | 93
| style="text-align:right" | 154
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,566 ⟶ 5,219:
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | —
| style="text-align:right" | -27
| style="text-align:right" | -56
| style="text-align:right" | -30
| style="text-align:right" | -75
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -23
| style="text-align:right" | -47
| style="text-align:right" | -28
| style="text-align:right" | -70
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | -9
| style="text-align:right" | -3
| style="text-align:right" | -5
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,597 ⟶ 5,244:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying Earnings Group share'''
| style="text-align:right" | —'''1,392'''
| style="text-align:right" | 1392'''2,636'''
| style="text-align:right" | 2636'''1,433'''
| style="text-align:right" | 1433'''2,715'''
| style="text-align:right" | 2715'''470'''
| style="text-align:right" | —'''875'''
| style="text-align:right" | 470'''486'''
| style="text-align:right" | 875'''943'''
| style="text-align:right" | 486'''474'''
| style="text-align:right" | 943'''891'''
| style="text-align:right" | —'''484'''
| style="text-align:right" | 474'''923'''
| style="text-align:right" | 891'''14'''
| style="text-align:right" | 484'''25'''
| style="text-align:right" | 923'''8'''
| style="text-align:right" | —'''12'''
| style="text-align:right" | 14'''434'''
| style="text-align:right" | 25'''845'''
| style="text-align:right" | 8'''456'''
| style="text-align:right" | 12'''837'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 434'''0'''
| style="text-align:right" | 845'''0'''
| style="text-align:right" | 456'''0'''
| style="text-align:right" | 837
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 6,661 ⟶ 5,296:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Liabilities for remaining coverage net of reinsurance'''
| style="text-align:right" | —'''157'''
| style="text-align:right" | 157'''96'''
| style="text-align:right" | 96'''105'''
| style="text-align:right" | 105'''21'''
| style="text-align:right" | 21'''23'''
| style="text-align:right" | —'''-19'''
| style="text-align:right" | 23'''4'''
| style="text-align:right" | '''-1941'''
| style="text-align:right" | 4'''-3'''
| style="text-align:right" | '''-4114'''
| style="text-align:right" | —'''-35'''
| style="text-align:right" | '''-324'''
| style="text-align:right" | -14'''0'''
| style="text-align:right" | -35'''0'''
| style="text-align:right" | -24'''0'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 0'''137'''
| style="text-align:right" | 0'''129'''
| style="text-align:right" | 0'''137'''
| style="text-align:right" | 0'''86'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 137'''0'''
| style="text-align:right" | 129'''0'''
| style="text-align:right" | 137'''0'''
| style="text-align:right" | 86
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Best Estimate for incurred Claims net of reinsurance'''
| style="text-align:right" | —'''11,589'''
| style="text-align:right" | 11589'''11,778'''
| style="text-align:right" | 11778'''11,623'''
| style="text-align:right" | 11623'''11,205'''
| style="text-align:right" | 11205'''11,349'''
| style="text-align:right" | —'''11,502'''
| style="text-align:right" | 11349'''11,352'''
| style="text-align:right" | 11502'''10,939'''
| style="text-align:right" | 11352'''75'''
| style="text-align:right" | 10939'''120'''
| style="text-align:right" | —'''118'''
| style="text-align:right" | 75'''124'''
| style="text-align:right" | 120'''0'''
| style="text-align:right" | 118'''0'''
| style="text-align:right" | 124'''0'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 0'''165'''
| style="text-align:right" | 0'''157'''
| style="text-align:right" | 0'''154'''
| style="text-align:right" | 0'''142'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 165'''0'''
| style="text-align:right" | 157'''0'''
| style="text-align:right" | 154'''0'''
| style="text-align:right" | 142
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 6,757 ⟶ 5,374:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Best Estimate Liabilities net of reinsurance'''
| style="text-align:right" | —'''275,276'''
| style="text-align:right" | 275276'''285,391'''
| style="text-align:right" | 285391'''280,314'''
| style="text-align:right" | 280314'''280,280'''
| style="text-align:right" | 280280'''112,949'''
| style="text-align:right" | —'''115,280'''
| style="text-align:right" | 112949'''114,525'''
| style="text-align:right" | 115280'''114,424'''
| style="text-align:right" | 114525'''114,389'''
| style="text-align:right" | 114424'''117,841'''
| style="text-align:right" | —'''116,058'''
| style="text-align:right" | 114389'''115,433'''
| style="text-align:right" | 117841'''324'''
| style="text-align:right" | 116058'''345'''
| style="text-align:right" | 115433'''310'''
| style="text-align:right" | —'''309'''
| style="text-align:right" | 324'''47,614'''
| style="text-align:right" | 345'''51,926'''
| style="text-align:right" | 310'''49,420'''
| style="text-align:right" | 309'''50,113'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 47614'''0'''
| style="text-align:right" | 51926'''0'''
| style="text-align:right" | 49420'''0'''
| style="text-align:right" | 50113
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA Gross of reinsurance
| style="text-align:right" | —243,037
| style="text-align:right" | 243037251,273
| style="text-align:right" | 251273244,964
| style="text-align:right" | 244964250,326
| style="text-align:right" | 250326116,132
| style="text-align:right" | —117,942
| style="text-align:right" | 116132116,770
| style="text-align:right" | 117942117,266
| style="text-align:right" | 116770100,727
| style="text-align:right" | 117266103,800
| style="text-align:right" | —99,267
| style="text-align:right" | 100727101,144
| style="text-align:right" | 103800
| style="text-align:right" | 99267
| style="text-align:right" | 101144
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —26,178
| style="text-align:right" | 2617829,530
| style="text-align:right" | 2953028,928
| style="text-align:right" | 2892831,916
| style="text-align:right" | 31916
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,822 ⟶ 5,427:
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA Gross of reinsurance
| style="text-align:right" | —50,917
| style="text-align:right" | 5091752,713
| style="text-align:right" | 5271352,731
| style="text-align:right" | 5273146,724
| style="text-align:right" | 467249,606
| style="text-align:right" | —10,019
| style="text-align:right" | 96069,848
| style="text-align:right" | 100198,873
| style="text-align:right" | 984813,770
| style="text-align:right" | 887314,107
| style="text-align:right" | —16,752
| style="text-align:right" | 1377014,106
| style="text-align:right" | 141071,670
| style="text-align:right" | 167521,659
| style="text-align:right" | 141061,522
| style="text-align:right" | —1,473
| style="text-align:right" | 167025,871
| style="text-align:right" | 165926,927
| style="text-align:right" | 152224,608
| style="text-align:right" | 147322,272
| style="text-align:right" | —
| style="text-align:right" | 25871
| style="text-align:right" | 26927
| style="text-align:right" | 24608
| style="text-align:right" | 22272
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,854 ⟶ 5,453:
|-
| style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | —-18,679
| style="text-align:right" | -1867918,595
| style="text-align:right" | -1859517,381
| style="text-align:right" | -1738116,770
| style="text-align:right" | -1677012,790
| style="text-align:right" | —-12,682
| style="text-align:right" | -1279012,093
| style="text-align:right" | -1268211,715
| style="text-align:right" | -12093
| style="text-align:right" | -11715
| style="text-align:right" | —
| style="text-align:right" | -108
| style="text-align:right" | -66
| style="text-align:right" | 39
| style="text-align:right" | 183
| style="text-align:right" | —-1,346
| style="text-align:right" | -13461,315
| style="text-align:right" | -13151,212
| style="text-align:right" | -12121,164
| style="text-align:right" | -11644,435
| style="text-align:right" | —-4,532
| style="text-align:right" | -44354,116
| style="text-align:right" | -45324,074
| style="text-align:right" | -4116
| style="text-align:right" | -4074
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,886 ⟶ 5,479:
|}
</div>
</table>
 
== 10. Health UE by Geography ==
 
<table id="12">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Health Underlying Earnings by Geography
! style="text-align:centerleft" | EUR million
! colspan="4" style="text-align:center" | Total
! style="text-align:center" |
! colspan="4" style="text-align:center" | France
! style="text-align:center" |
! colspan="4" style="text-align:center" | Europe
! style="text-align:center" |
! colspan="4" style="text-align:center" | AXA XL
! style="text-align:center" |
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! style="text-align:center" |
! colspan="4" style="text-align:center" | Transversal & Other
|-
! style="text-align:left" | Health Underlying Earnings by Geography—
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | FY24
Line 6,939 ⟶ 5,519:
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Short-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 6,972 ⟶ 5,546:
|-
| style="text-align:left" | Revenues
| style="text-align:right" | —5,867
| style="text-align:right" | 586711,960
| style="text-align:right" | 119606,301
| style="text-align:right" | 630112,972
| style="text-align:right" | 129722,752
| style="text-align:right" | —5,661
| style="text-align:right" | 27522,865
| style="text-align:right" | 56615,744
| style="text-align:right" | 28651,725
| style="text-align:right" | 57443,495
| style="text-align:right" | —1,997
| style="text-align:right" | 17254,314
| style="text-align:right" | 3495
| style="text-align:right" | 1997
| style="text-align:right" | 4314
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —1,300
| style="text-align:right" | 13002,629
| style="text-align:right" | 26291,350
| style="text-align:right" | 13502,742
| style="text-align:right" | 2742
| style="text-align:right" | —
| style="text-align:right" | 90
| style="text-align:right" | 174
Line 7,004 ⟶ 5,572:
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —98.6%
| style="text-align:right" | 098.9861%
| style="text-align:right" | 097.9818%
| style="text-align:right" | 097.9789%
| style="text-align:right" | 097.9798%
| style="text-align:right" | —97.9%
| style="text-align:right" | 098.9785%
| style="text-align:right" | 098.9791%
| style="text-align:right" | 099.9854%
| style="text-align:right" | 097.9815%
| style="text-align:right" | —96.9%
| style="text-align:right" | 095.9942%
| style="text-align:right" | 0.9750%
| style="text-align:right" | 0.9690%
| style="text-align:right" | 0.9520%
| style="text-align:right" | —0.0%
| style="text-align:right" | 100.0%
| style="text-align:right" | 100.0%
| style="text-align:right" | 098.3%
| style="text-align:right" | 0102.3%
| style="text-align:right" | —92.2%
| style="text-align:right" | 89.1%
| style="text-align:right" | 183.6%
| style="text-align:right" | 086.9837%
| style="text-align:right" | 1.023
| style="text-align:right" | —
| style="text-align:right" | 0.922
| style="text-align:right" | 0.891
| style="text-align:right" | 0.836
| style="text-align:right" | 0.867
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | —
| style="text-align:right" | 79
| style="text-align:right" | 224
| style="text-align:right" | 141
| style="text-align:right" | 273
| style="text-align:right" | —
| style="text-align:right" | 62
| style="text-align:right" | 117
| style="text-align:right" | 42
| style="text-align:right" | 108
| style="text-align:right" | —
| style="text-align:right" | 10
| style="text-align:right" | 88
| style="text-align:right" | 62
| style="text-align:right" | 206
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 23
| style="text-align:right" | -64
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 19
Line 7,067 ⟶ 5,623:
| style="text-align:right" | 23
|-
| style="text-align:left" | '''Long-term Business'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,100 ⟶ 5,650:
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —
| style="text-align:right" | 259
| style="text-align:right" | 522
| style="text-align:right" | 270
| style="text-align:right" | 539
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 78
| style="text-align:right" | 161
| style="text-align:right" | 84
| style="text-align:right" | 180
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 180
| style="text-align:right" | 360
| style="text-align:right" | 186
| style="text-align:right" | 359
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,132 ⟶ 5,676:
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 3
| style="text-align:right" | -2
| style="text-align:right" | -11
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -6
| style="text-align:right" | -20
| style="text-align:right" | -5
| style="text-align:right" | -17
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 14
| style="text-align:right" | 23
| style="text-align:right" | 3
| style="text-align:right" | 6
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,164 ⟶ 5,702:
|-
| style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | —
| style="text-align:right" | 13
| style="text-align:right" | 18
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 12
| style="text-align:right" | 18
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,196 ⟶ 5,728:
|-
| style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | —
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 7
| style="text-align:right" | 13
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 5
| style="text-align:right" | 10
| style="text-align:right" | 5
| style="text-align:right" | 11
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,228 ⟶ 5,754:
|-
| style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | —
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | 0
| style="text-align:right" | -3
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -1
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -1
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,260 ⟶ 5,780:
|-
| style="text-align:left" | Other Long-term
| style="text-align:right" | —
| style="text-align:right" | -8
| style="text-align:right" | -21
| style="text-align:right" | -9
| style="text-align:right" | -22
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -6
| style="text-align:right" | -16
| style="text-align:right" | -6
| style="text-align:right" | -16
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -2
| style="text-align:right" | -5
| style="text-align:right" | -3
| style="text-align:right" | -5
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,291 ⟶ 5,805:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Financial Result & Other'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,324 ⟶ 5,832:
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | —
| style="text-align:right" | 82
| style="text-align:right" | 176
| style="text-align:right" | 101
| style="text-align:right" | 209
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | 4
| style="text-align:right" | 12
| style="text-align:right" | —
| style="text-align:right" | 35
| style="text-align:right" | 72
| style="text-align:right" | 37
| style="text-align:right" | 76
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 51
| style="text-align:right" | 105
| style="text-align:right" | 60
| style="text-align:right" | 118
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,356 ⟶ 5,858:
|-
| style="text-align:left" | Investment Income
| style="text-align:right" | —
| style="text-align:right" | 160
| style="text-align:right" | 317
| style="text-align:right" | 170
| style="text-align:right" | 341
| style="text-align:right" | —
| style="text-align:right" | 26
| style="text-align:right" | 41
| style="text-align:right" | 24
| style="text-align:right" | 55
| style="text-align:right" | —
| style="text-align:right" | 39
| style="text-align:right" | 77
| style="text-align:right" | 40
| style="text-align:right" | 79
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 95
| style="text-align:right" | 198
| style="text-align:right" | 106
| style="text-align:right" | 205
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,388 ⟶ 5,884:
|-
| style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | —
| style="text-align:right" | -78
| style="text-align:right" | -140
| style="text-align:right" | -69
| style="text-align:right" | -133
| style="text-align:right" | —
| style="text-align:right" | -29
| style="text-align:right" | -43
| style="text-align:right" | -20
| style="text-align:right" | -42
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | -5
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -45
| style="text-align:right" | -93
| style="text-align:right" | -45
| style="text-align:right" | -87
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,420 ⟶ 5,910:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,452 ⟶ 5,936:
|-
| style="text-align:left" | Other 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" | —
Line 7,484 ⟶ 5,962:
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,515 ⟶ 5,987:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings Before Tax'''
| style="text-align:right" | —'''427'''
| style="text-align:right" | 427'''925'''
| style="text-align:right" | 925'''510'''
| style="text-align:right" | 510'''1,010'''
| style="text-align:right" | 1010'''59'''
| style="text-align:right" | —'''116'''
| style="text-align:right" | 59'''46'''
| style="text-align:right" | 116'''120'''
| style="text-align:right" | 46'''117'''
| style="text-align:right" | 120'''302'''
| style="text-align:right" | —'''178'''
| style="text-align:right" | 117'''446'''
| style="text-align:right" | 302'''0'''
| style="text-align:right" | 178'''0'''
| style="text-align:right" | 446'''0'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 0'''245'''
| style="text-align:right" | 0'''489'''
| style="text-align:right" | 0'''272'''
| style="text-align:right" | 0'''419'''
| style="text-align:right" | —'''7'''
| style="text-align:right" | 245'''19'''
| style="text-align:right" | 489'''14'''
| style="text-align:right" | 272'''25'''
| style="text-align:right" | 419
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 25
|-
| style="text-align:left" | Tax
| style="text-align:right" | —
| style="text-align:right" | -96
| style="text-align:right" | -239
| style="text-align:right" | -133
| style="text-align:right" | -216
| style="text-align:right" | —
| style="text-align:right" | -10
| style="text-align:right" | -27
| style="text-align:right" | -7
| style="text-align:right" | -24
| style="text-align:right" | —
| style="text-align:right" | -31
| style="text-align:right" | -87
| style="text-align:right" | -46
| style="text-align:right" | -101
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -55
| style="text-align:right" | -125
| style="text-align:right" | -80
| style="text-align:right" | -88
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,580 ⟶ 6,040:
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | —
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 2
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 2
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,612 ⟶ 6,066:
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | -9
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,643 ⟶ 6,091:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying Earnings Group share'''
| style="text-align:right" | —'''333'''
| style="text-align:right" | 333'''687'''
| style="text-align:right" | 687'''381'''
| style="text-align:right" | 381'''787'''
| style="text-align:right" | 787'''49'''
| style="text-align:right" | —'''89'''
| style="text-align:right" | 49'''39'''
| style="text-align:right" | 89'''96'''
| style="text-align:right" | 39'''85'''
| style="text-align:right" | 96'''213'''
| style="text-align:right" | —'''132'''
| style="text-align:right" | 85'''341'''
| style="text-align:right" | 213'''0'''
| style="text-align:right" | 132'''0'''
| style="text-align:right" | 341'''0'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 0'''192'''
| style="text-align:right" | 0'''366'''
| style="text-align:right" | 0'''197'''
| style="text-align:right" | 0'''328'''
| style="text-align:right" | —'''7'''
| style="text-align:right" | 192'''19'''
| style="text-align:right" | 366'''14'''
| style="text-align:right" | 197'''22'''
| style="text-align:right" | 328
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 22
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,707 ⟶ 6,143:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Liabilities for remaining coverage net of reinsurance'''
| style="text-align:right" | —'''2,289'''
| style="text-align:right" | 2289'''2,000'''
| style="text-align:right" | 2000'''2,750'''
| style="text-align:right" | 2750'''2,490'''
| style="text-align:right" | 2490'''27'''
| style="text-align:right" | —'''18'''
| style="text-align:right" | 27'''24'''
| style="text-align:right" | 18'''35'''
| style="text-align:right" | 24'''1,231'''
| style="text-align:right" | 35'''981'''
| style="text-align:right" | —'''1,654'''
| style="text-align:right" | 1231'''1,375'''
| style="text-align:right" | 981'''0'''
| style="text-align:right" | 1654'''0'''
| style="text-align:right" | 1375'''0'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 0'''1,022'''
| style="text-align:right" | 0'''995'''
| style="text-align:right" | 0'''1,067'''
| style="text-align:right" | 0'''1,069'''
| style="text-align:right" | —'''9'''
| style="text-align:right" | 1022'''6'''
| style="text-align:right" | 995'''5'''
| style="text-align:right" | 1067'''10'''
| style="text-align:right" | 1069
| style="text-align:right" | —
| style="text-align:right" | 9
| style="text-align:right" | 6
| style="text-align:right" | 5
| style="text-align:right" | 10
|-
| style="text-align:left" | '''Best Estimate for incurred Claims net of reinsurance'''
| style="text-align:right" | —'''2,286'''
| style="text-align:right" | 2286'''2,384'''
| style="text-align:right" | 2384'''2,337'''
| style="text-align:right" | 2337'''3,386'''
| style="text-align:right" | 3386'''1,240'''
| style="text-align:right" | —'''1,329'''
| style="text-align:right" | 1240'''1,091'''
| style="text-align:right" | 1329'''1,911'''
| style="text-align:right" | 1091'''698'''
| style="text-align:right" | 1911'''751'''
| style="text-align:right" | —'''898'''
| style="text-align:right" | 698'''1,062'''
| style="text-align:right" | 751'''0'''
| style="text-align:right" | 898'''0'''
| style="text-align:right" | 1062'''0'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 0'''336'''
| style="text-align:right" | 0'''290'''
| style="text-align:right" | 0'''334'''
| style="text-align:right" | 0'''398'''
| style="text-align:right" | —'''13'''
| style="text-align:right" | 336'''14'''
| style="text-align:right" | 290'''15'''
| style="text-align:right" | 334'''15'''
| style="text-align:right" | 398
| style="text-align:right" | —
| style="text-align:right" | 13
| style="text-align:right" | 14
| style="text-align:right" | 15
| style="text-align:right" | 15
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 7,803 ⟶ 6,221:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Best Estimate Liabilities net of reinsurance'''
| style="text-align:right" | —'''20,066'''
| style="text-align:right" | 20066'''20,858'''
| style="text-align:right" | 20858'''20,726'''
| style="text-align:right" | 20726'''20,112'''
| style="text-align:right" | 20112'''0'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | '''0'''
| style="text-align:right" | '''0'''
| style="text-align:right" | 0'''20,645'''
| style="text-align:right" | 0'''21,416'''
| style="text-align:right" | —'''21,527'''
| style="text-align:right" | 20645'''21,291'''
| style="text-align:right" | 21416'''0'''
| style="text-align:right" | 21527'''0'''
| style="text-align:right" | 21291'''0'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | 0'''-579'''
| style="text-align:right" | 0'''-557'''
| style="text-align:right" | 0'''-800'''
| style="text-align:right" | 0'''-1,180'''
| style="text-align:right" | —'''0'''
| style="text-align:right" | -579'''0'''
| style="text-align:right" | -557'''0'''
| style="text-align:right" | -800'''0'''
| style="text-align:right" | -1180
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA Gross of reinsurance
| style="text-align:right" | —20,977
| style="text-align:right" | 2097721,821
| style="text-align:right" | 2182121,996
| style="text-align:right" | 2199621,576
| style="text-align:right" | 21576
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —20,896
| style="text-align:right" | 2089621,713
| style="text-align:right" | 2171321,868
| style="text-align:right" | 2186821,637
| style="text-align:right" | 21637
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 81
| style="text-align:right" | 109
| style="text-align:right" | 128
| style="text-align:right" | -62
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,868 ⟶ 6,274:
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA Gross of reinsurance
| style="text-align:right" | —
| style="text-align:right" | -821
| style="text-align:right" | -868
| style="text-align:right" | -12071,207
| style="text-align:right" | -14171,417
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -250
| style="text-align:right" | -297
| style="text-align:right" | -342
| style="text-align:right" | -346
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -571
| style="text-align:right" | -571
| style="text-align:right" | -866
| style="text-align:right" | -10711,071
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,900 ⟶ 6,300:
|-
| style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | —
| style="text-align:right" | -90
| style="text-align:right" | -95
| style="text-align:right" | -62
| style="text-align:right" | -47
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | -90
| style="text-align:right" | -95
| style="text-align:right" | -62
| style="text-align:right" | -47
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 7,932 ⟶ 6,326:
|}
</div>
</table>
 
== 11. Asset Management ==
 
<table id="13">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" | EUR million
! style="text-align:center" |
! colspan="2" style="text-align:center" | 1H24
! style="text-align:center" |
! colspan="2" style="text-align:center" | FY24
! style="text-align:center" |
! colspan="2" style="text-align:center" | 1H25
! style="text-align:center" |
! colspan="2" style="text-align:center" | FY25*
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | o/w Third Party
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | o/w Third Party
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | o/w Third Party
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | o/w Third Party
|-
| style="text-align:left" | '''Opening AUM (in Euro billion)'''
| style="text-align:right" | —'''843'''
| style="text-align:right" | 843'''332'''
| style="text-align:right" | 332'''843'''
| style="text-align:right" | —'''332'''
| style="text-align:right" | 843'''879'''
| style="text-align:right" | 332'''356'''
| style="text-align:right" | —'''879'''
| style="text-align:right" | 878.889419'''356'''
| style="text-align:right" | 356
| style="text-align:right" | —
| style="text-align:right" | 878.889419
| style="text-align:right" | 356
|-
| style="text-align:left" | Net Inflows
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | -1
| style="text-align:right" | —
| style="text-align:right" | 3
| style="text-align:right" | 4
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | -10
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | -10
|-
| style="text-align:left" | Scope & Other
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 10
| style="text-align:right" | —
| style="text-align:right" | 2
| style="text-align:right" | 21
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | -6
|-
| style="text-align:left" | Market Effect
| style="text-align:right" | —
| style="text-align:right" | 12
| style="text-align:right" | 10
| style="text-align:right" | —
| style="text-align:right" | 26
| style="text-align:right" | 21
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | -3
| style="text-align:right" | -6
|-
| style="text-align:left" | Currency Impact
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | 10
| style="text-align:right" | —
| style="text-align:right" | 5
| style="text-align:right" | 21
| style="text-align:right" | —
| style="text-align:right" | -21
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | -21
| style="text-align:right" | -6
|-
| style="text-align:left" | '''Closing AUM (in Euro billion)'''
| style="text-align:right" | —'''859'''
| style="text-align:right" | 859'''340'''
| style="text-align:right" | 340'''879'''
| style="text-align:right" | —'''356'''
| style="text-align:right" | 879'''853'''
| style="text-align:right" | 356'''341'''
| style="text-align:right" | —'''853'''
| style="text-align:right" | 853'''341'''
| style="text-align:right" | 341
| style="text-align:right" | —
| style="text-align:right" | 853
| style="text-align:right" | 341
|-
| style="text-align:left" | Alternatives
| style="text-align:right" | —
| style="text-align:right" | 227
| style="text-align:right" | 86
| style="text-align:right" | —
| style="text-align:right" | 229
| style="text-align:right" | 90
| style="text-align:right" | —
| style="text-align:right" | 233
| style="text-align:right" | 95
| style="text-align:right" | —
| style="text-align:right" | 233
| style="text-align:right" | 95
|-
| style="text-align:left" | Core & Other
| style="text-align:right" | —
| style="text-align:right" | 532
| style="text-align:right" | 254
| style="text-align:right" | —
| style="text-align:right" | 551
| style="text-align:right" | 266
| style="text-align:right" | —
| style="text-align:right" | 528
| style="text-align:right" | 246
| style="text-align:right" | —
| style="text-align:right" | 528
| style="text-align:right" | 246
|-
| style="text-align:left" | Asian Joint Ventures
| style="text-align:right" | —
| style="text-align:right" | 101
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 99
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 92
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 92
| style="text-align:right" | —
|-
| style="text-align:left" | '''Gross Revenues - After Intercompany Elimination'''
| style="text-align:right" | '''787'''
| style="text-align:right" | —
| style="text-align:right" | 787'''1,701'''
| style="text-align:right" | —
| style="text-align:right" | '''875'''
| style="text-align:right" | —
| style="text-align:right" | 1701'''875'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 875
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 875
| style="text-align:right" | —
|-
| style="text-align:left" | '''Gross Revenues - Before Intercompany Elimination'''
| style="text-align:right" | '''937'''
| style="text-align:right" | —
| style="text-align:right" | 937'''2,004'''
| style="text-align:right" | —
| style="text-align:right" | '''1,018'''
| style="text-align:right" | —
| style="text-align:right" | 2004'''1,018'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1018
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1018
| style="text-align:right" | —
|-
| style="text-align:left" | Management Fees
| style="text-align:right" | —
| style="text-align:right" | 679
| style="text-align:right" | 385
| style="text-align:right" | —1,425
| style="text-align:right" | 1425
| style="text-align:right" | 773
| style="text-align:right" | —
| style="text-align:right" | 724
| style="text-align:right" | 439
| style="text-align:right" | —
| style="text-align:right" | 724
| style="text-align:right" | 439
|-
| style="text-align:left" | Performance Fees
| style="text-align:right" | —
| style="text-align:right" | 18
| style="text-align:right" | 8
| style="text-align:right" | —
| style="text-align:right" | 57
| style="text-align:right" | 21
| style="text-align:right" | —
| style="text-align:right" | 16
| style="text-align:right" | 9
| style="text-align:right" | —
| style="text-align:right" | 16
| style="text-align:right" | 9
|-
| style="text-align:left" | Distribution Fees
| style="text-align:right" | —
| style="text-align:right" | 205
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 409
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 231
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 231
Line 8,160 ⟶ 6,488:
|-
| style="text-align:left" | Other
| style="text-align:right" | —
| style="text-align:right" | 35
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 112
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 46
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 46
| style="text-align:right" | —
|-
| style="text-align:left" | '''General Expenses'''
| style="text-align:right" | '''-698'''
| style="text-align:right" | —
| style="text-align:right" | '''-6981,493'''
| style="text-align:right" | —
| style="text-align:right" | '''-793'''
| style="text-align:right" | —
| style="text-align:right" | '''-1493793'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -793
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -793
| style="text-align:right" | —
|-
| style="text-align:left" | Distribution Fees Retroceded
| style="text-align:right" | —
| style="text-align:right" | -205
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -409
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -231
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -231
Line 8,202 ⟶ 6,518:
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | —
| style="text-align:right" | 24
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 35
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 14
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 14
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings Before Tax'''
| style="text-align:right" | '''263'''
| style="text-align:right" | —
| style="text-align:right" | 263'''546'''
| style="text-align:right" | —
| style="text-align:right" | '''239'''
| style="text-align:right" | —
| style="text-align:right" | 546'''239'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 239
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 239
| style="text-align:right" | —
|-
| style="text-align:left" | Tax
| style="text-align:right" | —
| style="text-align:right" | -69
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -160
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -68
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -68
Line 8,244 ⟶ 6,548:
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | —
| style="text-align:right" | 16
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 29
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 8
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 8
Line 8,258 ⟶ 6,558:
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | —
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -13
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Earnings Group Share'''
| style="text-align:right" | '''204'''
| style="text-align:right" | —
| style="text-align:right" | 204'''402'''
| style="text-align:right" | —
| style="text-align:right" | '''175'''
| style="text-align:right" | —
| style="text-align:right" | 402'''175'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 175
| style="text-align:right" | —
|-
| style="text-align:left" | '''Average Assets under Management (€bn)'''
| style="text-align:right" | '''749'''
| style="text-align:right" | —
| style="text-align:right" | 749'''759'''
| style="text-align:right" | —
| style="text-align:right" | '''769'''
| style="text-align:right" | —
| style="text-align:right" | 759'''769'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 769
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 769
| style="text-align:right" | —
|-
| style="text-align:left" | '''Asset Management Fee bps'''
| style="text-align:right" | '''18.1 bps'''
| style="text-align:right" | —
| style="text-align:right" | '''18.1198 bps'''
| style="text-align:right" | —
| style="text-align:right" | '''18.8 bps'''
| style="text-align:right" | —
| style="text-align:right" | '''18.7698 bps'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 18.83
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 18.83
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying Cost Income Ratio'''
| style="text-align:right" | —'''67.3%'''
| style="text-align:right" | 0.673
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.68
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0'''68.7140%'''
| style="text-align:right" | —
| style="text-align:right" | '''71.4%'''
| style="text-align:right" | —
| style="text-align:right" | 0'''71.7144%'''
| style="text-align:right" | —
|}
</div>
</table>
 
* (*AXA) ''AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.''
 
== 12. Holdings ==
 
<table id="14">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Holdings Underlying Earnings¹
! style="text-align:right; width:6emleft" | —EUR million
! style="text-align:right; width:6em" | 1H24
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | 1H25
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | —
| style="text-align:right" | 181
| style="text-align:right" | —
| style="text-align:right" | 402
| style="text-align:right" | —
| style="text-align:right" | 228
| style="text-align:right" | —
| style="text-align:right" | 422
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | 522
| style="text-align:right" | —1,050
| style="text-align:right" | 1050
| style="text-align:right" | —
| style="text-align:right" | 607
| style="text-align:right" | —1,149
| style="text-align:right" | 1149
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | -925
| style="text-align:right" | —-1,986
| style="text-align:right" | -19861,075
| style="text-align:right" | —-2,107
|-
| style="text-align:right" | -1075
| style="text-align:rightleft" | —Debt Financing Charges
| style="text-align:right" | -2107471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
|-
| style="text-align:left" | '''Underlying Earnings Before Tax'''
| style="text-align:right" | '''-693'''
| style="text-align:right" | '''-1,482'''
| style="text-align:right" | '''-692'''
| style="text-align:right" | '''-1,464'''
|-
| style="text-align:left" | Tax
| style="text-align:right" | —
| style="text-align:right" | 100
| style="text-align:right" | —
| style="text-align:right" | 324
| style="text-align:right" | —
| style="text-align:right" | 101
| style="text-align:right" | —
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying Earnings Group share'''
| style="text-align:right" | '''-592'''
| style="text-align:right" | '''-1,157'''
| style="text-align:right" | '''-591'''
| style="text-align:right" | '''-1,180'''
|}
</div>
</table>
 
''¹* <sup>¹</sup> Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.''
''²* <sup>²</sup> Includes liquid invested assets.''
''³* <sup>³</sup> Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).''
''⁴* <sup>⁴</sup> On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).''
 
== 13. Activity indicators ==
 
<table id="15">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Activity Indicators by Line of Business
! style="text-align:centerleft" | EUR million
! colspan="8" style="text-align:center" | 1H24
! style="text-align:center" |
! colspan="8" style="text-align:center" | FY24
! style="text-align:center" |
! colspan="8" style="text-align:center" | 1H25
! style="text-align:center" |
! colspan="8" style="text-align:center" | FY25
|-
! style="text-align:left" | Activity Indicators by Line of Business—
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | P&C
Line 8,440 ⟶ 6,703:
! style="text-align:right; width:6em" | Asset Management
! style="text-align:right; width:6em" | Bank
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | P&C
Line 8,449 ⟶ 6,711:
! style="text-align:right; width:6em" | Asset Management
! style="text-align:right; width:6em" | Bank
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | P&C
Line 8,458 ⟶ 6,719:
! style="text-align:right; width:6em" | Asset Management
! style="text-align:right; width:6em" | Bank
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | P&C
Line 8,469 ⟶ 6,729:
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | —59,872
| style="text-align:right" | 5987232,522
| style="text-align:right" | 3252226,505
| style="text-align:right" | 265056,673
| style="text-align:right" | 667317,419
| style="text-align:right" | 174199,086
| style="text-align:right" | 9086
| style="text-align:right" | 787
| style="text-align:right" | 57
| style="text-align:right" | —110,316
| style="text-align:right" | 11031656,514
| style="text-align:right" | 5651451,983
| style="text-align:right" | 5198312,167
| style="text-align:right" | 1216734,497
| style="text-align:right" | 3449717,486
| style="text-align:right" | 174861,701
| style="text-align:right" | 1701
| style="text-align:right" | 118
| style="text-align:right" | —64,251
| style="text-align:right" | 6425134,097
| style="text-align:right" | 3409729,230
| style="text-align:right" | 292307,223
| style="text-align:right" | 722319,081
| style="text-align:right" | 1908110,149
| style="text-align:right" | 10149
| style="text-align:right" | 875
| style="text-align:right" | 49
| style="text-align:right" | —115,524
| style="text-align:right" | 11552458,038
| style="text-align:right" | 5803856,512
| style="text-align:right" | 5651212,867
| style="text-align:right" | 1286737,499
| style="text-align:right" | 3749919,014
| style="text-align:right" | 19014
| style="text-align:right" | 875
| style="text-align:right" | 99
|-
| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)
| style="text-align:right" | 1,206
| style="text-align:right" | —
| style="text-align:right" | 12061,206
| style="text-align:right" | —
| style="text-align:right" | 1206
| style="text-align:right" | —
| style="text-align:right" | 953
Line 8,516 ⟶ 6,771:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,264
| style="text-align:right" | —
| style="text-align:right" | 22642,264
| style="text-align:right" | —
| style="text-align:right" | 22641,792
| style="text-align:right" | —
| style="text-align:right" | 1792
| style="text-align:right" | 473
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,189
| style="text-align:right" | —
| style="text-align:right" | 11891,189
| style="text-align:right" | —
| style="text-align:right" | 1189
| style="text-align:right" | —
| style="text-align:right" | 928
Line 8,534 ⟶ 6,787:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,233
| style="text-align:right" | —
| style="text-align:right" | 22332,233
| style="text-align:right" | —
| style="text-align:right" | 22331,747
| style="text-align:right" | —
| style="text-align:right" | 1747
| style="text-align:right" | 486
| style="text-align:right" | —
Line 8,545 ⟶ 6,797:
|-
| style="text-align:left" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | —
| style="text-align:right" | 11311,131
| style="text-align:right" | —
| style="text-align:right" | 1131
| style="text-align:right" | —
| style="text-align:right" | 919
Line 8,554 ⟶ 6,805:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,169
| style="text-align:right" | —
| style="text-align:right" | 21692,169
| style="text-align:right" | —
| style="text-align:right" | 21691,770
| style="text-align:right" | —
| style="text-align:right" | 1770
| style="text-align:right" | 399
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,184
| style="text-align:right" | —
| style="text-align:right" | 11841,184
| style="text-align:right" | —
| style="text-align:right" | 1184
| style="text-align:right" | —
| style="text-align:right" | 950
Line 8,572 ⟶ 6,821:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,199
| style="text-align:right" | —
| style="text-align:right" | 21992,199
| style="text-align:right" | —
| style="text-align:right" | 21991,822
| style="text-align:right" | —
| style="text-align:right" | 1822
| style="text-align:right" | 377
| style="text-align:right" | —
Line 8,583 ⟶ 6,831:
|-
| style="text-align:left" | Other NBV *
| style="text-align:right" | —
| style="text-align:right" | 456
| style="text-align:right" | —
Line 8,590 ⟶ 6,837:
| style="text-align:right" | 333
| style="text-align:right" | 123
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,599 ⟶ 6,845:
| style="text-align:right" | 594
| style="text-align:right" | 231
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,608 ⟶ 6,853:
| style="text-align:right" | 270
| style="text-align:right" | 113
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,621 ⟶ 6,865:
|-
| style="text-align:left" | Tax
| style="text-align:right" | —
| style="text-align:right" | -381
| style="text-align:right" | —
Line 8,628 ⟶ 6,871:
| style="text-align:right" | -299
| style="text-align:right" | -83
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,637 ⟶ 6,879:
| style="text-align:right" | -572
| style="text-align:right" | -158
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,646 ⟶ 6,887:
| style="text-align:right" | -292
| style="text-align:right" | -86
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,659 ⟶ 6,899:
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | —
| style="text-align:right" | 2558825,588
| style="text-align:right" | —
| style="text-align:right" | 2558818,234
| style="text-align:right" | 7,354
| style="text-align:right" | —
| style="text-align:right" | 18234
| style="text-align:right" | 7354
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | —
| style="text-align:right" | 5089636,860
| style="text-align:right" | 14,036
| style="text-align:right" | —
| style="text-align:right" | 50896
| style="text-align:right" | —
| style="text-align:right" | 3686025,918
| style="text-align:right" | 14036
| style="text-align:right" | —
| style="text-align:right" | 25,918
| style="text-align:right" | —
| style="text-align:right" | 19,487
| style="text-align:right" | 6,430
| style="text-align:right" | —
| style="text-align:right" | 25918
| style="text-align:right" | —
| style="text-align:right" | 2591849,357
| style="text-align:right" | —
| style="text-align:right" | 1948749,357
| style="text-align:right" | 6430
| style="text-align:right" | —
| style="text-align:right" | —37,103
| style="text-align:right" | —12,254
| style="text-align:right" | 49357
| style="text-align:right" | —
| style="text-align:right" | 49357
| style="text-align:right" | —
| style="text-align:right" | 37103
| style="text-align:right" | 12254
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | —
| style="text-align:right" | 04.0477%
| style="text-align:right" | —
| style="text-align:right" | 05.0472%
| style="text-align:right" | 3.4%
| style="text-align:right" | —
| style="text-align:right" | 0.052
| style="text-align:right" | 0.034
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | —
| style="text-align:right" | 04.0449%
| style="text-align:right" | 3.4%
| style="text-align:right" | —
| style="text-align:right" | 0.044
| style="text-align:right" | —
| style="text-align:right" | 04.0496%
| style="text-align:right" | 0.034
| style="text-align:right" | —
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | 4.8%
| style="text-align:right" | 4.0%
| style="text-align:right" | —
| style="text-align:right" | 0.046
| style="text-align:right" | —
| style="text-align:right" | 04.0465%
| style="text-align:right" | —
| style="text-align:right" | 04.0485%
| style="text-align:right" | 0.04
| style="text-align:right" | —
| style="text-align:right" | —4.7%
| style="text-align:right" | —4.0%
| style="text-align:right" | 0.045
| style="text-align:right" | —
| style="text-align:right" | 0.045
| style="text-align:right" | —
| style="text-align:right" | 0.047
| style="text-align:right" | 0.04
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
</table>
 
<table id="16">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Activity Indicators by Geography
! style="text-align:centerleft" | EUR million
! colspan="7" style="text-align:center" | 1H24
! style="text-align:center" |
! style="text-align:center" |
! colspan="7" style="text-align:center" | FY24
! style="text-align:center" |
! style="text-align:center" |
! colspan="7" style="text-align:center" | 1H25
! style="text-align:center" |
! style="text-align:center" |
! colspan="7" style="text-align:center" | FY25
|-
! style="text-align:left" | Activity Indicators by Geography—
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | France
Line 8,762 ⟶ 6,985:
! style="text-align:right; width:6em" | AXA IM
! style="text-align:right; width:6em" | Transversal & Other
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | France
Line 8,771 ⟶ 6,992:
! style="text-align:right; width:6em" | AXA IM
! style="text-align:right; width:6em" | Transversal & Other
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | France
Line 8,780 ⟶ 6,999:
! style="text-align:right; width:6em" | AXA IM
! style="text-align:right; width:6em" | Transversal & Other
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | France
Line 8,791 ⟶ 7,008:
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | —59,872
| style="text-align:right" | 5987214,719
| style="text-align:right" | 1471922,579
| style="text-align:right" | 2257911,220
| style="text-align:right" | 112209,571
| style="text-align:right" | 9571
| style="text-align:right" | 787
| style="text-align:right" | 995
| style="text-align:right" | —110,316
| style="text-align:right" | —28,996
| style="text-align:right" | 11031639,298
| style="text-align:right" | 2899619,383
| style="text-align:right" | 3929819,083
| style="text-align:right" | 193831,701
| style="text-align:right" | 190831,856
| style="text-align:right" | 170164,251
| style="text-align:right" | 185615,670
| style="text-align:right" | —24,649
| style="text-align:right" | —11,749
| style="text-align:right" | 6425110,302
| style="text-align:right" | 15670
| style="text-align:right" | 24649
| style="text-align:right" | 11749
| style="text-align:right" | 10302
| style="text-align:right" | 875
| style="text-align:right" | 10061,006
| style="text-align:right" | —115,524
| style="text-align:right" | —30,598
| style="text-align:right" | 11552443,005
| style="text-align:right" | 3059819,277
| style="text-align:right" | 4300519,925
| style="text-align:right" | 19277
| style="text-align:right" | 19925
| style="text-align:right" | 875
| style="text-align:right" | 18441,844
|-
| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)
| style="text-align:right" | —1,206
| style="text-align:right" | 1206
| style="text-align:right" | 354
| style="text-align:right" | 348
Line 8,836 ⟶ 7,045:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —2,264
| style="text-align:right" | —
| style="text-align:right" | 2264
| style="text-align:right" | 682
| style="text-align:right" | 597
Line 8,845 ⟶ 7,052:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —1,189
| style="text-align:right" | —
| style="text-align:right" | 1189
| style="text-align:right" | 315
| style="text-align:right" | 364
Line 8,854 ⟶ 7,059:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —2,233
| style="text-align:right" | —
| style="text-align:right" | 2233
| style="text-align:right" | 695
| style="text-align:right" | 578
Line 8,865 ⟶ 7,068:
|-
| style="text-align:left" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | —1,131
| style="text-align:right" | 1131
| style="text-align:right" | 203
| style="text-align:right" | 398
Line 8,873 ⟶ 7,075:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —2,169
| style="text-align:right" | —
| style="text-align:right" | 2169
| style="text-align:right" | 391
| style="text-align:right" | 731
| style="text-align:right" | —
| style="text-align:right" | 10471,047
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —1,184
| style="text-align:right" | —
| style="text-align:right" | 1184
| style="text-align:right" | 199
| style="text-align:right" | 443
Line 8,891 ⟶ 7,089:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —2,199
| style="text-align:right" | —
| style="text-align:right" | 2199
| style="text-align:right" | 431
| style="text-align:right" | 740
| style="text-align:right" | —
| style="text-align:right" | 10281,028
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other NBV *
| style="text-align:right" | —
| style="text-align:right" | 456
| style="text-align:right" | 275
Line 8,908 ⟶ 7,103:
| style="text-align:right" | —
| style="text-align:right" | 131
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,917 ⟶ 7,110:
| style="text-align:right" | —
| style="text-align:right" | 247
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,926 ⟶ 7,117:
| style="text-align:right" | —
| style="text-align:right" | 129
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,939 ⟶ 7,128:
|-
| style="text-align:left" | Tax
| style="text-align:right" | —
| style="text-align:right" | -381
| style="text-align:right" | -123
Line 8,945 ⟶ 7,133:
| style="text-align:right" | —
| style="text-align:right" | -158
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,954 ⟶ 7,140:
| style="text-align:right" | —
| style="text-align:right" | -309
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,963 ⟶ 7,147:
| style="text-align:right" | —
| style="text-align:right" | -161
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,976 ⟶ 7,158:
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | 12,301
| style="text-align:right" | 6,317
| style="text-align:right" | —
| style="text-align:right" | 255886,971
| style="text-align:right" | 12301
| style="text-align:right" | 6317
| style="text-align:right" | —
| style="text-align:right" | 6971
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | 25,370
| style="text-align:right" | 11,831
| style="text-align:right" | —
| style="text-align:right" | 13,695
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 5089625,918
| style="text-align:right" | 2537011,662
| style="text-align:right" | 118316,843
| style="text-align:right" | —
| style="text-align:right" | 136957,413
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 49,357
| style="text-align:right" | 22,858
| style="text-align:right" | 12,651
| style="text-align:right" | —
| style="text-align:right" | —13,847
| style="text-align:right" | 25918
| style="text-align:right" | 11662
| style="text-align:right" | 6843
| style="text-align:right" | —
| style="text-align:right" | 7413
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 49357
| style="text-align:right" | 22858
| style="text-align:right" | 12651
| style="text-align:right" | —
| style="text-align:right" | 13847
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | 2.9%
| style="text-align:right" | 5.5%
| style="text-align:right" | —
| style="text-align:right" | 07.0472%
| style="text-align:right" | 0.029
| style="text-align:right" | 0.055
| style="text-align:right" | —
| style="text-align:right" | 0.072
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | 2.7%
| style="text-align:right" | 5.0%
| style="text-align:right" | —
| style="text-align:right" | 7.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 04.0446%
| style="text-align:right" | 02.0277%
| style="text-align:right" | 05.053%
| style="text-align:right" | —
| style="text-align:right" | 06.0729%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.5%
| style="text-align:right" | 3.0%
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | —6.9%
| style="text-align:right" | 0.046
| style="text-align:right" | 0.027
| style="text-align:right" | 0.053
| style="text-align:right" | —
| style="text-align:right" | 0.069
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.045
| style="text-align:right" | 0.03
| style="text-align:right" | 0.046
| style="text-align:right" | —
| style="text-align:right" | 0.069
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
</table>
 
* (*Includes) ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
* (**) Employee Benefits include Group Protection and Group Health contracts.
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
**Includes ''Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.''
''''' ''' Employee Benefits include Group Protection and Group Health contracts.''
 
== 14. Balance Sheet ==
 
<table id="17">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Assets
! style="text-align:right; width:6emleft" | —EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Goodwill
| style="text-align:right" | —
| style="text-align:right" | 18.1
| style="text-align:right" | 17.8
|-
| style="text-align:left" | Other intangible assets
| style="text-align:right" | —
| style="text-align:right" | 4.4
| style="text-align:right" | 4.4
|-
| style="text-align:left; font-weight:bold" | '''Total Intangible assets'''
| style="text-align:right; font-weight:bold" | —'''22.6'''
| style="text-align:right; font-weight:bold" | '''22.62'''
| style="text-align:right; font-weight:bold" | 22.2
|-
| style="text-align:left" | Investments in real estate properties
| style="text-align:right" | —
| style="text-align:right" | 29.2
| style="text-align:right" | 27.8
|-
| style="text-align:left" | Financial investments
| style="text-align:right" | —
| style="text-align:right" | 418.2
| style="text-align:right" | 401.8
|-
| style="text-align:left" | Unit-linked Assets
| style="text-align:right" | —
| style="text-align:right" | 90.1
| style="text-align:right" | 97.2
|-
| style="text-align:left; font-weight:bold" | '''Total Investments from Insurance activities'''
| style="text-align:right; font-weight:bold" | —'''537.5'''
| style="text-align:right; font-weight:bold" | 537'''526.59'''
| style="text-align:right; font-weight:bold" | 526.9
|-
| style="text-align:left" | Investments from Non-Insurance Activities
| style="text-align:right" | —
| style="text-align:right" | 18.5
| style="text-align:right" | 16.6
|-
| style="text-align:left" | Equity Method investments
| style="text-align:right" | —
| style="text-align:right" | 1.5
| style="text-align:right" | 1.5
|-
| style="text-align:left" | Assets Arising from Insurance and Reinsurance Contracts Held
| style="text-align:right" | —
| style="text-align:right" | 26.1
| style="text-align:right" | 23.9
|-
| style="text-align:left" | Present Value of Future Cash Flows
| style="text-align:right" | —
| style="text-align:right" | 24.1
| style="text-align:right" | 22.0
|-
| style="text-align:left" | Contractual Service Margin
| style="text-align:right" | —
| style="text-align:right" | 1.4
| style="text-align:right" | 1.4
|-
| style="text-align:left" | Risk Adjustment
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | 0.5
|-
| style="text-align:left" | Receivables and Other Assets
| style="text-align:right" | —
| style="text-align:right" | 24.1
| style="text-align:right" | 21.9
|-
| style="text-align:left" | Assets held for sale
| style="text-align:right" | —
| style="text-align:right" | 4.5
| style="text-align:right" | 0.2
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | —19.0
| style="text-align:right" | 19
| style="text-align:right" | 22.2
|-
| style="text-align:left" | '''Total Assets'''
| style="text-align:right" | '''653.8'''
| style="text-align:right" | '''635.5'''
|}
</div>
</table>
 
<table id="18">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Liabilities, Non-controlling Interests & Shareholders' Equity
! style="text-align:right; width:6emleft" | —EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Shareholders' Equity group share
| style="text-align:right" | —
| style="text-align:right" | 49.9
| style="text-align:right" | 47.2
|-
| style="text-align:left" | Shareholders’Non-controlling equityInterests
| style="text-align:right" | —2.5
| style="text-align:right" | 522.54
|-
| style="text-align:right" | 49.6
| style="text-align:left" | '''Shareholders’ equity'''
| style="text-align:right" | '''52.5'''
| style="text-align:right" | '''49.6'''
|-
| style="text-align:left" | Financing debt
| style="text-align:right" | —
| style="text-align:right" | 14.4
| style="text-align:right" | 15.8
|-
| style="text-align:left" | Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts
| style="text-align:right" | —477.0
| style="text-align:right" | 477
| style="text-align:right" | 470.4
|-
| style="text-align:left" | Present Value of Future Cash Flows
| style="text-align:right" | —
| style="text-align:right" | 438.4
| style="text-align:right" | 432.6
|-
| style="text-align:left" | Contractual Service Margin
| style="text-align:right" | —
| style="text-align:right" | 35.3
| style="text-align:right" | 34.7
|-
| style="text-align:left" | Risk Adjustment
| style="text-align:right" | —
| style="text-align:right" | 3.3
| style="text-align:right" | 3.1
|-
| style="text-align:left" | Other Investment Contract Liabilities
| style="text-align:right" | —
| style="text-align:right" | 12.6
| style="text-align:right" | 12.8
|-
| style="text-align:left" | '''Liabilities arising from insurance, reinsurance and investment contracts'''
| style="text-align:right" | —'''489.6'''
| style="text-align:right" | 489'''483.62'''
| style="text-align:right" | 483.2
|-
| style="text-align:left" | Liabilities Arising from Non-Insurance Activities
| style="text-align:right" | —
| style="text-align:right" | 10.1
| style="text-align:right" | 9.9
|-
| style="text-align:left" | Provisions for risks and charges
| style="text-align:right" | —
| style="text-align:right" | 4.9
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Payables and Other liabilities
| style="text-align:right" | —
| style="text-align:right" | 80.9
| style="text-align:right" | 72.5
|-
| style="text-align:left" | Liabilities held for sale
| style="text-align:right" | —
| style="text-align:right" | 1.4
| style="text-align:right" | 0.0
|-
| style="text-align:left" | '''Total Liabilities, Non-controlling Interests and Shareholders' Equity'''
| style="text-align:right" | '''653.8'''
| style="text-align:right" | '''635.5'''
|}
</div>
</table>
 
== 15.CSM Rollforward ==
 
<table id="19">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Contractual Service Margin (CSM)
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | FY23 Restated
! style="text-align:right; width:6em" | New Business CSM
Line 9,275 ⟶ 7,385:
! style="text-align:right; width:6em" | FY24
|-
| style="text-align:left; font-weight:bold" | '''Total Group (pre-tax)'''
| style="text-align:right; font-weight:bold" | 34187'''34,187'''
| style="text-align:right; font-weight:bold" | 2169'''2,169'''
| style="text-align:right; font-weight:bold" | 1383'''1,383'''
| style="text-align:right; font-weight:bold" | '''-27752,775'''
| style="text-align:right; font-weight:bold" | '''-998'''
| style="text-align:right; font-weight:bold" | '''432'''
| style="text-align:right; font-weight:bold" | '''-545'''
| style="text-align:right; font-weight:bold" | 33853'''33,853'''
|-
| style="text-align:left" | P&C
Line 9,296 ⟶ 7,406:
|-
| style="text-align:left" | Life
| style="text-align:right" | 2620026,200
| style="text-align:right" | 17701,770
| style="text-align:right" | 11721,172
| style="text-align:right" | -22532,253
| style="text-align:right" | -890
| style="text-align:right" | 363
| style="text-align:right" | -534
| style="text-align:right" | 2582625,826
|-
| style="text-align:left" | Health
| style="text-align:right" | 77827,782
| style="text-align:right" | 400
| style="text-align:right" | 211
Line 9,313 ⟶ 7,423:
| style="text-align:right" | 69
| style="text-align:right" | -87
| style="text-align:right" | 77447,744
|-
| style="text-align:left; font-weight:bold" | '''Total Group (post-tax)'''
| style="text-align:right; font-weight:bold" | 26777'''26,777'''
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | 26320'''26,320'''
|}
</div>
</table>
 
* (*Including) *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
**Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
**Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
**Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
**Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
**Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
**Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
**Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
**Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
 
<table id="20">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Contractual Service Margin (CSM)
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | New Business CSM
Line 9,351 ⟶ 7,452:
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left; font-weight:bold" | '''Total Group (pre-tax)'''
| style="text-align:right; font-weight:bold" | 33853'''33,853'''
| style="text-align:right; font-weight:bold" | 2199'''2,199'''
| style="text-align:right; font-weight:bold" | 1328'''1,328'''
| style="text-align:right; font-weight:bold" | '''-29542,954'''
| style="text-align:right; font-weight:bold" | '''594'''
| style="text-align:right; font-weight:bold" | '''-316'''
| style="text-align:right; font-weight:bold" | '''-14511,451'''
| style="text-align:right; font-weight:bold" | 33253'''33,253'''
|-
| style="text-align:left" | P&C
Line 9,372 ⟶ 7,473:
|-
| style="text-align:left" | Life
| style="text-align:right" | 2582625,826
| style="text-align:right" | 18221,822
| style="text-align:right" | 11501,150
| style="text-align:right" | -24152,415
| style="text-align:right" | 487
| style="text-align:right" | -526
| style="text-align:right" | -903
| style="text-align:right" | 2544225,442
|-
| style="text-align:left" | Health
| style="text-align:right" | 77447,744
| style="text-align:right" | 377
| style="text-align:right" | 178
Line 9,389 ⟶ 7,490:
| style="text-align:right" | 210
| style="text-align:right" | -527
| style="text-align:right" | 75507,550
|-
| style="text-align:left; font-weight:bold" | '''Total Group (post-tax)'''
| style="text-align:right; font-weight:bold" | 26320'''26,320'''
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | —
| style="text-align:right; font-weight:bold" | 25864'''25,864'''
|}
</div>
</table>
 
* (*Including) ''Including scope changes and FX.''
**Including ''Including scope changes and FX.''
**Including ''Including scope changes and FX.''
**Including ''Including scope changes and FX.''
**Including ''Including scope changes and FX.''
 
== 16. Invested Assets ==
 
<table id="21">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ General Account Invested Assets as of FY25
! style="text-align:centerleft" | FairEUR valuebillion
! style="text-align:center" | Asset Allocation %
! style="text-align:center" | o/w Participating
|-
! style="text-align:left" | General Account Invested Assets as of FY25
! style="text-align:right; width:6em" | Fair value
! style="text-align:right; width:6em" | Asset Allocation %
! style="text-align:right; width:6em" | o/w Participating
|-
| style="text-align:left" | '''General Account Invested Assets1'''
| style="text-align:right" | '''450'''
| style="text-align:right" | —
| style="text-align:right" | '''60%'''
|-
| style="text-align:left" | Fixed Income
| style="text-align:right" | 345
| style="text-align:right" | 0.76667177%
| style="text-align:right" | 0.59546960%
|-
| style="text-align:left" | Government Bonds
| style="text-align:right" | 167
| style="text-align:right" | 0.37197137%
| style="text-align:right" | 0.65502866%
|-
| style="text-align:left" | Corporate Bonds and Loans
| style="text-align:right" | 121
| style="text-align:right" | 0.26935427%
| style="text-align:right" | 0.54730855%
|-
| style="text-align:left" | Other Fixed Income
| style="text-align:right" | 56
| style="text-align:right" | 0.12534613%
| style="text-align:right" | 0.52191952%
|-
| style="text-align:left" | Asset Backed Securities
| style="text-align:right" | 25
| style="text-align:right" | 0.0557546%
| style="text-align:right" | 0.47743548%
|-
| style="text-align:left" | Mortgage Loans
| style="text-align:right" | 31
| style="text-align:right" | 0.0695927%
| style="text-align:right" | 0.55779256%
|-
| style="text-align:left" | Real Estate
| style="text-align:right" | 41
| style="text-align:right" | 0.0915759%
| style="text-align:right" | 0.633763%
|-
| style="text-align:left" | Infrastructure Equity
| style="text-align:right" | 10
| style="text-align:right" | 0.0217162%
| style="text-align:right" | 0.63865664%
|-
| style="text-align:left" | Listed Equities
| style="text-align:right" | 10
| style="text-align:right" | 0.0232712%
| style="text-align:right" | 0.82381182%
|-
| style="text-align:left" | Private Equity & Hedge Funds
| style="text-align:right" | 23
| style="text-align:right" | 0.0508865%
| style="text-align:right" | 0.55343355%
|-
| style="text-align:left" | Cash
| style="text-align:right" | 19
| style="text-align:right" | 0.0422074%
| style="text-align:right" | 0.500150%
|-
| style="text-align:left" | Policy Loans
| style="text-align:right" | 2
| style="text-align:right" | 0.003668%
| style="text-align:right" | 0.51%
|}
</div>
</table>
 
''1* 1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.''
* 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.
''1 1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.''
* 2 Includes 91% of CLOs.
''1 1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.''
* 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).
''1 1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.''
* 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).
''1 1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.''
* 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).
''1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.''
''1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.''
''1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.''
''1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.''
''1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.''
''1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.''
''1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.''
''2 2 Includes 91% of CLOs.''
''2 2 Includes 91% of CLOs.''
''2 2 Includes 91% of CLOs.''
''2 2 Includes 91% of CLOs.''
''2 2 Includes 91% of CLOs.''
''2 2 Includes 91% of CLOs.''
''3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).''
''3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).''
''3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).''
''3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).''
''3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).''
''3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).''
''4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).''
''4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).''
''4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).''
''4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).''
''4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).''
''4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
''5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).''
 
<table id="22">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Duration gap
! style="text-align:centerleft" | EUR billion
! colspan="7" style="text-align:center" | Fair Value by Rating
|-
! style="text-align:left" | Duration gap—
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | Average rating
! style="text-align:right; width:6em" | AAA
Line 9,549 ⟶ 7,605:
! style="text-align:right; width:6em" | Non Rated
|-
| style="text-align:left" | '''-0.4 yr'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 9,560 ⟶ 7,615:
|-
| style="text-align:left" | —
| style="text-align:right" | —'''AA'''
| style="text-align:right" | AA27%
| style="text-align:right" | 0.26731%
| style="text-align:right" | 0.30928%
| style="text-align:right" | 0.28310%
| style="text-align:right" | 0.12%
| style="text-align:right" | 0.0222%
| style="text-align:right" | 0.02
|-
| style="text-align:left" | —
| style="text-align:right" | —'''A'''
| style="text-align:right" | A16%
| style="text-align:right" | 0.1576%
| style="text-align:right" | 0.05839%
| style="text-align:right" | 0.39228%
| style="text-align:right" | 0.28411%
| style="text-align:right" | 0.109
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —54%
| style="text-align:right" | 0.54128%
| style="text-align:right" | 0.28110%
| style="text-align:right" | 0.0993%
| style="text-align:right" | 0.0281%
| style="text-align:right" | 0.0084%
| style="text-align:right" | 0.043
|}
</div>
</table>
 
== 17. Supplementary Info on Asset ==
 
<table id="23">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Breakdown By Geographical Exposure
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Belgium
Line 9,613 ⟶ 7,664:
|-
| style="text-align:left" | Breakdown By Geographical Exposure
| style="text-align:right" | '''167'''
| style="text-align:right" | 0.066%
| style="text-align:right" | 0.12%
| style="text-align:right" | 0.066%
| style="text-align:right" | 0.055%
| style="text-align:right" | 0.088%
| style="text-align:right" | 0.033%
| style="text-align:right" | 0.066%
| style="text-align:right" | 0.099%
| style="text-align:right" | 0.110%
| style="text-align:right" | 0.088%
| style="text-align:right" | 0.13%
| style="text-align:right" | 0.15%
|}
</div>
</table>
 
''Corporate* Corporate Bonds and Loans''
 
<table id="24">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Breakdown By Industry
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Basic Materials
Line 9,650 ⟶ 7,700:
|-
| style="text-align:left" | Breakdown By Industry
| style="text-align:right" | '''121'''
| style="text-align:right" | 0.022%
| style="text-align:right" | 0.066%
| style="text-align:right" | 0.044%
| style="text-align:right" | 0.11%
| style="text-align:right" | 0.29%
| style="text-align:right" | 0.011%
| style="text-align:right" | 0.28%
| style="text-align:right" | 0.066%
| style="text-align:right" | 0.022%
| style="text-align:right" | 0.088%
| style="text-align:right" | 0.033%
|}
</div>
</table>
 
<table id="25">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Exposure to the Financials
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | Banks
! style="text-align:right; width:6em" | Non-Banks
|-
| style="text-align:left; font-weight:bold" | '''Total'''
| style="text-align:right; font-weight:bold" | '''33.4'''
| style="text-align:right; font-weight:bold" | '''27.5'''
| style="text-align:right; font-weight:bold" | '''6.0'''
|-
| style="text-align:left" | Senior Unsecured Bonds
Line 9,685 ⟶ 7,734:
|-
| style="text-align:left" | Subordinated Bonds
| style="text-align:right" | 3.0
| style="text-align:right" | 2.7
| style="text-align:right" | 0.4
Line 9,695 ⟶ 7,744:
|}
</div>
</table>
 
''1* 1 Includes REITS corporate bonds (Euro 3 billion).''
''1* 12 Includes REITS corporate bondsAT1 (Euro 30.4 billion).''
* Listed Equities1
''2 2 Includes AT1 (Euro 0.4 billion).''
''Listed Listed Equities1''
 
<table id="26">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Breakdown By Asset Domiciliation
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Belgium
Line 9,718 ⟶ 7,765:
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
| style="text-align:right" | '''10'''
| style="text-align:right" | 0.033%
| style="text-align:right" | 0.077%
| style="text-align:right" | 0.033%
| style="text-align:right" | 0.077%
| style="text-align:right" | 0.022%
| style="text-align:right" | 0.044%
| style="text-align:right" | 0.37%
| style="text-align:right" | 0.099%
| style="text-align:right" | 0.27%
|}
</div>
</table>
 
<table id="27">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Breakdown By Industry
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Basic Materials
Line 9,751 ⟶ 7,797:
|-
| style="text-align:left" | Breakdown By Industry
| style="text-align:right" | '''10'''
| style="text-align:right" | 0.055%
| style="text-align:right" | 0.11%
| style="text-align:right" | 0.099%
| style="text-align:right" | 0.14%
| style="text-align:right" | 0.033%
| style="text-align:right" | 0%
| style="text-align:right" | 0.220%
| style="text-align:right" | 0.066%
| style="text-align:right" | 0.12%
| style="text-align:right" | 0.17%
| style="text-align:right" | 0.011%
| style="text-align:right" | 0%
|}
</div>
</table>
 
''1* 1 Including hedges.''
''Real* Real Estate''
 
<table id="28">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Breakdown By Geographical Exposure
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Belgium
Line 9,789 ⟶ 7,834:
|-
| style="text-align:left" | Breakdown By Geographical Exposure
| style="text-align:right" | '''41'''
| style="text-align:right" | 0.055%
| style="text-align:right" | 0.25%
| style="text-align:right" | 0.11%
| style="text-align:right" | 0.033%
| style="text-align:right" | 0.055%
| style="text-align:right" | 0.044%
| style="text-align:right" | 0.13%
| style="text-align:right" | 0.077%
| style="text-align:right" | 0.12%
| style="text-align:right" | 0.055%
| style="text-align:right" | 0.110%
|}
</div>
</table>
 
<table id="29">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Breakdown By Type
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Office
Line 9,817 ⟶ 7,861:
|-
| style="text-align:left" | Breakdown By Type
| style="text-align:right" | '''41'''
| style="text-align:right" | 0.33%
| style="text-align:right" | 0.22%
| style="text-align:right" | 0.15%
| style="text-align:right" | 0.12%
| style="text-align:right" | 0.18%
|}
</div>
</table>
 
''Private* Private Equities1''
 
<table id="30">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Breakdown By Asset Domiciliation
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Europe
Line 9,838 ⟶ 7,881:
! style="text-align:right; width:6em" | United States
! style="text-align:right; width:6em" | Other
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
| style="text-align:right" | '''17'''
| style="text-align:right" | 45%
| style="text-align:right" | 5%
| style="text-align:right" | 46%
| style="text-align:right" | 5%
|}
</div>
</table>
 
''1* 1 Excluding Non-listed Equity.''
''Mortgage* Mortgage Loans1,2''
 
<table id="31">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Breakdown by Type
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Fair Value
! style="text-align:right; width:6em" | Residential
Line 9,854 ⟶ 7,903:
|-
| style="text-align:left" | Breakdown by Type
| style="text-align:right" | '''23'''
| style="text-align:right" | 0.69%
| style="text-align:right" | 0.31%
|}
</div>
</table>
 
''1* 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).''
* 2 Loan to Value: 46%.
''1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).''
''1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).''
''1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).''
''1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).''
''1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).''
''1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).''
''1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).''
''2 2 Loan to Value: 46%.''
 
== 18. Shareholders Equity ==
 
<table id="32">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Change in Group Share Consolidated Shareholders' Equity
! style="text-align:right; width:6emleft" | —
! style="text-align:right; width:6em" | —
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Shareholders' Equity at Beginning of the Period'''
| style="text-align:right" | —'''49.9'''
| style="text-align:right" | —
| style="text-align:right" | 49.9
|-
| style="text-align:left" | Paid-in Capital
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -4.9
|-
| style="text-align:left" | Treasury Shares
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -0.1
|-
| style="text-align:left" | Other Comprehensive Income Arising from Defined Benefit Plans
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Fair Value Recorded in Shareholders' Equity
| style="text-align:right" | 1.3
|-
| style="text-align:left" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -4.2
|-
| style="text-align:left" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 5.4
|-
| style="text-align:left" | Impact of Currency Fluctuations
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -3.5
|-
| style="text-align:left" | Undated Subordinated Debt (including interest charges)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Realized Gains on Equity through Retained Earnings
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.1
|-
| style="text-align:left" | Dividends
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Net Income for the Period
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 9.8
|-
| style="text-align:left" | Other
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -0.2
|-
| style="text-align:left" | '''Shareholders' Equity at End of the Period'''
| style="text-align:right" | —'''47.2'''
| style="text-align:right" | —
| style="text-align:right" | 47.2
|}
</div>
</table>
 
<table id="33">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Group Share Consolidated Shareholders' Equity
! style="text-align:right; width:6emleft" | —
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Paid-in Capital
| style="text-align:right" | —
| style="text-align:right" | 21.8
| style="text-align:right" | 16.9
|-
| style="text-align:left" | Treasury Shares
| style="text-align:right" | —
| style="text-align:right" | -1.5
| style="text-align:right" | -1.6
|-
| style="text-align:left" | Other Comprehensive Income Arising from Defined Benefit Plans
| style="text-align:right" | —
| style="text-align:right" | -2.4
| style="text-align:right" | -2.8
|-
| style="text-align:left" | Other Comprehensive Income
| style="text-align:right" | —
| style="text-align:right" | -8.1
| style="text-align:right" | -6.8
|-
| style="text-align:left" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | —
| style="text-align:right" | -13.1
| style="text-align:right" | -17.3
|-
| style="text-align:left" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | —5.0
| style="text-align:right" | 5
| style="text-align:right" | 10.5
|-
| style="text-align:left" | Translation Reserves
| style="text-align:right" | —
| style="text-align:right" | -1.1
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Undated Subordinated Debt
| style="text-align:right" | —
| style="text-align:right" | 4.8
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Retained Earnings
| style="text-align:right" | —
| style="text-align:right" | 36.5
| style="text-align:right" | 41.4
|-
| style="text-align:left; font-weight:bold" | '''Total Shareholders' Equity at the End of the Period'''
| style="text-align:right; font-weight:bold" | —'''49.9'''
| style="text-align:right; font-weight:bold" | 49'''47.92'''
| style="text-align:right; font-weight:bold" | 47.2
|}
</div>
</table>
 
''(a)* <sup>(a)</sup> Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.''
''(b)* <sup>(b)</sup> Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.''
''(b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.''
''(b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.''
''(b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.''
 
<table id="34">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Unrealized Gains and Losses on Invested Assets (Net of Tax)
! style="text-align:right; width:6emleft" | —
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Government Bonds (recyclable)
| style="text-align:right" | —
| style="text-align:right" | -7.5
| style="text-align:right" | -13.0
|-
| style="text-align:left" | Corporate Bonds (recyclable)
| style="text-align:right" | —
| style="text-align:right" | -4.1
| style="text-align:right" | -3.0
|-
| style="text-align:left" | Cash Flow hedges (recyclable)
| style="text-align:right" | —
| style="text-align:right" | -3.5
| style="text-align:right" | -3.3
|-
| style="text-align:left" | Equities (non-recyclable)
| style="text-align:right" | —
| style="text-align:right" | 2.3
| style="text-align:right" | 2.1
|-
| style="text-align:left" | Others (recyclable)
| style="text-align:right" | —
| style="text-align:right" | -0.3
| style="text-align:right" | -0.1
|-
| style="text-align:left; font-weight:bold" | '''Total Other Comprehensive Income Related to Invested Assets'''
| style="text-align:right; font-weight:bold" | —'''-13.1'''
| style="text-align:right; font-weight:bold" | '''-1317.13'''
| style="text-align:right; font-weight:bold" | -17.3
|-
| style="text-align:left" | Real Estate
| style="text-align:right" | —
| style="text-align:right" | 6.7
| style="text-align:right" | 6.5
|-
| style="text-align:left" | Other Invested Assets Not Included in Shareholders' Equity
| style="text-align:right" | —
| style="text-align:right" | -0.6
| style="text-align:right" | -0.1
|-
| style="text-align:left" | '''Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)'''
| style="text-align:right" | '''6.1'''
| style="text-align:right" | '''6.4'''
|-
| style="text-align:left" | '''Total Unrealized Gains and Losses on Invested Assets (Net of Tax)'''
| style="text-align:right" | '''-7.0'''
| style="text-align:right" | '''-10.9'''
|}
</div>
</table>
 
== 19. ROE&Gearing ==
 
<table id="35">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Return on Equity (ROE)
! style="text-align:right; width:6emleft" | —EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | Change in % points (FY25 vs FY24)
|-
| style="text-align:left" | '''Net Income ROE'''
| style="text-align:right" | —'''14.8%'''
| style="text-align:right" | 0'''18.1488%'''
| style="text-align:right" | 0'''3.1889 pt'''
| style="text-align:right" | 3.936
|-
| style="text-align:left" | Net Income (a)
| style="text-align:right" | —
| style="text-align:right" | 7.7
| style="text-align:right" | 9.6
Line 10,091 ⟶ 8,086:
|-
| style="text-align:left" | Average Adjusted Shareholders' Equity (b)
| style="text-align:right" | —
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying ROE'''
| style="text-align:right" | —'''15.2%'''
| style="text-align:right" | 0'''16.1520%'''
| style="text-align:right" | '''0.168 pt'''
| style="text-align:right" | 0.781
|-
| style="text-align:left" | Underlying Earnings (a)
| style="text-align:right" | —
| style="text-align:right" | 7.9
| style="text-align:right" | 8.2
Line 10,109 ⟶ 8,101:
|-
| style="text-align:left" | Average Adjusted Shareholders' Equity (b)
| style="text-align:right" | —
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
Line 10,115 ⟶ 8,106:
|}
</div>
</table>
 
''(a)* <sup>(a)</sup> Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).''
''(b)* <sup>(b)</sup> Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).''
''Financial* Financial interest treatment''
 
<table id="36">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Consolidated Financial Structure & Debt Gearing (in Euro billion)
! style="text-align:right; width:6emleft" | —EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | Financing Debt
| style="text-align:right" | —
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| style="text-align:left" | Financing Debt Instrument Issued
| style="text-align:right" | —
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| style="text-align:left" | Financing Debt Owed to Credit Institutions
| style="text-align:right" | —0.0
| style="text-align:right" | 0.0
| style="text-align:right" | 0
|-
| style="text-align:left" | Dated Subordinated Debt
| style="text-align:right" | —
| style="text-align:right" | 11.2
| style="text-align:right" | 12.6
|-
| style="text-align:left" | Reversal of mark-to-market of interest rates derivatives
| style="text-align:right" | —
| style="text-align:right" | -0.1
| style="text-align:right" | -0.1
|-
| style="text-align:left; font-weight:bold" | '''Total Gross Debt (A)'''
| style="text-align:right; font-weight:bold" | —'''14.3'''
| style="text-align:right; font-weight:bold" | 14'''15.37'''
| style="text-align:right; font-weight:bold" | 15.7
|-
| style="text-align:left" | Undated Deeply Subordinated Notes (TSS)
| style="text-align:right" | —
| style="text-align:right" | 2.9
| style="text-align:right" | 4.3
|-
| style="text-align:left" | Deeply Subordinated Notes (TSDI)
| style="text-align:right" | —
| style="text-align:right" | 1.9
| style="text-align:right" | 0.3
|-
| style="text-align:left; font-weight:bold" | '''Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)'''
| style="text-align:right; font-weight:bold" | —'''19.2'''
| style="text-align:right; font-weight:bold" | 19'''20.23'''
| style="text-align:right; font-weight:bold" | 20.3
|-
| style="text-align:left" | '''Shareholders' Equity (Including Non-Controlling Interests) (a) (C)'''
| style="text-align:right" | —'''52.5'''
| style="text-align:right" | 52'''49.56'''
| style="text-align:right" | 49.6
|-
| style="text-align:left" | '''Contractual Service Margin net of tax (D)'''
| style="text-align:right" | —'''26.3'''
| style="text-align:right" | 26'''25.39'''
| style="text-align:right" | 25.9
|-
| style="text-align:left" | '''Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)'''
| style="text-align:right" | —'''93.1'''
| style="text-align:right" | 93'''91.1'''
| style="text-align:right" | 91.1
|-
| style="text-align:left" | '''Debt Gearing (G) = (B) / (E)'''
| style="text-align:right" | —'''20.6%'''
| style="text-align:right" | 0'''22.2063%'''
| style="text-align:right" | 0.223
|}
</div>
</table>
 
''(a)* <sup>(a)</sup> Shareholders' equity includes undated and deeply subordinated debts.''
''(a) (a) Shareholders' equity includes undated and deeply subordinated debts.''
''(a) (a) Shareholders' equity includes undated and deeply subordinated debts.''
''(a) (a) Shareholders' equity includes undated and deeply subordinated debts.''
''(a) (a) Shareholders' equity includes undated and deeply subordinated debts.''
 
== 20. Information on Solvency II ==
 
<table id="37">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Solvency II Rollforward
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | Regulatory & model changes
Line 10,219 ⟶ 8,190:
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''Eligible Own Fund (EOF)'''
| style="text-align:right" | '''55.9'''
| style="text-align:right" | '''0.1992292'''
| style="text-align:right" | '''8.8433828'''
| style="text-align:right" | '''-0.398724'''
| style="text-align:right" | '''-2.084521'''
| style="text-align:right" | '''-6.0448290'''
| style="text-align:right" | '''1.6121946'''
| style="text-align:right" | '''-1.683797'''
| style="text-align:right" | '''56.3703664'''
|-
| style="text-align:left" | '''Solvency Capital Requirement (SCR)'''
| style="text-align:right" | '''25.9'''
| style="text-align:right" | '''0.0483010'''
| style="text-align:right" | '''0.6157566'''
| style="text-align:right" | '''0.0'''
| style="text-align:right" | '''-1.2278682'''
| style="text-align:right" | '''0.0'''
| style="text-align:right" | '''0.0'''
| style="text-align:right" | '''-0.2271092'''
| style="text-align:right" | '''25.1514892'''
|-
| style="text-align:left" | '''Solvency II Ratio'''
| style="text-align:right" | 2.16'''216%'''
| style="text-align:right" | '''0.003659%'''
| style="text-align:right" | 0.2824'''28%'''
| style="text-align:right" | '''-0.0149861%'''
| style="text-align:right" | 0.035282'''4%'''
| style="text-align:right" | '''-0.23818624%'''
| style="text-align:right" | 0.063526'''6%'''
| style="text-align:right" | '''-0.046295%'''
| style="text-align:right" | 2.241234'''224%'''
|}
</div>
</table>
 
<table id="38">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ EOF Tiering
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | Total
! style="text-align:right; width:6em" | Unrestricted Tier
Line 10,264 ⟶ 8,234:
! colspan="2" style="text-align:center" | Tier
|-
| style="text-align:left" | '''EOF as of FY25'''
| style="text-align:right" | '''56.3703664'''
| style="text-align:right" | 39.5837086
| style="text-align:right" | 4.7099067
| style="text-align:right" | 11.6470886
| style="text-align:right" | 0.4296634
|-
| style="text-align:left" | Insurance Sector
| style="text-align:right" | '''55.1443841'''
| style="text-align:right" | 38.3577264
| style="text-align:right" | 4.7099067
| style="text-align:right" | 11.6470886
| style="text-align:right" | 0.4296634
|-
| style="text-align:left" | Ancillary
Line 10,286 ⟶ 8,256:
|-
| style="text-align:left" | Subject to Transitional Measures*
| style="text-align:right" | 2.3912394
| style="text-align:right" | —
| style="text-align:right" | 1.4168144
| style="text-align:right" | 01.9744250
| style="text-align:right" | —
|-
| style="text-align:left" | Other Financial Sectors
| style="text-align:right" | '''1.2259822'''
| style="text-align:right" | 1.2259822
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''EOF as of FY24'''
| style="text-align:right" | '''55.9'''
| style="text-align:right" | 40.0
| style="text-align:right" | 4.9
| style="text-align:right" | 10.2
Line 10,307 ⟶ 8,277:
|-
| style="text-align:left" | Insurance Sector
| style="text-align:right" | '''53.5'''
| style="text-align:right" | 37.5
| style="text-align:right" | 4.9
Line 10,328 ⟶ 8,298:
|-
| style="text-align:left" | Other Financial Sectors
| style="text-align:right" | '''2.5'''
| style="text-align:right" | 2.5
| style="text-align:right" | —
Line 10,335 ⟶ 8,305:
|}
</div>
</table>
 
* (*Transitional) ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
**Transitional ''Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.''
 
<table id="39">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Solvency II Key Sensitivities (in pts)
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | FY24
! style="text-align:right; width:6em" | FY25
Line 10,398 ⟶ 8,356:
|}
</div>
</table>
 
== 21. IFRS17 SHE to Group EOF ==
 
<table id="40">
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
! style="text-align:left" |+ Reconciliation IFRS17/9 Shareholders' Equity to Solvency II Eligible Own Funds
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | FY25
|-
| style="text-align:left" | '''IFRS SHAREHOLDERS' EQUITY'''
| style="text-align:right" | '''49.6355246'''
|-
| style="text-align:left" | Contractual Service Margin (net of tax)
| style="text-align:right" | 25.8548599
|-
| style="text-align:left" | '''IFRS SHAREHOLDERS' EQUITY inc. CSM'''
| style="text-align:right" | '''75.4903825'''
|-
| style="text-align:left" | Net URCG not included in Shareholders' Equity
| style="text-align:right" | 6.4080074
|-
| style="text-align:left" | Elimination Undated Subordinated Debts
| style="text-align:right" | -4.6095456
|-
| style="text-align:left" | Elimination Intangibles
| style="text-align:right" | -21.288783
|-
| style="text-align:left" | Goodwill
| style="text-align:right" | -17.8064818
|-
| style="text-align:left" | others
| style="text-align:right" | -3.4822995
|-
| style="text-align:left" | '''IFRS TANGIBLE NET ASSET VALUE'''
| style="text-align:right" | '''56.0000640'''
|-
| style="text-align:left" | Foreseeable dividends and distribution
| style="text-align:right" | -6.3068293
|-
| style="text-align:left" | Technical provision adjustments
| style="text-align:right" | -9.5517816
|-
| style="text-align:left" | Risk Margin vs Risk Adjustment
| style="text-align:right" | -6.370324
|-
| style="text-align:left" | BEL adjustment
| style="text-align:right" | -3.1814612
|-
| style="text-align:left" | Other adjustments
| style="text-align:right" | -0.5577456
|-
| style="text-align:left" | '''UNRESTRICTED TIER 1'''
| style="text-align:right" | '''39.5837086'''
|-
| style="text-align:left" | Restricted Tier 1 + Tier
| style="text-align:right" | 16.3569944
|-
| style="text-align:left" | Tier
| style="text-align:right" | 0.4296634
|-
| style="text-align:left" | '''GROUP ELIGIBLE OWN FUNDS'''
| style="text-align:right" | '''56.3703664'''
|}
</div>
</table>
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