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

|+ Exchange rate time series by currency

! style="text-align:left" | EUR—

|+ Discount rate 5Y time series by currency

! style="text-align:left" | EUR%

|+ Discount rate 10Y time series by currency

! style="text-align:left" | EUR%

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

! colspan="4" style="text-align:center" | Property & casualtyCasualty

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

! colspan="4" style="text-align:center" | Asset managementManagement {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}

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

| style="text-align:left" | '''Short-term businessBusiness'''

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

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

| style="text-align:left" | '''Financial resultResult & otherOther'''

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

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

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

| style="text-align:left" | Debt financingFinancing chargesCharges

| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''

| style="text-align:left" | Income from affiliatesAffiliates & otherOther

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

| style="text-align:left" | '''Underlying earningsEarnings groupGroup shareShare'''

| style="text-align:left" | Underlying earningsEarnings growthGrowth rateRate (constant FX)

| style="text-align:left" | Net realizedRealized capitalCapital gainsGains & lossesLosses

| style="text-align:left" | Change in fairFair valueValue of assetsAssets & derivativesDerivatives

| style="text-align:left" | Integration and restructuringRestructuring costsCosts

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

| style="text-align:left" | '''Net incomeIncome groupGroup shareShare'''

| style="text-align:left" | Deeply subordinatedSubordinated and undatedUndated subordinatedSubordinated debtDebt chargesCharges

| style="text-align:left" | '''Underlying earningsEarnings for EPS calculation'''

| style="text-align:left" | '''Net incomeIncome for EPS calculation'''

! colspan="4" style="text-align:center" | Transversal & otherOther

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

| style="text-align:left" | '''Short-term businessBusiness'''

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

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

| style="text-align:left" | '''Financial resultResult & otherOther'''

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

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

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

| style="text-align:left" | Debt financingFinancing chargesCharges

| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''

| style="text-align:left" | Income from affiliatesAffiliates & otherOther

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

| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''

|+ Shares and UEPSunderlying earnings per share build-up

! style="text-align:left" | EURmillion

! colspan="2" style="text-align:center" | Outstanding shares excludingShares treasuryExcluding sharesTreasury (a)Shares {{footnote|1=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}

! colspan="2" style="text-align:center" | Outstanding shares excluding treasuryWeighted sharesAverage (a)Number

| style="text-align:left" | '''Basic numberNumber of sharesShares'''

| style="text-align:left" | '''As of beginningBeginning of periodPeriod'''

| style="text-align:left" | Increase of capitalCapital dedicatedDedicated to employeesEmployees

| style="text-align:left" | ExerciseExercice of stockStock-options

| style="text-align:left" | Other movementMovement of treasuryTreasury sharesShares

| style="text-align:left" | Capital increaseIncrease / (decreaseDecrease)

| style="text-align:left" | '''As at endEnd of periodPeriod'''

| style="text-align:left" | '''During the periodPeriod'''

| style="text-align:left" | '''Fully dilutedDiluted numberNumber of sharesShares'''

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

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

| style="text-align:left" | '''During the periodPeriod (A)'''

| style="text-align:left" | '''Earnings groupGroup shareShare:'''

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

| style="text-align:left" | Underlying earningsEarnings

| style="text-align:left" | '''Earnings for EPS calculationCalculation:'''

| style="text-align:left" | Net incomeIncome for EPS calculationCalculation (B)

| style="text-align:left" | Underlying earningsEarnings for EPS calculationCalculation (C)

| style="text-align:left" | '''Fully dilutedDiluted euroEuro per shareShare (EPS)'''

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

! colspan="4" style="text-align:center" | AXA XL reinsuranceReinsurance

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

| style="text-align:left" | '''Short-term businessBusiness'''

| style="text-align:left" | Current accidentAccident yearYear lossLoss ratioRatio

| style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear lossLoss ratioRatio (excl. natNat catsCats)

| style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear natNat catsCats

| style="text-align:left" | Current accidentAccident yearYear discountingDiscounting

| style="text-align:left" | Prior yearYear reserveReserve developmentDevelopment ratioRatio

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

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

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

| style="text-align:left" | '''Long-term business {{footnote|1=For long-term business.}}Business'''

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

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

| style="text-align:left" | '''Financial resultResult & otherOther'''

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

| style="text-align:left" | Investment incomeIncome

| style="text-align:left" | Insurance financeFinance expensesExpenses

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

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

| style="text-align:left" | Debt financingFinancing chargesCharges

| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''

| style="text-align:left" | Income from affiliatesAffiliates & otherOther

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

| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''

| style="text-align:left" | '''Closing investedInvested assetsAssets'''

| style="text-align:left; padding-left:1.5em" | o/w nonNon VFA

| style="text-align:left" | '''Best Estimate for incurred Claims net of reinsurance {{footnote|1=Best Estimate Liabilities net of reinsurance.}}'''

|+ Property & casualty underlying earnings by geography build-up by geography

! colspan="8" style="text-align:center" | AXA XL

! colspan="4" style="text-align:center" | Transversal & otherOther

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

! class="col-s" style="text-align:right" | o/w AXA XL insuranceInsurance

! class="col-s" style="text-align:right" | o/w AXA XL insuranceInsurance

! class="col-s" style="text-align:right" | o/w AXA XL insuranceInsurance

! class="col-s" style="text-align:right" | o/w AXA XL insuranceInsurance

| style="text-align:left" | '''Short-term businessBusiness'''

| style="text-align:left" | Current accidentAccident yearYear lossLoss ratioRatio

| style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear lossLoss ratioRatio (excl. natNat catsCats)

| style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear natNat catsCats

| style="text-align:left" | Current accidentAccident yearYear discountingDiscounting

| style="text-align:left" | Prior yearYear reserveReserve developmentDevelopment ratioRatio

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

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

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

| style="text-align:left" | '''Long-term business {{footnote|1=For long-term business.}}Business'''

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

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

| style="text-align:left" | '''Financial resultResult & otherOther'''

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

| style="text-align:left" | Investment incomeIncome

| style="text-align:left" | Insurance financeFinance expensesExpenses

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

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

| style="text-align:left" | Debt financingFinancing chargesCharges

| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''

| style="text-align:left" | Income from affiliatesAffiliates & otherOther

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

| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''

| style="text-align:left" | '''Best estimateEstimate for incurred claims net of reinsurance {{footnote|1=Best Estimate LiabilitiesClaims net of reinsurance.}}'''

|+ Life & Healthhealth Underlyingunderlying Earningsearnings by Line of Business breakdownbuild-up by line of business

! colspan="4" style="text-align:center" | Employee Benefits* (out of Total Life & Health) {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}

| style="text-align:left" | '''Short-term businessBusiness'''

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

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

| style="text-align:left" | '''Long-term businessBusiness'''

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

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

| style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows

| style="text-align:left" | Risk adjustmentAdjustment releaseRelease

| style="text-align:left" | Changes in onerousOnerous contractsContracts

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

| style="text-align:left" | '''Financial resultResult & otherOther'''

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

| style="text-align:left" | Investment incomeIncome

| style="text-align:left" | Insurance financeFinance expensesExpenses

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

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

| style="text-align:left" | Debt financingFinancing chargesCharges

| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''

| style="text-align:left" | Income from affiliatesAffiliates & otherOther

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

| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''

| style="text-align:left" | '''Closing investedInvested assetsAssets'''

| style="text-align:left; padding-left:1.5em" | o/w nonNon VFA

| style="text-align:left" | '''Best estimateEstimate for incurred claimsClaims net of reinsurance'''

|+ Life & Healthhealth Underlyingunderlying Earningsearnings by Geography breakdownbuild-up by geography

| style="text-align:left" | '''Short-term businessBusiness'''

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

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

| style="text-align:left" | '''Long-term businessBusiness'''

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

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

| style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows

| style="text-align:left" | Risk adjustmentAdjustment releaseRelease

| style="text-align:left" | Changes in onerousOnerous contractsContracts

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

| style="text-align:left" | '''Financial resultResult & otherOther'''

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

| style="text-align:left" | Investment incomeIncome

| style="text-align:left" | Insurance financeFinance expensesExpenses

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

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

| style="text-align:left" | Debt financingFinancing chargesCharges

| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''

| style="text-align:left" | Income from affiliatesAffiliates & otherOther

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

| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''

| style="text-align:left" | '''Best estimateEstimate for incurred claimsClaims net of reinsurance'''

| style="text-align:left" | '''Best estimateEstimate liabilitiesLiabilities net of reinsurance'''

| style="text-align:left; padding-left:1.5em" | o/w VFA grossGross of reinsurance

| style="text-align:left; padding-left:1.5em" | o/w BBA grossGross of reinsurance

|+ Life Underlyingunderlying Earningsearnings by Geography breakdownbuild-up by geography

| style="text-align:left" | '''Short-term businessBusiness'''

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

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

| style="text-align:left" | '''Long-term businessBusiness'''

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

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

| style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows

| style="text-align:left" | Risk adjustmentAdjustment releaseRelease

| style="text-align:left" | Changes in onerousOnerous contractsContracts

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

| style="text-align:left" | '''Financial resultResult & otherOther'''

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

| style="text-align:left" | Investment incomeIncome

| style="text-align:left" | Insurance financeFinance expensesExpenses

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

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

| style="text-align:left" | Debt financingFinancing chargesCharges

| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''

| style="text-align:left" | Income from affiliatesAffiliates & otherOther

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

| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''

| style="text-align:left" | '''Best estimateEstimate for incurred claimsClaims net of reinsurance'''

| style="text-align:left" | '''Best estimateEstimate liabilitiesLiabilities net of reinsurance'''

| style="text-align:left; padding-left:1.5em" | o/w VFA grossGross of reinsurance

| style="text-align:left; padding-left:1.5em" | o/w BBA grossGross of reinsurance

|+ Health Underlyingunderlying Earningsearnings by Geography breakdownbuild-up by geography

| style="text-align:left" | '''Short-term businessBusiness'''

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

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

| style="text-align:left" | '''Long-term businessBusiness'''

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

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

| style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows

| style="text-align:left" | Risk adjustmentAdjustment releaseRelease

| style="text-align:left" | Changes in onerousOnerous contractsContracts

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

| style="text-align:left" | '''Financial resultResult & otherOther'''

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

| style="text-align:left" | Investment incomeIncome

| style="text-align:left" | Insurance financeFinance expensesExpenses

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

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

| style="text-align:left" | Debt financingFinancing chargesCharges

| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''

| style="text-align:left" | Income from affiliatesAffiliates & otherOther

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

| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''

| style="text-align:left" | '''Best estimateEstimate for incurred claimsClaims net of reinsurance'''

| style="text-align:left" | '''Best estimateEstimate liabilitiesLiabilities net of reinsurance'''

| style="text-align:left; padding-left:1.5em" | o/w VFA grossGross of reinsurance

| style="text-align:left; padding-left:1.5em" | o/w BBA grossGross of reinsurance

|+ Asset management rollforwardunderlying andearnings build-up by type

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

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

! class="col-s" style="text-align:right" | o/w thirdThird partyParty

! class="col-s" style="text-align:right" | o/w thirdThird partyParty

! class="col-s" style="text-align:right" | o/w thirdThird partyParty

! class="col-s" style="text-align:right" | o/w thirdThird partyParty

| style="text-align:left" | '''Opening AUM (in EUREuro billion)'''

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

| style="text-align:left" | Scope & otherOther

| style="text-align:left" | Market effectEffect

| style="text-align:left" | Currency impactImpact

| style="text-align:left" | '''Closing AUM (in EUREuro billion)'''

| style="text-align:left" | Core & otherOther

| style="text-align:left" | Asian jointJoint venturesVentures

| style="text-align:left" | '''Gross revenuesRevenues - afterAfter intercompanyIntercompany eliminationElimination'''

| style="text-align:left" | '''Gross revenuesRevenues - beforeBefore intercompanyIntercompany eliminationElimination'''

| style="text-align:left" | Management feesFees

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

| style="text-align:left" | Distribution feesFees

| style="text-align:left" | '''General expensesExpenses'''

| style="text-align:left" | Distribution feesFees retrocededRetroceded

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

| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''

| style="text-align:left" | Income from affiliatesAffiliates & otherOther

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

| style="text-align:left" | '''Underlying earningsEarnings groupGroup shareShare'''

| style="text-align:left" | '''Average assetsAssets under managementManagement (€bn)'''

| style="text-align:left" | '''Asset managementManagement feeFee bps'''

| style="text-align:left" | '''Underlying costCost incomeIncome ratioRatio'''

|+ Holdings Underlyingunderlying Earnings¹earnings time seriesbuild-up {{footnote|1=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.}} {{footnote|1=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).}} {{footnote|1=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}

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

| style="text-align:left" | Other revenues {{footnote|1=Includes liquid invested assets.}}Revenues

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

| style="text-align:left" | Debt financingFinancing chargesCharges

| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''

| style="text-align:left" | Income from affiliatesAffiliates & otherOther

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

| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''

|+ Activity Indicators by Line of Business time seriesindicators by line of business

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

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

! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}

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

! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}

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

! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}

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

! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}

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

| style="text-align:left" | Gross writtenWritten premiumsPremiums & otherOther revenuesRevenues

| style="text-align:left" | IFRS17/9 newNew businessBusiness valueValue (NBV) (a)

| style="text-align:left" | New businessBusiness contractualContractual serviceService marginMargin (NB CSM)

| style="text-align:left" | Present valueValue of expectedExpected premiumsPremiums (PVEP) (b)

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

|+ Activity Indicators by Geography time seriesindicators by geography

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

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

| style="text-align:left" | Gross writtenWritten premiumsPremiums & otherOther revenuesRevenues

| style="text-align:left" | IFRS17/9 newNew businessBusiness valueValue (NBV) (a)

| style="text-align:left" | New businessBusiness contractualContractual serviceService marginMargin (NB CSM)

| style="text-align:left" | Present valueValue of expectedExpected premiumsPremiums (PVEP) (b)

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

| style="text-align:left" | '''Total intangibleIntangible assets'''

| style="text-align:left" | Unit-linked assetsAssets

| style="text-align:left" | '''Total investmentsInvestments from insuranceInsurance activities'''

| style="text-align:left" | Investments from nonNon-insuranceInsurance activitiesActivities

| style="text-align:left" | Equity methodMethod investments

| style="text-align:left" | Assets arisingArising from insuranceInsurance and reinsuranceReinsurance contractsContracts heldHeld

| style="text-align:left" | Present valueValue of futureFuture cashCash flowsFlows

| style="text-align:left" | Contractual serviceService marginMargin

| style="text-align:left" | Risk adjustmentAdjustment

| style="text-align:left" | Receivables and otherOther assetsAssets

| style="text-align:left" | '''Total assetsAssets'''

| style="text-align:left" | Shareholders' equityEquity group share

| style="text-align:left" | Non-controlling interestsInterests

| style="text-align:left" | '''Shareholders'Shareholders’ equity'''

| style="text-align:left" | Present valueValue of futureFuture cashCash flowsFlows

| style="text-align:left" | Contractual serviceService marginMargin

| style="text-align:left" | Risk adjustmentAdjustment

| style="text-align:left" | Other investmentInvestment contractContract liabilitiesLiabilities

| style="text-align:left" | Liabilities arisingArising from nonNon-insuranceInsurance activitiesActivities

| style="text-align:left" | Payables and otherOther liabilities

| style="text-align:left" | '''Total liabilitiesLiabilities, nonNon-controlling interestsInterests and shareholdersShareholders' equityEquity'''

|+ Contractual service margin (CSM) rollforward by business unit, pre-tax and post-tax, under IFRS 17

! class="col-s" style="text-align:right" | FY23 restatedRestated {{footnote|1=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.}}

! class="col-s" style="text-align:right" | New businessBusiness CSM

! class="col-s" style="text-align:right" | Underlying returnReturn on inforce

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

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

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

! class="col-s" style="text-align:right" | Other {{footnote|1=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.}}

| style="text-align:left" | '''Total groupGroup (pre-tax)'''

| style="text-align:left" | '''Total groupGroup (post-tax)'''

|+ Contractual service margin (CSM) rollforward by business unit, pre-tax and post-tax, under IFRS 17 {{footnote|1=Including scope changes and FX.}}

! class="col-s" style="text-align:right" | New businessBusiness CSM

! class="col-s" style="text-align:right" | Underlying returnReturn on inforce

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

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

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

! class="col-s" style="text-align:right" | Other {{footnote|1=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.}}

| style="text-align:left" | '''Total groupGroup (pre-tax)'''

| style="text-align:left" | '''Total groupGroup (post-tax)'''

! class="col-s" style="text-align:right" | Asset allocationAllocation %

! class="col-s" style="text-align:right" | o/w participatingParticipating

| style="text-align:left" | '''General accountAccount investedInvested assets1Assets1 {{footnote|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.}}'''

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

| style="text-align:left" | Government bondsBonds

| style="text-align:left" | Corporate bondsBonds and loansLoans

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

| style="text-align:left" | Asset backedBacked securities2Securities2 {{footnote|1=2 Includes 91% of CLOs.}}

| style="text-align:left" | Mortgage loans3Loans3 {{footnote|1=3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}}

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

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

| style="text-align:left" | Listed equities4Equities4 {{footnote|1=4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}

| style="text-align:left" | Private equityEquity & hedgeHedge funds5Funds5 {{footnote|1=5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}

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

|+ BreakdownGovernment bonds breakdown by geographical exposure of assets {{footnote|1=Corporate Bonds and Loans.}}

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

! class="col-s" style="text-align:right" | Rest of the worldWorld

| style="text-align:left" | Breakdown byBy geographicalGeographical exposureExposure

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

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

! class="col-s" style="text-align:right" | Consumer, cyclicalCyclical

! class="col-s" style="text-align:right" | Consumer, nonNon-cyclicalCyclical

! class="col-s" style="text-align:right" | Covered and seniorSenior securedSecured Bonds {{footnote|1=Includes REITS corporate bonds (Euro 3 billion).}}

| style="text-align:left" | Breakdown byBy industryIndustry

! class="col-s" style="text-align:right" | Non-banks1Banks1 {{footnote|1=1 Includes REITS corporate bonds (EuroExcluding 3Non-listed billion)Equity.}}

| style="text-align:left" | Senior unsecuredUnsecured bondsBonds

| style="text-align:left" | Subordinated bonds2Bonds2 {{footnote|1=2 Includes AT1 (Euro 0.4 billion).}}

|+ BreakdownListed equities breakdown by asset domiciliation by geography

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

! class="col-s" style="text-align:right" | Rest of the worldWorld

| style="text-align:left" | Breakdown byBy assetAsset domiciliationDomiciliation

|+ BreakdownListed byequities industrybreakdown by industry {{footnote|1=1 Including hedges.}} {{footnote|1=Real Estate.}}

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

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

! class="col-s" style="text-align:right" | Consumer, cyclicalCyclical

! class="col-s" style="text-align:right" | Consumer, nonNon-cyclicalCyclical

| style="text-align:left" | Breakdown byBy industryIndustry

|+ BreakdownReal estate breakdown by geographical exposure by geography

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

! class="col-s" style="text-align:right" | Rest of the worldWorld

| style="text-align:left" | Breakdown byBy geographicalGeographical exposureExposure

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

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

| style="text-align:left" | Breakdown byBy typeType

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

| style="text-align:left" | Breakdown byBy assetAsset domiciliationDomiciliation

|+ BreakdownMortgage byloans typebreakdown by type {{footnote|1=1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}} {{footnote|1=2 Loan to Value: 46%.}}

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

! class="col-s" style="text-align:right" | Commercial {{footnote|1=Loan to Value: 46%.}}

| style="text-align:left" | Breakdown by typeType

|+ Change in groupGroup share consolidated shareholders' equity rollforward

| style="text-align:left" | '''Shareholders' equityEquity at beginningBeginning of the period {{footnote|1=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}Period'''

| style="text-align:left" | Paid-in capitalCapital

| style="text-align:left" | Treasury sharesShares

| style="text-align:left" | Other comprehensiveComprehensive incomeIncome arisingArising from definedDefined benefitBenefit plansPlans

| style="text-align:left" | Fair valueValue recordedRecorded in shareholdersShareholders' equityEquity

| style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to investedInvested assetsAssets

| style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to (re) insuranceInsurance contractsContracts

| style="text-align:left" | Impact of currencyCurrency fluctuationsFluctuations

| style="text-align:left" | Undated subordinatedSubordinated debtDebt (including interest charges)

| style="text-align:left" | Realized gainsGains on equityEquity through retainedRetained earningsEarnings

| style="text-align:left" | Net incomeIncome for the periodPeriod

| style="text-align:left" | '''Shareholders' equityEquity at endEnd of the period {{footnote|1=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}Period'''

| style="text-align:left" | Paid-in capitalCapital

| style="text-align:left" | Treasury sharesShares

| style="text-align:left" | Other comprehensiveComprehensive incomeIncome arisingArising from definedDefined benefitBenefit plansPlans

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

| style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to investedInvested assetsAssets

| style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to (re) insuranceInsurance contractsContracts

| style="text-align:left" | Translation reservesReserves

| style="text-align:left" | Undated subordinatedSubordinated debtDebt

| style="text-align:left" | Retained earningsEarnings

| style="text-align:left" | '''Total shareholdersShareholders' equityEquity at the endEnd of the periodPeriod'''

| style="text-align:left" | Government bondsBonds (recyclable)

| style="text-align:left" | Corporate bondsBonds (recyclable)

| style="text-align:left" | Cash flowFlow hedges (recyclable)

| style="text-align:left" | '''Total otherOther comprehensiveComprehensive incomeIncome relatedRelated to investedInvested assetsAssets'''

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

| style="text-align:left" | Other investedInvested assetsAssets notNot includedIncluded in shareholdersShareholders' equityEquity

| style="text-align:left" | '''Total unrealizedUnrealized gainsGains and lossesLosses on investedInvested assetsAssets at costCost (netNet of taxTax)'''

| style="text-align:left" | '''Total unrealizedUnrealized gainsGains and lossesLosses on investedInvested assetsAssets (netNet of taxTax)'''

|+ Return on equity (ROE) ratio analysis {{footnote|1=Financial interest treatment.}}

| style="text-align:left" | '''Net incomeIncome ROE'''

| style="text-align:left" | Net income (a)Income {{footnote|1=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}

| style="text-align:left" | Average adjustedAdjusted shareholdersShareholders' equity (b)Equity {{footnote|1=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}

| style="text-align:left" | Underlying earningsEarnings {{footnote|1=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (arecorded through shareholders' equity).}}

|+ Consolidated financial structure &and debt gearing build-up

| style="text-align:left" | Financing debtDebt

| style="text-align:left" | Financing debtDebt instrumentInstrument issuedIssued

| style="text-align:left" | Financing debtDebt owedOwed to creditCredit institutionsInstitutions

| style="text-align:left" | Dated subordinatedSubordinated debtDebt

| style="text-align:left" | '''Total grossGross debtDebt (A)'''

| style="text-align:left" | Undated deeplyDeeply subordinatedSubordinated notesNotes (TSS)

| style="text-align:left" | Deeply subordinatedSubordinated notesNotes (TSDI)

| style="text-align:left" | '''Total grossGross debtDebt incl. undatedUndated and deeplyDeeply subordinatedSubordinated notesNotes (B)'''

| style="text-align:left" | '''Shareholders' equityEquity (includingIncluding nonNon-controllingControlling interestsInterests) (a) (C) {{footnote|1=Shareholders' equity includes undated and deeply subordinated debts.}}'''

| style="text-align:left" | '''Contractual serviceService marginMargin net of tax (D)'''

| style="text-align:left" | '''Shareholders' equityEquity + contractualContractual serviceService marginMargin + grossGross debtDebt (E) = (C) + (D) + (A)'''

| style="text-align:left" | '''Debt gearingGearing (G) = (B) / (E)'''

! class="col-s" style="text-align:right" | Normalized capitalCapital generationGeneration

! class="col-s" style="text-align:right" | M&A, inIn-force and otherOther

| style="text-align:left" | '''Eligible ownOwn fundFund (EOF)'''

| style="text-align:left" | '''Solvency capitalCapital requirementRequirement (SCR)'''

| style="text-align:left" | '''Solvency II ratioRatio'''

! class="col-s" style="text-align:right" | Unrestricted tierTier 1

! class="col-s" style="text-align:right" | Restricted tierTier 1

! colspanclass="2col-s" style="text-align:centerright" | Tier 2

| style="text-align:left" | Insurance sectorSector

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

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

| style="text-align:left" | Insurance sectorSector

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

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

|+ Solvency II key sensitivities (in pts) by scenario

| style="text-align:left" | Interest rateRate +50 bps

| style="text-align:left" | Interest rateRate -50 bps

| style="text-align:left" | Corporate spreadSpread +50bps

| style="text-align:left" | Euro governmentGovernment spreadsSpreads +50bps

| style="text-align:left" | Credit migrationMigration +20%

| style="text-align:left" | Listed equitiesEquities +25%

| style="text-align:left" | Listed equitiesEquities -25%

| style="text-align:left" | Private and infrastructureInfrastructure equityEquity +25%

| style="text-align:left" | Private and infrastructureInfrastructure equityEquity -25%

| style="text-align:left" | '''IFRS shareholdersSHAREHOLDERS' equityEQUITY'''

| style="text-align:left" | Contractual serviceService marginMargin (net of tax)

| style="text-align:left" | '''IFRS shareholdersSHAREHOLDERS' equityEQUITY inc. CSM'''

| style="text-align:left" | Net URCG not included in shareholdersShareholders' equityEquity

| style="text-align:left" | Elimination undatedUndated subordinatedSubordinated debtsDebts

| style="text-align:left" | Elimination intangiblesIntangibles

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

| style="text-align:left" | '''IFRS tangibleTANGIBLE netNET assetASSET valueVALUE'''

| style="text-align:left" | Risk marginMargin vs riskRisk adjustmentAdjustment

| style="text-align:left" | '''UnrestrictedUNRESTRICTED tierTIER 1'''

| style="text-align:left" | Restricted tierTier 1 + tierTier 2

| style="text-align:left" | Tier 3

| style="text-align:left" | '''GroupGROUP eligibleELIGIBLE ownOWN fundsFUNDS'''