AXA/2025/FY/Earnings presentation: Difference between revisions

| document_typedocument_category = Analyst presentation

* ''AXA Full Year 2025'' earnings presentation delivered on February Earnings26, Presentation2026 ^{p. 1}

* Certain''Forward-looking statements'' are forward-looking, includinginclude predictions of future events, trends, plans, expectations, or objectives, andbased are identified by words likeon Management'expects',s 'anticipates',current 'may',views 'plan,'and 'target'subject orto conditional verbs such as 'would' and 'could'change ^{p. 2}.

* Statements regarding expected '''underlyingExpected earningsUEPS per sharegrowth''' ('UEPS') growth for 2026 areis forward-looking statementsprovided providingas one-off guidance forin the context of the lastfinal year of the Group's current strategic plan ^{p. 2}.

* Refer''Financial to Part 5statements status'Risk Factors and Risk Management' of: AXA's Universalconsolidated Registrationfinancial Documentstatements for the year ended December 31, 20242025 (thewere '2024examined Universalby Registrationthe Document')Board forof aDirectors descriptionon ofFebruary important factors25, risks2026, and uncertaintiesare subject to completion of audit procedures ^{p. 2}.

* '''1. FY25 Highlights''': presented by Thomas Buberl, Group CEO, starting on page 04 ^{p. 3, 4}.

* '''2. FY25 Business Performance''': presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, starting on page 09 ^{p. 3, 9}.

* '''3. FY25 Financial Performance''': presented by Alban de Mailly Nesle, Group CFO, starting on page 13 ^{p. 3, 13}.

*|+ '''ROE'''Key FY25:financial 16%highlights, FY25 ^{p. 5}

|+ Underlying earnings, andFY24 topvs line growthFY25 ^{p. 6}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-ms" style="text-align:right" | Change (constant FX)

| style="text-align:right" | +6% overall, +9% excluding AXA IM

|+ FY25 grossGross written premium split (FY25, excluding AXA IM and holdings) ^{p. 7}

** Protection''Secular trends'' fuel demand across businesses, driven by protection gaps and emerging corporate risks, (relevantas forwell SMEas &demographics Mid-marketdriving anddemand Largefor &private Specialtyretirement segments) ^{p.and 7}healthcare

* (icon)* '''DrivingClear efficiency'tech'' and AI roadmap ^{p. 8}

** (icon)''Driving efficiency'''Enhancing capitalacross allocation discipline'''operations ^{p. 8}

* (icon)* '''BuildingEnhancing resilience'capital'' allocation discipline ^{p. 8}

** Confidence''Building inresilience'' sustainingacross earningsthe growthbusiness ^{p. 8}

|+ PerformanceGross written premiums and underlying earnings by geography,region FY25 ^{p. 10}

! style="text-align:left" | Region (share of total GWP¹)

! class="col-m" style="text-align:right" | %Gross ofwritten total GWPpremiums

! class="col-m" style="text-align:right" | GrossUnderlying written premiums (EUR billion)earnings

| style="text-align:left" | ''France'' (27% of total GWP¹)

| class="col-m" style="text-align:right" | 27+6% to EUR 31bn

| class="col-m" style="text-align:right" | 31 (+67%) to EUR 2.2bn

| style="text-align:left" | ''Europe'' (38% of total GWP¹)

| class="col-m" style="text-align:right" | 38+6% to EUR 43bn

| class="col-m" style="text-align:right" | 43 (+69%) to EUR 3.5bn

| style="text-align:left" | ''AXA XL'' (17% of total GWP¹)

| class="col-m" style="text-align:right" | 17+4% to EUR 19bn

| class="col-m" style="text-align:right" | 19 (+49%) to EUR 1.9bn

| style="text-align:left" | ''Asia, Africa & EME-LATAM'' (18% of total GWP¹)

| class="col-m" style="text-align:right" | 18+13% to EUR 20bn

| class="col-m" style="text-align:right" | 20 (+136%) to EUR 1.5bn

* '''UnderlyingGross written earnings'premiums'' +9%(GWP) toreached EUR 5.9bn (change FY25 vs. FY24 at constant FX)58bn ^{p. 11}.

* (donut) '''GWP mix''': EURRetail, 58bnAXA XL (Large & Specialty), SME & Mid-market — shares not labeled ^{p. 11}.

** '''Retail''':AXA 34%XL GWP includes AXA XL Re premiums of EUR 2.6bn ^{p. 11}.

** '''SME &Underlying Mid-marketearnings''': 33+9% at constant FX to EUR 5.9bn ^{p. 11}.

* (diagram)* '''2025 Strategic Focus''': Growing volumes while expanding margins ^{p. 11}.

** '''Retail andBeyond SME & Mid-market'2025'': GrowingInvesting volumesto whileimprove customer retention and expanding marginsdistribution footprint ^{p. 11}.

** '''AXA XL''' (Large & Specialty):'' Profitablestrategic growth with stable margins ^{p. 11}outlook:

* (diagram)* ''2025'Beyond': 2025Profitable Strategicgrowth Focus'''with stable margins ^{p. 11}.

** '''RetailBeyond and SME & Mid-market'2025'': InvestingCapitalizing toon improveattractive customergrowth retentionopportunities &and expandingcontinued distributioncycle footprintmanagement ^{p. 11}.

** (diagram)Continued '''Additionalprogress Strategicon Initiatives'''efficiency ^{p. 11}.

** ContinuedHigher progressinvestment on efficiencyincome ^{p. 11}.

** HigherData investment& incomeAI to further enhance customer experience and technical excellence ^{p. 11}.

|+ P&C GWP breakdown& other revenues by termsegment, FY24 vs FY25 ^{p. 1214}

! style="text-align:left" | GWP EUR 57bnbillion unless otherwise mentioned

! class="col-s" style="text-align:right" | —FY24

| style="text-align:left" | Short-termCommercial lines

| style="text-align:right" | 28%—

| style="text-align:left" | Long-termAXA XL Reinsurance

| style="text-align:right" | 72%—

***|+ Undiscounted CY lossCombined ratio (exbridge, NatFY24 Cat):vs 67.4%FY25 ^{p. 15}

|+ Underlying Earningsearnings waterfallbridge, FY24 to FY25 ^{p. 16}

! class="col-s" style="text-align:right" | FY24Underlying earnings

* '''Underlying Earnings'''earnings grew +9% (change at constant FX) ^{p.to 16}EUR 5,872m.

* '''Better underwritingUnderwriting result''' improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence ^{p. 16}

* '''IncreaseInvestment inincome investment income'''increased reflecting higher volumes and better reinvestment yields on fixed income assets ^{p. 16}

* '''HigherInsurance finance expenses impacted by higher unwind of discount''' of claims reserves, in line with guidance ^{p. 16}

* '''Unfavorable forexForex impact''' was unfavorable, notably due to USD depreciation vs. EUR ^{p. 16}

***|+ '''Protection''':GWP EURand 17.3bnother revenues by line, FY24 vs FY25 ^{p. 17}

**|+ FY24PVEP Total:trend by segment, FY24 EURvs 50.9bnFY25 ^{p. 18}

**|+ Contractual Service Margin rollforward, FY24: EURto 33.6bnFY25 ^{p. 19}

|+ Underlying Earningsearnings waterfallbridge, FY24 to FY25 ^{p. 20}

! class="col-s" style="text-align:right" | FY24Underlying earnings

| style="text-align:left" | FY24 start

| style="text-align:left" | FY25 end

|+ Underlying earningsEarnings and net income bybreakdown FY24 vs segmentFY25 ^{p. 21}

! style="text-align:left" | EUR billion unless otherwise mentioned

| style="text-align:right" | —5.5

| style="text-align:right" | —3.3

| style="text-align:right" | —0.4

| style="text-align:right" | stable-1.2

| style="text-align:left" | '''NetUnderlying incomeearnings''' (reported)

| style="text-align:right" | 78.91

| style="text-align:right" | 9.8.4

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

| style="text-align:left; padding-left:1.5em" | Capitalo/w capital gains from AXA IM disposal

| style="text-align:right" | —-

|+ Shareholders'Underlying equityearnings andper relatedshare metricsbridge, FY24 to FY25 ^{p. 2221}

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

! class="col-s" style="text-align:right" | FY24Underlying earnings per share

| style="text-align:left" | '''Shareholders' equity''' (Group share)FY24

| style="text-align:right" | —3.59

| style="text-align:left" | SHEEarnings (excl. OCI)growth

| style="text-align:right" | 58.0+6%

| style="text-align:left" | NetCapital OCImanagement

| style="text-align:right" | -8.1+3%

| style="text-align:left" | SHE (excl. OCI & undated subordinated debt)Forex

| style="text-align:right" | 53.-2%

| style="text-align:left" | '''DebtTemporary gearing'''earnings dilution from AXA IM sale

| style="text-align:right" | 20.6-1%

| style="text-align:left" | '''Underlying ROE'''FY25

| style="text-align:right" | 153.2%86

|+ Reconciliation of Shareholders' Equityequity roll-forward ^{p. 22}

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

| style="text-align:right" | —-

| style="text-align:right" | —-

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

|+ CashHolding Remittancecash andposition Cashbridge PositionFY24 to FY25 in Euro billion ^{p. 23}

! class="col-s" style="text-align:right" | FY24—

| style="text-align:left" | '''NetM&A Cashand Remittance'''other

| style="text-align:right" | 7+3.71

| style="text-align:left" | Remittance''FY25 ratioCash position''

| style="text-align:right" | 82%5.6

|+ Solvency II metricswalk, andFY24 sensitivitiesto FY25 ^{p. 24}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | FY24EOF

! class="col-s" style="text-align:right" | FY25SCR

| style="text-align:left" | '''Eligible Own Funds (EOF)'''FY24

| style="text-align:right" | 25.2216

| style="text-align:left" | '''SolvencyRegulatory II& ratio'''model changes

| style="text-align:right" | 216%+0.2

| style="text-align:right" | 224%0.0

|+ Key sensitivities onof Solvency II Ratioratio as of December 31, 2025 (base 224%) ^{p. 24}

| style="text-align:left" | Listed Equity (excl.excluding PE & Infra) +25%

| style="text-align:left" | Listed Equity (excl.excluding PE & Infra) -25%

* ¹Sensitivity to Euro sovereign spreads sensitivity assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve, (applied on sovereign and quasi-sovereign exposures) ^{p. 24}.

* ²Sensitivity to creditCredit rating migration sensitivity assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches) ^{p. 24}.

|+ Solvency II Ratioratio adjustmentsimpacts ^{p. 25}

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

! class="col-ms" style="text-align:right" | Impact (pts)

| style="text-align:left" | '''RatioSolvency II ratio as of December 31/12/, 2025'''

| style="text-align:right" | 224%

| style="text-align:left" | Impact of theGrandfathering end of grandfathering periodimpact on January 1, 2026

| style="text-align:right" | -10pts to 215%10

| style="text-align:left" | Impact of Solvency II revision impact to come into effect in 1Q27

| style="text-align:right" | +17pts17

* EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026 ^{p. 25}

* No change is expected in organic capital generation ^{p. 25}

* AdditionalProvides additional capital flexibility ^{p. 25}

* ¹Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date ^{p. 25}.

* Conclusion''Section divider'' for the conclusion presentation by Thomas Buberl, Group CEO ^{p. 26}.

* '''Record results''', achieved at the top end of the target range while enhancing reserve prudence ^{p. 27}.

* ''All businesses'' in excellent shape, delivering strong growth and profitability ^{p. 27}.

* '''Diversified franchise''', well-positioned to capture future growth opportunities ^{p. 27}.

* ''Laying foundations'' for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

* ''Q&A session'' for the Full Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}.

* '''MeetInvestor ourRelations management'contact'': +33 1 40 75 48 42; investor.relations@axa.com ^{p. 29}

** March''Follow us'': Roadshows in Europe and USwww.axa.com ^{p. 29}

**|+ JulyMeet 31:our HY26management Earningsevent Release in Parisschedule ^{p. 29}

===* Section divider for ''Appendices'' ^{p. ===30}

* '''Debt and Invested Assets''' ^{p. 31}

* ''Additional P&C disclosures'' ^{p. 36}

* ''Additional IFRS17 disclosures'' ^{p. 41}

* ''Sustainability'' ^{p. 44}

|+ FY25Gross Totalfinancial General Account invested assetsdebt ^{p. 3332}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | %FY24

| style="text-align:left" | '''FixedTier income'''1

| style="text-align:right" | 3454.8

| style="text-align:right" | 774.6

| style="text-align:left; padding-left:1.5em" | o/w GovernmentTier bonds2

| style="text-align:right" | 16710.8

| style="text-align:right" | 3712.2

| style="text-align:left; padding-left:1.5em" | o/w Corporate bonds andSenior loansdebt

| style="text-align:right" | 1213.5

| style="text-align:right" | 273.5

| style="text-align:left; paddingfont-leftweight:1.5embold" | o/w Other fixed incomeTotal

| style="text-align:right; font-weight:bold" | 5619.2

| style="text-align:right; font-weight:bold" | 1320.3

| style="text-align:left" | '''RealDebt estate'''gearing

| style="text-align:right" | 4120.6%

| style="text-align:right" | 922.3%

| style="text-align:left" | '''Infrastructure equity'''2028

| style="text-align:right" | 10—

| style="text-align:right" | 2—

| style="text-align:left" | '''Listed equities'''2030

| style="text-align:right" | 10—

| style="text-align:right" | 20.7

| style="text-align:left" | '''Private equity and hedge funds'''2031-2039

| style="text-align:right" | 23—

| style="text-align:right" | 5—

| style="text-align:left" | '''Cash'''≥2040

| style="text-align:right" | 19—

| style="text-align:right" | 410.8

| style="text-align:left" | '''Policy loans'''Undated

| style="text-align:right" | 24.6

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

| style="text-align:left" | '''TotalGrandfathered Insurancedebt Invested Assets'''(contractual)

| style="text-align:right" | 450—

| style="text-align:right" | 100—

|+ FY25Economic Investedmaturity assets by typebreakdown ^{p. 3432}

! class="col-s" style="text-align:right" | %Tier of G/A portfolio1

|! class="col-s" style="text-align:leftright" | '''ResidentialSenior Mortgages'''debt

| style="text-align:left" | EUR 6bn Dutch mortgages, NHG guaranteed2026

| style="text-align:left" | EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)2027

| style="text-align:left" | '''CLO & ABS'''2028

| style="text-align:right" | 250.1

| style="text-align:right" | 6—

| style="text-align:left" | 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)2029

| style="text-align:left" | '''Infrastructure debt'''2030

| style="text-align:right" | 8—

| style="text-align:right" | 20.7

| style="text-align:left" | Skewed towards resilient industries (Telecom, Utilities, Transport)≥2040

| style="text-align:left" | '''CRE debt'''Undated

| style="text-align:right" | 84.0

| style="text-align:right" | 20.7

| style="text-align:left" | StrongGrandfathered sector diversificationdebt (mainly logistics, residential and retaileconomic), mostly in Europe, and circa 60% LTV

| style="text-align:left" | '''Mid-MarketTier lending'''1 2026

| style="text-align:right" | 100.1

| style="text-align:right" | 2—

| style="text-align:left" | StrongTier diversification1 with EUR 8m average ticket2028

| style="text-align:left" | '''Other'''Tier 1 Undated

| style="text-align:right" | 20.8

| style="text-align:right" | 0—

| style="text-align:left" | '''TotalTier Structured2 and Private Credit Assets'''2030

| style="text-align:right" | 69—

| style="text-align:right" | 150.7

| style="text-align:left; padding-left:1.5em" | o/wTier 54%2 participating≥2040

|+ FY25Invested Fixedassets Incomebreakdown ReinvestmentFY25 ^{p. 3533}

! style="text-align:left" | CategoryEUR billion unless otherwise mentioned

| style="text-align:right" | 32%

| style="text-align:right" | 40%

| style="text-align:right" | 21%

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

! style="text-align:left" | CategoryFixed Income Type

** Includes EUR 19.7bn of Private & Structured Credit investedreinvestment of EUR 19.7bn at 4.7% (yield, including CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY) ^{p. 35}

** GradualStrategic shift characterized by a gradual transition from alternative total return assets to Private & Structured credit ^{p. 35}

|+ TableFY25 GWP by line of contentsbusiness ^{p. 3637}

! style="text-align:left" | SectionLine of business

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

| style="text-align:left" | 1. Debt and Invested AssetsCasualty

| style="text-align:right" | 3135%

| style="text-align:left" | 2. Additional P&C disclosuresProperty

| style="text-align:right" | 3629%

| style="text-align:left" | 3. Additional IFRS17 disclosuresSpecialty

| style="text-align:right" | 4119%

| style="text-align:left" | 4.Professional Sustainabilitylines (including Cyber)

| style="text-align:right" | 4417%

***|+ Casualty:Profitability 35vs Ex-price growth (%) ^{p. 37}

|+ Claims reservesand ratio (Net undiscounted claimstechnical reserves/Net earned premiums)ratios ^{p. 38}

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

! class="col-s" style="text-align:right" | IFRS4FY18

! class="col-s" style="text-align:right" | IFRS17FY19

| style="text-align:left" | FY18Claims reserves ratio (IFRS4 basis)

| style="text-align:right" | 179%

| style="text-align:left" | FY19Claims reserves ratio (IFRS17 basis)

| style="text-align:left" | FY20Technical reserves ratio (IFRS4 basis)

| style="text-align:right" | 193%213

| style="text-align:left" | FY21Technical reserves ratio (IFRS17 basis)

| style="text-align:left" | FY22EU Windstorm

| style="text-align:right" | 189%600m

| style="text-align:right" | 198%4.0bn

| style="text-align:left" | FY23Europe Flood

| style="text-align:right" | —450m

| style="text-align:right" | 195%2.1bn

| style="text-align:left" | FY24Europe Earthquake

| style="text-align:right" | —400m

| style="text-align:right" | 180%2.1bn

| style="text-align:left" | FY25NA Hurricane

| style="text-align:right" | —600m

| style="text-align:right" | 175%1.2bn

|+ TechnicalGroup reservesunderlying ratioearnings (Netdeviation undiscountedto technicalaverage reservesNat /NetCat earnedcharges premiums)in 2026 ^{p. 3840}

! class="col-s" style="text-align:right" | IFRS4EUR billion

! class="col-s" style="text-align:right" | IFRS17Estimated impact on GEP

| style="text-align:left" | FY182025

| class="col-s" style="text-align:right" | 213%2.6

| class="col-s" style="text-align:right" | —ca. 4.5%

| style="text-align:left" | FY192026

| class="col-s" style="text-align:right" | 227%2.7

| class="col-s" style="text-align:right" | —ca. 4.5%

| style="text-align:left" | FY20''Current Accident Year Undiscounted Technical Margin''

| style="text-align:right" | 233%2,778

| style="text-align:right" | —+707

| style="text-align:left" | FY21''Current Accident Year Discounting''

| style="text-align:right" | 226%2,009

| style="text-align:right" | —+115

| style="text-align:left" | FY22''Prior Years' Reserve Development (PYD)''

| style="text-align:right" | 227%622

| style="text-align:right" | 234%-341

| style="text-align:left" | FY23''Investment Income''

| style="text-align:right" | —3,988

| style="text-align:right" | 232%+435

| style="text-align:left" | FY24''Insurance Finance Expenses''

| style="text-align:right" | —-1,358

| style="text-align:right" | 216%-235

| style="text-align:left" | FY25''Underlying Earnings before tax''

| style="text-align:right" | —8,040

| style="text-align:right" | 210%+681

***|+ 1/20yTechnical (95thand percentile):financial -EURresults 1.2bnin Euro million, pre-tax ^{p. 4043}

*|+ 3.Underlying earnings bridge Additionalin IFRS17Euro disclosuresmillion ^{p. 4143}

***|+ '''GrossLife Earned& Premiums''':Health EURFY25 57,656CSM (+6%)key sensitivities in Euro billion ^{p. 4243}

=== L&HTable |of Margin analysiscontents ===

* Includes''Debt scopeand impactInvested Assets'' ^{p. 4331}

* (flow) '''TechnicalAdditional ResultP&C disclosures''' (in EUR million, pre-tax) ^{p. 4336}

** '''Short-termAdditional TechnicalIFRS17 Margindisclosures''': EUR 479 (change: +EUR 60) ^{p. 4341}

*** Includes recapture of Laya''Sustainability'' ^{p. 4344}

**|+ '''2025ESG Result''':targets EURand 6.4bnachievements ^{p. 45}

**|+ '''2025ESG score''': AAAratings ^{p. 46}

* '''France''': scope includes insurance activities, banking activities, and holding ^{p. 47}.

* '''Europe''': scope includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities) ^{p. 47}.

* '''AXA XL''': scope includes insurance and reinsurance activities and holding ^{p. 47}.

* '''Asia, Africa & EME-LATAM''': ^{p.scope 47}includes:

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated; China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings, and net income ^{p. 47}.

** China''Africa'': L&S,Morocco Thailand(insurance activities L&Sand holding), theNigeria Philippines(insurance L&Sactivities and P&Cholding), Indonesia L&S and IndiaEgypt (Lifeinsurance activities disposed on March 11, 2024 and holding) businesses which are fully consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income ^{p. 47}.

** '''Africa'EME-LATAM'': MoroccoMexico (insurance activities), andColombia holding)(insurance andactivities), NigeriaBrazil (insurance activities and holding), Egyptand Türkiye (insurance activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to net income ^{p. 47}.

** Russia''Transversal (Reso)& (insuranceOther'' activities)scope whichincludes consolidatedAXA underAssistance, theAXA equityLiabilities methodManagers, AXA, and contributes only to theother netCentral incomeHoldings ^{p. 47}.

* '''Capital-light G/A products''': encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% ^{p. 48}.

* '''Contractual Service Margin (CSM)''': a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders ^{p. 48}.

* '''CSM release''': a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period ^{p. 48}.

* '''Economic variance''': corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ^{p. 48}.

* '''Financial result''': consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow ^{p. 48}.

* '''Gross Written Premiums and Other Revenues (GWP & Other Revenues)''': represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}.

* '''New Business ValueContractual Service Margin (NBVNB CSM)''': a component of the valuecarrying amount of the asset or liability for newly issued insurance contracts during the currentperiod, yearrepresenting the unearned profit to be recognized as insurance contract services are provided ^{p. 48}.

* '''NewPresent Businessvalue Valueof marginexpected (NBVpremiums margin(PVEP)''': ratiothe ofnew (i)business NBVvolume, representingequal to the present value ofat newlythe issuedtime contractsof duringissue of the currenttotal year,premiums expected to (ii)be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}.

* '''OperatingTechnical variance'experience'': the variationconsists of the year-endimpacts CSM versuson the expectedunderlying atearnings opening due toof (i) the differencesdifference between realizedthe expected and expectedincurred cash-flows of the operationaldefined assumptionsperiod, (ii) changesthe inrisk assumptionsadjustment suchrelease, as(iii) mortality,the longevity,changes lapsesin andonerous expensescontracts, and (iiiiv) impactthe other long-term elements which are mainly composed of modelnon-attributable changesexpenses ^{p. 48}.

* '''ABS'AA'': Asset-BackedSenior bond Securitiesrating

* '''AEP'AAA'': AggregateSenior Exceedancebond Probabilityrating

* '''AI'ABS'': ArtificialAsset-Backed IntelligenceSecurities

* '''AMF'AEP'': Autorité desAggregate marchésExceedance financiersProbability

* '''APAC'AI'': Asia-PacificArtificial Intelligence

* '''BBA'APAC'': Bearer BondAsia-Pacific

* '''CDP'AXA IM'': CarbonAXA DisclosureInvestment ProjectManagers

* '''CRE'AY'': Commercial RealAccident EstateYear

* '''CSM'CDP'': ContractualCarbon ServiceDisclosure MarginProject

* '''CY'CLO'': CalendarCollateralized Loan YearObligation

* '''DPS'CRE'': DividendCommercial PerReal ShareEstate

* '''EOF'CSM'': EligibleContractual OwnService FundsMargin

* '''EPS'CY'': Earnings PerCalendar ShareYear

* '''ESMA'EME'': European Securities andEmerging Markets Authority

* '''EU'EOF'': EuropeanEligible Own UnionFunds

* '''EUR'EPS'': EuroEarnings Per Share

* '''GEP'EU'': Gross EarnedEuropean PremiumUnion

* '''GWP'EUR'': Gross Written PremiumsEuro

* '''HKD'FX'': Hong KongForeign DollarExchange

* '''IFE'GBP'': InsuranceGreat FinanceBritish ExpensesPound

* '''IG'GWP'': InvestmentGross Written GradePremiums

* '''JPY'HKD'': JapaneseHong Kong YenDollar

* '''LATAM'HY'': LatinHigh AmericaYield

* '''LTV'IFE'': Loan-to-ValueInsurance Finance Expenses

* '''MX'IG'': MexicoInvestment Grade

* '''NA'JPY'': NorthJapanese AmericaYen

* '''NBV'LFL'': New Business ValueLike-for-Like

* '''OCI'NA'': Other ComprehensiveNorth IncomeAmerica

* '''PE'NBV'': PrivateNew Business EquityValue

* '''PVEP'NHG'': Present Value ofNationale ExpectedHypotheek ProfitsGarantie

* '''PYD'NPS'': Prior Years'Net ReservePromoter DevelopmentScore

* '''ROE'PAA'': ReturnParticipating OnAccount EquityAgreement

* '''SCR'PE'': Solvency CapitalPrivate RequirementEquity

* '''SME'PYD'': SmallPrior andYears' Medium-sizedReserve EnterprisesDevelopment

* '''UEPS'ROE'': Underlying EarningsReturn Peron ShareEquity

* '''UK'SCR'': UnitedSolvency Capital KingdomRequirement

* '''US'SHE'': UnitedShareholders' StatesEquity

* '''USD'SME'': UnitedSmall and StatesMedium-sized DollarEnterprises

* '''VAT'TVOG'': Time Value Addedof Options and TaxGuarantees

* '''VFA'UEPS'': VariableUnderlying Earnings FeePer ApproachShare