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Line 4:
| period = FY
| period_label = FY25
| document_type document_category = Financial supplement
| document_name = AXA FY 2025 Financial Supplement (Excel)
| publication_date = 2026-02-26
Line 16:
 
== Market Data ==
 
{{Indexing|Exchange rate by currency|Exchange rates, USD, JPY, GBP, CHF, HKD|2g0bi52xlo|kind=table|order=1}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Exchange rate by currency
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1H24
Line 81 ⟶ 82:
|}
</div>
 
{{Indexing|Discount rate 5Y by currency|Discount rates, 5-year, EUR, USD, JPY, GBP, CHF, HKD|8057i7ggjm|kind=table|order=2}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Discount rate 5Y by currency
! style="text-align:left" | %
! class="col-s" style="text-align:right" | Average 1H24
Line 128 ⟶ 130:
|}
</div>
 
{{Indexing|Discount rate 10Y by currency|Discount rates, 10-year, EUR, USD, JPY, GBP, CHF, HKD|8057i7ggjm|kind=table|order=3}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Discount rate 10Y by currency
! style="text-align:left" | %
! class="col-s" style="text-align:right" | Closing 1H24
Line 177 ⟶ 180:
 
== UE by LOB and Net Income ==
 
{{Indexing|Group underlying earnings and net income build-up by line of business|Underlying earnings, net income, Property & Casualty, Life & Health, Asset Management, Holdings|pw41e8kn7m|kind=table|order=4}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Group underlying earnings and net income build-up by line of business
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
Line 829 ⟶ 833:
 
== UE by Geography ==
 
{{Indexing|Underlying earnings build-up by geography|Underlying earnings, France, Europe, AXA XL, Asia, Africa & EME-LATAM, AXA IM, Transversal & Other|iycymgpuon|kind=table|order=5}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
Line 1,383 ⟶ 1,388:
|}
</div>
 
{{Indexing|Underlying earnings by line of business and geography|Underlying earnings, France, Europe, AXA XL, Asia, Africa & EME-LATAM, AXA IM, Transversal & Other, Property & Casualty, Life & Health, Asset Management, Holdings|iycymgpuon|pw41e8kn7m|kind=table|order=6}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Underlying earnings by line of business and geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
Line 1,579 ⟶ 1,585:
 
== Shares & UEPS ==
 
{{Indexing|Basic number of shares rollforward|Outstanding shares, weighted average number of shares, capital increase, stock options, treasury shares|ch7st6ifed|kind=table|order=7}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Basic number of shares rollforward
! style="text-align:left" |
! colspan="2" style="text-align:center" | Outstanding Shares Excluding Treasury 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.}}
Line 1,734 ⟶ 1,741:
 
== P&C UE by Sub LOB ==
 
{{Indexing|Property & casualty underlying earnings build-up by line of business|Property & Casualty underlying earnings, Commercial lines, Personal lines, AXA XL Reinsurance|pw41e8kn7m|kind=table|order=8}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property & casualty underlying earnings build-up by line of business
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 1,833 ⟶ 1,841:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
Line 1,855 ⟶ 1,863:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
Line 1,877 ⟶ 1,885:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Current Accident Year Discounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
Line 2,097 ⟶ 2,105:
| style="text-align:right" | -20
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,967
| style="text-align:right" | 3,731
Line 2,119 ⟶ 2,127:
| style="text-align:right" | -20
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -643
| style="text-align:right" | -1,172
Line 2,339 ⟶ 2,347:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w VFA
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 2,361 ⟶ 2,369:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Non VFA
| style="text-align:right" | 113,515
| style="text-align:right" | 118,104
Line 2,452 ⟶ 2,460:
 
== P&C UE by Geography ==
 
{{Indexing|Property & casualty underlying earnings build-up by geography|Property & Casualty underlying earnings, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other|iycymgpuon|kind=table|order=9}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property & casualty underlying earnings by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 2,584 ⟶ 2,593:
| style="text-align:right" | 44.6%
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
Line 2,614 ⟶ 2,623:
| style="text-align:right" | 44.5%
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
Line 2,644 ⟶ 2,653:
| style="text-align:right" | 1.2%
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Current Accident Year Discounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
Line 3,337 ⟶ 3,346:
 
== L&H UE by LOB ==
 
{{Indexing|Life & health underlying earnings build-up by line of business|Life & Health underlying earnings, Life, Health, Employee Benefits|pw41e8kn7m|kind=table|order=10}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & health underlying earnings by line of business
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 3,491 ⟶ 3,501:
| style="text-align:right" | 38
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Actual vs. Expected Cash Flows
| style="text-align:right" | 9
| style="text-align:right" | -15
Line 3,509 ⟶ 3,519:
| style="text-align:right" | -8
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 30
| style="text-align:right" | 59
Line 3,527 ⟶ 3,537:
| style="text-align:right" | 8
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Changes in Onerous Contracts
| style="text-align:right" | -32
| style="text-align:right" | 6
Line 3,545 ⟶ 3,555:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -72
| style="text-align:right" | -145
Line 3,599 ⟶ 3,609:
| style="text-align:right" | 175
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
Line 3,617 ⟶ 3,627:
| style="text-align:right" | 456
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
Line 3,797 ⟶ 3,807:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w VFA
| style="text-align:right" | 234,783
| style="text-align:right" | 230,205
Line 3,815 ⟶ 3,825:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Non VFA
| style="text-align:right" | 94,677
| style="text-align:right" | 114,803
Line 3,923 ⟶ 3,933:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w VFA Gross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
Line 3,941 ⟶ 3,951:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
Line 3,959 ⟶ 3,969:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
Line 3,980 ⟶ 3,990:
 
== L&H UE by Geography ==
 
{{Indexing|Life & health underlying earnings build-up by geography|Life & Health underlying earnings, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other|iycymgpuon|kind=table|order=11}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & health underlying earnings by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 4,200 ⟶ 4,211:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Actual vs. Expected Cash Flows
| style="text-align:right" | 9
| style="text-align:right" | -15
Line 4,226 ⟶ 4,237:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 30
| style="text-align:right" | 59
Line 4,252 ⟶ 4,263:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Changes in Onerous Contracts
| style="text-align:right" | -32
| style="text-align:right" | 6
Line 4,278 ⟶ 4,289:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -72
| style="text-align:right" | -145
Line 4,356 ⟶ 4,367:
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
Line 4,382 ⟶ 4,393:
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
Line 4,746 ⟶ 4,757:
| style="text-align:right" | '''0'''
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w VFA Gross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
Line 4,772 ⟶ 4,783:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
Line 4,798 ⟶ 4,809:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
Line 4,827 ⟶ 4,838:
 
== Life UE by Geography ==
 
{{Indexing|Life underlying earnings build-up by geography|Life underlying earnings, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other|iycymgpuon|kind=table|order=12}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life underlying earnings by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 5,047 ⟶ 5,059:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Actual vs. Expected Cash Flows
| style="text-align:right" | -4
| style="text-align:right" | -33
Line 5,073 ⟶ 5,085:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 25
| style="text-align:right" | 51
Line 5,099 ⟶ 5,111:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Changes in Onerous Contracts
| style="text-align:right" | -30
| style="text-align:right" | 9
Line 5,125 ⟶ 5,137:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -63
| style="text-align:right" | -124
Line 5,203 ⟶ 5,215:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,159
| style="text-align:right" | 2,209
Line 5,229 ⟶ 5,241:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -705
| style="text-align:right" | -1,410
Line 5,593 ⟶ 5,605:
| style="text-align:right" | '''0'''
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w VFA Gross of reinsurance
| style="text-align:right" | 243,037
| style="text-align:right" | 251,273
Line 5,619 ⟶ 5,631:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,917
| style="text-align:right" | 52,713
Line 5,645 ⟶ 5,657:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -18,679
| style="text-align:right" | -18,595
Line 5,674 ⟶ 5,686:
 
== Health UE by Geography ==
 
{{Indexing|Health underlying earnings build-up by geography|Health underlying earnings, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other|iycymgpuon|kind=table|order=13}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Health underlying earnings by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 5,894 ⟶ 5,907:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Actual vs. Expected Cash Flows
| style="text-align:right" | 13
| style="text-align:right" | 18
Line 5,920 ⟶ 5,933:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 4
| style="text-align:right" | 8
Line 5,946 ⟶ 5,959:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Changes in Onerous Contracts
| style="text-align:right" | -1
| style="text-align:right" | -2
Line 5,972 ⟶ 5,985:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -8
| style="text-align:right" | -21
Line 6,050 ⟶ 6,063:
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 160
| style="text-align:right" | 317
Line 6,076 ⟶ 6,089:
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -78
| style="text-align:right" | -140
Line 6,440 ⟶ 6,453:
| style="text-align:right" | '''0'''
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w VFA Gross of reinsurance
| style="text-align:right" | 20,977
| style="text-align:right" | 21,821
Line 6,466 ⟶ 6,479:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w BBA Gross of reinsurance
| style="text-align:right" | -821
| style="text-align:right" | -868
Line 6,492 ⟶ 6,505:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -90
| style="text-align:right" | -95
Line 6,521 ⟶ 6,534:
 
== Asset Management ==
 
{{Indexing|Asset management opening AUM rollforward|Assets under management, net inflows, scope changes, market effect, FX|6jssxlwfy5|kind=table|order=14}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management opening AUM rollforward
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | 1H24
Line 6,601 ⟶ 6,615:
| style="text-align:right" | '''341'''
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Alternatives
| style="text-align:right" | 227
| style="text-align:right" | 86
Line 6,611 ⟶ 6,625:
| style="text-align:right" | 95
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Core & Other
| style="text-align:right" | 532
| style="text-align:right" | 254
Line 6,621 ⟶ 6,635:
| style="text-align:right" | 246
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Asian Joint Ventures
| style="text-align:right" | 101
| style="text-align:right" | —
Line 6,651 ⟶ 6,665:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Management Fees
| style="text-align:right" | 679
| style="text-align:right" | 385
Line 6,661 ⟶ 6,675:
| style="text-align:right" | 439
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Performance Fees
| style="text-align:right" | 18
| style="text-align:right" | 8
Line 6,671 ⟶ 6,685:
| style="text-align:right" | 9
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Distribution Fees
| style="text-align:right" | 205
| style="text-align:right" | —
Line 6,681 ⟶ 6,695:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other
| style="text-align:right" | 35
| style="text-align:right" | —
Line 6,701 ⟶ 6,715:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Distribution Fees Retroceded
| style="text-align:right" | -205
| style="text-align:right" | —
Line 6,804 ⟶ 6,818:
 
== Holdings ==
 
{{Indexing|Holdings underlying earnings build-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.}}|Holdings underlying earnings, financial result, other revenues, other expenses, debt financing charges, tax, income from affiliates, minority interests|1smvf6a29l|kind=table|order=15}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Holdings underlying earnings {{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.}}
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 1H24
Line 6,869 ⟶ 6,884:
|}
</div>
 
{{Indexing|Holdings cash balance rollforward|Holdings cash balance, net cash remittance from subsidiaries, dividends, share buy-backs|75shp9ailk|kind=table|order=16}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Holdings cash balance rollforward
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | 1H24
Line 6,891 ⟶ 6,907:
| style="text-align:right" | 7.5
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Property & Casualty
| style="text-align:right" | —
| style="text-align:right" | 4.0
Line 6,897 ⟶ 6,913:
| style="text-align:right" | 5.1
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Life & Health
| style="text-align:right" | —
| style="text-align:right" | 3.6
Line 6,903 ⟶ 6,919:
| style="text-align:right" | 2.5
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Asset Management & Other
| style="text-align:right" | —
| style="text-align:right" | 0.1
Line 6,954 ⟶ 6,970:
 
== Activity Indicators ==
 
{{Indexing|Activity indicators by line of business build-up|Activity indicators, Property & Casualty, Life & Health, Employee Benefits, Life, Health, Asset Management, Bank|lht8rybaqk|kind=table|order=17}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Activity indicators by line of business build-up
! style="text-align:left" | EUR million
! colspan="8" style="text-align:center" | 1H24
Line 7,066 ⟶ 7,083:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | —
Line 7,100 ⟶ 7,117:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other NBV {{footnote|1=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.}}
| style="text-align:right" | 456
| style="text-align:right" | —
Line 7,134 ⟶ 7,151:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Tax
| style="text-align:right" | -381
| style="text-align:right" | —
Line 7,237 ⟶ 7,254:
|}
</div>
 
{{Indexing|Activity indicators by geography build-up|Activity indicators, Gross Written Premiums & Other Revenues, France, Europe, AXA XL, Asia, Africa & EME-LATAM, AXA IM, Transversal & Other|lht8rybaqk|kind=table|order=18}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Activity indicators by geography build-up
! style="text-align:left" | EUR million
! colspan="7" style="text-align:center" | 1H24
Line 7,337 ⟶ 7,355:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | 203
Line 7,367 ⟶ 7,385:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other NBV {{footnote|1=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.}}
| style="text-align:right" | 456
| style="text-align:right" | 275
Line 7,397 ⟶ 7,415:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Tax
| style="text-align:right" | -381
| style="text-align:right" | -123
Line 7,490 ⟶ 7,508:
 
== Balance Sheet ==
 
{{Indexing|Assets build-up|Goodwill, other intangible assets, investments in real estate properties, financial investments, unit-linked assets, investments from insurance activities, investments from non-insurance activities, equity method investments, assets arising from insurance and reinsurance contracts held, present value of future cash flows, contractual service margin, risk adjustment|1f87rdfb5o|kind=table|order=19}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets build-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,538 ⟶ 7,557:
| style="text-align:right" | 23.9
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Present Value of Future Cash Flows
| style="text-align:right" | 24.1
| style="text-align:right" | 22.0
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Contractual Service Margin
| style="text-align:right" | 1.4
| style="text-align:right" | 1.4
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Risk Adjustment
| style="text-align:right" | 0.5
| style="text-align:right" | 0.5
Line 7,567 ⟶ 7,586:
|}
</div>
 
{{Indexing|Liabilities, non-controlling interests & shareholders' equity build-up|Shareholders' equity group share, non-controlling interests, financing debt, liabilities arising from insurance contracts and investment contracts with discretionary participation features, present value of future cash flows, contractual service margin, risk adjustment, other investment contract liabilities, liabilities arising from non-insurance activities, provisions for risks and charges|elseqv5tt7|kind=table|order=20}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Liabilities, non-controlling interests & shareholders' equity build-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,595 ⟶ 7,615:
| style="text-align:right" | 470.4
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Present Value of Future Cash Flows
| style="text-align:right" | 438.4
| style="text-align:right" | 432.6
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Contractual Service Margin
| style="text-align:right" | 35.3
| style="text-align:right" | 34.7
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Risk Adjustment
| style="text-align:right" | 3.3
| style="text-align:right" | 3.1
Line 7,638 ⟶ 7,658:
 
== CSM rollforward ==
 
{{Indexing|Contractual service margin rollforward, pre-tax and post-tax|Contractual service margin, new business CSM, underlying return on inforce, CSM release, economic variance, operating variance, other, P&C, Life, Health|cqvs0n2z2e|kind=table|order=21}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin rollforward, pre-tax and post-tax
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY23 Restated {{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.}}
Line 7,662 ⟶ 7,683:
| style="text-align:right" | '''33,853'''
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | P&C
| style="text-align:right" | 206
| style="text-align:right" | 0
Line 7,672 ⟶ 7,693:
| style="text-align:right" | 282
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Life
| style="text-align:right" | 26,200
| style="text-align:right" | 1,770
Line 7,682 ⟶ 7,703:
| style="text-align:right" | 25,826
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Health
| style="text-align:right" | 7,782
| style="text-align:right" | 400
Line 7,703 ⟶ 7,724:
|}
</div>
 
{{Indexing|Contractual service margin rollforward, pre-tax and post-tax|Contractual service margin, new business CSM, underlying return on inforce, CSM release, economic variance, operating variance, other, P&C, Life, Health|cqvs0n2z2e|kind=table|order=22}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin rollforward, pre-tax and post-tax
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY24
Line 7,727 ⟶ 7,749:
| style="text-align:right" | '''33,253'''
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | P&C
| style="text-align:right" | 282
| style="text-align:right" | 0
Line 7,737 ⟶ 7,759:
| style="text-align:right" | 261
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Life
| style="text-align:right" | 25,826
| style="text-align:right" | 1,822
Line 7,747 ⟶ 7,769:
| style="text-align:right" | 25,442
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Health
| style="text-align:right" | 7,744
| style="text-align:right" | 377
Line 7,770 ⟶ 7,792:
 
== Invested Assets ==
 
{{Indexing|General account invested assets breakdown by asset class and rating|General account invested assets, fixed income, equities, real estate, alternative investments, cash, other invested assets|966xer0dpm|kind=table|order=23}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ General account invested assets breakdown by asset class and rating
! style="text-align:left" | EUR billion
! style="text-align:center" | Fair value
Line 7,820 ⟶ 7,843:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Government Bonds
| style="text-align:right" | 167
| style="text-align:right" | 37%
Line 7,833 ⟶ 7,856:
| style="text-align:right" | 2%
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Corporate Bonds and Loans
| style="text-align:right" | 121
| style="text-align:right" | 27%
Line 7,846 ⟶ 7,869:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Fixed Income
| style="text-align:right" | 56
| style="text-align:right" | 13%
Line 7,859 ⟶ 7,882:
| style="text-align:right" | —
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Asset Backed Securities {{footnote|1=Includes 91% of CLOs.}}
| style="text-align:right" | 25
| style="text-align:right" | 6%
Line 7,872 ⟶ 7,895:
| style="text-align:right" | 4%
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Mortgage Loans {{footnote|1=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}}
| style="text-align:right" | 31
| style="text-align:right" | 7%
Line 7,966 ⟶ 7,989:
 
== Supplementary Info on Asset ==
 
{{Indexing|Government bonds breakdown by geographical exposure|Government bonds, geographical exposure, Belgium, France, Germany, Italy, Japan, Netherlands, Spain, Switzerland, United States, Other EU countries, Supranational, Rest of the World|utnmaoxh50|kind=table|order=24}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Government bonds breakdown by geographical exposure
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,001 ⟶ 8,025:
|}
</div>
 
{{Indexing|Corporate bonds and loans breakdown by industry|Corporate bonds, loans, industry breakdown, Basic Materials, Communications, Consumer Cyclical, Consumer Non-Cyclical, Covered and Senior Secured Bonds, Energy, Financials, Industrial, Technology, Utilities|966xer0dpm|kind=table|order=25}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Corporate bonds and loans breakdown by industry
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,034 ⟶ 8,059:
|}
</div>
 
{{Indexing|Corporate bonds and loans exposure to financials by type {{footnote{{!}}1{{=}}Includes REITS corporate bonds (Euro 3 billion).}}|Corporate bonds, loans, exposure to financials, Banks, Non-Banks, Senior Unsecured Bonds, Subordinated Bonds|966xer0dpm|kind=table|order=26}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Corporate bonds and loans exposure to financials by type {{footnote|1=Includes REITS corporate bonds (Euro 3 billion).}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
Line 8,064 ⟶ 8,090:
|}
</div>
 
{{Indexing|Listed equities breakdown by asset domiciliation|Listed equities, asset domiciliation, Belgium, France, Germany, Japan, Netherlands, Switzerland, United States, Other EU countries, Rest of the World|966xer0dpm|kind=table|order=27}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Listed equities breakdown by asset domiciliation
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,093 ⟶ 8,120:
|}
</div>
 
{{Indexing|Listed equities breakdown by industry {{footnote{{!}}1{{=}}Including hedges.}}|Listed equities, industry breakdown, Basic Materials, Communications, Consumer Cyclical, Consumer Non-Cyclical, Diversified, Energy, Financials, Funds, Industrial, Technology, Utilities|966xer0dpm|kind=table|order=28}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Listed equities breakdown by industry {{footnote|1=Including hedges.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,128 ⟶ 8,156:
|}
</div>
 
{{Indexing|Real estate breakdown by geographical exposure|Real estate, geographical exposure, Belgium, France, Germany, Italy, Japan, Spain, Switzerland, United Kingdom, United States, Other EU countries, Rest of the World|t30sdfi0wn|kind=table|order=29}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Real estate breakdown by geographical exposure
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,161 ⟶ 8,190:
|}
</div>
 
{{Indexing|Real estate breakdown by type|Real estate, type breakdown, Office, Residential, Industrial-Logistic, Retail|t30sdfi0wn|kind=table|order=30}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Real estate breakdown by type
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,182 ⟶ 8,212:
|}
</div>
 
{{Indexing|Private equities breakdown by asset domiciliation {{footnote{{!}}1{{=}}Excluding Non-listed Equity.}}|Private equities, asset domiciliation, Europe, Japan, United States|gp3o3dfk95|kind=table|order=31}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Private equities breakdown by asset domiciliation {{footnote|1=Excluding Non-listed Equity.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,201 ⟶ 8,232:
|}
</div>
 
{{Indexing|Mortgage loans breakdown by type|Mortgage loans, type breakdown, Residential, Commercial|966xer0dpm|kind=table|order=32}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Mortgage loans breakdown by type {{footnote|1=Loan to Value: 46%.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Residential
! class="col-s" style="text-align:right" | Commercial {{footnote|1=Loan to Value: 46%.}}
|-
| style="text-align:left" | Breakdown by Type
Line 8,218 ⟶ 8,250:
 
== Shareholders Equity ==
 
{{Indexing|Change in group share consolidated shareholders' equity rollforward|Shareholders' equity rollforward, Paid-in Capital, Treasury Shares, Other Comprehensive Income, Currency Fluctuations, Undated Subordinated Debt, Realized Gains, Dividends, Net Income|z6dk9e62ik|kind=table|order=33}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Change in group share consolidated shareholders' equity rollforward
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY25
Line 8,240 ⟶ 8,273:
| style="text-align:right" | 1.3
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -4.2
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | 5.4
|-
Line 8,268 ⟶ 8,301:
|}
</div>
 
{{Indexing|Group share consolidated shareholders' equity build-up|Shareholders' equity build-up, Paid-in Capital, Treasury Shares, Other Comprehensive Income, Translation Reserves, Undated Subordinated Debt, Retained Earnings|0lk0pqg9zh|kind=table|order=34}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Group share consolidated shareholders' equity build-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,292 ⟶ 8,326:
| style="text-align:right" | -6.8
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -13.1
| style="text-align:right" | -17.3
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | 5.0
| style="text-align:right" | 10.5
Line 8,317 ⟶ 8,351:
|}
</div>
 
{{Indexing|Book value per share and shareholders' equity plus CSM per share|Book value per share, shareholders' equity plus CSM per share|0lk0pqg9zh|c9uq82u1iy|kind=table|order=35}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Book value per share and shareholders' equity plus CSM per share
! style="text-align:left" | EUR
! class="col-s" style="text-align:right" | FY24
Line 8,334 ⟶ 8,369:
|}
</div>
 
{{Indexing|Unrealized gains and losses on invested assets net of tax build-up|Unrealized gains and losses on invested assets, Government Bonds, Corporate Bonds, Cash Flow hedges, Equities, Real Estate|j8uunnd14x|kind=table|order=36}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Unrealized gains and losses on invested assets net of tax build-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,385 ⟶ 8,421:
 
== RoE & Gearing ==
 
{{Indexing|Return on equity by type|Return on equity, Net Income ROE, Underlying ROE, Net Income, Average Adjusted Shareholders' Equity, Underlying Earnings|0lk0pqg9zh|kind=table|order=37}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Return on equity by type
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,425 ⟶ 8,462:
|}
</div>
 
{{Indexing|Debt gearing build-up|Debt gearing build-up, Financing Debt, Dated Subordinated Debt, Total Gross Debt, Undated Deeply Subordinated Notes, Deeply Subordinated Notes, Shareholders' Equity, Contractual Service Margin|b3bc9gy5x7|kind=table|order=38}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Debt gearing build-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,437 ⟶ 8,475:
| style="text-align:right" | 3.2
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Financing Debt Instrument Issued
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Financing Debt Owed to Credit Institutions
| style="text-align:right" | 0.0
| style="text-align:right" | 0.0
Line 8,488 ⟶ 8,526:
 
== Information on Solvency II ==
 
{{Indexing|Solvency II rollforward|Solvency II rollforward, Eligible Own Fund (EOF), Solvency Capital Requirement (SCR), Solvency II Ratio, Regulatory & model changes, Normalized Capital Generation, Operating variance, Economic variance, Dividend & share buy-backs, Debt, M&A, In-force and Other|2vtd347257|kind=table|order=39}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II rollforward
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,537 ⟶ 8,576:
|}
</div>
 
{{Indexing|Eligible own fund tiering by sector|Eligible own fund tiering, Unrestricted Tier 1, Restricted Tier 1, Tier 2, Tier 3, Insurance Sector, Other Financial Sectors|mvr3j6qvh9|kind=table|order=40}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Eligible own fund tiering by sector
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
Line 8,562 ⟶ 8,602:
| style="text-align:right" | 0.4
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,569 ⟶ 8,609:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Subject to Transitional Measures {{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:right" | 2.4
| style="text-align:right" | —
Line 8,597 ⟶ 8,637:
| style="text-align:right" | 0.8
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,604 ⟶ 8,644:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Subject to Transitional Measures {{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:right" | 4.5
| style="text-align:right" | —
Line 8,619 ⟶ 8,659:
|}
</div>
 
{{Indexing|Solvency II key sensitivities|Solvency II sensitivities, Interest Rate, Corporate Spread, Euro Government Spreads, Credit Migration, Listed Equities, Private and Infrastructure Equity, Inflation swap curve|vxha3w1l2k|kind=table|order=41}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II key sensitivities
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,670 ⟶ 8,711:
 
== IFRS17 SHE to Group EOF ==
 
{{Indexing|Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds|Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds, IFRS SHAREHOLDERS' EQUITY, Contractual Service Margin, Net URCG, Undated Subordinated Debts, Intangibles, IFRS TANGIBLE NET ASSET VALUE, Foreseeable dividends and distribution, Technical provision adjustments, Other adjustments, UNRESTRICTED TIER 1, Restricted Tier 1, Tier 2, Tier 3, GROUP ELIGIBLE OWN FUNDS|vmox6ji65o|kind=table|order=42}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY25
Line 8,695 ⟶ 8,737:
| style="text-align:right" | -21.3
|-
| class="wt-indent-4" style="text-align:left; padding-left:7.5em" | Goodwill
| style="text-align:right" | -17.8
|-
| class="wt-indent-4" style="text-align:left; padding-left:7.5em" | others
| style="text-align:right" | -3.5
|-
Line 8,710 ⟶ 8,752:
| style="text-align:right" | -9.6
|-
| class="wt-indent-4" style="text-align:left; padding-left:7.5em" | Risk Margin vs Risk Adjustment
| style="text-align:right" | -6.4
|-
| class="wt-indent-4" style="text-align:left; padding-left:7.5em" | BEL adjustment
| style="text-align:right" | -3.2
|-
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Financial_supplement"