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| period = FY
| period_label = FY24
| document_category = Financial supplement
| document_name = AXA FY 2024 Financial Supplement (Excel)
| publication_date = 2025-02-27
| language = English
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aN0dW55xUNkB1XEB_AXA_Financial_Supplement_2024.xlsx.xlsm
| archive_file = File:AXA-2024-FY-Financial_supplement.md
| intro_sentence = AXAThis Fullarticle Yearpresents AXA's FY 2024 financial supplement — the detailed data tables behind the period's results.
}}
 
''AXAThis Fullarticle Yearpresents AXA's FY 2024 financial supplement — the detailed data tables behind the period's results.''
 
== 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" | 1H23
Line 79 ⟶ 82:
|}
</div>
 
{{Indexing|Discount rate 5Y by currency|Discount rates, EUR, USD, JPY, GBP, CHF, HKD, 5-year|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 1H23
Line 126 ⟶ 130:
|}
</div>
 
{{Indexing|Discount rate 10Y by currency|Discount rates, EUR, USD, JPY, GBP, CHF, HKD, 10-year|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 1H23
Line 175 ⟶ 180:
 
== UE by LOB and Net Income ==
 
{{Indexing|Group underlying earnings and net income build-up by business unit|Underlying earnings, net income, Property & Casualty, Life & Health, Asset Management, Holdings, Bank|pw41e8kn7m|y30gelxv10|kind=table|order=4}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Group underlying earnings and net income build-up by business unit
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
Line 827 ⟶ 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|y30gelxv10|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 1,381 ⟶ 1,388:
|}
</div>
 
{{Indexing|Underlying earnings build-up by line of business and geography|Underlying earnings, line of business, geography, France, Europe, AXA XL, Asia, Africa & EME-LATAM, AXA IM, Transversal & Other|pw41e8kn7m|iycymgpuon|y30gelxv10|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 1,577 ⟶ 1,585:
 
== Shares & UEPS ==
 
{{Indexing|Basic number of shares rollforward|Basic number of shares, outstanding shares, weighted average number of shares, capital increase dedicated to employees, exercise of stock-options, treasury shares, capital increase/decrease|ch7st6ifed|v7ij6av24f|kind=table|order=7}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" |
|+ Basic number of shares rollforward and fully diluted EPS
! style="text-align:left" | million
! 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 44 million shares as of FY23 and 39 million shares as of FY24.}}
! colspan="2" style="text-align:center" | Weighted Average Number
Line 1,732 ⟶ 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, Intercompany eliminations|pw41e8kn7m|y30gelxv10|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 1,831 ⟶ 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" | 68.2%
| style="text-align:right" | 68.5%
Line 1,853 ⟶ 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" | 3.0%
| style="text-align:right" | 4.8%
Line 1,875 ⟶ 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" | -4.2%
| style="text-align:right" | -3.7%
Line 2,095 ⟶ 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" | 1,531
| style="text-align:right" | 3,344
Line 2,117 ⟶ 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" | -339
| style="text-align:right" | -623
Line 2,337 ⟶ 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 2,359 ⟶ 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" | 106,511
| style="text-align:right" | 111,635
Line 2,450 ⟶ 2,460:
 
== P&C UE by Geography ==
 
{{Indexing|Property & casualty profitability analysis by geography|Property & Casualty profitability analysis, geography|iycymgpuon|y30gelxv10|kind=table|order=9}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property & casualty profitability analysis by geography
! style="text-align:left" | EUR million
! colspan="28" style="text-align:center" | PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY
Line 2,675 ⟶ 2,686:
| style="text-align:right" | 51.0%
|-
| 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" | 68.2%
| style="text-align:right" | 68.5%
Line 2,705 ⟶ 2,716:
| style="text-align:right" | 51.1%
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | 3.0%
| style="text-align:right" | 4.8%
Line 2,735 ⟶ 2,746:
| style="text-align:right" | 1.1%
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Current Accident Year Discounting
| style="text-align:right" | -4.2%
| style="text-align:right" | -3.7%
Line 3,428 ⟶ 3,439:
 
== L&H UE by LOB ==
 
{{Indexing|Life & health underlying earnings by line of business build-up|Life & Health underlying earnings, Life, Health, Employee Benefits|pw41e8kn7m|y30gelxv10|kind=table|order=10}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & Health underlying earnings by line of business build-up
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 3,582 ⟶ 3,594:
| style="text-align:right" | 37
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Actual vs. Expected Cash Flows
| style="text-align:right" | 14
| style="text-align:right" | -21
Line 3,600 ⟶ 3,612:
| style="text-align:right" | -2
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 25
| style="text-align:right" | 49
Line 3,618 ⟶ 3,630:
| style="text-align:right" | 4
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Changes in Onerous Contracts
| style="text-align:right" | -10
| style="text-align:right" | -49
Line 3,636 ⟶ 3,648:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -70
| style="text-align:right" | -126
Line 3,690 ⟶ 3,702:
| style="text-align:right" | 157
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,222
| style="text-align:right" | 2,480
Line 3,708 ⟶ 3,720:
| style="text-align:right" | 429
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -791
| style="text-align:right" | -1,592
Line 3,888 ⟶ 3,900:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w VFA
| style="text-align:right" | 220,957
| style="text-align:right" | 227,634
Line 3,906 ⟶ 3,918:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Non VFA
| style="text-align:right" | 118,555
| style="text-align:right" | 112,145
Line 4,014 ⟶ 4,026:
| 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" | 260,026
| style="text-align:right" | 266,805
Line 4,032 ⟶ 4,044:
| 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" | 55,255
| style="text-align:right" | 54,477
Line 4,050 ⟶ 4,062:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -9,180
| style="text-align:right" | -9,152
Line 4,071 ⟶ 4,083:
 
== L&H UE by Geography ==
 
{{Indexing|Life & health profitability analysis by geography|Life & Health profitability analysis, geography|iycymgpuon|y30gelxv10|kind=table|order=11}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & Health profitability analysis by geography
! style="text-align:left" | EUR million
! colspan="24" style="text-align:center" | LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY
Line 4,372 ⟶ 4,385:
| 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" | 14
| style="text-align:right" | -21
Line 4,398 ⟶ 4,411:
| 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" | 49
Line 4,424 ⟶ 4,437:
| 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" | -10
| style="text-align:right" | -49
Line 4,450 ⟶ 4,463:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -70
| style="text-align:right" | -126
Line 4,528 ⟶ 4,541:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,222
| style="text-align:right" | 2,480
Line 4,554 ⟶ 4,567:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -791
| style="text-align:right" | -1,592
Line 4,918 ⟶ 4,931:
| 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" | 260,026
| style="text-align:right" | 266,805
Line 4,944 ⟶ 4,957:
| 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" | 55,255
| style="text-align:right" | 54,477
Line 4,970 ⟶ 4,983:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -9,180
| style="text-align:right" | -9,152
Line 4,999 ⟶ 5,012:
 
== Life UE by Geography ==
 
{{Indexing|Life profitability analysis by geography|Life profitability analysis, geography|iycymgpuon|y30gelxv10|kind=table|order=12}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life profitability analysis by geography
! style="text-align:left" | EUR million
! colspan="24" style="text-align:center" | LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY
Line 5,300 ⟶ 5,314:
| 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" | -5
| style="text-align:right" | -46
Line 5,326 ⟶ 5,340:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 22
| style="text-align:right" | 41
Line 5,352 ⟶ 5,366:
| 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" | -9
| style="text-align:right" | -48
Line 5,378 ⟶ 5,392:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -59
| style="text-align:right" | -105
Line 5,456 ⟶ 5,470:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,073
| style="text-align:right" | 2,183
Line 5,482 ⟶ 5,496:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -723
| style="text-align:right" | -1,454
Line 5,846 ⟶ 5,860:
| 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" | 240,192
| style="text-align:right" | 245,954
Line 5,872 ⟶ 5,886:
| 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" | 55,396
| style="text-align:right" | 55,035
Line 5,898 ⟶ 5,912:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -9,043
| style="text-align:right" | -9,037
Line 5,927 ⟶ 5,941:
 
== Health UE by Geography ==
 
{{Indexing|Health profitability analysis by geography|Health profitability analysis, geography|iycymgpuon|y30gelxv10|kind=table|order=13}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Health profitability analysis by geography
! style="text-align:left" | EUR million
! colspan="24" style="text-align:center" | HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY
Line 6,228 ⟶ 6,243:
| 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" | 20
| style="text-align:right" | 25
Line 6,254 ⟶ 6,269:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 3
| style="text-align:right" | 8
Line 6,280 ⟶ 6,295:
| 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" | 0
| style="text-align:right" | -2
Line 6,306 ⟶ 6,321:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -11
| style="text-align:right" | -20
Line 6,384 ⟶ 6,399:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 149
| style="text-align:right" | 297
Line 6,410 ⟶ 6,425:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -68
| style="text-align:right" | -137
Line 6,774 ⟶ 6,789:
| 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" | 19,834
| style="text-align:right" | 20,850
Line 6,800 ⟶ 6,815:
| 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" | -140
| style="text-align:right" | -558
Line 6,826 ⟶ 6,841:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | o/w Reinsurance
| style="text-align:right" | -137
| style="text-align:right" | -115
Line 6,855 ⟶ 6,870:
 
== Asset Management ==
 
{{Indexing|Opening AUM rollforward by asset type|Assets under management, third party, net inflows, scope & other, market effect|6jssxlwfy5|yoqvxfblxe|kind=table|order=14}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management rollforward
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | 1H23
Line 6,935 ⟶ 6,951:
| style="text-align:right" | '''356'''
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Alternatives
| style="text-align:right" | 223
| style="text-align:right" | 89
Line 6,945 ⟶ 6,961:
| style="text-align:right" | 90
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Core & Other
| style="text-align:right" | 520
| style="text-align:right" | 232
Line 6,955 ⟶ 6,971:
| style="text-align:right" | 266
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Asian Joint Ventures
| style="text-align:right" | 97
| style="text-align:right" | —
Line 6,985 ⟶ 7,001:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Management Fees
| style="text-align:right" | 673
| style="text-align:right" | 377
Line 6,995 ⟶ 7,011:
| style="text-align:right" | 773
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Performance Fees
| style="text-align:right" | 2
| style="text-align:right" | 0
Line 7,005 ⟶ 7,021:
| style="text-align:right" | 21
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Distribution Fees
| style="text-align:right" | 185
| style="text-align:right" | —
Line 7,015 ⟶ 7,031:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other
| style="text-align:right" | 49
| style="text-align:right" | —
Line 7,035 ⟶ 7,051:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Distribution Fees Retroceded
| style="text-align:right" | -185
| style="text-align:right" | —
Line 7,138 ⟶ 7,154:
 
== Holdings ==
 
{{Indexing|Holdings underlying earnings build-up {{footnote{{!}}1{{=}}Includes Bank with Underlying Earnings Group Share of Euro -21 million as of 1H23, -56 million as of FY23, -24 million as of 1H24 and -55 million as of FY24.}}|Holdings underlying earnings, financial result, other revenues, other expenses, debt financing charges, tax, income from affiliates & other, minority interests|1smvf6a29l|y30gelxv10|kind=table|order=15}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Holdings underlying earnings build-up {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -21 million as of 1H23, -56 million as of FY23, -24 million as of 1H24 and -55 million as of FY24.}}
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 1H23
Line 7,203 ⟶ 7,220:
|}
</div>
 
{{Indexing|Cash balance rollforward at AXA SA by business unit|Cash balance at AXA SA, net cash remittance from subsidiaries, Property & Casualty, Life & Health, Asset Management & Other, dividends, share buy-backs|75shp9ailk|trbk6wt4s9|y7ye4rqzkv|70zdwfnrmi|f7q5tvbfqm|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" | 1H23
Line 7,225 ⟶ 7,243:
| style="text-align:right" | 7.7
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Property & Casualty
| style="text-align:right" | —
| style="text-align:right" | 3.6
Line 7,231 ⟶ 7,249:
| style="text-align:right" | 4.0
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Life & Health
| style="text-align:right" | —
| style="text-align:right" | 2.7
Line 7,237 ⟶ 7,255:
| style="text-align:right" | 3.6
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Asset Management & Other
| style="text-align:right" | —
| style="text-align:right" | 0.2
Line 7,288 ⟶ 7,306:
 
== Activity Indicators ==
 
{{Indexing|Activity indicators by line of business|Activity indicators, P&C, 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
! style="text-align:left" | EUR million
! colspan="8" style="text-align:center" | 1H23
Line 7,400 ⟶ 7,419:
| 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" | 1,202
| style="text-align:right" | —
Line 7,434 ⟶ 7,453:
| 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" | 362
| style="text-align:right" | —
Line 7,468 ⟶ 7,487:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Tax
| style="text-align:right" | -385
| style="text-align:right" | —
Line 7,571 ⟶ 7,590:
|}
</div>
 
{{Indexing|Activity indicators by geography|Activity indicators, France, Europe, AXA XL, Asia, Africa & EME-LATAM, AXA IM, Transversal & Other, Gross Written Premiums & Other Revenues|lht8rybaqk|kind=table|order=18}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Activity indicators by geography
! style="text-align:left" | EUR million
! colspan="7" style="text-align:center" | 1H23
Line 7,671 ⟶ 7,691:
| 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" | 1,202
| style="text-align:right" | 248
Line 7,701 ⟶ 7,721:
| 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" | 362
| style="text-align:right" | 163
Line 7,731 ⟶ 7,751:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Tax
| style="text-align:right" | -385
| style="text-align:right" | -106
Line 7,824 ⟶ 7,844:
 
== Balance Sheet ==
 
{{Indexing|Assets build-up|Assets, 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|1f87rdfb5o|offa7is5x7|hekiequlv1|t30sdfi0wn|c9uq82u1iy|kind=table|order=19}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets build-up, IFRS 17/9
! style="text-align:left" | EUR billion
! 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 7,872 ⟶ 7,893:
| style="text-align:right" | 26.1
|-
| 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" | 24.1
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Contractual Service Margin
| style="text-align:right" | 0.7
| 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 7,901 ⟶ 7,922:
|}
</div>
 
{{Indexing|Liabilities, non-controlling interests & shareholders' equity build-up|Liabilities, non-controlling interests, shareholders' equity, financing debt, liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts, Present Value of Future Cash Flows, Contractual Service Margin, Risk Adjustment, Other Investment Contract Liabilities, Liabilities arising from insurance, reinsurance and investment contracts, Liabilities Arising from Non-Insurance Activities|elseqv5tt7|offa7is5x7|0lk0pqg9zh|b3bc9gy5x7|c9uq82u1iy|kind=table|order=20}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Liabilities, non-controlling interests and shareholders' equity build-up, IFRS 17/9
! style="text-align:left" | EUR billion
! 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 7,929 ⟶ 7,951:
| style="text-align:right" | 477.0
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Present Value of Future Cash Flows
| style="text-align:right" | 431.1
| style="text-align:right" | 438.4
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Contractual Service Margin
| style="text-align:right" | 34.9
| style="text-align:right" | 35.3
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Risk Adjustment
| style="text-align:right" | 3.1
| style="text-align:right" | 3.3
Line 7,972 ⟶ 7,994:
 
== CSM rollforward ==
 
{{Indexing|Contractual service margin rollforward by business unit|Contractual service margin rollforward, New Business CSM, Underlying Return on inforce, CSM Release, Economic Variance, Operating Variance, P&C, Life, Health|cqvs0n2z2e|c9uq82u1iy|kind=table|order=21}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual Service Margin (CSM) rollforward by business unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY22
Line 7,996 ⟶ 8,019:
| style="text-align:right" | '''33,976'''
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | P&C
| style="text-align:right" | 220
| style="text-align:right" | 0
Line 8,006 ⟶ 8,029:
| style="text-align:right" | 206
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Life
| style="text-align:right" | 25,532
| style="text-align:right" | 1,794
Line 8,016 ⟶ 8,039:
| style="text-align:right" | 25,989
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Health
| style="text-align:right" | 7,783
| style="text-align:right" | 424
Line 8,037 ⟶ 8,060:
|}
</div>
 
{{Indexing|Contractual service margin rollforward by business unit {{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.}}|Contractual service margin rollforward, New Business CSM, Underlying Return on inforce, CSM Release, Economic Variance, Operating Variance, P&C, Life, Health|cqvs0n2z2e|c9uq82u1iy|kind=table|order=22}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual Service Margin (CSM) rollforward by business unit {{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" | EUR million
! class="col-s" style="text-align:right" | FY23 Restated
Line 8,061 ⟶ 8,085:
| 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 8,071 ⟶ 8,095:
| 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 8,081 ⟶ 8,105:
| 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 8,104 ⟶ 8,128:
 
== Invested Assets ==
 
{{Indexing|General account invested assets build-up by asset class and rating|General account invested assets, fair value, asset allocation, participating, duration gap, fair value by rating, fixed income|966xer0dpm|ooly7l7133|utnmaoxh50|kind=table|order=23}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ General account invested assets by asset class and rating
! style="text-align:left" | EUR billion
! style="text-align:center" | Fair value
Line 8,154 ⟶ 8,179:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Government Bonds
| style="text-align:right" | 181
| style="text-align:right" | 39%
Line 8,167 ⟶ 8,192:
| 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" | 126
| style="text-align:right" | 27%
Line 8,180 ⟶ 8,205:
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Fixed Income
| style="text-align:right" | 52
| style="text-align:right" | 11%
Line 8,193 ⟶ 8,218:
| style="text-align:right" | —
|-
| class="wt-indent-2" style="text-align:left; padding-left:3em" | Asset Backed Securities {{footnote|1=Includes 93% of CLOs.}}
| style="text-align:right" | 21
| style="text-align:right" | 5%
Line 8,206 ⟶ 8,231:
| 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), commercial & agricultural loans (Euro 8 billion) and Agency Pools (Euro 7 billion).}}
| style="text-align:right" | 31
| style="text-align:right" | 7%
Line 8,300 ⟶ 8,325:
 
== 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 8,335 ⟶ 8,361:
|}
</div>
 
{{Indexing|Corporate bonds and loans breakdown by industry|Corporate bonds, loans, industry breakdown|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 8,368 ⟶ 8,395:
|}
</div>
 
{{Indexing|Corporate bonds and loans exposure to financials {{footnote{{!}}1{{=}}Includes REITS corporate bonds (Euro 4 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"
|+ Financials exposure breakdown by type {{footnote|1=Includes REITS corporate bonds (Euro 4 billion).}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
Line 8,398 ⟶ 8,426:
|}
</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 8,427 ⟶ 8,456:
|}
</div>
 
{{Indexing|Listed equities breakdown by industry {{footnote{{!}}1{{=}}Excluding 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=Excluding hedges.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,462 ⟶ 8,492:
|}
</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 8,495 ⟶ 8,526:
|}
</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 8,516 ⟶ 8,548:
|}
</div>
 
{{Indexing|Private equities breakdown by asset domiciliation|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
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,535 ⟶ 8,568:
|}
</div>
 
{{Indexing|Mortgage loans breakdown by type {{footnote{{!}}1{{=}}Loan to Value: 46%.}}|Mortgage loans, 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
Line 8,552 ⟶ 8,586:
 
== Shareholders Equity ==
 
{{Indexing|Change in Group Share Consolidated Shareholders' Equity rollforward|Group Share Consolidated Shareholders' Equity, 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" | FY24
Line 8,574 ⟶ 8,609:
| style="text-align:right" | -1.8
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -1.7
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | -0.1
|-
Line 8,602 ⟶ 8,637:
|}
</div>
 
{{Indexing|Group Share Consolidated Shareholders' Equity build-up|Group Share Consolidated Shareholders' Equity, 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" | FY23
Line 8,622 ⟶ 8,658:
| style="text-align:right" | -8.1
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -11.4
| style="text-align:right" | -13.1
|-
| class="wt-indent-1" style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | 5.1
| style="text-align:right" | 5.0
Line 8,651 ⟶ 8,687:
|}
</div>
 
{{Indexing|Book value and shareholders' equity plus CSM per share|Book value per share, shareholders' equity per share, 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" | FY23
Line 8,668 ⟶ 8,705:
|}
</div>
 
{{Indexing|Unrealized gains and losses on invested assets net of tax|Unrealized gains and losses, 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 breakdown
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY23
Line 8,719 ⟶ 8,757:
 
== RoE & Gearing ==
 
{{Indexing|Return on equity|Net Income ROE, Underlying ROE, Net Income, Underlying Earnings, Average Adjusted Shareholders' Equity|y30gelxv10|0lk0pqg9zh|kind=table|order=37}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Return on equity
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY23
Line 8,759 ⟶ 8,798:
|}
</div>
 
{{Indexing|Debt gearing build-up|Debt gearing, financing debt, dated subordinated 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" | FY23
Line 8,771 ⟶ 8,811:
| 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" | 2.4
| 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 8,822 ⟶ 8,862:
 
== Information on Solvency ==
 
{{Indexing|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|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" | FY23
Line 8,871 ⟶ 8,912:
|}
</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 8,896 ⟶ 8,938:
| 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 8,903 ⟶ 8,945:
| 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 apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.}}
| style="text-align:right" | 4.5
| style="text-align:right" | —
Line 8,931 ⟶ 8,973:
| 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 8,938 ⟶ 8,980:
| 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 apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.}}
| style="text-align:right" | 6.6
| style="text-align:right" | —
Line 8,953 ⟶ 8,995:
|}
</div>
 
{{Indexing|Solvency II key sensitivities|Solvency II sensitivities, interest rate, corporate spread, Euro sovereign spreads, credit migration, equity market|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" | FY23
Line 8,992 ⟶ 9,035:
 
== IFRS17 SHE to Group EOF ==
 
{{Indexing|Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds|IFRS Shareholders' Equity, Contractual Service Margin (CSM), Net URCG, Undated Subordinated Debts, Intangibles, Goodwill, Foreseeable dividends, Technical provision adjustments, Risk Margin, BEL adjustment|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" | December 31, 2024
Line 9,017 ⟶ 9,061:
| style="text-align:right" | -22.9
|-
| class="wt-indent-4" style="text-align:left; padding-left:7.5em" | Goodwill
| style="text-align:right" | -19.0
|-
| class="wt-indent-4" style="text-align:left; padding-left:7.5em" | others
| style="text-align:right" | -3.8
|-
Line 9,032 ⟶ 9,076:
| style="text-align:right" | -10.2
|-
| class="wt-indent-4" style="text-align:left; padding-left:7.5em" | Risk Margin vs Risk Adjustment
| style="text-align:right" | -6.9
|-
| class="wt-indent-4" style="text-align:left; padding-left:7.5em" | BEL adjustment
| style="text-align:right" | -3.3
|-
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