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Line 8: \| publication_date = 2026-02-26 \| language = English \| pages = 21 \| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx \| summary_md = File:AXA-2025-FY-Financial_supplement.md \| intro_sentence = This article ~~presents~~summarizes AXA's ~~FY 2025 financial~~Financial supplement —published ~~the~~on ~~detailed~~2026-02-26 ~~data tables behind the period's~~(21 ~~results~~pages). \| wide = yes \| document = Document:AXA/2025/FY/Financial supplement \| doc_id = gr2rpazfcv }} ''This article ~~presents~~summarizes [[Definition:AXA\|AXA]]'s ~~FY 2025 financial~~Financial supplement —published ~~the~~on ~~detailed~~2026-02-26 ~~data tables behind the period's~~(21 ~~results~~pages).'' {{chunk\|doc=gr2rpazfcv\|c=1\|p=1}} == Market Data == ~~====== Exchange rate by currency ======~~ <div style="overflow-x:auto"> {\| id="t1" class="wikitable fintable" \|+ Exchange rate by currency ~~! style="text-align:left" \| —~~ \|- ! style="text-align:left" \| ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Average 1H24 ! class="col-s" style="text-align:right" \| Average [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| Average 1H25 ! class="col-s" style="text-align:right" \| Average [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| USD Line 83 ⟶ 87: \|} </div> ~~====== Discount rate 5Y by currency ======~~ <div style="overflow-x:auto"> {\| id="t2" class="wikitable fintable" \|+ Discount rate 5Y by currency \|- ! style="text-align:left" \| % ! class="col-s" style="text-align:right" \| Average 1H24 ! class="col-s" style="text-align:right" \| Average [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| Average 1H25 ! class="col-s" style="text-align:right" \| Average [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| EUR Line 131 ⟶ 135: \|} </div> ~~====== Discount rate 10Y by currency ======~~ <div style="overflow-x:auto"> {\| id="t3" class="wikitable fintable" \|+ Discount rate 10Y by currency \|- ! style="text-align:left" \| % ! class="col-s" style="text-align:right" \| Closing 1H24 ! class="col-s" style="text-align:right" \| Closing [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| Closing 1H25 ! class="col-s" style="text-align:right" \| Closing [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| EUR Line 180 ⟶ 184: </div> {{chunk\|doc=gr2rpazfcv\|c=2\|p=2}} == UE by LOB and Net Income == ~~====== Group underlying earnings build-up by line of business and net income ======~~ <div style="overflow-x:auto"> {\| id="t4" class="wikitable fintable" \|+ Group [[Definition:Underlying earnings\|underlying earnings]] build-up by [[Definition:Business mix\|line of business]] and net income ~~! style="text-align:left" \| EUR million~~ ~~! colspan="4" style="text-align:center" \| Group~~ ~~! colspan="4" style="text-align:center" \| Property & Casualty~~ ~~! colspan="4" style="text-align:center" \| Life & Health~~ ! colspan="4" style="text-align:center" \| Asset Management {{footnote\|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}} ! colspan="4" style="text-align:center" \| Holdings {{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" \| —In EUR million ! ~~class~~colspan="~~col-s~~4" style="text-align:~~right~~center" \| ~~1H24~~[[Definition:AXA\|Group]] ! ~~class~~colspan="~~col-s~~4" style="text-align:~~right~~center" \| ~~FY24~~[[Definition:Property & casualty\|Property & Casualty]] ! ~~class~~colspan="~~col-s~~4" style="text-align:~~right~~center" \| ~~1H25~~[[Definition:Life & health\|Life & Health]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Investment Managers\|Asset Management]] {{fn ref\|1\|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}} ~~! class="col-s" style="text-align:right" \| FY25~~ ! colspan="4" style="text-align:center" \| Holdings {{fn ref\|2\|2=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.}} ~~! class="col-s" style="text-align:right" \| 1H24~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~1H25~~ ! class="col-sm" style="text-align:right" \| ~~FY25~~1H24 ! class="col-sm" style="text-align:right" \| ~~1H24~~[[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| ~~FY24~~1H25 ! class="col-sm" style="text-align:right" \| ~~1H25~~[[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| ~~FY25~~1H24 ! class="col-sm" style="text-align:right" \| ~~1H24~~[[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| ~~FY24~~1H25 ! class="col-sm" style="text-align:right" \| ~~1H25~~[[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| ~~FY25~~1H24 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-m" style="text-align:right" \| 1H24 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Short-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 303 ⟶ 308: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Long-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 369 ⟶ 374: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Financial Result & Other~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 413 ⟶ 418: \| style="text-align:right" \| 422 \|- \| style="text-align:left" \| [[Definition:Other revenue\|Other Revenues]] \| style="text-align:right" \| 1,459 \| style="text-align:right" \| 3,054 Line 479 ⟶ 484: \| style="text-align:right" \| -928 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] Before Tax~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,638~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>10,700~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,958~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,044~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,006~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,565~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,202~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>8,040~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,061~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,070~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,209~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,229~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>263~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>546~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>239~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>239~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-693~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,482~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-692~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,464~~'''~~</b> \|- \| style="text-align:left" \| Tax Line 523 ⟶ 528: \| style="text-align:right" \| 284 \|- \| style="text-align:left" \| Income from Affiliates & Other \| style="text-align:right" \| 122 \| style="text-align:right" \| 218 Line 567 ⟶ 572: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings Group Share~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>4,244~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>8,078~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,465~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>8,368~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,908~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,510~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,067~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,872~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,725~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,323~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,814~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,501~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>204~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>402~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>175~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>175~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-592~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,157~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-591~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,180~~'''~~</b> \|- \| style="text-align:left" \| [[Definition:Underlying earnings\|Underlying Earnings]] Growth Rate (constant [[Definition:Foreign exchange\|FX]]) \| style="text-align:right" \| 4% \| style="text-align:right" \| 7% Line 611 ⟶ 616: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Underlying ROE~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>16.6%~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>15.2%~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>17.5%~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>16.0%~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>16.2%~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>17.3%~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>13.6%~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>14.4%~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>26.0%~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>n.a.~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 633 ⟶ 638: \| style="text-align:right" \| — \|- \| style="text-align:left" \| Net Realized Capital Gains & Losses \| style="text-align:right" \| 93 \| style="text-align:right" \| 195 Line 655 ⟶ 660: \| style="text-align:right" \| — \|- \| style="text-align:left" \| Change in Fair Value of Assets & Derivatives \| style="text-align:right" \| -43 \| style="text-align:right" \| 83 Line 743 ⟶ 748: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Net Income Group Share~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,020~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,886~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,922~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>9,797~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 787 ⟶ 792: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] for EPS calculation~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,138~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,877~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,379~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>8,195~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 809 ⟶ 814: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Net Income for EPS calculation~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,914~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,685~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,836~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>9,623~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 833 ⟶ 838: </div> {{fn note\|1=1\|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}} {{fn note\|1=2\|2=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.}} {{chunk\|doc=gr2rpazfcv\|c=3\|p=3}} == UE by Geography == ~~====== Underlying earnings build-up by geography ======~~ <div style="overflow-x:auto"> {\| id="t5" class="wikitable fintable" \|+ [[Definition:Underlying earnings\|Underlying earnings]] build-up by geography ~~! style="text-align:left" \| EUR million~~ ~~! colspan="4" style="text-align:center" \| Group~~ ~~! colspan="4" style="text-align:center" \| France~~ ~~! colspan="4" style="text-align:center" \| Europe~~ ~~! colspan="4" style="text-align:center" \| AXA XL~~ ~~! colspan="4" style="text-align:center" \| Asia, Africa & EME-LATAM~~ ! colspan="4" style="text-align:center" \| AXA IM {{footnote\|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}} ~~! colspan="4" style="text-align:center" \| Transversal & Other~~ \|- ! style="text-align:left" \| —In EUR million ! colspan="4" style="text-align:center" \| [[Definition:AXA\|Group]] ! colspan="4" style="text-align:center" \| [[Definition:AXA France\|France]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Europe\|Europe]] ! colspan="4" style="text-align:center" \| [[Definition:AXA XL\|AXA XL]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Investment Managers\|AXA IM]] {{fn ref\|3\|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}} ! colspan="4" style="text-align:center" \| [[Definition:AXA Transversal & Other\|Transversal & Other]] \|- ! style="text-align:left" \| ! class="col-m" style="text-align:right" \| 1H24 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-m" style="text-align:right" \| 1H24 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-m" style="text-align:right" \| 1H24 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-m" style="text-align:right" \| 1H24 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ~~! class="col-s" style="text-align:right" \| 1H24~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| 1H25~~ ~~! class="col-s" style="text-align:right" \| FY25~~ ~~! class="col-s" style="text-align:right" \| 1H24~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| 1H25~~ ~~! class="col-s" style="text-align:right" \| FY25~~ ~~! class="col-s" style="text-align:right" \| 1H24~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| 1H25~~ ~~! class="col-s" style="text-align:right" \| FY25~~ ~~! class="col-s" style="text-align:right" \| 1H24~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| 1H25~~ ~~! class="col-s" style="text-align:right" \| FY25~~ ~~! class="col-s" style="text-align:right" \| 1H24~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| 1H25~~ ~~! class="col-s" style="text-align:right" \| FY25~~ ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-m" style="text-align:right" \| 1H24 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Short-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 998 ⟶ 1,007: \| style="text-align:right" \| 109 \|- \| style="text-align:left" \| ~~'''~~<b>Long-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,088 ⟶ 1,097: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| ~~'''~~<b>Financial Result & Other~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,148 ⟶ 1,157: \| style="text-align:right" \| 502 \|- \| style="text-align:left" \| [[Definition:Other revenue\|Other Revenues]] \| style="text-align:right" \| 1,459 \| style="text-align:right" \| 3,054 Line 1,238 ⟶ 1,247: \| style="text-align:right" \| -887 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] Before Tax~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,638~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>10,700~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,958~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,044~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,380~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,738~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,384~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,888~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,210~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,297~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,406~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,651~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,385~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,409~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,366~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,543~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>935~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,826~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,093~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,835~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>263~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>546~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>239~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>239~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-535~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,116~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-530~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,113~~'''~~</b> \|- \| style="text-align:left" \| Tax Line 1,298 ⟶ 1,307: \| style="text-align:right" \| 212 \|- \| style="text-align:left" \| Income from Affiliates & Other \| style="text-align:right" \| 122 \| style="text-align:right" \| 218 Line 1,358 ⟶ 1,367: \| style="text-align:right" \| -2 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings Group share~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>4,244~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>8,078~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,465~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>8,368~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,034~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,071~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,076~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,224~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,626~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,187~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,782~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,486~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,030~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,820~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,024~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,893~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>798~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,504~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>862~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,493~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>204~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>402~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>175~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>175~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-447~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-907~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-455~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-903~~'''~~</b> \|} </div> ~~====== Underlying earnings by line of business and geography ======~~ <div style="overflow-x:auto"> {\| id="t6" class="wikitable fintable" \|+ [[Definition:Underlying earnings\|Underlying earnings]] by [[Definition:Business mix\|line of business]] and geography ~~! style="text-align:left" \| EUR million~~ \|- ~~! colspan="4" style="text-align:center" \| Group~~ ! ~~colspan="4"~~ style="text-align:~~center~~left" \| ~~France~~In EUR million ! colspan="4" style="text-align:center" \| ~~Europe~~[[Definition:AXA\|Group]] ! colspan="4" style="text-align:center" \| [[Definition:AXA XLFrance\|France]] ! colspan="4" style="text-align:center" \| ~~Asia,~~[[Definition:AXA ~~Africa & EME-LATAM~~Europe\|Europe]] ! colspan="4" style="text-align:center" \| [[Definition:AXA XL\|AXA XL]] ! colspan="4" style="text-align:center" \| AXA IM {{footnote\|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}} ! colspan="4" style="text-align:center" \| ~~Transversal~~[[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & ~~Other~~EME-LATAM]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Investment Managers\|AXA IM]] {{fn ref\|3\|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}} ! colspan="4" style="text-align:center" \| [[Definition:AXA Transversal & Other\|Transversal & Other]] \|- ! style="text-align:left" \| — ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] by [[Definition:Business mix\|Line of Business~~'''~~]]</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,463 ⟶ 1,472: \| style="text-align:right" \| — \|- \| style="text-align:left" \| [[Definition:Property & casualty\|Property & Casualty]] \| style="text-align:right" \| 2,908 \| style="text-align:right" \| 5,510 Line 1,493 ⟶ 1,502: \| style="text-align:right" \| 151 \|- \| style="text-align:left" \| [[Definition:Life & health\|Life & Health]] \| style="text-align:right" \| 1,725 \| style="text-align:right" \| 3,323 Line 1,523 ⟶ 1,532: \| style="text-align:right" \| 22 \|- \| style="text-align:left" \| [[Definition:AXA Investment Managers\|Asset Management]] \| style="text-align:right" \| 204 \| style="text-align:right" \| 402 Line 1,553 ⟶ 1,562: \| style="text-align:right" \| — \|- \| style="text-align:left" \| Holdings {{~~footnote~~fn ref\|14\|2=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:right" \| -592 \| style="text-align:right" \| -1,157 Line 1,585 ⟶ 1,594: </div> {{fn note\|1=3\|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}} {{fn note\|1=4\|2=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.}} {{chunk\|doc=gr2rpazfcv\|c=4\|p=4}} == Shares & UEPS == ~~====== Basic number of shares rollforward ======~~ <div style="overflow-x:auto"> {\| id="t7" class="wikitable fintable" \|+ Basic number of shares rollforward \|- ! style="text-align:left" \| million ! colspan="2" style="text-align:center" \| Outstanding Shares Excluding Treasury Shares {{~~footnote~~fn ref\|15\|2=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}} ! colspan="2" style="text-align:center" \| Weighted Average Number \|- ! style="text-align:left" \| — ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Basic Number of Shares~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,607 ⟶ 1,620: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>As of Beginning of Period~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,226.2~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,175.4~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,226.2~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,175.4~~'''~~</b> \|- \| style="text-align:left" \| Increase of Capital Dedicated to Employees Line 1,637 ⟶ 1,650: \| style="text-align:right" \| -64.9 \|- \| style="text-align:left" \| ~~'''~~<b>As at End of Period~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,175.4~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,055.4~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>During the Period~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>2,190.8~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,118.3~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Fully Diluted Number of Shares~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,667 ⟶ 1,680: \| style="text-align:right" \| 5.1 \|- \| style="text-align:left" \| ~~'''~~<b>During the Period (A)~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>2,197.1~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,124.0~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Earnings Group Share:~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,685 ⟶ 1,698: \| style="text-align:right" \| 9,797 \|- \| style="text-align:left" \| [[Definition:Underlying earnings\|Underlying Earnings]] \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,691 ⟶ 1,704: \| style="text-align:right" \| 8,368 \|- \| style="text-align:left" \| ~~'''~~<b>Impact of undated and deeply subordinated debts:~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,703 ⟶ 1,716: \| style="text-align:right" \| -174 \|- \| style="text-align:left" \| ~~'''~~<b>Earnings for EPS Calculation:~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,715 ⟶ 1,728: \| style="text-align:right" \| 9,623 \|- \| style="text-align:left" \| [[Definition:Underlying earnings\|Underlying Earnings]] for EPS Calculation (C) \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,721 ⟶ 1,734: \| style="text-align:right" \| 8,195 \|- \| style="text-align:left" \| ~~'''~~<b>Fully Diluted Euro per Share (EPS)~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,727 ⟶ 1,740: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>EPS (B/A)~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,733 ⟶ 1,746: \| style="text-align:right" \| 4.53 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings per share\|Underlying EPS]] (C/A)~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,741 ⟶ 1,754: </div> {{fn note\|1=5\|2=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.}} {{chunk\|doc=gr2rpazfcv\|c=5\|p=5}} == P&C UE by Sub LOB == ~~====== Property & casualty underlying earnings build-up by line of business ======~~ <div style="overflow-x:auto"> {\| id="t8" class="wikitable fintable" \|+ [[Definition:Property & casualty\|Property & casualty]] [[Definition:Underlying earnings\|underlying earnings]] build-up by [[Definition:Business mix\|line of business]] ~~! style="text-align:left" \| EUR million~~ \|- ! style="text-align:left" \| In EUR million ! colspan="4" style="text-align:center" \| Total ! colspan="4" style="text-align:center" \| Commercial lines ! colspan="4" style="text-align:center" \| Personal lines ! colspan="4" style="text-align:center" \| [[Definition:AXA XL\|AXA XL]] Reinsurance ! colspan="4" style="text-align:center" \| Intercompany eliminations \|- ! style="text-align:left" \| — ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Short-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,996 ⟶ 2,012: \| style="text-align:right" \| -63 \|- \| style="text-align:left" \| ~~'''~~<b>Long-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 2,062 ⟶ 2,078: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Financial Result & Other~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 2,150 ⟶ 2,166: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| [[Definition:Other revenue\|Other Revenues]] \| style="text-align:right" \| — \| style="text-align:right" \| — Line 2,216 ⟶ 2,232: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] Before Tax~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,006~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,565~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,202~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>8,040~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,843~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,203~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,973~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,557~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>886~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,674~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>913~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,914~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>365~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>696~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>349~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>650~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-87~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-8~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-33~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-82~~'''~~</b> \|- \| style="text-align:left" \| Tax Line 2,260 ⟶ 2,276: \| style="text-align:right" \| — \|- \| style="text-align:left" \| Income from Affiliates & Other \| style="text-align:right" \| 2 \| style="text-align:right" \| 3 Line 2,304 ⟶ 2,320: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings Group share~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>2,908~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,510~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,067~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,872~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 2,326 ⟶ 2,342: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Closing Invested Assets~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>113,515~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>118,104~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>116,895~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>117,507~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 2,348 ⟶ 2,364: \| style="text-align:right" \| — \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w VFA \| style="text-align:right" \| 0 \| style="text-align:right" \| 0 Line 2,370 ⟶ 2,386: \| style="text-align:right" \| — \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Non VFA \| style="text-align:right" \| 113,515 \| style="text-align:right" \| 118,104 Line 2,414 ⟶ 2,430: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Liabilities for remaining coverage net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>19,284~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>16,006~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>19,766~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>16,040~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>12,070~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>9,480~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>12,240~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>9,127~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6,369~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,478~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6,831~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,871~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,572~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,075~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,436~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,009~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-728~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-27~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-740~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>32~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Best Estimate for incurred Claims net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>69,800~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>71,751~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>70,215~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>70,567~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>45,710~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>46,570~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>46,591~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>47,002~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>17,809~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>18,308~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>17,781~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>17,402~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6,704~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6,830~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6,290~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6,198~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-423~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>43~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-447~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-35~~'''~~</b> \|} </div> {{chunk\|doc=gr2rpazfcv\|c=6\|p=6}} == P&C UE by Geography == ~~====== Property & casualty underlying earnings build-up by geography ======~~ <div style="overflow-x:auto"> {\| id="t9" class="wikitable fintable" \|+ [[Definition:Property & casualty\|Property & casualty]] [[Definition:Underlying earnings\|underlying earnings]] build-up by geography ~~! style="text-align:left" \| EUR million~~ \|- ! style="text-align:left" \| In EUR million ! colspan="4" style="text-align:center" \| Total ! colspan="4" style="text-align:center" \| [[Definition:AXA France\|France]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Europe\|Europe]] ! colspan="8" style="text-align:center" \| [[Definition:AXA XL\|AXA XL]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Transversal & Other\|Transversal & Other]] \|- ! style="text-align:left" \| — ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| o/w [[Definition:AXA XL\|AXA XL]] Insurance ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| o/w [[Definition:AXA XL\|AXA XL]] Insurance ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| o/w [[Definition:AXA XL\|AXA XL]] Insurance ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| o/w [[Definition:AXA XL\|AXA XL]] Insurance ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Short-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 2,804 ⟶ 2,821: \| style="text-align:right" \| 86 \|- \| style="text-align:left" \| ~~'''~~<b>Long-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 2,894 ⟶ 2,911: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Financial Result & Other~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 3,014 ⟶ 3,031: \| style="text-align:right" \| -15 \|- \| style="text-align:left" \| [[Definition:Other revenue\|Other Revenues]] \| style="text-align:right" \| — \| style="text-align:right" \| — Line 3,104 ⟶ 3,121: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] Before Tax~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,006~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,565~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,202~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>8,040~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>788~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,633~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>794~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,688~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,450~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,757~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,564~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,002~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,384~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,024~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,417~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,721~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,372~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,022~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,560~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,910~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>299~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>539~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>375~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>579~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>85~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>220~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>97~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>211~~'''~~</b> \|- \| style="text-align:left" \| Tax Line 3,164 ⟶ 3,181: \| style="text-align:right" \| -58 \|- \| style="text-align:left" \| Income from Affiliates & Other \| style="text-align:right" \| 2 \| style="text-align:right" \| 3 Line 3,224 ⟶ 3,241: \| style="text-align:right" \| -2 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings Group share~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>2,908~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,510~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,067~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,872~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>539~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,161~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>574~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,237~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,073~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,029~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,152~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,216~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,032~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>767~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,828~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,264~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,032~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>770~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,913~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,427~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>194~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>334~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>233~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>355~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>70~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>158~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>75~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>151~~'''~~</b> \|- \| style="text-align:left" \| For short-term business Line 3,284 ⟶ 3,301: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Liabilities for remaining coverage net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>19,284~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>16,006~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>19,766~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>16,040~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,153~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,712~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,221~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,783~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,151~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,166~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,591~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,534~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,478~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,905~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,028~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,948~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7,315~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,879~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6,467~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5,461~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,802~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,834~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,935~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,024~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>700~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>266~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>705~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>231~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Best Estimate for incurred Claims net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>69,800~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>71,751~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>70,215~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>70,567~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>13,485~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>13,889~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>13,900~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>13,882~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>24,834~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25,955~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>26,003~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25,737~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>24,865~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>18,223~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25,915~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>19,146~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>24,533~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>18,295~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25,044~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>18,897~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,385~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,640~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,510~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,804~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,231~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,351~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,269~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,101~~'''~~</b> \|} </div> {{chunk\|doc=gr2rpazfcv\|c=7\|p=7}} == L&H UE by LOB == ~~====== Life & health underlying earnings build-up by line of business ======~~ <div style="overflow-x:auto"> {\| id="t10" class="wikitable fintable" \|+ [[Definition:Life & health\|Life & health]] [[Definition:Underlying earnings\|underlying earnings]] build-up by [[Definition:Business mix\|line of business]] ~~! style="text-align:left" \| EUR million~~ \|- ! style="text-align:left" \| In EUR million ! colspan="4" style="text-align:center" \| Total ! colspan="4" style="text-align:center" \| Life ! colspan="4" style="text-align:center" \| Health ! ~~colspan~~class="4col-s" style="text-align:~~center~~right" \| Employee Benefits* (out of Total [[Definition:Life & health\|Life & Health]]) {{~~footnote~~fn ref\|6\|12=Employee Benefits include Group Protection and Group Health contracts.}} ! colspan="3" style="text-align:center" \| Employee Benefits* (out of Total [[Definition:Life & health\|Life & Health]]) \|- ! style="text-align:left" \| — ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Short-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 3,448 ⟶ 3,467: \| style="text-align:right" \| 347 \|- \| style="text-align:left" \| ~~'''~~<b>Long-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 3,574 ⟶ 3,593: \| style="text-align:right" \| 38 \|- \| style="text-align:left" \| ~~'''~~<b>Financial Result & Other~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 3,646 ⟶ 3,665: \| style="text-align:right" \| -281 \|- \| style="text-align:left" \| [[Definition:Other revenue\|Other Revenues]] \| style="text-align:right" \| — \| style="text-align:right" \| — Line 3,700 ⟶ 3,719: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] Before Tax~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,061~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,070~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,209~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,229~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,634~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,145~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,699~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,219~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>427~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>925~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>510~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,010~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>252~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>552~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>328~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>666~~'''~~</b> \|- \| style="text-align:left" \| Tax Line 3,736 ⟶ 3,755: \| style="text-align:right" \| -110 \|- \| style="text-align:left" \| Income from Affiliates & Other \| style="text-align:right" \| 103 \| style="text-align:right" \| 186 Line 3,772 ⟶ 3,791: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings Group share~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>1,725~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,323~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,814~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,501~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,392~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,636~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,433~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,715~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>333~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>687~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>381~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>787~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>205~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>441~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>264~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>556~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Closing Invested Assets~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>329,460~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>345,008~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>338,447~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>334,840~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 3,808 ⟶ 3,827: \| style="text-align:right" \| — \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w VFA \| style="text-align:right" \| 234,783 \| style="text-align:right" \| 230,205 Line 3,826 ⟶ 3,845: \| style="text-align:right" \| — \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Non VFA \| style="text-align:right" \| 94,677 \| style="text-align:right" \| 114,803 Line 3,862 ⟶ 3,881: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Liabilities for remaining coverage net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,446~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,096~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,856~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,511~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>157~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>96~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>105~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>21~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,289~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,000~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,750~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,490~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 3,880 ⟶ 3,899: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Best Estimate for incurred Claims net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>13,876~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14,162~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>13,960~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14,592~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,589~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,778~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,623~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,205~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,286~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,384~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,337~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,386~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 3,916 ⟶ 3,935: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Best Estimate Liabilities net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>295,342~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>306,249~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>301,040~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>300,391~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>275,276~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>285,391~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>280,314~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>280,280~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20,066~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20,858~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20,726~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20,112~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 3,934 ⟶ 3,953: \| style="text-align:right" \| — \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w VFA Gross of reinsurance \| style="text-align:right" \| 264,013 \| style="text-align:right" \| 273,094 Line 3,952 ⟶ 3,971: \| style="text-align:right" \| — \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w BBA Gross of reinsurance \| style="text-align:right" \| 50,097 \| style="text-align:right" \| 51,845 Line 3,970 ⟶ 3,989: \| style="text-align:right" \| — \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Reinsurance \| style="text-align:right" \| -18,768 \| style="text-align:right" \| -18,690 Line 3,990 ⟶ 4,009: </div> {{fn note\|1=6\|2=Employee Benefits include Group Protection and Group Health contracts.}} {{chunk\|doc=gr2rpazfcv\|c=8\|p=8}} == L&H UE by Geography == ~~====== Life & health underlying earnings build-up by geography ======~~ <div style="overflow-x:auto"> {\| id="t11" class="wikitable fintable" \|+ [[Definition:Life & health\|Life & health]] [[Definition:Underlying earnings\|underlying earnings]] build-up by geography ~~! style="text-align:left" \| EUR million~~ \|- ! style="text-align:left" \| In EUR million ! colspan="4" style="text-align:center" \| Total ! colspan="4" style="text-align:center" \| [[Definition:AXA France\|France]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Europe\|Europe]] ! colspan="4" style="text-align:center" \| [[Definition:AXA XL\|AXA XL]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Transversal & Other\|Transversal & Other]] \|- ! style="text-align:left" \| — ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ~~! class="col-s" style="text-align:right" \| 1H24~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| 1H25~~ ~~! class="col-s" style="text-align:right" \| FY25~~ ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-m" style="text-align:right" \| 1H24 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Short-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 4,134 ⟶ 4,156: \| style="text-align:right" \| 23 \|- \| style="text-align:left" \| ~~'''~~<b>Long-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 4,316 ⟶ 4,338: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| ~~'''~~<b>Financial Result & Other~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 4,420 ⟶ 4,442: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| [[Definition:Other revenue\|Other Revenues]] \| style="text-align:right" \| — \| style="text-align:right" \| — Line 4,498 ⟶ 4,520: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] Before Tax~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,061~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,070~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,209~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4,229~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>622~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,176~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>624~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,276~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>762~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,529~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>821~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,622~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>17~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>10~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>16~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>654~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,322~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>739~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,291~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>19~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25~~'''~~</b> \|- \| style="text-align:left" \| Tax Line 4,550 ⟶ 4,572: \| style="text-align:right" \| -4 \|- \| style="text-align:left" \| Income from Affiliates & Other \| style="text-align:right" \| 103 \| style="text-align:right" \| 186 Line 4,602 ⟶ 4,624: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings Group share~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>1,725~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,323~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,814~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,501~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>519~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>964~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>524~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,039~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>559~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,104~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>616~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,264~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>8~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>12~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>627~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,211~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>653~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,165~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>19~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>22~~'''~~</b> \|- \| style="text-align:left" \| For short-term business Line 4,654 ⟶ 4,676: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Liabilities for remaining coverage net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,446~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,096~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,856~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,511~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>50~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-2~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>28~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-6~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,228~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>967~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,619~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,352~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,159~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,124~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,204~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,155~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>9~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>10~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Best Estimate for incurred Claims net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>13,876~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14,162~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>13,960~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14,592~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>12,589~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>12,831~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>12,443~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>12,850~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>773~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>871~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,015~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,186~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>501~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>447~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>487~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>541~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>13~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>15~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>15~~'''~~</b> \|- \| style="text-align:left" \| For long-term business Line 4,732 ⟶ 4,754: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Best Estimate Liabilities net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>295,342~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>306,249~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>301,040~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>300,391~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>112,949~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>115,280~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>114,525~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>114,424~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>135,034~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>139,257~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>137,584~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>136,725~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>324~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>345~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>310~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>309~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>47,035~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>51,368~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>48,620~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>48,934~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w VFA Gross of reinsurance \| style="text-align:right" \| 264,013 \| style="text-align:right" \| 273,094 Line 4,784 ⟶ 4,806: \| style="text-align:right" \| 0 \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w BBA Gross of reinsurance \| style="text-align:right" \| 50,097 \| style="text-align:right" \| 51,845 Line 4,810 ⟶ 4,832: \| style="text-align:right" \| 0 \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Reinsurance \| style="text-align:right" \| -18,768 \| style="text-align:right" \| -18,690 Line 4,838 ⟶ 4,860: </div> {{chunk\|doc=gr2rpazfcv\|c=9\|p=9}} == Life UE by Geography == ~~====== Life underlying earnings build-up by geography ======~~ <div style="overflow-x:auto"> {\| id="t12" class="wikitable fintable" \|+ Life [[Definition:Underlying earnings\|underlying earnings]] build-up by geography ~~! style="text-align:left" \| EUR million~~ \|- ! style="text-align:left" \| In EUR million ! colspan="4" style="text-align:center" \| Total ! colspan="4" style="text-align:center" \| [[Definition:AXA France\|France]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Europe\|Europe]] ! colspan="4" style="text-align:center" \| [[Definition:AXA XL\|AXA XL]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Transversal & Other\|Transversal & Other]] \|- ! style="text-align:left" \| — ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ~~! class="col-s" style="text-align:right" \| 1H24~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| 1H25~~ ~~! class="col-s" style="text-align:right" \| FY25~~ ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-m" style="text-align:right" \| 1H24 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Short-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 4,982 ⟶ 5,005: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| ~~'''~~<b>Long-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 5,164 ⟶ 5,187: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| ~~'''~~<b>Financial Result & Other~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 5,268 ⟶ 5,291: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| [[Definition:Other revenue\|Other Revenues]] \| style="text-align:right" \| — \| style="text-align:right" \| — Line 5,346 ⟶ 5,369: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] Before Tax~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,634~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,145~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,699~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,219~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>563~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,060~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>579~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,156~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>645~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,227~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>643~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,176~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>17~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>10~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>16~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>409~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>833~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>468~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>872~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \|- \| style="text-align:left" \| Tax Line 5,398 ⟶ 5,421: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| Income from Affiliates & Other \| style="text-align:right" \| 101 \| style="text-align:right" \| 182 Line 5,450 ⟶ 5,473: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings Group share~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>1,392~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,636~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,433~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,715~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>470~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>875~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>486~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>943~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>474~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>891~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>484~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>923~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>8~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>12~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>434~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>845~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>456~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>837~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \|- \| style="text-align:left" \| For short-term business Line 5,502 ⟶ 5,525: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Liabilities for remaining coverage net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>157~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>96~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>105~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>21~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>23~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-19~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-41~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-3~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-14~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-35~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-24~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>137~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>129~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>137~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>86~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Best Estimate for incurred Claims net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,589~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,778~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,623~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,205~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,349~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,502~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11,352~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>10,939~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>75~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>120~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>118~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>124~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>165~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>157~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>154~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>142~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \|- \| style="text-align:left" \| For long-term business Line 5,580 ⟶ 5,603: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Best Estimate Liabilities net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>275,276~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>285,391~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>280,314~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>280,280~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>112,949~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>115,280~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>114,525~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>114,424~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>114,389~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>117,841~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>116,058~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>115,433~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>324~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>345~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>310~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>309~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>47,614~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>51,926~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>49,420~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>50,113~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w VFA Gross of reinsurance \| style="text-align:right" \| 243,037 \| style="text-align:right" \| 251,273 Line 5,632 ⟶ 5,655: \| style="text-align:right" \| 0 \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w BBA Gross of reinsurance \| style="text-align:right" \| 50,917 \| style="text-align:right" \| 52,713 Line 5,658 ⟶ 5,681: \| style="text-align:right" \| 0 \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Reinsurance \| style="text-align:right" \| -18,679 \| style="text-align:right" \| -18,595 Line 5,686 ⟶ 5,709: </div> {{chunk\|doc=gr2rpazfcv\|c=10\|p=10}} == Health UE by Geography == ~~====== Health underlying earnings build-up by geography ======~~ <div style="overflow-x:auto"> {\| id="t13" class="wikitable fintable" \|+ Health [[Definition:Underlying earnings\|underlying earnings]] build-up by geography ~~! style="text-align:left" \| EUR million~~ \|- ! style="text-align:left" \| In EUR million ! colspan="4" style="text-align:center" \| Total ! colspan="4" style="text-align:center" \| [[Definition:AXA France\|France]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Europe\|Europe]] ! colspan="4" style="text-align:center" \| [[Definition:AXA XL\|AXA XL]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] ! colspan="4" style="text-align:center" \| [[Definition:AXA Transversal & Other\|Transversal & Other]] \|- ! style="text-align:left" \| — ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-sm" style="text-align:right" \| 1H24 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-sm" style="text-align:right" \| 1H25 ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ~~! class="col-s" style="text-align:right" \| 1H24~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| 1H25~~ ~~! class="col-s" style="text-align:right" \| FY25~~ ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-m" style="text-align:right" \| 1H24 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Short-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 5,830 ⟶ 5,854: \| style="text-align:right" \| 23 \|- \| style="text-align:left" \| ~~'''~~<b>Long-term Business~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 6,012 ⟶ 6,036: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| ~~'''~~<b>Financial Result & Other~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 6,116 ⟶ 6,140: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| [[Definition:Other revenue\|Other Revenues]] \| style="text-align:right" \| — \| style="text-align:right" \| — Line 6,194 ⟶ 6,218: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] Before Tax~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>427~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>925~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>510~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,010~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>59~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>116~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>46~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>120~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>117~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>302~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>178~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>446~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>245~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>489~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>272~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>419~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>19~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25~~'''~~</b> \|- \| style="text-align:left" \| Tax Line 6,246 ⟶ 6,270: \| style="text-align:right" \| -4 \|- \| style="text-align:left" \| Income from Affiliates & Other \| style="text-align:right" \| 2 \| style="text-align:right" \| 4 Line 6,298 ⟶ 6,322: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings Group share~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>333~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>687~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>381~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>787~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>49~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>89~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>39~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>96~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>85~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>213~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>132~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>341~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>192~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>366~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>197~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>328~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>7~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>19~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>22~~'''~~</b> \|- \| style="text-align:left" \| For short-term business Line 6,350 ⟶ 6,374: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Liabilities for remaining coverage net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,289~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,000~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,750~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,490~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>27~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>18~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>24~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>35~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,231~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>981~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,654~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,375~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,022~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>995~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,067~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,069~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>9~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>5~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>10~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Best Estimate for incurred Claims net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,286~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,384~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,337~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3,386~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,240~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,329~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,091~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,911~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>698~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>751~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>898~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,062~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>336~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>290~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>334~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>398~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>13~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>15~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>15~~'''~~</b> \|- \| style="text-align:left" \| For long-term business Line 6,428 ⟶ 6,452: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Best Estimate Liabilities net of reinsurance~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20,066~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20,858~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20,726~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20,112~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20,645~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>21,416~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>21,527~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>21,291~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-579~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-557~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-800~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,180~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0~~'''~~</b> \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w VFA Gross of reinsurance \| style="text-align:right" \| 20,977 \| style="text-align:right" \| 21,821 Line 6,480 ⟶ 6,504: \| style="text-align:right" \| 0 \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w BBA Gross of reinsurance \| style="text-align:right" \| -821 \| style="text-align:right" \| -868 Line 6,506 ⟶ 6,530: \| style="text-align:right" \| 0 \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Reinsurance \| style="text-align:right" \| -90 \| style="text-align:right" \| -95 Line 6,534 ⟶ 6,558: </div> {{chunk\|doc=gr2rpazfcv\|c=11\|p=11}} == Asset Management == ~~====== Asset management rollforward ======~~ <div style="overflow-x:auto"> {\| id="t14" class="wikitable fintable" \|+ [[Definition:AXA Investment Managers\|Asset management]] rollforward ~~! style="text-align:left" \| EUR million~~ \|- ! style="text-align:left" \| In EUR million ! colspan="2" style="text-align:center" \| 1H24 ! colspan="2" style="text-align:center" \| [[Definition:Full year 2024\|FY24]] ! colspan="2" style="text-align:center" \| 1H25 ! colspan="2" style="text-align:center" \| [[Definition:Full year 2025\|FY25]] {{~~footnote~~fn ref\|7\|12=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}} \|- ! style="text-align:left" \| — ! class="col-sm" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| o/w Third Party ! class="col-sm" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| o/w Third Party ! class="col-sm" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| o/w Third Party ! class="col-sm" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| o/w Third Party \|- \| style="text-align:left" \| ~~'''~~<b>Opening [[Definition:Assets under management\|AUM]] (in Euro billion)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>843~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>332~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>843~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>332~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>879~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>356~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>879~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>356~~'''~~</b> \|- \| style="text-align:left" \| Net Inflows Line 6,576 ⟶ 6,601: \| style="text-align:right" \| -10 \|- \| style="text-align:left" \| Scope & Other \| style="text-align:right" \| 0 \| style="text-align:right" \| 10 Line 6,606 ⟶ 6,631: \| style="text-align:right" \| -6 \|- \| style="text-align:left" \| ~~'''~~<b>Closing [[Definition:Assets under management\|AUM]] (in Euro billion)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>859~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>340~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>879~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>356~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>853~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>341~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>853~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>341~~'''~~</b> \|- \| class="wt-indent-1" style="text-align:left" \| Alternatives Line 6,626 ⟶ 6,651: \| style="text-align:right" \| 95 \|- \| class="wt-indent-1" style="text-align:left" \| Core & Other \| style="text-align:right" \| 532 \| style="text-align:right" \| 254 Line 6,646 ⟶ 6,671: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Gross Revenues - After Intercompany Elimination~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>787~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>1,701~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>875~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>875~~'''~~</b> \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Gross Revenues - Before Intercompany Elimination~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>937~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>2,004~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>1,018~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>1,018~~'''~~</b> \| style="text-align:right" \| — \|- Line 6,706 ⟶ 6,731: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>General Expenses~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-698~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>-1,493~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>-793~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>-793~~'''~~</b> \| style="text-align:right" \| — \|- Line 6,736 ⟶ 6,761: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] Before Tax~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>263~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>546~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>239~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>239~~'''~~</b> \| style="text-align:right" \| — \|- Line 6,756 ⟶ 6,781: \| style="text-align:right" \| — \|- \| style="text-align:left" \| Income from Affiliates & Other \| style="text-align:right" \| 16 \| style="text-align:right" \| — Line 6,776 ⟶ 6,801: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings Group Share~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>204~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>402~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>175~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>175~~'''~~</b> \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Average [[Definition:Assets under management\|Assets under Management]] (€bn)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>749~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>759~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>769~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>769~~'''~~</b> \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:AXA Investment Managers\|Asset Management]] Fee bps~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>18.1 bps~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>18.8 bps~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>18.8 bps~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>18.8 bps~~'''~~</b> \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Underlying Cost Income Ratio~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>67.3%~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>68.0%~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>71.4%~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>71.4%~~'''~~</b> \| style="text-align:right" \| — \|} </div> {{fn note\|1=7\|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}} {{chunk\|doc=gr2rpazfcv\|c=12\|p=12}} == Holdings == ====== 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.}} ====== <div style="overflow-x:auto"> {\| id="t15" class="wikitable fintable" \|+ Holdings [[Definition:Underlying earnings\|underlying earnings]] build-up {{fn ref\|8\|2=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~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY24~~In EUR million ! class="col-sm" style="text-align:right" \| ~~1H25~~1H24 ! class="col-sm" style="text-align:right" \| ~~FY25~~[[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| 1H25 ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| Financial Result Line 6,836 ⟶ 6,864: \| style="text-align:right" \| 422 \|- \| style="text-align:left" \| [[Definition:Other revenue\|Other Revenues]] \| style="text-align:right" \| 522 \| style="text-align:right" \| 1,050 Line 6,854 ⟶ 6,882: \| style="text-align:right" \| -928 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings]] Before Tax~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-693~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,482~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-692~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,464~~'''~~</b> \|- \| style="text-align:left" \| Tax Line 6,866 ⟶ 6,894: \| style="text-align:right" \| 284 \|- \| style="text-align:left" \| Income from Affiliates & Other \| style="text-align:right" \| 0 \| style="text-align:right" \| 0 Line 6,878 ⟶ 6,906: \| style="text-align:right" \| 0 \|- \| style="text-align:left" \| ~~'''~~<b>[[Definition:Underlying earnings\|Underlying Earnings Group share~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>-592~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,157~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-591~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,180~~'''~~</b> \|} </div> ~~====== Holdings cash balance rollforward ======~~ <div style="overflow-x:auto"> {\| id="t16" class="wikitable fintable" \|+ Holdings cash balance rollforward ~~! style="text-align:left" \| EUR billion~~ \|- ! style="text-align:left" \| In EUR billion ! class="col-s" style="text-align:right" \| 1H24 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| 1H25 ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Opening Cash Balance at [[Definition:AXA\|AXA]] SA {{~~footnote~~fn ref\|9\|12=Includes liquid invested assets.}}~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>4.0~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>4.0~~'''~~</b> \|- \| style="text-align:left" \| Net cash remittance from subsidiaries {{~~footnote~~fn ref\|110\|2=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}} \| style="text-align:right" \| — \| style="text-align:right" \| 7.7 Line 6,908 ⟶ 6,936: \| style="text-align:right" \| 7.5 \|- \| class="wt-indent-1" style="text-align:left" \| [[Definition:Property & casualty\|Property & Casualty]] \| style="text-align:right" \| — \| style="text-align:right" \| 4.0 Line 6,914 ⟶ 6,942: \| style="text-align:right" \| 5.1 \|- \| class="wt-indent-1" style="text-align:left" \| [[Definition:Life & health\|Life & Health]] \| style="text-align:right" \| — \| style="text-align:right" \| 3.6 Line 6,920 ⟶ 6,948: \| style="text-align:right" \| 2.5 \|- \| class="wt-indent-1" style="text-align:left" \| [[Definition:AXA Investment Managers\|Asset Management]] & Other \| style="text-align:right" \| — \| style="text-align:right" \| 0.1 Line 6,926 ⟶ 6,954: \| style="text-align:right" \| 0.0 \|- \| style="text-align:left" \| [[Definition:Dividend\|Dividends]] \| style="text-align:right" \| — \| style="text-align:right" \| -4.4 Line 6,932 ⟶ 6,960: \| style="text-align:right" \| -4.6 \|- \| style="text-align:left" \| Share buy-backs {{~~footnote~~fn ref\|111\|2=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}} \| style="text-align:right" \| — \| style="text-align:right" \| -1.8 Line 6,950 ⟶ 6,978: \| style="text-align:right" \| 1.6 \|- \| style="text-align:left" \| M&A and disposals \| style="text-align:right" \| — \| style="text-align:right" \| 0.0 Line 6,962 ⟶ 6,990: \| style="text-align:right" \| -0.7 \|- \| style="text-align:left" \| ~~'''~~<b>Closing Cash Balance at [[Definition:AXA\|AXA]] SA {{~~footnote~~fn ref\|9\|12=Includes liquid invested assets.}}~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>4.0~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>5.6~~'''~~</b> \|} </div> {{fn note\|1=8\|2=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.}} {{fn note\|1=9\|2=Includes liquid invested assets.}} {{fn note\|1=10\|2=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}} {{fn note\|1=11\|2=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}} {{chunk\|doc=gr2rpazfcv\|c=13\|p=13}} == Activity Indicators == ~~====== Activity indicators by line of business ======~~ <div style="overflow-x:auto"> {\| id="t17" class="wikitable fintable" \|+ Activity indicators by [[Definition:Business mix\|line of business]] ~~! style="text-align:left" \| EUR million~~ \|- ! style="text-align:left" \| In EUR million ! colspan="8" style="text-align:center" \| 1H24 ! colspan="8" style="text-align:center" \| [[Definition:Full year 2024\|FY24]] ! colspan="8" style="text-align:center" \| 1H25 ! colspan="8" style="text-align:center" \| [[Definition:Full year 2025\|FY25]] \|- ! style="text-align:left" \| — ! class="col-s" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| [[Definition:Property & casualty\|P&C]] ! class="col-s" style="text-align:right" \| [[Definition:Life & health\|Life & Health]] ! class="col-s" style="text-align:right" \| o/w Employee Benefits {{~~footnote~~fn ref\|112\|2=Employee Benefits include Group Protection and Group Health contracts.}} ! class="col-s" style="text-align:right" \| Life ! class="col-s" style="text-align:right" \| Health ! class="col-s" style="text-align:right" \| [[Definition:AXA Investment Managers\|Asset Management]] ! class="col-s" style="text-align:right" \| Bank ! class="col-s" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| [[Definition:Property & casualty\|P&C]] ! class="col-s" style="text-align:right" \| [[Definition:Life & health\|Life & Health]] ! class="col-s" style="text-align:right" \| o/w Employee Benefits {{~~footnote~~fn ref\|112\|2=Employee Benefits include Group Protection and Group Health contracts.}} ! class="col-s" style="text-align:right" \| Life ! class="col-s" style="text-align:right" \| Health ! class="col-s" style="text-align:right" \| [[Definition:AXA Investment Managers\|Asset Management]] ! class="col-s" style="text-align:right" \| Bank ! class="col-s" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| [[Definition:Property & casualty\|P&C]] ! class="col-s" style="text-align:right" \| [[Definition:Life & health\|Life & Health]] ! class="col-s" style="text-align:right" \| o/w Employee Benefits {{~~footnote~~fn ref\|112\|2=Employee Benefits include Group Protection and Group Health contracts.}} ! class="col-s" style="text-align:right" \| Life ! class="col-s" style="text-align:right" \| Health ! class="col-s" style="text-align:right" \| [[Definition:AXA Investment Managers\|Asset Management]] ! class="col-s" style="text-align:right" \| Bank ! class="col-s" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| [[Definition:Property & casualty\|P&C]] ! class="col-s" style="text-align:right" \| [[Definition:Life & health\|Life & Health]] ! class="col-s" style="text-align:right" \| o/w Employee Benefits {{~~footnote~~fn ref\|112\|2=Employee Benefits include Group Protection and Group Health contracts.}} ! class="col-s" style="text-align:right" \| Life ! class="col-s" style="text-align:right" \| Health ! class="col-s" style="text-align:right" \| [[Definition:AXA Investment Managers\|Asset Management]] ! class="col-s" style="text-align:right" \| Bank \|- \| style="text-align:left" \| [[Definition:Gross written premiums & other revenues\|Gross Written Premiums & Other Revenues]] \| style="text-align:right" \| 59,872 \| style="text-align:right" \| 32,522 Line 7,118 ⟶ 7,152: \| style="text-align:right" \| — \|- \| class="wt-indent-1" style="text-align:left" \| Other NBV {{~~footnote~~fn ref\|13\|12=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 7,255 ⟶ 7,289: \|} </div> ~~====== Activity indicators by geography ======~~ <div style="overflow-x:auto"> {\| id="t18" class="wikitable fintable" \|+ Activity indicators by geography ~~! style="text-align:left" \| EUR million~~ \|- ! style="text-align:left" \| In EUR million ! colspan="7" style="text-align:center" \| 1H24 ! colspan="7" style="text-align:center" \| [[Definition:Full year 2024\|FY24]] ! colspan="7" style="text-align:center" \| 1H25 ! colspan="7" style="text-align:center" \| [[Definition:Full year 2025\|FY25]] \|- ! style="text-align:left" \| — ! class="col-s" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| [[Definition:AXA France\|France]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Europe\|Europe]] ! class="col-s" style="text-align:right" \| [[Definition:AXA XL\|AXA XL]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Investment Managers\|AXA IM]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Transversal & Other\|Transversal & Other]] ! class="col-s" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| [[Definition:AXA France\|France]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Europe\|Europe]] ! class="col-s" style="text-align:right" \| [[Definition:AXA XL\|AXA XL]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Investment Managers\|AXA IM]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Transversal & Other\|Transversal & Other]] ! class="col-s" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| [[Definition:AXA France\|France]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Europe\|Europe]] ! class="col-s" style="text-align:right" \| [[Definition:AXA XL\|AXA XL]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Investment Managers\|AXA IM]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Transversal & Other\|Transversal & Other]] ! class="col-s" style="text-align:right" \| Total ! class="col-s" style="text-align:right" \| [[Definition:AXA France\|France]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Europe\|Europe]] ! class="col-s" style="text-align:right" \| [[Definition:AXA XL\|AXA XL]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Investment Managers\|AXA IM]] ! class="col-s" style="text-align:right" \| [[Definition:AXA Transversal & Other\|Transversal & Other]] \|- \| style="text-align:left" \| [[Definition:Gross written premiums & other revenues\|Gross Written Premiums & Other Revenues]] \| style="text-align:right" \| 59,872 \| style="text-align:right" \| 14,719 Line 7,386 ⟶ 7,420: \| style="text-align:right" \| — \|- \| class="wt-indent-1" style="text-align:left" \| Other NBV {{~~footnote~~fn ref\|13\|12=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 7,508 ⟶ 7,542: </div> {{fn note\|1=12\|2=Employee Benefits include Group Protection and Group Health contracts.}} {{fn note\|1=13\|2=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.}} {{chunk\|doc=gr2rpazfcv\|c=14\|p=14}} == Balance Sheet == ~~====== Assets build-up ======~~ <div style="overflow-x:auto"> {\| id="t19" class="wikitable fintable" \|+ Assets build-up ~~! style="text-align:left" \| EUR billion~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY25~~In EUR billion ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| Goodwill Line 7,526 ⟶ 7,564: \| style="text-align:right" \| 4.4 \|- \| style="text-align:left" \| ~~'''~~<b>Total Intangible assets~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>22.6~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>22.2~~'''~~</b> \|- \| style="text-align:left" \| Investments in real estate properties Line 7,542 ⟶ 7,580: \| style="text-align:right" \| 97.2 \|- \| style="text-align:left" \| ~~'''~~<b>Total Investments from Insurance activities~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>537.5~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>526.9~~'''~~</b> \|- \| style="text-align:left" \| Investments from Non-Insurance Activities Line 7,582 ⟶ 7,620: \| style="text-align:right" \| 22.2 \|- \| style="text-align:left" \| ~~'''~~<b>Total Assets~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>653.8~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>635.5~~'''~~</b> \|} </div> ~~====== Liabilities, non-controlling interests, and shareholders' equity build-up ======~~ <div style="overflow-x:auto"> {\| id="t20" class="wikitable fintable" \|+ Liabilities, non-controlling interests, and shareholders' equity build-up ~~! style="text-align:left" \| EUR billion~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY25~~In EUR billion ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| Shareholders' Equity group share Line 7,604 ⟶ 7,642: \| style="text-align:right" \| 2.4 \|- \| style="text-align:left" \| ~~'''~~<b>Shareholders’ equity~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>52.5~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>49.6~~'''~~</b> \|- \| style="text-align:left" \| Financing debt Line 7,632 ⟶ 7,670: \| style="text-align:right" \| 12.8 \|- \| style="text-align:left" \| ~~'''~~<b>Liabilities arising from insurance, reinsurance and investment contracts~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>489.6~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>483.2~~'''~~</b> \|- \| style="text-align:left" \| Liabilities Arising from Non-Insurance Activities Line 7,652 ⟶ 7,690: \| style="text-align:right" \| 0.0 \|- \| style="text-align:left" \| ~~'''~~<b>Total Liabilities, Non-controlling Interests and Shareholders' Equity~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>653.8~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>635.5~~'''~~</b> \|} </div> {{chunk\|doc=gr2rpazfcv\|c=15\|p=15}} == CSM rollforward == ~~====== Contractual Service Margin (CSM) rollforward by business unit ======~~ <div style="overflow-x:auto"> {\| id="t21" class="wikitable fintable" \|+ Contractual Service Margin (CSM) rollforward by [[Definition:Business mix\|business unit]] ~~! 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.}} ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~New~~In ~~Business~~EUR ~~CSM~~million ! class="col-sm" style="text-align:right" \| ~~Underlying~~FY23 ~~Return~~Restated on{{fn ~~inforce~~ref\|14\|2=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}} ! class="col-sm" style="text-align:right" \| ~~CSM~~New ~~Release~~Business CSM ! class="col-sm" style="text-align:right" \| ~~Economic~~Underlying ~~Variance~~Return on inforce ! class="col-m" style="text-align:right" \| CSM Release ! class="col-m" style="text-align:right" \| Economic Variance ! class="col-s" style="text-align:right" \| Operating Variance ! class="col-sm" style="text-align:right" \| Other {{~~footnote~~fn ref\|15\|12=Including scope changes and FX.}} ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] \|- \| style="text-align:left" \| ~~'''~~<b>Total Group (pre-tax)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>34,187~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,169~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,383~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-2,775~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-998~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>432~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-545~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>33,853~~'''~~</b> \|- \| class="wt-indent-2" style="text-align:left" \| [[Definition:Property & casualty\|P&C]] \| style="text-align:right" \| 206 \| style="text-align:right" \| 0 Line 7,714 ⟶ 7,753: \| style="text-align:right" \| 7,744 \|- \| style="text-align:left" \| ~~'''~~<b>Total Group (post-tax)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>26,777~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 7,722 ⟶ 7,761: \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>26,320~~'''~~</b> \|} </div> ~~====== Contractual Service Margin (CSM) rollforward by business unit ======~~ <div style="overflow-x:auto"> {\| id="t22" class="wikitable fintable" \|+ Contractual Service Margin (CSM) rollforward by [[Definition:Business mix\|business unit]] ~~! style="text-align:left" \| EUR million~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~New~~In ~~Business~~EUR ~~CSM~~million ! class="col-sm" style="text-align:right" \| ~~Underlying~~[[Definition:Full ~~Return~~year ~~on inforce~~2024\|FY24]] ! class="col-sm" style="text-align:right" \| ~~CSM~~New ~~Release~~Business CSM ! class="col-m" style="text-align:right" \| Underlying Return on inforce ! class="col-m" style="text-align:right" \| CSM Release ! class="col-s" style="text-align:right" \| Economic Variance ! class="col-sm" style="text-align:right" \| Operating Variance ! class="col-sm" style="text-align:right" \| Other {{~~footnote~~fn ref\|15\|12=Including scope changes and FX.}} ! class="col-sm" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Total Group (pre-tax)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>33,853~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>2,199~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>1,328~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-2,954~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>594~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-316~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-1,451~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>33,253~~'''~~</b> \|- \| class="wt-indent-2" style="text-align:left" \| [[Definition:Property & casualty\|P&C]] \| style="text-align:right" \| 282 \| style="text-align:right" \| 0 Line 7,780 ⟶ 7,819: \| style="text-align:right" \| 7,550 \|- \| style="text-align:left" \| ~~'''~~<b>Total Group (post-tax)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>26,320~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 7,788 ⟶ 7,827: \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>25,864~~'''~~</b> \|} </div> {{fn note\|1=14\|2=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.}} {{fn note\|1=15\|2=Including scope changes and FX.}} {{chunk\|doc=gr2rpazfcv\|c=16\|p=16}} == Invested Assets == ~~====== General Account invested assets build-up by asset class and rating ======~~ <div style="overflow-x:auto"> {\| id="t23" class="wikitable fintable" \|+ General Account invested assets build-up by asset class and rating ~~! style="text-align:left" \| EUR billion~~ \|- ~~! style="text-align:center" \| Fair value~~ ! style="text-align:~~center~~left" \| ~~Asset~~In ~~Allocation~~EUR %billion ! class="col-s" style="text-align:~~center~~right" \| ~~o/w~~Fair ~~Participating~~value ! class="col-s" style="text-align:~~center~~right" \| ~~Duration~~Asset Allocation ~~gap~~% ! class="col-s" style="text-align:right" \| o/w Participating ! class="col-m" style="text-align:right" \| Duration gap ! colspan="7" style="text-align:center" \| Fair Value by Rating \|- ! style="text-align:left" \| — ! class="col-s" style="text-align:right" \| Fair value ! class="col-s" style="text-align:right" \| Asset Allocation % ! class="col-s" style="text-align:right" \| o/w Participating ! class="col-sm" style="text-align:right" \| Duration gap ! class="col-s" style="text-align:right" \| Average rating1 {{~~footnote~~fn ref\|121\|2=Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}} ! class="col-s" style="text-align:right" \| AAA ! class="col-s" style="text-align:right" \| AA Line 7,818 ⟶ 7,861: ! class="col-s" style="text-align:right" \| Non Rated \|- \| style="text-align:left" \| ~~'''~~<b>General Account Invested Assets {{~~footnote~~fn ref\|16\|12=Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}}~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>450~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>60%~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-0.4 yr~~'''~~</b> \| style="text-align:right" \| — \| style="text-align:right" \| — Line 7,849 ⟶ 7,892: \| style="text-align:right" \| 66% \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>AA~~'''~~</b> \| style="text-align:right" \| 27% \| style="text-align:right" \| 31% Line 7,862 ⟶ 7,905: \| style="text-align:right" \| 55% \| style="text-align:right" \| — \| style="text-align:right" \| ~~'''~~<b>A~~'''~~</b> \| style="text-align:right" \| 16% \| style="text-align:right" \| 6% Line 7,883 ⟶ 7,926: \| style="text-align:right" \| — \|- \| class="wt-indent-2" style="text-align:left" \| Asset Backed Securities {{~~footnote~~fn ref\|117\|2=Includes 91% of CLOs.}} \| style="text-align:right" \| 25 \| style="text-align:right" \| 6% Line 7,896 ⟶ 7,939: \| style="text-align:right" \| 4% \|- \| class="wt-indent-2" style="text-align:left" \| Mortgage Loans {{~~footnote~~fn ref\|18\|12=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 7,935 ⟶ 7,978: \| style="text-align:right" \| — \|- \| style="text-align:left" \| Listed Equities {{~~footnote~~fn ref\|119\|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}} \| style="text-align:right" \| 10 \| style="text-align:right" \| 2% Line 7,948 ⟶ 7,991: \| style="text-align:right" \| — \|- \| style="text-align:left" \| Private Equity & Hedge Funds {{~~footnote~~fn ref\|20\|12=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}} \| style="text-align:right" \| 23 \| style="text-align:right" \| 5% Line 7,989 ⟶ 8,032: </div> {{fn note\|1=21\|2=Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}} {{fn note\|1=16\|2=Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}} {{fn note\|1=17\|2=Includes 91% of CLOs.}} {{fn note\|1=18\|2=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}} {{fn note\|1=19\|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}} {{fn note\|1=20\|2=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}} {{chunk\|doc=gr2rpazfcv\|c=17\|p=17}} == Supplementary Info on Asset == ~~====== Government bonds breakdown by geographical exposure ======~~ <div style="overflow-x:auto"> {\| id="t24" class="wikitable fintable" \|+ Government bonds breakdown by geographical exposure ~~! style="text-align:left" \| EUR billion~~ \|- ! style="text-align:left" \| In EUR billion ! class="col-s" style="text-align:right" \| Fair Value ! class="col-s" style="text-align:right" \| Belgium ! class="col-s" style="text-align:right" \| [[Definition:AXA France\|France]] ! class="col-s" style="text-align:right" \| Germany ! class="col-s" style="text-align:right" \| Italy Line 8,011 ⟶ 8,062: \|- \| style="text-align:left" \| Breakdown By Geographical Exposure \| style="text-align:right" \| ~~'''~~<b>167~~'''~~</b> \| style="text-align:right" \| 6% \| style="text-align:right" \| 12% Line 8,026 ⟶ 8,077: \|} </div> ~~====== Corporate bonds and loans breakdown by industry ======~~ <div style="overflow-x:auto"> {\| id="t25" class="wikitable fintable" \|+ Corporate bonds and loans breakdown by industry ~~! style="text-align:left" \| EUR billion~~ \|- ! style="text-align:left" \| In EUR billion ! class="col-s" style="text-align:right" \| Fair Value ! class="col-s" style="text-align:right" \| Basic Materials Line 8,037 ⟶ 8,088: ! class="col-s" style="text-align:right" \| Consumer, Cyclical ! class="col-s" style="text-align:right" \| Consumer, Non-Cyclical ! ~~class="col-s"~~ style="text-align:~~right~~left" \| Covered and Senior Secured Bonds ! class="col-s" style="text-align:right" \| Energy ! class="col-s" style="text-align:right" \| Financials Line 8,046 ⟶ 8,097: \|- \| style="text-align:left" \| Breakdown By Industry \| style="text-align:right" \| ~~'''~~<b>121~~'''~~</b> \| style="text-align:right" \| 2% \| style="text-align:right" \| 6% \| style="text-align:right" \| 4% \| style="text-align:right" \| 11% \| style="text-align:~~right~~left" \| 29% \| style="text-align:right" \| 1% \| style="text-align:right" \| 28% Line 8,060 ⟶ 8,111: \|} </div> ~~====== Corporate bonds and loans exposure to financials {{footnote\|1=Includes REITS corporate bonds (Euro 3 billion).}} ======~~ <div style="overflow-x:auto"> {\| id="t26" class="wikitable fintable" \|+ Corporate bonds and loans exposure to financials {{fn ref\|31\|2=Includes REITS corporate bonds (Euro 3 billion).}} ~~! style="text-align:left" \| EUR billion~~ \|- ~~! class="col-s" style="text-align:right" \| Total~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~Banks~~In EUR billion ! class="col-sm" style="text-align:right" \| ~~Non-Banks1 {{footnote\|1=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}~~Total ! class="col-m" style="text-align:right" \| Banks ! class="col-s" style="text-align:right" \| Non-Banks1 {{fn ref\|23\|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}} \|- \| style="text-align:left" \| ~~'''~~<b>Total~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>33.4~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>27.5~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6.0~~'''~~</b> \|- \| style="text-align:left" \| Senior Unsecured Bonds Line 8,080 ⟶ 8,131: \| style="text-align:right" \| 5.5 \|- \| style="text-align:left" \| Subordinated Bonds {{~~footnote~~fn ref\|122\|2=Includes AT1 (Euro 0.4 billion).}} \| style="text-align:right" \| 3.0 \| style="text-align:right" \| 2.7 Line 8,091 ⟶ 8,142: \|} </div> ~~====== Listed equities breakdown by asset domiciliation ======~~ <div style="overflow-x:auto"> {\| id="t27" class="wikitable fintable" \|+ Listed equities breakdown by asset domiciliation ~~! style="text-align:left" \| EUR billion~~ \|- ! style="text-align:left" \| In EUR billion ! class="col-s" style="text-align:right" \| Fair Value ! class="col-s" style="text-align:right" \| Belgium ! class="col-s" style="text-align:right" \| [[Definition:AXA France\|France]] ! class="col-s" style="text-align:right" \| Germany ! class="col-s" style="text-align:right" \| Japan Line 8,109 ⟶ 8,160: \|- \| style="text-align:left" \| Breakdown By Asset Domiciliation \| style="text-align:right" \| ~~'''~~<b>10~~'''~~</b> \| style="text-align:right" \| 3% \| style="text-align:right" \| 7% Line 8,121 ⟶ 8,172: \|} </div> ~~====== Listed equities breakdown by industry {{footnote\|1=Including hedges.}} ======~~ <div style="overflow-x:auto"> {\| id="t28" class="wikitable fintable" \|+ Listed equities breakdown by industry {{fn ref\|32\|2=Including hedges.}} ~~! style="text-align:left" \| EUR billion~~ \|- ! style="text-align:left" \| In EUR billion ! class="col-s" style="text-align:right" \| Fair Value ! class="col-s" style="text-align:right" \| Basic Materials Line 8,142 ⟶ 8,193: \|- \| style="text-align:left" \| Breakdown By Industry \| style="text-align:right" \| ~~'''~~<b>10~~'''~~</b> \| style="text-align:right" \| 5% \| style="text-align:right" \| 11% Line 8,157 ⟶ 8,208: \|} </div> ~~====== Real estate breakdown by geographical exposure ======~~ <div style="overflow-x:auto"> {\| id="t29" class="wikitable fintable" \|+ Real estate breakdown by geographical exposure ~~! style="text-align:left" \| EUR billion~~ \|- ! style="text-align:left" \| In EUR billion ! class="col-s" style="text-align:right" \| Fair Value ! class="col-s" style="text-align:right" \| Belgium ! class="col-s" style="text-align:right" \| [[Definition:AXA France\|France]] ! class="col-s" style="text-align:right" \| Germany ! class="col-s" style="text-align:right" \| Italy Line 8,177 ⟶ 8,228: \|- \| style="text-align:left" \| Breakdown By Geographical Exposure \| style="text-align:right" \| ~~'''~~<b>41~~'''~~</b> \| style="text-align:right" \| 5% \| style="text-align:right" \| 25% Line 8,191 ⟶ 8,242: \|} </div> ~~====== Real estate breakdown by type ======~~ <div style="overflow-x:auto"> {\| id="t30" class="wikitable fintable" \|+ Real estate breakdown by type ~~! style="text-align:left" \| EUR billion~~ \|- ! style="text-align:left" \| In EUR billion ! class="col-s" style="text-align:right" \| Fair Value ! class="col-s" style="text-align:right" \| Office Line 8,205 ⟶ 8,256: \|- \| style="text-align:left" \| Breakdown By Type \| style="text-align:right" \| ~~'''~~<b>41~~'''~~</b> \| style="text-align:right" \| 33% \| style="text-align:right" \| 22% Line 8,213 ⟶ 8,264: \|} </div> ~~====== Private equities breakdown by asset domiciliation {{footnote\|1=Excluding Non-listed Equity.}} ======~~ <div style="overflow-x:auto"> {\| id="t31" class="wikitable fintable" \|+ Private equities breakdown by asset domiciliation {{fn ref\|33\|2=Excluding Non-listed Equity.}} ~~! style="text-align:left" \| EUR billion~~ \|- ! style="text-align:left" \| In EUR billion ! class="col-s" style="text-align:right" \| Fair Value ! class="col-s" style="text-align:right" \| [[Definition:AXA Europe\|Europe]] ! class="col-s" style="text-align:right" \| Japan ! class="col-s" style="text-align:right" \| United States Line 8,226 ⟶ 8,277: \|- \| style="text-align:left" \| Breakdown By Asset Domiciliation \| style="text-align:right" \| ~~'''~~<b>17~~'''~~</b> \| style="text-align:right" \| 45% \| style="text-align:right" \| 5% Line 8,233 ⟶ 8,284: \|} </div> ~~====== Mortgage loans breakdown by type ======~~ <div style="overflow-x:auto"> {\| id="t32" class="wikitable fintable" \|+ Mortgage loans breakdown by type ~~! style="text-align:left" \| EUR billion~~ \|- ! style="text-align:left" \| In 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~~fn ref\|124\|2=Loan to Value: 46%.}} \|- \| style="text-align:left" \| Breakdown by Type \| style="text-align:right" \| ~~'''~~<b>23~~'''~~</b> \| style="text-align:right" \| 69% \| style="text-align:right" \| 31% Line 8,250 ⟶ 8,301: </div> {{fn note\|1=31\|2=Includes REITS corporate bonds (Euro 3 billion).}} {{fn note\|1=23\|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}} {{fn note\|1=22\|2=Includes AT1 (Euro 0.4 billion).}} {{fn note\|1=32\|2=Including hedges.}} {{fn note\|1=33\|2=Excluding Non-listed Equity.}} {{fn note\|1=24\|2=Loan to Value: 46%.}} {{chunk\|doc=gr2rpazfcv\|c=18\|p=18}} == Shareholders Equity == ~~====== Change in Group Share Consolidated Shareholders' Equity rollforward ======~~ <div style="overflow-x:auto"> {\| id="t33" 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~~ ! style="text-align:left" \| In EUR billion ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Shareholders' Equity at Beginning of the Period~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>49.9~~'''~~</b> \|- \| style="text-align:left" \| Paid-in Capital Line 8,289 ⟶ 8,348: \| style="text-align:right" \| 0.1 \|- \| style="text-align:left" \| [[Definition:Dividend\|Dividends]] \| style="text-align:right" \| -4.6 \|- Line 8,298 ⟶ 8,357: \| style="text-align:right" \| -0.2 \|- \| style="text-align:left" \| ~~'''~~<b>Shareholders' Equity at End of the Period~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>47.2~~'''~~</b> \|} </div> ~~====== Group Share Consolidated Shareholders' Equity build-up ======~~ <div style="overflow-x:auto"> {\| id="t34" class="wikitable fintable" \|+ Group Share Consolidated Shareholders' Equity build-up ~~! style="text-align:left" \| EUR billion~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY25~~In EUR billion ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| Paid-in Capital Line 8,347 ⟶ 8,406: \| style="text-align:right" \| 41.4 \|- \| style="text-align:left" \| ~~'''~~<b>Total Shareholders' Equity at the End of the Period~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>49.9~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>47.2~~'''~~</b> \|} </div> ~~====== Book value per share and shareholders' equity plus CSM per share ======~~ <div style="overflow-x:auto"> {\| id="t35" 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" \| [[Definition:Full year 2024\|FY24]] ! ~~class="col-s"~~ style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>Book Value per Share {{~~footnote~~fn ref\|25\|12=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>24.5~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>24.0~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Shareholders' Equity + CSM per Share {{~~footnote~~fn ref\|26\|12=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>32.7~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>33.2~~'''~~</b> \|} </div> ~~====== Unrealized gains and losses on invested assets net of tax build-up ======~~ <div style="overflow-x:auto"> {\| id="t36" 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~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY25~~In EUR billion ! class="col-m" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| Government Bonds (recyclable) Line 8,399 ⟶ 8,458: \| style="text-align:right" \| -0.1 \|- \| style="text-align:left" \| ~~'''~~<b>Total Other Comprehensive Income Related to Invested Assets~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-13.1~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-17.3~~'''~~</b> \|- \| style="text-align:left" \| Real Estate Line 8,411 ⟶ 8,470: \| style="text-align:right" \| -0.1 \|- \| style="text-align:left" \| ~~'''~~<b>Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6.1~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>6.4~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Total Unrealized Gains and Losses on Invested Assets (Net of Tax)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-7.0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>-10.9~~'''~~</b> \|} </div> {{fn note\|1=25\|2=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}} {{fn note\|1=26\|2=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}} {{chunk\|doc=gr2rpazfcv\|c=19\|p=19}} == RoE & Gearing == ~~====== Return on equity ======~~ <div style="overflow-x:auto"> {\| id="t37" class="wikitable ~~fintable~~" \|+ Return on equity ~~! style="text-align:left" \| EUR billion~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY25~~In EUR billion ! ~~class="col-s"~~ style="text-align:right" \| ~~Change~~[[Definition:Full ~~in % points (FY25 vs~~year 2024\|FY24)]] ! style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! style="text-align:right" \| Change in % points ([[Definition:Full year 2025\|FY25]] vs [[Definition:Full year 2024\|FY24]]) \|- \| style="text-align:left" \| ~~'''~~<b>Net Income ROE~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14.8%~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>18.8%~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>3.9 pt~~'''~~</b> \|- \| style="text-align:left" \| Net Income {{~~footnote~~fn ref\|127\|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}} \| style="text-align:right" \| 7.7 \| style="text-align:right" \| 9.6 \| style="text-align:right" \| — \|- \| style="text-align:left" \| Average Adjusted Shareholders' Equity {{~~footnote~~fn ref\|128\|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}} \| style="text-align:right" \| 51.8 \| style="text-align:right" \| 51.3 \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>Underlying ROE~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>15.2%~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>16.0%~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0.8 pt~~'''~~</b> \|- \| style="text-align:left" \| [[Definition:Underlying earnings\|Underlying Earnings]] {{~~footnote~~fn ref\|27\|12=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}} \| style="text-align:right" \| 7.9 \| style="text-align:right" \| 8.2 \| style="text-align:right" \| — \|- \| style="text-align:left" \| Average Adjusted Shareholders' Equity {{~~footnote~~fn ref\|128\|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}} \| style="text-align:right" \| 51.8 \| style="text-align:right" \| 51.3 Line 8,463 ⟶ 8,526: \|} </div> ~~====== Debt gearing build-up ======~~ <div style="overflow-x:auto"> {\| id="t38" class="wikitable ~~fintable~~" \|+ Debt gearing build-up ~~! style="text-align:left" \| EUR billion~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY25~~In EUR billion ! style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| Financing Debt Line 8,492 ⟶ 8,555: \| style="text-align:right" \| -0.1 \|- \| style="text-align:left" \| ~~'''~~<b>Total Gross Debt (A)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>14.3~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>15.7~~'''~~</b> \|- \| style="text-align:left" \| Undated Deeply Subordinated Notes (TSS) Line 8,504 ⟶ 8,567: \| style="text-align:right" \| 0.3 \|- \| style="text-align:left" \| ~~'''~~<b>Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>19.2~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20.3~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Shareholders' Equity (Including Non-Controlling Interests) (a) (C) {{~~footnote~~fn ref\|29\|12=Shareholders' equity includes undated and deeply subordinated debts.}}~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>52.5~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>49.6~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Contractual Service Margin net of tax (D)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>26.3~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>25.9~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>93.1~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>91.1~~'''~~</b> \|- \| style="text-align:left" \| ~~'''~~<b>Debt Gearing (G) = (B) / (E)~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>20.6%~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>22.3%~~'''~~</b> \|} </div> {{fn note\|1=27\|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}} {{fn note\|1=28\|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}} {{fn note\|1=29\|2=Shareholders' equity includes undated and deeply subordinated debts.}} {{chunk\|doc=gr2rpazfcv\|c=20\|p=20}} == Information on Solvency II == ~~====== Solvency II rollforward ======~~ <div style="overflow-x:auto"> {\| id="t39" class="wikitable ~~fintable~~" \|+ Solvency II rollforward ~~! style="text-align:left" \| EUR billion~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| Regulatory & model changes~~ ~~! class="col-s" style="text-align:right" \| Normalized Capital Generation~~ ~~! class="col-s" style="text-align:right" \| Operating variance~~ ~~! class="col-s" style="text-align:right" \| Economic variance (incl. FX)~~ ~~! class="col-s" style="text-align:right" \| Dividend & share buy-backs~~ ~~! class="col-s" style="text-align:right" \| Debt~~ ~~! class="col-s" style="text-align:right" \| M&A, In-force and Other~~ ~~! class="col-s" style="text-align:right" \| FY25~~ \|- \|! style="text-align:left" \| ~~'''Eligible Own~~In ~~Fund~~EUR ~~(EOF)'''~~billion \|! style="text-align:right" \| ~~'''55.9'''~~[[Definition:Full year 2024\|FY24]] \|! style="text-align:right" \| ~~'''0.2'''~~Regulatory & model changes \|! style="text-align:right" \| ~~'''8.8'''~~Normalized Capital Generation \|! style="text-align:right" \| ~~'''-0.4'''~~Operating variance \|! style="text-align:right" \| ~~'''-2~~Economic variance (incl.~~1'''~~ [[Definition:Foreign exchange\|FX]]) \|! style="text-align:right" \| ~~'''~~[[Definition:Dividend\|Dividend]] & share buy-~~6.0'''~~backs \|! style="text-align:right" \| ~~'''1.6'''~~Debt \|! style="text-align:right" \| ~~'''~~M&A, In-~~1.7'''~~force and Other \|! style="text-align:right" \| ~~'''56.4'''~~[[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''Solvency~~<b>Eligible ~~Capital~~Own ~~Requirement~~Fund (~~SCR~~EOF)~~'''~~</b> \| style="text-align:right" \| ~~'''25~~<b>55.9~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0.~~0'''~~2</b> \| style="text-align:right" \| ~~'''0~~<b>8.~~6'''~~8</b> \| style="text-align:right" \| ~~'''~~<b>-0.~~0'''~~4</b> \| style="text-align:right" \| ~~'''~~<b>-1.2~~'''~~.1</b> \| style="text-align:right" \| ~~'''0~~<b>-6.0~~'''~~</b> \| style="text-align:right" \| ~~'''0~~<b>1.~~0'''~~6</b> \| style="text-align:right" \| ~~'''~~<b>-01.~~2'''~~7</b> \| style="text-align:right" \| ~~'''25~~<b>56.~~2'''~~4</b> \|- \| style="text-align:left" \| ~~'''~~<b>Solvency IICapital ~~Ratio'''~~Requirement (SCR)</b> \| style="text-align:right" \| ~~'''216%'''~~<b>25.9</b> \| style="text-align:right" \| ~~'''~~<b>0~~%'''~~.0</b> \| style="text-align:right" \| ~~'''28%'''~~<b>0.6</b> \| style="text-align:right" \| ~~'''-1%'''~~<b>0.0</b> \| style="text-align:right" \| ~~'''4%'''~~<b>-1.2</b> \| style="text-align:right" \| ~~'''-24%'''~~<b>0.0</b> \| style="text-align:right" \| ~~'''6%'''~~<b>0.0</b> \| style="text-align:right" \| ~~'''~~<b>-~~5%'''~~0.2</b> \| style="text-align:right" \| ~~'''224%'''~~<b>25.2</b> \|- \| style="text-align:left" \| <b>Solvency II Ratio</b> \| style="text-align:right" \| <b>216%</b> \| style="text-align:right" \| <b>0%</b> \| style="text-align:right" \| <b>28%</b> \| style="text-align:right" \| <b>-1%</b> \| style="text-align:right" \| <b>4%</b> \| style="text-align:right" \| <b>-24%</b> \| style="text-align:right" \| <b>6%</b> \| style="text-align:right" \| <b>-5%</b> \| style="text-align:right" \| <b>224%</b> \|} </div> ~~====== Eligible own fund tiering by sector ======~~ <div style="overflow-x:auto"> {\| id="t40" class="wikitable ~~fintable~~" \|+ Eligible own fund tiering by sector ~~! style="text-align:left" \| EUR billion~~ \|- ~~! class="col-s" style="text-align:right" \| Total~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~Unrestricted~~In ~~Tier~~EUR 1billion ! ~~class="col-s"~~ style="text-align:right" \| ~~Restricted Tier 1~~Total ! ~~class="col-s"~~ style="text-align:right" \| Unrestricted Tier 21 ! ~~class="col-s"~~ style="text-align:right" \| Restricted Tier 31 ! style="text-align:right" \| Tier 2 ! style="text-align:right" \| Tier 3 \|- \| style="text-align:left" \| ~~'''~~<b>EOF as of [[Definition:Full year 2025\|FY25~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>56.4~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>39.6~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4.7~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>11.6~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0.4~~'''~~</b> \|- \| style="text-align:left" \| Insurance Sector \| style="text-align:right" \| ~~'''~~<b>55.1~~'''~~</b> \| style="text-align:right" \| 38.4 \| style="text-align:right" \| 4.7 Line 8,610 ⟶ 8,678: \| style="text-align:right" \| — \|- \| class="wt-indent-1" style="text-align:left" \| Subject to Transitional Measures {{~~footnote~~fn ref\|130\|2=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 8,618 ⟶ 8,686: \|- \| style="text-align:left" \| Other Financial Sectors \| style="text-align:right" \| ~~'''~~<b>1.2~~'''~~</b> \| style="text-align:right" \| 1.2 \| style="text-align:right" \| — Line 8,624 ⟶ 8,692: \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~'''~~<b>EOF as of [[Definition:Full year 2024\|FY24~~'''~~]]</b> \| style="text-align:right" \| ~~'''~~<b>55.9~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>40.0~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>4.9~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>10.2~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>0.8~~'''~~</b> \|- \| style="text-align:left" \| Insurance Sector \| style="text-align:right" \| ~~'''~~<b>53.5~~'''~~</b> \| style="text-align:right" \| 37.5 \| style="text-align:right" \| 4.9 Line 8,645 ⟶ 8,713: \| style="text-align:right" \| — \|- \| class="wt-indent-1" style="text-align:left" \| Subject to Transitional Measures {{~~footnote~~fn ref\|130\|2=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 8,653 ⟶ 8,721: \|- \| style="text-align:left" \| Other Financial Sectors \| style="text-align:right" \| ~~'''~~<b>2.5~~'''~~</b> \| style="text-align:right" \| 2.5 \| style="text-align:right" \| — Line 8,660 ⟶ 8,728: \|} </div> ~~====== Solvency II key sensitivities ======~~ <div style="overflow-x:auto"> {\| id="t41" class="wikitable fintable" \|+ Solvency II key sensitivities ~~! style="text-align:left" \| EUR billion~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY25~~In EUR billion ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| Interest Rate +50 bps Line 8,711 ⟶ 8,779: </div> {{fn note\|1=30\|2=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.}} {{chunk\|doc=gr2rpazfcv\|c=21\|p=21}} == IFRS17 SHE to Group EOF == ~~====== Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds ======~~ <div style="overflow-x:auto"> {\| id="t42" 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~~ ! style="text-align:left" \| In EUR billion ! class="col-m" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| ~~'''~~<b>IFRS SHAREHOLDERS' EQUITY~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>49.6~~'''~~</b> \|- \| style="text-align:left" \| Contractual Service Margin (net of tax) \| style="text-align:right" \| 25.9 \|- \| style="text-align:left" \| ~~'''~~<b>IFRS SHAREHOLDERS' EQUITY inc. CSM~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>75.5~~'''~~</b> \|- \| style="text-align:left" \| Net URCG not included in Shareholders' Equity Line 8,738 ⟶ 8,809: \| style="text-align:right" \| -21.3 \|- \| class="wt-indent-45" style="text-align:left" \| Goodwill \| style="text-align:right" \| -17.8 \|- \| class="wt-indent-45" style="text-align:left" \| others \| style="text-align:right" \| -3.5 \|- \| style="text-align:left" \| ~~'''~~<b>IFRS TANGIBLE NET ASSET VALUE~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>56.0~~'''~~</b> \|- \| style="text-align:left" \| Foreseeable [[Definition:Dividend\|dividends]] and distribution \| style="text-align:right" \| -6.3 \|- Line 8,753 ⟶ 8,824: \| style="text-align:right" \| -9.6 \|- \| class="wt-indent-45" style="text-align:left" \| Risk Margin vs Risk Adjustment \| style="text-align:right" \| -6.4 \|- \| class="wt-indent-45" style="text-align:left" \| BEL adjustment \| style="text-align:right" \| -3.2 \|- Line 8,762 ⟶ 8,833: \| style="text-align:right" \| -0.6 \|- \| style="text-align:left" \| ~~'''~~<b>UNRESTRICTED TIER 1~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>39.6~~'''~~</b> \|- \| style="text-align:left" \| Restricted Tier 1 + Tier 2 Line 8,771 ⟶ 8,842: \| style="text-align:right" \| 0.4 \|- \| style="text-align:left" \| ~~'''~~<b>GROUP ELIGIBLE OWN FUNDS~~'''~~</b> \| style="text-align:right" \| ~~'''~~<b>56.4~~'''~~</b> \|} </div>