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

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Line 18:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Exchange rate time series by currency
! style="text-align:left" | EUR—
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 83:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Discount rate 5Y time series by currency
! style="text-align:left" | EUR%
! class="col-s" style="text-align:right" | Average 1H24
! class="col-s" style="text-align:right" | Average FY24
Line 130:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Discount rate 10Y time series by currency
! style="text-align:left" | EUR%
! class="col-s" style="text-align:right" | Closing 1H24
! class="col-s" style="text-align:right" | Closing FY24
Line 179:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Group underlying earnings build-up by line of business and net income build-up by business unit
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
! colspan="4" style="text-align:center" | Property & casualtyCasualty
! colspan="4" style="text-align:center" | Life & healthHealth
! colspan="4" style="text-align:center" | Asset managementManagement {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! 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" | EUR million—
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 209:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Short-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 319:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
Line 341:
| style="text-align:right" | —
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | -64
| style="text-align:right" | -95
Line 363:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Financial resultResult & otherOther'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 385:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 2,064
| style="text-align:right" | 3,971
Line 407:
| style="text-align:right" | 422
|-
| style="text-align:left" | Other revenuesRevenues
| style="text-align:right" | 1,459
| style="text-align:right" | 3,054
Line 429:
| style="text-align:right" | 1,149
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | -1,624
| style="text-align:right" | -3,479
Line 451:
| style="text-align:right" | -2,107
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | -471
| style="text-align:right" | -948
Line 473:
| style="text-align:right" | -928
|-
| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''
| style="text-align:right" | '''5,638'''
| style="text-align:right" | '''10,700'''
Line 517:
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from affiliatesAffiliates & otherOther
| style="text-align:right" | 122
| style="text-align:right" | 218
Line 539:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -89
| style="text-align:right" | -179
Line 561:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying earningsEarnings groupGroup shareShare'''
| style="text-align:right" | '''4,244'''
| style="text-align:right" | '''8,078'''
Line 583:
| style="text-align:right" | '''-1,180'''
|-
| style="text-align:left" | Underlying earningsEarnings growthGrowth rateRate (constant FX)
| style="text-align:right" | 4%
| style="text-align:right" | 7%
Line 627:
| style="text-align:right" | —
|-
| style="text-align:left" | Net realizedRealized capitalCapital gainsGains & lossesLosses
| style="text-align:right" | 93
| style="text-align:right" | 195
Line 649:
| style="text-align:right" | —
|-
| style="text-align:left" | Change in fairFair valueValue of assetsAssets & derivativesDerivatives
| style="text-align:right" | -43
| style="text-align:right" | 83
Line 693:
| style="text-align:right" | —
|-
| style="text-align:left" | Integration and restructuringRestructuring costsCosts
| style="text-align:right" | -78
| style="text-align:right" | -240
Line 715:
| style="text-align:right" | —
|-
| style="text-align:left" | Exceptional itemsItems
| style="text-align:right" | -147
| style="text-align:right" | -99
Line 737:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Net incomeIncome groupGroup shareShare'''
| style="text-align:right" | '''4,020'''
| style="text-align:right" | '''7,886'''
Line 759:
| style="text-align:right" | —
|-
| style="text-align:left" | Deeply subordinatedSubordinated and undatedUndated subordinatedSubordinated debtDebt chargesCharges
| style="text-align:right" | -106
| style="text-align:right" | -201
Line 781:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings for EPS calculation'''
| style="text-align:right" | '''4,138'''
| style="text-align:right" | '''7,877'''
Line 803:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Net incomeIncome for EPS calculation'''
| style="text-align:right" | '''3,914'''
| style="text-align:right" | '''7,685'''
Line 831:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Underlying earnings build-up by geography
|+ Underlying earnings by geography build-up by geography {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
Line 839:
! 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 & otherOther
|-
! style="text-align:left" | EUR million—
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 871:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Short-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,021:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
Line 1,051:
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | -64
| style="text-align:right" | -95
Line 1,081:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Financial resultResult & otherOther'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,111:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 2,064
| style="text-align:right" | 3,971
Line 1,141:
| style="text-align:right" | 502
|-
| style="text-align:left" | Other revenuesRevenues
| style="text-align:right" | 1,459
| style="text-align:right" | 3,054
Line 1,171:
| style="text-align:right" | 1,073
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | -1,624
| style="text-align:right" | -3,479
Line 1,201:
| style="text-align:right" | -1,910
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | -471
| style="text-align:right" | -948
Line 1,231:
| style="text-align:right" | -887
|-
| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''
| style="text-align:right" | '''5,638'''
| style="text-align:right" | '''10,700'''
Line 1,291:
| style="text-align:right" | 212
|-
| style="text-align:left" | Income from affiliatesAffiliates & otherOther
| style="text-align:right" | 122
| style="text-align:right" | 218
Line 1,321:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -89
| style="text-align:right" | -179
Line 1,351:
| style="text-align:right" | -2
|-
| style="text-align:left" | '''Underlying earningsEarnings groupGroup share {{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:right" | '''4,244'''
| style="text-align:right" | '''8,078'''
Line 1,387:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Shares and UEPSunderlying earnings per share build-up
! style="text-align:left" | EUR
! colspan="2" style="text-align:center" | Outstanding shares excludingShares treasuryExcluding sharesTreasury (a)Shares {{footnote|1=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}
! colspan="2" style="text-align:center" | Outstanding shares excluding treasuryWeighted sharesAverage (a)Number
! colspan="2" style="text-align:center" | Weighted average number
|-
! style="text-align:left" | —
Line 1,399 ⟶ 1,398:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Basic numberNumber of sharesShares'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,405 ⟶ 1,404:
| style="text-align:right" | —
|-
| style="text-align:left" | '''As of beginningBeginning of periodPeriod'''
| style="text-align:right" | '''2,226.2'''
| style="text-align:right" | '''2,175.4'''
Line 1,411 ⟶ 1,410:
| style="text-align:right" | '''2,175.4'''
|-
| style="text-align:left" | Increase of capitalCapital dedicatedDedicated to employeesEmployees
| style="text-align:right" | 12.9
| style="text-align:right" | 12.7
Line 1,417 ⟶ 1,416:
| style="text-align:right" | 1.0
|-
| style="text-align:left" | ExerciseExercice of stockStock-options
| style="text-align:right" | 2.6
| style="text-align:right" | 1.1
Line 1,423 ⟶ 1,422:
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Other movementMovement of treasuryTreasury sharesShares
| style="text-align:right" | 4.6
| style="text-align:right" | 4.2
Line 1,429 ⟶ 1,428:
| style="text-align:right" | 6.3
|-
| style="text-align:left" | Capital increaseIncrease / (decreaseDecrease)
| style="text-align:right" | -70.9
| style="text-align:right" | -138.0
Line 1,435 ⟶ 1,434:
| style="text-align:right" | -64.9
|-
| style="text-align:left" | '''As at endEnd of periodPeriod'''
| style="text-align:right" | '''2,175.4'''
| style="text-align:right" | '''2,055.4'''
Line 1,441 ⟶ 1,440:
| style="text-align:right" | —
|-
| style="text-align:left" | '''During the periodPeriod'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,447 ⟶ 1,446:
| style="text-align:right" | '''2,118.3'''
|-
| style="text-align:left" | '''Fully dilutedDiluted numberNumber of sharesShares'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,453 ⟶ 1,452:
| style="text-align:right" | —
|-
| style="text-align:left" | Stock optionsOptions
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,459 ⟶ 1,458:
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Performance sharesShares
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,465 ⟶ 1,464:
| style="text-align:right" | 5.1
|-
| style="text-align:left" | '''During the periodPeriod (A)'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,471 ⟶ 1,470:
| style="text-align:right" | '''2,124.0'''
|-
| style="text-align:left" | '''Earnings groupGroup shareShare:'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,477 ⟶ 1,476:
| style="text-align:right" | —
|-
| style="text-align:left" | Net incomeIncome
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,483 ⟶ 1,482:
| style="text-align:right" | 9,797
|-
| style="text-align:left" | Underlying earningsEarnings
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,501 ⟶ 1,500:
| style="text-align:right" | -174
|-
| style="text-align:left" | '''Earnings for EPS calculationCalculation:'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,507 ⟶ 1,506:
| style="text-align:right" | —
|-
| style="text-align:left" | Net incomeIncome for EPS calculationCalculation (B)
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,513 ⟶ 1,512:
| style="text-align:right" | 9,623
|-
| style="text-align:left" | Underlying earningsEarnings for EPS calculationCalculation (C)
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,519 ⟶ 1,518:
| style="text-align:right" | 8,195
|-
| style="text-align:left" | '''Fully dilutedDiluted euroEuro per shareShare (EPS)'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,543 ⟶ 1,542:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property & casualty underlying earnings by line of business build-up by line of business
! style="text-align:left" | 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" | AXA XL reinsuranceReinsurance
! colspan="4" style="text-align:center" | Intercompany eliminations
|-
! style="text-align:left" | EUR million—
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 1,573 ⟶ 1,572:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Short-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,617 ⟶ 1,616:
| style="text-align:right" | -3,203
|-
| style="text-align:left" | Current accidentAccident yearYear lossLoss ratioRatio
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.7%
Line 1,639 ⟶ 1,638:
| style="text-align:right" | —
|-
| style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear lossLoss ratioRatio (excl. natNat catsCats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
Line 1,661 ⟶ 1,660:
| style="text-align:right" | —
|-
| style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear natNat catsCats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
Line 1,683 ⟶ 1,682:
| style="text-align:right" | —
|-
| style="text-align:left" | Current accidentAccident yearYear discountingDiscounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
Line 1,705 ⟶ 1,704:
| style="text-align:right" | —
|-
| style="text-align:left" | Prior yearYear reserveReserve developmentDevelopment ratioRatio
| style="text-align:right" | -1.5%
| style="text-align:right" | -1.6%
Line 1,727 ⟶ 1,726:
| style="text-align:right" | —
|-
| style="text-align:left" | Expense ratioRatio
| style="text-align:right" | 24.7%
| style="text-align:right" | 25.0%
Line 1,749 ⟶ 1,748:
| style="text-align:right" | —
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
Line 1,771 ⟶ 1,770:
| style="text-align:right" | —
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 2,682
| style="text-align:right" | 5,006
Line 1,793 ⟶ 1,792:
| style="text-align:right" | -63
|-
| style="text-align:left" | '''Long-term businessBusiness {{footnote|1=For long-term business.}}'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,815 ⟶ 1,814:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,837 ⟶ 1,836:
| style="text-align:right" | —
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,859 ⟶ 1,858:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Financial resultResult & otherOther'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,881 ⟶ 1,880:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 1,324
| style="text-align:right" | 2,559
Line 1,903 ⟶ 1,902:
| style="text-align:right" | -20
|-
| style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 1,967
| style="text-align:right" | 3,731
Line 1,925 ⟶ 1,924:
| style="text-align:right" | -20
|-
| style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -643
| style="text-align:right" | -1,172
Line 1,947 ⟶ 1,946:
| style="text-align:right" | 0
|-
| style="text-align:left" | Other revenuesRevenues
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,969 ⟶ 1,968:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 1,991 ⟶ 1,990:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,013 ⟶ 2,012:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''
| style="text-align:right" | '''4,006'''
| style="text-align:right" | '''7,565'''
Line 2,057 ⟶ 2,056:
| style="text-align:right" | —
|-
| style="text-align:left" | Income from affiliatesAffiliates & otherOther
| style="text-align:right" | 2
| style="text-align:right" | 3
Line 2,079 ⟶ 2,078:
| style="text-align:right" | —
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -56
| style="text-align:right" | -106
Line 2,101 ⟶ 2,100:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''
| style="text-align:right" | '''2,908'''
| style="text-align:right" | '''5,510'''
Line 2,123 ⟶ 2,122:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Closing investedInvested assetsAssets'''
| style="text-align:right" | '''113,515'''
| style="text-align:right" | '''118,104'''
Line 2,167 ⟶ 2,166:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | o/w nonNon VFA
| style="text-align:right" | 113,515
| style="text-align:right" | 118,104
Line 2,261 ⟶ 2,260:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property & casualty underlying earnings by geography build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | France
! colspan="4" style="text-align:center" | Europe
! colspan="8" style="text-align:center" | AXA XL
! style="text-align:center" | o/w AXA XL insurance
! style="text-align:center" | FY24
! style="text-align:center" | o/w AXA XL insurance
! style="text-align:center" | AXA XL
! style="text-align:center" | o/w AXA XL insurance
! style="text-align:center" | FY25
! style="text-align:center" | o/w AXA XL insurance
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! colspan="4" style="text-align:center" | Transversal & otherOther
|-
! style="text-align:left" | EUR million—
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 2,291 ⟶ 2,283:
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | o/w AXA XL insuranceInsurance
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | o/w AXA XL insuranceInsurance
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | o/w AXA XL insuranceInsurance
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | o/w AXA XL insuranceInsurance
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 2,307 ⟶ 2,299:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Short-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,367 ⟶ 2,359:
| style="text-align:right" | 1,935
|-
| style="text-align:left" | Current accidentAccident yearYear lossLoss ratioRatio
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.7%
Line 2,397 ⟶ 2,389:
| style="text-align:right" | 44.6%
|-
| style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear lossLoss ratioRatio (excl. natNat catsCats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
Line 2,427 ⟶ 2,419:
| style="text-align:right" | 44.5%
|-
| style="text-align:left" | Undiscounted currentCurrent accidentAccident yearYear natNat catsCats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
Line 2,457 ⟶ 2,449:
| style="text-align:right" | 1.2%
|-
| style="text-align:left" | Current accidentAccident yearYear discountingDiscounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
Line 2,487 ⟶ 2,479:
| style="text-align:right" | -1.1%
|-
| style="text-align:left" | Prior yearYear reserveReserve developmentDevelopment ratioRatio
| style="text-align:right" | -1.5%
| style="text-align:right" | -1.6%
Line 2,517 ⟶ 2,509:
| style="text-align:right" | -1.9%
|-
| style="text-align:left" | Expense ratioRatio
| style="text-align:right" | 24.7%
| style="text-align:right" | 25.0%
Line 2,547 ⟶ 2,539:
| style="text-align:right" | 52.8%
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
Line 2,577 ⟶ 2,569:
| style="text-align:right" | 95.5%
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 2,682
| style="text-align:right" | 5,006
Line 2,607 ⟶ 2,599:
| style="text-align:right" | 86
|-
| style="text-align:left" | '''Long-term businessBusiness {{footnote|1=For long-term business.}}'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,637 ⟶ 2,629:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,667 ⟶ 2,659:
| style="text-align:right" | —
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,697 ⟶ 2,689:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Financial resultResult & otherOther'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,727 ⟶ 2,719:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 1,324
| style="text-align:right" | 2,559
Line 2,757 ⟶ 2,749:
| style="text-align:right" | 125
|-
| style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 1,967
| style="text-align:right" | 3,731
Line 2,787 ⟶ 2,779:
| style="text-align:right" | 140
|-
| style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -643
| style="text-align:right" | -1,172
Line 2,817 ⟶ 2,809:
| style="text-align:right" | -15
|-
| style="text-align:left" | Other revenuesRevenues
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,847 ⟶ 2,839:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,877 ⟶ 2,869:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,907 ⟶ 2,899:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''
| style="text-align:right" | '''4,006'''
| style="text-align:right" | '''7,565'''
Line 2,967 ⟶ 2,959:
| style="text-align:right" | -58
|-
| style="text-align:left" | Income from affiliatesAffiliates & otherOther
| style="text-align:right" | 2
| style="text-align:right" | 3
Line 2,997 ⟶ 2,989:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -56
| style="text-align:right" | -106
Line 3,027 ⟶ 3,019:
| style="text-align:right" | -2
|-
| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''
| style="text-align:right" | '''2,908'''
| style="text-align:right" | '''5,510'''
Line 3,117 ⟶ 3,109:
| style="text-align:right" | '''231'''
|-
| style="text-align:left" | '''Best estimateEstimate for incurred claimsClaims net of reinsurance {{footnote|1=Best Estimate Liabilities net of reinsurance.}}'''
| style="text-align:right" | '''69,800'''
| style="text-align:right" | '''71,751'''
Line 3,153 ⟶ 3,145:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & Health Underlyingunderlying Earningsearnings by Line of Business breakdownbuild-up by line of business
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health
! colspan="4" style="text-align:center" | Employee Benefits* (out of Total Life & Health) {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! colspan="3" style="text-align:center" | Employee Benefits* (out of Total Life & Health)
|-
! style="text-align:left" | —
Line 3,179 ⟶ 3,170:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Short-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,215 ⟶ 3,206:
| style="text-align:right" | 12,035
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 97.6%
| style="text-align:right" | 97.4%
Line 3,233 ⟶ 3,224:
| style="text-align:right" | 97.1%
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 195
| style="text-align:right" | 415
Line 3,251 ⟶ 3,242:
| style="text-align:right" | 347
|-
| style="text-align:left" | '''Long-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,269 ⟶ 3,260:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
Line 3,287 ⟶ 3,278:
| style="text-align:right" | 107
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | -64
| style="text-align:right" | -95
Line 3,305 ⟶ 3,296:
| style="text-align:right" | 38
|-
| style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows
| style="text-align:right" | 9
| style="text-align:right" | -15
Line 3,323 ⟶ 3,314:
| style="text-align:right" | -8
|-
| style="text-align:left" | Risk adjustmentAdjustment releaseRelease
| style="text-align:right" | 30
| style="text-align:right" | 59
Line 3,341 ⟶ 3,332:
| style="text-align:right" | 8
|-
| style="text-align:left" | Changes in onerousOnerous contractsContracts
| style="text-align:right" | -32
| style="text-align:right" | 6
Line 3,359 ⟶ 3,350:
| style="text-align:right" | 0
|-
| style="text-align:left" | Other longLong-term
| style="text-align:right" | -72
| style="text-align:right" | -145
Line 3,377 ⟶ 3,368:
| style="text-align:right" | 38
|-
| style="text-align:left" | '''Financial resultResult & otherOther'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,395 ⟶ 3,386:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 536
| style="text-align:right" | 975
Line 3,413 ⟶ 3,404:
| style="text-align:right" | 175
|-
| style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
Line 3,431 ⟶ 3,422:
| style="text-align:right" | 456
|-
| style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
Line 3,449 ⟶ 3,440:
| style="text-align:right" | -281
|-
| style="text-align:left" | Other revenuesRevenues
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,467 ⟶ 3,458:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,485 ⟶ 3,476:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,503 ⟶ 3,494:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''
| style="text-align:right" | '''2,061'''
| style="text-align:right" | '''4,070'''
Line 3,539 ⟶ 3,530:
| style="text-align:right" | -110
|-
| style="text-align:left" | Income from affiliatesAffiliates & otherOther
| style="text-align:right" | 103
| style="text-align:right" | 186
Line 3,557 ⟶ 3,548:
| style="text-align:right" | —
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -27
| style="text-align:right" | -60
Line 3,575 ⟶ 3,566:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''
| style="text-align:right" | '''1,725'''
| style="text-align:right" | '''3,323'''
Line 3,593 ⟶ 3,584:
| style="text-align:right" | '''556'''
|-
| style="text-align:left" | '''Closing investedInvested assetsAssets'''
| style="text-align:right" | '''329,460'''
| style="text-align:right" | '''345,008'''
Line 3,629 ⟶ 3,620:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | o/w nonNon VFA
| style="text-align:right" | 94,677
| style="text-align:right" | 114,803
Line 3,683 ⟶ 3,674:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Best estimateEstimate for incurred claimsClaims net of reinsurance'''
| style="text-align:right" | '''13,876'''
| style="text-align:right" | '''14,162'''
Line 3,797 ⟶ 3,788:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & Health Underlyingunderlying Earningsearnings by Geography breakdownbuild-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 3,832 ⟶ 3,823:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Short-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,884 ⟶ 3,875:
| style="text-align:right" | 172
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 97.6%
| style="text-align:right" | 97.4%
Line 3,910 ⟶ 3,901:
| style="text-align:right" | 86.7%
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 195
| style="text-align:right" | 415
Line 3,936 ⟶ 3,927:
| style="text-align:right" | 23
|-
| style="text-align:left" | '''Long-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,962 ⟶ 3,953:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
Line 3,988 ⟶ 3,979:
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | -64
| style="text-align:right" | -95
Line 4,014 ⟶ 4,005:
| style="text-align:right" | 0
|-
| style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows
| style="text-align:right" | 9
| style="text-align:right" | -15
Line 4,040 ⟶ 4,031:
| style="text-align:right" | 0
|-
| style="text-align:left" | Risk adjustmentAdjustment releaseRelease
| style="text-align:right" | 30
| style="text-align:right" | 59
Line 4,066 ⟶ 4,057:
| style="text-align:right" | 0
|-
| style="text-align:left" | Changes in onerousOnerous contractsContracts
| style="text-align:right" | -32
| style="text-align:right" | 6
Line 4,092 ⟶ 4,083:
| style="text-align:right" | 0
|-
| style="text-align:left" | Other longLong-term
| style="text-align:right" | -72
| style="text-align:right" | -145
Line 4,118 ⟶ 4,109:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Financial resultResult & otherOther'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,144 ⟶ 4,135:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 536
| style="text-align:right" | 975
Line 4,170 ⟶ 4,161:
| style="text-align:right" | 2
|-
| style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
Line 4,196 ⟶ 4,187:
| style="text-align:right" | 2
|-
| style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
Line 4,222 ⟶ 4,213:
| style="text-align:right" | 0
|-
| style="text-align:left" | Other revenuesRevenues
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,248 ⟶ 4,239:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,274 ⟶ 4,265:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,300 ⟶ 4,291:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''
| style="text-align:right" | '''2,061'''
| style="text-align:right" | '''4,070'''
Line 4,352 ⟶ 4,343:
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from affiliatesAffiliates & otherOther
| style="text-align:right" | 103
| style="text-align:right" | 186
Line 4,378 ⟶ 4,369:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -27
| style="text-align:right" | -60
Line 4,404 ⟶ 4,395:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''
| style="text-align:right" | '''1,725'''
| style="text-align:right" | '''3,323'''
Line 4,482 ⟶ 4,473:
| style="text-align:right" | '''10'''
|-
| style="text-align:left" | '''Best estimateEstimate for incurred claimsClaims net of reinsurance'''
| style="text-align:right" | '''13,876'''
| style="text-align:right" | '''14,162'''
Line 4,534 ⟶ 4,525:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Best estimateEstimate liabilitiesLiabilities net of reinsurance'''
| style="text-align:right" | '''295,342'''
| style="text-align:right" | '''306,249'''
Line 4,560 ⟶ 4,551:
| style="text-align:right" | '''0'''
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA grossGross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
Line 4,586 ⟶ 4,577:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA grossGross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
Line 4,644 ⟶ 4,635:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life Underlyingunderlying Earningsearnings by Geography breakdownbuild-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 4,679 ⟶ 4,670:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Short-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,731 ⟶ 4,722:
| style="text-align:right" | 0
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 94.5%
| style="text-align:right" | 95.5%
Line 4,757 ⟶ 4,748:
| style="text-align:right" | 0.0%
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 116
| style="text-align:right" | 191
Line 4,783 ⟶ 4,774:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Long-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,809 ⟶ 4,800:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 1,136
| style="text-align:right" | 2,253
Line 4,835 ⟶ 4,826:
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | -71
| style="text-align:right" | -98
Line 4,861 ⟶ 4,852:
| style="text-align:right" | 0
|-
| style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows
| style="text-align:right" | -4
| style="text-align:right" | -33
Line 4,887 ⟶ 4,878:
| style="text-align:right" | 0
|-
| style="text-align:left" | Risk adjustmentAdjustment releaseRelease
| style="text-align:right" | 25
| style="text-align:right" | 51
Line 4,913 ⟶ 4,904:
| style="text-align:right" | 0
|-
| style="text-align:left" | Changes in onerousOnerous contractsContracts
| style="text-align:right" | -30
| style="text-align:right" | 9
Line 4,939 ⟶ 4,930:
| style="text-align:right" | 0
|-
| style="text-align:left" | Other longLong-term
| style="text-align:right" | -63
| style="text-align:right" | -124
Line 4,965 ⟶ 4,956:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Financial resultResult & otherOther'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 4,991 ⟶ 4,982:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 454
| style="text-align:right" | 799
Line 5,017 ⟶ 5,008:
| style="text-align:right" | 0
|-
| style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 1,159
| style="text-align:right" | 2,209
Line 5,043 ⟶ 5,034:
| style="text-align:right" | 0
|-
| style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -705
| style="text-align:right" | -1,410
Line 5,069 ⟶ 5,060:
| style="text-align:right" | 0
|-
| style="text-align:left" | Other revenuesRevenues
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,095 ⟶ 5,086:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,121 ⟶ 5,112:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,147 ⟶ 5,138:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''
| style="text-align:right" | '''1,634'''
| style="text-align:right" | '''3,145'''
Line 5,199 ⟶ 5,190:
| style="text-align:right" | 0
|-
| style="text-align:left" | Income from affiliatesAffiliates & otherOther
| style="text-align:right" | 101
| style="text-align:right" | 182
Line 5,225 ⟶ 5,216:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -27
| style="text-align:right" | -56
Line 5,251 ⟶ 5,242:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''
| style="text-align:right" | '''1,392'''
| style="text-align:right" | '''2,636'''
Line 5,329 ⟶ 5,320:
| style="text-align:right" | '''0'''
|-
| style="text-align:left" | '''Best estimateEstimate for incurred claimsClaims net of reinsurance'''
| style="text-align:right" | '''11,589'''
| style="text-align:right" | '''11,778'''
Line 5,381 ⟶ 5,372:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Best estimateEstimate liabilitiesLiabilities net of reinsurance'''
| style="text-align:right" | '''275,276'''
| style="text-align:right" | '''285,391'''
Line 5,407 ⟶ 5,398:
| style="text-align:right" | '''0'''
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA grossGross of reinsurance
| style="text-align:right" | 243,037
| style="text-align:right" | 251,273
Line 5,433 ⟶ 5,424:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA grossGross of reinsurance
| style="text-align:right" | 50,917
| style="text-align:right" | 52,713
Line 5,491 ⟶ 5,482:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Health Underlyingunderlying Earningsearnings by Geography breakdownbuild-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 5,526 ⟶ 5,517:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Short-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,578 ⟶ 5,569:
| style="text-align:right" | 172
|-
| style="text-align:left" | Combined ratioRatio
| style="text-align:right" | 98.6%
| style="text-align:right" | 98.1%
Line 5,604 ⟶ 5,595:
| style="text-align:right" | 86.7%
|-
| style="text-align:left" | Technical marginMargin
| style="text-align:right" | 79
| style="text-align:right" | 224
Line 5,630 ⟶ 5,621:
| style="text-align:right" | 23
|-
| style="text-align:left" | '''Long-term businessBusiness'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,656 ⟶ 5,647:
| style="text-align:right" | —
|-
| style="text-align:left" | CSM releaseRelease
| style="text-align:right" | 259
| style="text-align:right" | 522
Line 5,682 ⟶ 5,673:
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical experienceExperience
| style="text-align:right" | 7
| style="text-align:right" | 3
Line 5,708 ⟶ 5,699:
| style="text-align:right" | 0
|-
| style="text-align:left" | Actual vs. expectedExpected cashCash flowsFlows
| style="text-align:right" | 13
| style="text-align:right" | 18
Line 5,734 ⟶ 5,725:
| style="text-align:right" | 0
|-
| style="text-align:left" | Risk adjustmentAdjustment releaseRelease
| style="text-align:right" | 4
| style="text-align:right" | 8
Line 5,760 ⟶ 5,751:
| style="text-align:right" | 0
|-
| style="text-align:left" | Changes in onerousOnerous contractsContracts
| style="text-align:right" | -1
| style="text-align:right" | -2
Line 5,786 ⟶ 5,777:
| style="text-align:right" | 0
|-
| style="text-align:left" | Other longLong-term
| style="text-align:right" | -8
| style="text-align:right" | -21
Line 5,812 ⟶ 5,803:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Financial resultResult & otherOther'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,838 ⟶ 5,829:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 82
| style="text-align:right" | 176
Line 5,864 ⟶ 5,855:
| style="text-align:right" | 2
|-
| style="text-align:left" | Investment incomeIncome
| style="text-align:right" | 160
| style="text-align:right" | 317
Line 5,890 ⟶ 5,881:
| style="text-align:right" | 2
|-
| style="text-align:left" | Insurance financeFinance expensesExpenses
| style="text-align:right" | -78
| style="text-align:right" | -140
Line 5,916 ⟶ 5,907:
| style="text-align:right" | 0
|-
| style="text-align:left" | Other revenuesRevenues
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,942 ⟶ 5,933:
| style="text-align:right" | —
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,968 ⟶ 5,959:
| style="text-align:right" | —
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | —
| style="text-align:right" | —
Line 5,994 ⟶ 5,985:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''
| style="text-align:right" | '''427'''
| style="text-align:right" | '''925'''
Line 6,046 ⟶ 6,037:
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from affiliatesAffiliates & otherOther
| style="text-align:right" | 2
| style="text-align:right" | 4
Line 6,072 ⟶ 6,063:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | 0
| style="text-align:right" | -4
Line 6,098 ⟶ 6,089:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''
| style="text-align:right" | '''333'''
| style="text-align:right" | '''687'''
Line 6,176 ⟶ 6,167:
| style="text-align:right" | '''10'''
|-
| style="text-align:left" | '''Best estimateEstimate for incurred claimsClaims net of reinsurance'''
| style="text-align:right" | '''2,286'''
| style="text-align:right" | '''2,384'''
Line 6,228 ⟶ 6,219:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Best estimateEstimate liabilitiesLiabilities net of reinsurance'''
| style="text-align:right" | '''20,066'''
| style="text-align:right" | '''20,858'''
Line 6,254 ⟶ 6,245:
| style="text-align:right" | '''0'''
|-
| style="text-align:left; padding-left:1.5em" | o/w VFA grossGross of reinsurance
| style="text-align:right" | 20,977
| style="text-align:right" | 21,821
Line 6,280 ⟶ 6,271:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | o/w BBA grossGross of reinsurance
| style="text-align:right" | -821
| style="text-align:right" | -868
Line 6,338 ⟶ 6,329:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management rollforwardunderlying andearnings build-up by type
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | 1H24
! colspan="2" style="text-align:center" | FY24
Line 6,345 ⟶ 6,336:
! colspan="2" style="text-align:center" | FY25 {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
|-
! style="text-align:left" | EUR million—
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w thirdThird partyParty
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w thirdThird partyParty
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w thirdThird partyParty
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w thirdThird partyParty
|-
| style="text-align:left" | '''Opening AUM (in EUREuro billion)'''
| style="text-align:right" | '''843'''
| style="text-align:right" | '''332'''
Line 6,365 ⟶ 6,356:
| style="text-align:right" | '''356'''
|-
| style="text-align:left" | Net inflowsInflows
| style="text-align:right" | 7
| style="text-align:right" | -1
Line 6,375 ⟶ 6,366:
| style="text-align:right" | -10
|-
| style="text-align:left" | Scope & otherOther
| style="text-align:right" | 0
| style="text-align:right" | 10
Line 6,385 ⟶ 6,376:
| style="text-align:right" | -6
|-
| style="text-align:left" | Market effectEffect
| style="text-align:right" | 12
| style="text-align:right" | 10
Line 6,395 ⟶ 6,386:
| style="text-align:right" | -6
|-
| style="text-align:left" | Currency impactImpact
| style="text-align:right" | -4
| style="text-align:right" | 10
Line 6,405 ⟶ 6,396:
| style="text-align:right" | -6
|-
| style="text-align:left" | '''Closing AUM (in EUREuro billion)'''
| style="text-align:right" | '''859'''
| style="text-align:right" | '''340'''
Line 6,425 ⟶ 6,416:
| style="text-align:right" | 95
|-
| style="text-align:left" | Core & otherOther
| style="text-align:right" | 532
| style="text-align:right" | 254
Line 6,435 ⟶ 6,426:
| style="text-align:right" | 246
|-
| style="text-align:left" | Asian jointJoint venturesVentures
| style="text-align:right" | 101
| style="text-align:right" | —
Line 6,445 ⟶ 6,436:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Gross revenuesRevenues - afterAfter intercompanyIntercompany eliminationElimination'''
| style="text-align:right" | '''787'''
| style="text-align:right" | —
Line 6,455 ⟶ 6,446:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Gross revenuesRevenues - beforeBefore intercompanyIntercompany eliminationElimination'''
| style="text-align:right" | '''937'''
| style="text-align:right" | —
Line 6,465 ⟶ 6,456:
| style="text-align:right" | —
|-
| style="text-align:left" | Management feesFees
| style="text-align:right" | 679
| style="text-align:right" | 385
Line 6,475 ⟶ 6,466:
| style="text-align:right" | 439
|-
| style="text-align:left" | Performance feesFees
| style="text-align:right" | 18
| style="text-align:right" | 8
Line 6,485 ⟶ 6,476:
| style="text-align:right" | 9
|-
| style="text-align:left" | Distribution feesFees
| style="text-align:right" | 205
| style="text-align:right" | —
Line 6,505 ⟶ 6,496:
| style="text-align:right" | —
|-
| style="text-align:left" | '''General expensesExpenses'''
| style="text-align:right" | '''-698'''
| style="text-align:right" | —
Line 6,515 ⟶ 6,506:
| style="text-align:right" | —
|-
| style="text-align:left" | Distribution feesFees retrocededRetroceded
| style="text-align:right" | -205
| style="text-align:right" | —
Line 6,525 ⟶ 6,516:
| style="text-align:right" | —
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 24
| style="text-align:right" | —
Line 6,535 ⟶ 6,526:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''
| style="text-align:right" | '''263'''
| style="text-align:right" | —
Line 6,555 ⟶ 6,546:
| style="text-align:right" | —
|-
| style="text-align:left" | Income from affiliatesAffiliates & otherOther
| style="text-align:right" | 16
| style="text-align:right" | —
Line 6,565 ⟶ 6,556:
| style="text-align:right" | —
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | -6
| style="text-align:right" | —
Line 6,575 ⟶ 6,566:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying earningsEarnings groupGroup shareShare'''
| style="text-align:right" | '''204'''
| style="text-align:right" | —
Line 6,585 ⟶ 6,576:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Average assetsAssets under managementManagement (€bn)'''
| style="text-align:right" | '''749'''
| style="text-align:right" | —
Line 6,595 ⟶ 6,586:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Asset managementManagement feeFee bps'''
| style="text-align:right" | '''18.1 bps'''
| style="text-align:right" | —
Line 6,605 ⟶ 6,596:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Underlying costCost incomeIncome ratioRatio'''
| style="text-align:right" | '''67.3%'''
| style="text-align:right" | —
Line 6,621 ⟶ 6,612:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Holdings Underlyingunderlying Earnings¹earnings time seriesbuild-up {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}} {{footnote|1=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}} {{footnote|1=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 1H24
Line 6,628 ⟶ 6,619:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Financial resultResult
| style="text-align:right" | 181
| style="text-align:right" | 402
Line 6,634 ⟶ 6,625:
| style="text-align:right" | 422
|-
| style="text-align:left" | Other revenuesRevenues {{footnote|1=Includes liquid invested assets.}}
| style="text-align:right" | 522
| style="text-align:right" | 1,050
Line 6,640 ⟶ 6,631:
| style="text-align:right" | 1,149
|-
| style="text-align:left" | Other expensesExpenses
| style="text-align:right" | -925
| style="text-align:right" | -1,986
Line 6,646 ⟶ 6,637:
| style="text-align:right" | -2,107
|-
| style="text-align:left" | Debt financingFinancing chargesCharges
| style="text-align:right" | -471
| style="text-align:right" | -948
Line 6,652 ⟶ 6,643:
| style="text-align:right" | -928
|-
| style="text-align:left" | '''Underlying earningsEarnings beforeBefore taxTax'''
| style="text-align:right" | '''-693'''
| style="text-align:right" | '''-1,482'''
Line 6,664 ⟶ 6,655:
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from affiliatesAffiliates & otherOther
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,670 ⟶ 6,661:
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,676 ⟶ 6,667:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying earningsEarnings groupGroup share'''
| style="text-align:right" | '''-592'''
| style="text-align:right" | '''-1,157'''
Line 6,688 ⟶ 6,679:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Activity Indicators by Line of Business time seriesindicators by line of business
! style="text-align:left" | EUR million
! colspan="8" style="text-align:center" | 1H24
! colspan="8" style="text-align:center" | FY24
Line 6,695 ⟶ 6,686:
! colspan="8" style="text-align:center" | FY25
|-
! style="text-align:left" | EUR million—
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & Health
! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | Asset managementManagement
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & Health
! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | Asset managementManagement
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & Health
! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | Asset managementManagement
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & Health
! class="col-s" style="text-align:right" | o/w employeeEmployee benefitsBenefits {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | Asset managementManagement
! class="col-s" style="text-align:right" | Bank
|-
| style="text-align:left" | Gross writtenWritten premiumsPremiums & otherOther revenuesRevenues
| style="text-align:right" | 59,872
| style="text-align:right" | 32,522
Line 6,763 ⟶ 6,754:
| style="text-align:right" | 99
|-
| style="text-align:left" | IFRS17/9 newNew businessBusiness valueValue (NBV) (a)
| style="text-align:right" | 1,206
| style="text-align:right" | —
Line 6,797 ⟶ 6,788:
| style="text-align:right" | —
|-
| style="text-align:left" | New businessBusiness contractualContractual serviceService marginMargin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | —
Line 6,899 ⟶ 6,890:
| style="text-align:right" | —
|-
| style="text-align:left" | Present valueValue of expectedExpected premiumsPremiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | —
Line 6,933 ⟶ 6,924:
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV marginMargin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | —
Line 6,971 ⟶ 6,962:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Activity Indicators by Geography time seriesindicators by geography
! style="text-align:left" | EUR million
! colspan="7" style="text-align:center" | 1H24
! colspan="7" style="text-align:center" | FY24
Line 6,978 ⟶ 6,969:
! colspan="7" style="text-align:center" | FY25
|-
! style="text-align:left" | EUR million—
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | France
Line 7,008 ⟶ 6,999:
! class="col-s" style="text-align:right" | Transversal & Other
|-
| style="text-align:left" | Gross writtenWritten premiumsPremiums & otherOther revenuesRevenues
| style="text-align:right" | 59,872
| style="text-align:right" | 14,719
Line 7,038 ⟶ 7,029:
| style="text-align:right" | 1,844
|-
| style="text-align:left" | IFRS17/9 newNew businessBusiness valueValue (NBV) (a)
| style="text-align:right" | 1,206
| style="text-align:right" | 354
Line 7,068 ⟶ 7,059:
| style="text-align:right" | —
|-
| style="text-align:left" | New businessBusiness contractualContractual serviceService marginMargin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | 203
Line 7,158 ⟶ 7,149:
| style="text-align:right" | —
|-
| style="text-align:left" | Present valueValue of expectedExpected premiumsPremiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | 12,301
Line 7,188 ⟶ 7,179:
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV marginMargin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | 2.9%
Line 7,224 ⟶ 7,215:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets build-up, IFRS 17
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,237 ⟶ 7,228:
| style="text-align:right" | 4.4
|-
| style="text-align:left" | '''Total intangibleIntangible assets'''
| style="text-align:right" | '''22.6'''
| style="text-align:right" | '''22.2'''
Line 7,249 ⟶ 7,240:
| style="text-align:right" | 401.8
|-
| style="text-align:left" | Unit-linked assetsAssets
| style="text-align:right" | 90.1
| style="text-align:right" | 97.2
|-
| style="text-align:left" | '''Total investmentsInvestments from insuranceInsurance activities'''
| style="text-align:right" | '''537.5'''
| style="text-align:right" | '''526.9'''
|-
| style="text-align:left" | Investments from nonNon-insuranceInsurance activitiesActivities
| style="text-align:right" | 18.5
| style="text-align:right" | 16.6
|-
| style="text-align:left" | Equity methodMethod investments
| style="text-align:right" | 1.5
| style="text-align:right" | 1.5
|-
| style="text-align:left" | Assets arisingArising from insuranceInsurance and reinsuranceReinsurance contractsContracts heldHeld
| style="text-align:right" | 26.1
| style="text-align:right" | 23.9
|-
| style="text-align:left" | Present valueValue of futureFuture cashCash flowsFlows
| style="text-align:right" | 24.1
| style="text-align:right" | 22.0
|-
| style="text-align:left" | Contractual serviceService marginMargin
| style="text-align:right" | 1.4
| style="text-align:right" | 1.4
|-
| style="text-align:left" | Risk adjustmentAdjustment
| style="text-align:right" | 0.5
| style="text-align:right" | 0.5
|-
| style="text-align:left" | Receivables and otherOther assetsAssets
| style="text-align:right" | 24.1
| style="text-align:right" | 21.9
Line 7,293 ⟶ 7,284:
| style="text-align:right" | 22.2
|-
| style="text-align:left" | '''Total assetsAssets'''
| style="text-align:right" | '''653.8'''
| style="text-align:right" | '''635.5'''
Line 7,301 ⟶ 7,292:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Liabilities, non-controlling interests &and shareholders' equity build-up, IFRS 17
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Shareholders' equityEquity group share
| style="text-align:right" | 49.9
| style="text-align:right" | 47.2
|-
| style="text-align:left" | Non-controlling interestsInterests
| style="text-align:right" | 2.5
| style="text-align:right" | 2.4
|-
| style="text-align:left" | '''Shareholders'Shareholders’ equity'''
| style="text-align:right" | '''52.5'''
| style="text-align:right" | '''49.6'''
Line 7,326 ⟶ 7,317:
| style="text-align:right" | 470.4
|-
| style="text-align:left" | Present valueValue of futureFuture cashCash flowsFlows
| style="text-align:right" | 438.4
| style="text-align:right" | 432.6
|-
| style="text-align:left" | Contractual serviceService marginMargin
| style="text-align:right" | 35.3
| style="text-align:right" | 34.7
|-
| style="text-align:left" | Risk adjustmentAdjustment
| style="text-align:right" | 3.3
| style="text-align:right" | 3.1
|-
| style="text-align:left" | Other investmentInvestment contractContract liabilitiesLiabilities
| style="text-align:right" | 12.6
| style="text-align:right" | 12.8
Line 7,346 ⟶ 7,337:
| style="text-align:right" | '''483.2'''
|-
| style="text-align:left" | Liabilities arisingArising from nonNon-insuranceInsurance activitiesActivities
| style="text-align:right" | 10.1
| style="text-align:right" | 9.9
Line 7,354 ⟶ 7,345:
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Payables and otherOther liabilities
| style="text-align:right" | 80.9
| style="text-align:right" | 72.5
Line 7,362 ⟶ 7,353:
| style="text-align:right" | 0.0
|-
| style="text-align:left" | '''Total liabilitiesLiabilities, nonNon-controlling interestsInterests and shareholdersShareholders' equityEquity'''
| style="text-align:right" | '''653.8'''
| style="text-align:right" | '''635.5'''
Line 7,372 ⟶ 7,363:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) rollforward by business unit, pre-tax and post-tax, under IFRS 17
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY23 restatedRestated
! class="col-s" style="text-align:right" | New businessBusiness CSM
! class="col-s" style="text-align:right" | Underlying returnReturn on inforce
! class="col-s" style="text-align:right" | CSM releaseRelease
! class="col-s" style="text-align:right" | Economic varianceVariance
! class="col-s" style="text-align:right" | Operating varianceVariance
! class="col-s" style="text-align:right" | Other {{footnote|1=Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! class="col-s" style="text-align:right" | FY24
|-
| style="text-align:left" | '''Total groupGroup (pre-tax)'''
| style="text-align:right" | '''34,187'''
| style="text-align:right" | '''2,169'''
Line 7,423 ⟶ 7,414:
| style="text-align:right" | 7,744
|-
| style="text-align:left" | '''Total groupGroup (post-tax)'''
| style="text-align:right" | '''26,777'''
| style="text-align:right" | —
Line 7,437 ⟶ 7,428:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) rollforward by business unit, pre-tax and post-tax, under IFRS 17 {{footnote|1=Including scope changes and FX.}}
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | New businessBusiness CSM
! class="col-s" style="text-align:right" | Underlying returnReturn on inforce
! class="col-s" style="text-align:right" | CSM releaseRelease
! class="col-s" style="text-align:right" | Economic varianceVariance
! class="col-s" style="text-align:right" | Operating varianceVariance {{footnote|1=Including scope changes and FX.}}
! class="col-s" style="text-align:right" | Other {{footnote|1=Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Total groupGroup (pre-tax)'''
| style="text-align:right" | '''33,853'''
| style="text-align:right" | '''2,199'''
Line 7,488 ⟶ 7,479:
| style="text-align:right" | 7,550
|-
| style="text-align:left" | '''Total groupGroup (post-tax)'''
| style="text-align:right" | '''26,320'''
| style="text-align:right" | —
Line 7,504 ⟶ 7,495:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ General account invested assets breakdown by asset class
|+ General account invested assets as of FY25 breakdown by asset class {{footnote|1=1 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.}}▼
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
! class="col-s" style="text-align:right" | Asset allocationAllocation %
! class="col-s" style="text-align:right" | o/w participatingParticipating
|-
| style="text-align:left" | '''General accountAccount investedInvested assets1Assets1 {{footnote|1=1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}}'''
| style="text-align:right" | '''450'''
| style="text-align:right" | —
| style="text-align:right" | '''60%'''
|-
| style="text-align:left" | Fixed incomeIncome
| style="text-align:right" | 345
| style="text-align:right" | 77%
| style="text-align:right" | 60%
|-
| style="text-align:left" | Government bondsBonds
| style="text-align:right" | 167
| style="text-align:right" | 37%
| style="text-align:right" | 66%
|-
| style="text-align:left" | Corporate bondsBonds and loansLoans
| style="text-align:right" | 121
| style="text-align:right" | 27%
| style="text-align:right" | 55%
|-
| style="text-align:left" | Other fixedFixed incomeIncome
| style="text-align:right" | 56
| style="text-align:right" | 13%
| style="text-align:right" | 52%
|-
| style="text-align:left" | Asset backedBacked securities2Securities2 {{footnote|1=2 Includes 91% of CLOs.}}
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:right" | 48%
|-
| style="text-align:left" | Mortgage loans3Loans3 {{footnote|1=3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}}
| style="text-align:right" | 31
| style="text-align:right" | 7%
| style="text-align:right" | 56%
|-
| style="text-align:left" | Real estateEstate
| style="text-align:right" | 41
| style="text-align:right" | 9%
| style="text-align:right" | 63%
|-
| style="text-align:left" | Infrastructure equityEquity
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:right" | 64%
|-
| style="text-align:left" | Listed equities4Equities4 {{footnote|1=4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:right" | 82%
|-
| style="text-align:left" | Private equityEquity & hedgeHedge funds5Funds5 {{footnote|1=5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
Line 7,570 ⟶ 7,561:
| style="text-align:right" | 50%
|-
| style="text-align:left" | Policy loansLoans
| style="text-align:right" | 2
| style="text-align:right" | 0%
Line 7,579 ⟶ 7,570:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Duration gap sensitivity by rating
! style="text-align:left" | EUR billion
! colspan="7" style="text-align:center" | Fair valueValue by ratingRating
|-
! style="text-align:left" | —
▲|+! Generalclass="col-s" accountstyle="text-align:right" invested| assetsAverage as of FY25 breakdown by asset classrating1 {{footnote|1=1 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" | Average rating
! class="col-s" style="text-align:right" | AAA
! class="col-s" style="text-align:right" | AA
! class="col-s" style="text-align:right" | A
! class="col-s" style="text-align:right" | BBB
! class="col-s" style="text-align:right" | Below investmentInvestment gradeGrade
! class="col-s" style="text-align:right" | Non ratedRated
|-
| style="text-align:left" | '''-0.4 yr'''
Line 7,634 ⟶ 7,625:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Breakdown by geographical exposure of assets {{footnote|1=Corporate Bonds and Loans.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | France {{footnote|1=1 Including hedges.}}
! class="col-s" style="text-align:right" | Germany
! class="col-s" style="text-align:right" | Italy
! class="col-s" style="text-align:right" | Japan {{footnote|1=1 Excluding Non-listed Equity.}}
! class="col-s" style="text-align:right" | Netherlands
|+! Breakdownclass="col-s" bystyle="text-align:right" type by| typeSpain {{footnote|1=1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}} {{footnote|1=2 Loan to Value: 46%.}}▼
! class="col-s" style="text-align:right" | Spain
! class="col-s" style="text-align:right" | Switzerland
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Supranational
! class="col-s" style="text-align:right" | Rest of the worldWorld
|-
| style="text-align:left" | Breakdown byBy geographicalGeographical exposureExposure
| style="text-align:right" | '''167'''
| style="text-align:right" | 6%
Line 7,669 ⟶ 7,660:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Breakdown by industry of assets
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | Basic materialsMaterials
! class="col-s" style="text-align:right" | Communications
! class="col-s" style="text-align:right" | Consumer, cyclicalCyclical
! class="col-s" style="text-align:right" | Consumer, nonNon-cyclicalCyclical
! class="col-s" style="text-align:right" | Covered and seniorSenior securedSecured bondsBonds
! class="col-s" style="text-align:right" | Energy
! class="col-s" style="text-align:right" | Financials
Line 7,684 ⟶ 7,675:
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown byBy industryIndustry
| style="text-align:right" | '''121'''
| style="text-align:right" | 2%
Line 7,706 ⟶ 7,697:
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | Banks
! class="col-s" style="text-align:right" | Non-banks1Banks1 {{footnote|1=1 Includes REITS corporate bonds (Euro 3 billion).}}
|-
| style="text-align:left" | '''Total'''
Line 7,713 ⟶ 7,704:
| style="text-align:right" | '''6.0'''
|-
| style="text-align:left" | Senior unsecuredUnsecured bondsBonds
| style="text-align:right" | 29.8
| style="text-align:right" | 24.3
| style="text-align:right" | 5.5
|-
| style="text-align:left" | Subordinated bonds2Bonds2 {{footnote|1=2 Includes AT1 (Euro 0.4 billion).}}
| style="text-align:right" | 3.0
| style="text-align:right" | 2.7
Line 7,732 ⟶ 7,723:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ BreakdownAsset breakdown by asset domiciliation by geography
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | France
Line 7,743 ⟶ 7,734:
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Rest of the worldWorld
|-
| style="text-align:left" | Breakdown byBy assetAsset domiciliationDomiciliation
| style="text-align:right" | '''10'''
| style="text-align:right" | 3%
Line 7,761 ⟶ 7,752:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ BreakdownAsset by industrybreakdown by industry {{footnote|1=1 Including hedges.}} {{footnote|1=Real Estate.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | Basic materialsMaterials
! class="col-s" style="text-align:right" | Communications
! class="col-s" style="text-align:right" | Consumer, cyclicalCyclical
! class="col-s" style="text-align:right" | Consumer, nonNon-cyclicalCyclical
! class="col-s" style="text-align:right" | Diversified
! class="col-s" style="text-align:right" | Energy
Line 7,777 ⟶ 7,768:
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown byBy industryIndustry
| style="text-align:right" | '''10'''
| style="text-align:right" | 5%
Line 7,796 ⟶ 7,787:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Breakdown by geographical exposure by geography
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | France
Line 7,809 ⟶ 7,800:
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Rest of the worldWorld
|-
| style="text-align:left" | Breakdown byBy geographicalGeographical exposureExposure
| style="text-align:right" | '''41'''
| style="text-align:right" | 5%
Line 7,829 ⟶ 7,820:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Breakdown by type by type {{footnote|1=Private Equities1.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | Office
! class="col-s" style="text-align:right" | Residential
! class="col-s" style="text-align:right" | Industrial-logisticLogistic
! class="col-s" style="text-align:right" | Retail
! class="col-s" style="text-align:right" | Others
|-
| style="text-align:left" | Breakdown byBy typeType
| style="text-align:right" | '''41'''
| style="text-align:right" | 33%
Line 7,850 ⟶ 7,841:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ BreakdownAsset breakdown by asset domiciliation by geography {{footnote|1=1 Excluding Non-listed Equity.}} {{footnote|1=Mortgage Loans1,2.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | Europe
! class="col-s" style="text-align:right" | Japan
Line 7,858 ⟶ 7,849:
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown byBy assetAsset domiciliationDomiciliation
| style="text-align:right" | '''17'''
| style="text-align:right" | 45%
Line 7,869 ⟶ 7,860:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Breakdown by type
▲|+ Breakdown by type by type {{footnote|1=1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}} {{footnote|1=2 Loan to Value: 46%.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | Residential
! class="col-s" style="text-align:right" | Commercial
|-
| style="text-align:left" | Breakdown by typeType
| style="text-align:right" | '''23'''
| style="text-align:right" | 69%
Line 7,890 ⟶ 7,881:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Shareholders' equityEquity at beginningBeginning of the periodPeriod {{footnote|1=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}} {{footnote|1=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}'''
| style="text-align:right" | '''49.9'''
|-
| style="text-align:left" | Paid-in capitalCapital
| style="text-align:right" | -4.9
|-
| style="text-align:left" | Treasury sharesShares
| style="text-align:right" | -0.1
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome arisingArising from definedDefined benefitBenefit plansPlans
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Fair valueValue recordedRecorded in shareholdersShareholders' equityEquity
| style="text-align:right" | 1.3
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to investedInvested assetsAssets
| style="text-align:right" | -4.2
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to (re) insuranceInsurance contractsContracts
| style="text-align:right" | 5.4
|-
| style="text-align:left" | Impact of currencyCurrency fluctuationsFluctuations
| style="text-align:right" | -3.5
|-
| style="text-align:left" | Undated subordinatedSubordinated debtDebt (including interest charges)
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Realized gainsGains on equityEquity through retainedRetained earningsEarnings
| style="text-align:right" | 0.1
|-
Line 7,923 ⟶ 7,914:
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Net incomeIncome for the periodPeriod
| style="text-align:right" | 9.8
|-
Line 7,929 ⟶ 7,920:
| style="text-align:right" | -0.2
|-
| style="text-align:left" | '''Shareholders' equityEquity at endEnd of the period {{footnote|1=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}Period'''
| style="text-align:right" | '''47.2'''
|}
Line 7,941 ⟶ 7,932:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Paid-in capitalCapital
| style="text-align:right" | 21.8
| style="text-align:right" | 16.9
|-
| style="text-align:left" | Treasury sharesShares
| style="text-align:right" | -1.5
| style="text-align:right" | -1.6
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome arisingArising from definedDefined benefitBenefit plansPlans
| style="text-align:right" | -2.4
| style="text-align:right" | -2.8
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome
| style="text-align:right" | -8.1
| style="text-align:right" | -6.8
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to investedInvested assetsAssets
| style="text-align:right" | -13.1
| style="text-align:right" | -17.3
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome relatedRelated to (re) insuranceInsurance contractsContracts
| style="text-align:right" | 5.0
| style="text-align:right" | 10.5
|-
| style="text-align:left" | Translation reservesReserves
| style="text-align:right" | -1.1
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Undated subordinatedSubordinated debtDebt
| style="text-align:right" | 4.8
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Retained earningsEarnings
| style="text-align:right" | 36.5
| style="text-align:right" | 41.4
|-
| style="text-align:left" | '''Total shareholdersShareholders' equityEquity at the endEnd of the periodPeriod'''
| style="text-align:right" | '''49.9'''
| style="text-align:right" | '''47.2'''
Line 7,985 ⟶ 7,976:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Unrealized gains and losses on invested assets (net of tax) breakdown by asset typebuild-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Government bondsBonds (recyclable)
| style="text-align:right" | -7.5
| style="text-align:right" | -13.0
|-
| style="text-align:left" | Corporate bondsBonds (recyclable)
| style="text-align:right" | -4.1
| style="text-align:right" | -3.0
|-
| style="text-align:left" | Cash flowFlow hedges (recyclable)
| style="text-align:right" | -3.5
| style="text-align:right" | -3.3
Line 8,010 ⟶ 8,001:
| style="text-align:right" | -0.1
|-
| style="text-align:left" | '''Total otherOther comprehensiveComprehensive incomeIncome relatedRelated to investedInvested assetsAssets'''
| style="text-align:right" | '''-13.1'''
| style="text-align:right" | '''-17.3'''
|-
| style="text-align:left" | Real estateEstate
| style="text-align:right" | 6.7
| style="text-align:right" | 6.5
|-
| style="text-align:left" | Other investedInvested assetsAssets notNot includedIncluded in shareholdersShareholders' equityEquity
| style="text-align:right" | -0.6
| style="text-align:right" | -0.1
|-
| style="text-align:left" | '''Total unrealizedUnrealized gainsGains and lossesLosses on investedInvested assetsAssets at costCost (netNet of taxTax)'''
| style="text-align:right" | '''6.1'''
| style="text-align:right" | '''6.4'''
|-
| style="text-align:left" | '''Total unrealizedUnrealized gainsGains and lossesLosses on investedInvested assetsAssets (netNet of taxTax)'''
| style="text-align:right" | '''-7.0'''
| style="text-align:right" | '''-10.9'''
Line 8,036 ⟶ 8,027:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Return on equity (ROE) ratioby analysistype {{footnote|1=Financial interest treatment.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,042 ⟶ 8,033:
! class="col-s" style="text-align:right" | Change in % points (FY25 vs FY24)
|-
| style="text-align:left" | '''Net incomeIncome ROE'''
| style="text-align:right" | '''14.8%'''
| style="text-align:right" | '''18.8%'''
| style="text-align:right" | '''3.9 pt'''
|-
| style="text-align:left" | Net income (a)Income {{footnote|1=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 7.7
| style="text-align:right" | 9.6
| style="text-align:right" | —
|-
| style="text-align:left" | Average adjustedAdjusted shareholdersShareholders' equity (b)Equity {{footnote|1=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
Line 8,062 ⟶ 8,053:
| style="text-align:right" | '''0.8 pt'''
|-
| style="text-align:left" | Underlying earningsEarnings {{footnote|1=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (arecorded through shareholders' equity).}}
| 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|1=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:left" | Average adjusted shareholders' equity (b)
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
Line 8,076 ⟶ 8,067:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Consolidated financial structure &and 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" | FY25
|-
| style="text-align:left" | Financing debtDebt
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| style="text-align:left" | Financing debtDebt instrumentInstrument issuedIssued
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| style="text-align:left" | Financing debtDebt owedOwed to creditCredit institutionsInstitutions
| style="text-align:right" | 0.0
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Dated subordinatedSubordinated debtDebt
| style="text-align:right" | 11.2
| style="text-align:right" | 12.6
Line 8,101 ⟶ 8,092:
| style="text-align:right" | -0.1
|-
| style="text-align:left" | '''Total grossGross debtDebt (A)'''
| style="text-align:right" | '''14.3'''
| style="text-align:right" | '''15.7'''
|-
| style="text-align:left" | Undated deeplyDeeply subordinatedSubordinated notesNotes (TSS)
| style="text-align:right" | 2.9
| style="text-align:right" | 4.3
|-
| style="text-align:left" | Deeply subordinatedSubordinated notesNotes (TSDI)
| style="text-align:right" | 1.9
| style="text-align:right" | 0.3
|-
| style="text-align:left" | '''Total grossGross debtDebt incl. undatedUndated and deeplyDeeply subordinatedSubordinated notesNotes (B)'''
| style="text-align:right" | '''19.2'''
| style="text-align:right" | '''20.3'''
|-
| style="text-align:left" | '''Shareholders' equityEquity (includingIncluding nonNon-controllingControlling interestsInterests) (a) (C) {{footnote|1=Shareholders' equity includes undated and deeply subordinated debts.}}'''
| style="text-align:right" | '''52.5'''
| style="text-align:right" | '''49.6'''
|-
| style="text-align:left" | '''Contractual serviceService marginMargin net of tax (D)'''
| style="text-align:right" | '''26.3'''
| style="text-align:right" | '''25.9'''
|-
| style="text-align:left" | '''Shareholders' equityEquity + contractualContractual serviceService marginMargin + grossGross debtDebt (E) = (C) + (D) + (A)'''
| style="text-align:right" | '''93.1'''
| style="text-align:right" | '''91.1'''
|-
| style="text-align:left" | '''Debt gearingGearing (G) = (B) / (E)'''
| style="text-align:right" | '''20.6%'''
| style="text-align:right" | '''22.3%'''
Line 8,143 ⟶ 8,134:
! 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 capitalCapital generationGeneration
! 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, inIn-force and otherOther
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Eligible ownOwn fundFund (EOF)'''
| style="text-align:right" | '''55.9'''
| style="text-align:right" | '''0.2'''
Line 8,162 ⟶ 8,153:
| style="text-align:right" | '''56.4'''
|-
| style="text-align:left" | '''Solvency capitalCapital requirementRequirement (SCR)'''
| style="text-align:right" | '''25.9'''
| style="text-align:right" | '''0.0'''
Line 8,173 ⟶ 8,164:
| style="text-align:right" | '''25.2'''
|-
| style="text-align:left" | '''Solvency II ratioRatio'''
| style="text-align:right" | '''216%'''
| style="text-align:right" | '''0%'''
Line 8,188 ⟶ 8,179:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ EOFEligible tieringown breakdownfund tiering by Solvency II tier
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | Unrestricted tierTier
! class="col-s" style="text-align:right" | Restricted tierTier
! colspan="2" style="text-align:center" | Tier
|-
Line 8,202 ⟶ 8,193:
| style="text-align:right" | 0.4
|-
| style="text-align:left" | Insurance sectorSector
| style="text-align:right" | '''55.1'''
| style="text-align:right" | 38.4
Line 8,216 ⟶ 8,207:
| style="text-align:right" | —
|-
| style="text-align:left" | Subject to transitionalTransitional measuresMeasures {{footnote|1=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:right" | 2.4
| style="text-align:right" | —
Line 8,223 ⟶ 8,214:
| style="text-align:right" | —
|-
| style="text-align:left" | Other financialFinancial sectorsSectors
| style="text-align:right" | '''1.2'''
| style="text-align:right" | 1.2
Line 8,237 ⟶ 8,228:
| style="text-align:right" | 0.8
|-
| style="text-align:left" | Insurance sectorSector
| style="text-align:right" | '''53.5'''
| style="text-align:right" | 37.5
Line 8,251 ⟶ 8,242:
| style="text-align:right" | —
|-
| style="text-align:left" | Subject to transitionalTransitional measuresMeasures {{footnote|1=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:right" | 4.5
| style="text-align:right" | —
Line 8,258 ⟶ 8,249:
| style="text-align:right" | —
|-
| style="text-align:left" | Other financialFinancial sectorsSectors
| style="text-align:right" | '''2.5'''
| style="text-align:right" | 2.5
Line 8,269 ⟶ 8,260:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II key sensitivities (in pts) by scenario
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Interest rateRate +50 bps
| style="text-align:right" | +2 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Interest rateRate -50 bps
| style="text-align:right" | -4 pts
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Corporate spreadSpread +50bps
| style="text-align:right" | -1 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro governmentGovernment spreadsSpreads +50bps
| style="text-align:right" | -10 pts
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Credit migrationMigration +20%
| style="text-align:right" | -4 pts
| style="text-align:right" | -4 pts
|-
| style="text-align:left" | Listed equitiesEquities +25%
| style="text-align:right" | +0 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Listed equitiesEquities -25%
| style="text-align:right" | -3 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Private and infrastructureInfrastructure equityEquity +25%
| style="text-align:right" | +13 pts
| style="text-align:right" | +14 pts
|-
| style="text-align:left" | Private and infrastructureInfrastructure equityEquity -25%
| style="text-align:right" | -15 pts
| style="text-align:right" | -19 pts
Line 8,324 ⟶ 8,315:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''IFRS shareholdersSHAREHOLDERS' equityEQUITY'''
| style="text-align:right" | '''49.6'''
|-
| style="text-align:left" | Contractual serviceService marginMargin (net of tax)
| style="text-align:right" | 25.9
|-
| style="text-align:left" | '''IFRS shareholdersSHAREHOLDERS' equityEQUITY inc. CSM'''
| style="text-align:right" | '''75.5'''
|-
| style="text-align:left" | Net URCG not included in shareholdersShareholders' equityEquity
| style="text-align:right" | 6.4
|-
| style="text-align:left" | Elimination undatedUndated subordinatedSubordinated debtsDebts
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Elimination intangiblesIntangibles
| style="text-align:right" | -21.3
|-
Line 8,345 ⟶ 8,336:
| style="text-align:right" | -17.8
|-
| style="text-align:left" | Othersothers
| style="text-align:right" | -3.5
|-
| style="text-align:left" | '''IFRS tangibleTANGIBLE netNET assetASSET valueVALUE'''
| style="text-align:right" | '''56.0'''
|-
Line 8,357 ⟶ 8,348:
| style="text-align:right" | -9.6
|-
| style="text-align:left" | Risk marginMargin vs riskRisk adjustmentAdjustment
| style="text-align:right" | -6.4
|-
Line 8,366 ⟶ 8,357:
| style="text-align:right" | -0.6
|-
| style="text-align:left" | '''UnrestrictedUNRESTRICTED tierTIER 1'''
| style="text-align:right" | '''39.6'''
|-
| style="text-align:left" | Restricted tierTier 1 + tierTier
| style="text-align:right" | 16.4
|-
Line 8,375 ⟶ 8,366:
| style="text-align:right" | 0.4
|-
| style="text-align:left" | '''GroupGROUP eligibleELIGIBLE ownOWN fundsFUNDS'''
| style="text-align:right" | '''56.4'''
|}
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