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

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Line 29:
! class="col-s" style="text-align:right" | Average FY25
|-
| style="text-align:left; padding-left:1.5em" | USD
| style="text-align:right" | 1.07
| style="text-align:right" | 1.04
Line 39:
| style="text-align:right" | 1.13
|-
| style="text-align:left; padding-left:1.5em" | JPY
| style="text-align:right" | 172
| style="text-align:right" | 163
Line 49:
| style="text-align:right" | 169
|-
| style="text-align:left; padding-left:1.5em" | GBP
| style="text-align:right" | 0.85
| style="text-align:right" | 0.83
Line 59:
| style="text-align:right" | 0.86
|-
| style="text-align:left; padding-left:1.5em" | CHF
| style="text-align:right" | 0.96
| style="text-align:right" | 0.94
Line 69:
| style="text-align:right" | 0.94
|-
| style="text-align:left; padding-left:1.5em" | HKD
| style="text-align:right" | 8.37
| style="text-align:right" | 8.04
Line 90:
! class="col-s" style="text-align:right" | Average FY25
|-
| style="text-align:left; padding-left:1.5em" | EUR
| style="text-align:right" | 2.79%
| style="text-align:right" | 2.84%
Line 96:
| style="text-align:right" | 2.59%
|-
| style="text-align:left; padding-left:1.5em" | USD
| style="text-align:right" | 4.35%
| style="text-align:right" | 4.41%
Line 102:
| style="text-align:right" | 4.23%
|-
| style="text-align:left; padding-left:1.5em" | JPY
| style="text-align:right" | 0.22%
| style="text-align:right" | 0.42%
Line 108:
| style="text-align:right" | 1.01%
|-
| style="text-align:left; padding-left:1.5em" | GBP
| style="text-align:right" | 4.00%
| style="text-align:right" | 4.25%
Line 114:
| style="text-align:right" | 4.31%
|-
| style="text-align:left; padding-left:1.5em" | CHF
| style="text-align:right" | 1.05%
| style="text-align:right" | 0.82%
Line 120:
| style="text-align:right" | 0.16%
|-
| style="text-align:left; padding-left:1.5em" | HKD
| style="text-align:right" | 3.75%
| style="text-align:right" | 3.67%
Line 137:
! class="col-s" style="text-align:right" | Closing FY25
|-
| style="text-align:left; padding-left:1.5em" | EUR
| style="text-align:right" | 3.06%
| style="text-align:right" | 2.71%
Line 143:
| style="text-align:right" | 3.17%
|-
| style="text-align:left; padding-left:1.5em" | USD
| style="text-align:right" | 4.54%
| style="text-align:right" | 4.66%
Line 149:
| style="text-align:right" | 4.45%
|-
| style="text-align:left; padding-left:1.5em" | JPY
| style="text-align:right" | 1.04%
| style="text-align:right" | 1.07%
Line 155:
| style="text-align:right" | 2.08%
|-
| style="text-align:left; padding-left:1.5em" | GBP
| style="text-align:right" | 4.27%
| style="text-align:right" | 4.48%
Line 161:
| style="text-align:right" | 4.55%
|-
| style="text-align:left; padding-left:1.5em" | CHF
| style="text-align:right" | 0.98%
| style="text-align:right" | 0.38%
Line 167:
| style="text-align:right" | 0.67%
|-
| style="text-align:left; padding-left:1.5em" | HKD
| style="text-align:right" | 3.79%
| style="text-align:right" | 3.91%
Line 179:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Group underlying earnings and net incomebuild-up by line of business and net income
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
Line 831:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
Line 1,582:
{| class="wikitable fintable"
|+ Basic number of shares rollforward
! style="text-align:left" | million
! colspan="2" style="text-align:center" | Outstanding Shares Excluding Treasury Shares {{footnote|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" | Weighted Average Number
Line 1,736:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property & casualty underlying earnings build-up by line of business
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 2,454:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property & casualty underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 3,339:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & health underlying earnings build-up by line of business
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 3,982:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & health underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 4,829:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 5,676:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Health underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 6,806:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Holdings underlying earnings build-up {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 1H24
Line 7,492:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets breakdownbuild-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,569:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Liabilities, non-controlling interests, and shareholders' equity breakdownbuild-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,640:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual serviceService marginMargin (CSM) rollforward by business unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY23 Restated {{footnote|1=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
Line 7,705:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual serviceService marginMargin (CSM) rollforward by business unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY24
Line 7,772:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ General accountAccount invested assets build-up by asset allocationclass and rating
! style="text-align:left" | EUR billion
! style="text-align:center" | Fair value
Line 7,793:
! class="col-s" style="text-align:right" | Non Rated
|-
| style="text-align:left" | '''General Account Invested Assets1Assets {{footnote|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" | —
Line 7,858:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:3em" | Asset Backed Securities2Securities {{footnote|1=Includes 91% of CLOs.}}
| style="text-align:right" | 25
| style="text-align:right" | 6%
Line 7,871:
| style="text-align:right" | 4%
|-
| style="text-align:left; padding-left:3em" | Mortgage Loans3Loans {{footnote|1=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}}
| style="text-align:right" | 31
| style="text-align:right" | 7%
Line 7,910:
| style="text-align:right" | —
|-
| style="text-align:left" | Listed Equities4Equities {{footnote|1=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
Line 7,923:
| style="text-align:right" | —
|-
| style="text-align:left" | Private Equity & Hedge Funds5Funds {{footnote|1=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 7,970:
|+ Government bonds breakdown by geographical exposure
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value {{footnote|1=Including hedges.}}
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | France
Line 7,979:
! 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 {{footnote|1=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Supranational
Line 8,010:
! class="col-s" style="text-align:right" | Consumer, Cyclical
! class="col-s" style="text-align:right" | Consumer, Non-Cyclical
! class="col-s" style="text-align:right" | Covered and Senior Secured Bonds {{footnote|1=Includes REITS corporate bonds (Euro 3 billion).}}
! class="col-s" style="text-align:right" | Energy
! class="col-s" style="text-align:right" | Financials
Line 8,036:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Corporate bonds and loans exposure to financials {{footnote|1=Includes REITS corporate bonds (Euro 3 billion).}}
|+ Financials exposure by type
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | Banks
! class="col-s" style="text-align:right" | Non-Banks1 {{footnote|1=ExcludingExcludes Nonbanking operations and Euro 8 billion of Agency pools (Mortgage-listedbacked securities issues by US Government Sponsored EquityEnterprises).}}
|-
| style="text-align:left" | '''Total'''
Line 8,052:
| style="text-align:right" | 5.5
|-
| style="text-align:left" | Subordinated Bonds2Bonds {{footnote|1=Includes AT1 (Euro 0.4 billion).}}
| style="text-align:right" | 3.0
| style="text-align:right" | 2.7
Line 8,095:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Listed equities breakdown by industry {{footnote|1=Including hedges.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,184:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Private equities breakdown by asset domiciliation {{footnote|1=Excluding Non-listed Equity.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,220:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Change in Group shareShare consolidatedConsolidated shareholdersShareholders' equityEquity rollforward
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY25
Line 8,270:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Group shareShare consolidatedConsolidated shareholdersShareholders' equityEquity by componentbuild-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,336:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Unrealized gains and losses on invested assets net of tax build-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,387:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Return on equity (ROE)
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,427:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Debt gearing by componentbuild-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,502:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left; padding-left:4.5em" | '''Eligible Own Fund (EOF)'''
| style="text-align:right" | '''55.9'''
| style="text-align:right" | '''0.2'''
Line 8,513:
| style="text-align:right" | '''56.4'''
|-
| style="text-align:left; padding-left:4.5em" | '''Solvency Capital Requirement (SCR)'''
| style="text-align:right" | '''25.9'''
| style="text-align:right" | '''0.0'''
Line 8,524:
| style="text-align:right" | '''25.2'''
|-
| style="text-align:left; padding-left:4.5em" | '''Solvency II Ratio'''
| style="text-align:right" | '''216%'''
| style="text-align:right" | '''0%'''
Line 8,539:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Eligible own fund (EOF) tiering by sector
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
Line 8,547:
! class="col-s" style="text-align:right" | Tier 3
|-
| style="text-align:left; padding-left:4.5em" | '''EOF as of FY25'''
| style="text-align:right" | '''56.4'''
| style="text-align:right" | '''39.6'''
Line 8,554:
| style="text-align:right" | '''0.4'''
|-
| style="text-align:left; padding-left:4.5em" | Insurance Sector
| style="text-align:right" | '''55.1'''
| style="text-align:right" | 38.4
Line 8,561:
| style="text-align:right" | 0.4
|-
| style="text-align:left; padding-left:6em1.5em" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,568:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:6em1.5em" | Subject to Transitional Measures {{footnote|1=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:right" | 2.4
| style="text-align:right" | —
Line 8,575:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:4.5em" | Other Financial Sectors
| style="text-align:right" | '''1.2'''
| style="text-align:right" | 1.2
Line 8,582:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:4.5em" | '''EOF as of FY24'''
| style="text-align:right" | '''55.9'''
| style="text-align:right" | '''40.0'''
Line 8,589:
| style="text-align:right" | '''0.8'''
|-
| style="text-align:left; padding-left:4.5em" | Insurance Sector
| style="text-align:right" | '''53.5'''
| style="text-align:right" | 37.5
Line 8,596:
| style="text-align:right" | 0.8
|-
| style="text-align:left; padding-left:6em1.5em" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,603:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:6em1.5em" | Subject to Transitional Measures {{footnote|1=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:right" | 4.5
| style="text-align:right" | —
Line 8,610:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:4.5em" | Other Financial Sectors
| style="text-align:right" | '''2.5'''
| style="text-align:right" | 2.5
Line 8,626:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left; padding-left:4.5em" | Interest Rate +50 bps
| style="text-align:right" | +2 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left; padding-left:4.5em" | Interest Rate -50 bps
| style="text-align:right" | -4 pts
| style="text-align:right" | -1 pt
|-
| style="text-align:left; padding-left:4.5em" | Corporate Spread +50bps
| style="text-align:right" | -1 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left; padding-left:4.5em" | Euro Government Spreads +50bps
| style="text-align:right" | -10 pts
| style="text-align:right" | -7 pts
|-
| style="text-align:left; padding-left:4.5em" | Credit Migration +20%
| style="text-align:right" | -4 pts
| style="text-align:right" | -4 pts
|-
| style="text-align:left; padding-left:4.5em" | Listed Equities +25%
| style="text-align:right" | +0 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left; padding-left:4.5em" | Listed Equities -25%
| style="text-align:right" | -3 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left; padding-left:4.5em" | Private and Infrastructure Equity +25%
| style="text-align:right" | +13 pts
| style="text-align:right" | +14 pts
|-
| style="text-align:left; padding-left:4.5em" | Private and Infrastructure Equity -25%
| style="text-align:right" | -15 pts
| style="text-align:right" | -19 pts
|-
| style="text-align:left; padding-left:4.5em" | Inflation swap curve +50bps
| style="text-align:right" | -6 pts
| style="text-align:right" | -5 pts
Line 8,672:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Reconciliation IFRS 17IFRS17/9 shareholders' equity to Solvency II eligible own funds
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left; padding-left:4.5em" | '''IFRS SHAREHOLDERS' EQUITY'''
| style="text-align:right" | '''49.6'''
|-
| style="text-align:left; padding-left:4.5em" | Contractual Service Margin (net of tax)
| style="text-align:right" | 25.9
|-
| style="text-align:left; padding-left:4.5em" | '''IFRS SHAREHOLDERS' EQUITY inc. CSM'''
| style="text-align:right" | '''75.5'''
|-
| style="text-align:left; padding-left:4.5em" | Net URCG not included in Shareholders' Equity
| style="text-align:right" | 6.4
|-
| style="text-align:left; padding-left:4.5em" | Elimination Undated Subordinated Debts
| style="text-align:right" | -4.6
|-
| style="text-align:left; padding-left:4.5em" | Elimination Intangibles
| style="text-align:right" | -21.3
|-
| style="text-align:left; padding-left:12em7.5em" | Goodwill
| style="text-align:right" | -17.8
|-
| style="text-align:left; padding-left:12em7.5em" | others
| style="text-align:right" | -3.5
|-
| style="text-align:left; padding-left:4.5em" | '''IFRS TANGIBLE NET ASSET VALUE'''
| style="text-align:right" | '''56.0'''
|-
| style="text-align:left; padding-left:4.5em" | Foreseeable dividends and distribution
| style="text-align:right" | -6.3
|-
| style="text-align:left; padding-left:4.5em" | Technical provision adjustments
| style="text-align:right" | -9.6
|-
| style="text-align:left; padding-left:12em7.5em" | Risk Margin vs Risk Adjustment
| style="text-align:right" | -6.4
|-
| style="text-align:left; padding-left:12em7.5em" | BEL adjustment
| style="text-align:right" | -3.2
|-
| style="text-align:left; padding-left:4.5em" | Other adjustments
| style="text-align:right" | -0.6
|-
| style="text-align:left; padding-left:4.5em" | '''UNRESTRICTED TIER 1'''
| style="text-align:right" | '''39.6'''
|-
| style="text-align:left; padding-left:4.5em" | Restricted Tier 1 + Tier 2
| style="text-align:right" | 16.4
|-
| style="text-align:left; padding-left:4.5em" | Tier 3
| style="text-align:right" | 0.4
|-
| style="text-align:left; padding-left:4.5em" | '''GROUP ELIGIBLE OWN FUNDS'''
| style="text-align:right" | '''56.4'''
|}
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