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| publication_date = 2026-02-26
| language = English
| pages = 21
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx
| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Financial_supplement.md->
| intro_sentence = This article presentssummarizes AXA's FY 2025 financialFinancial supplement —published theon detailed2026-02-26 data tables behind the period's(21 resultspages).
| wide = yes
| document = Document:AXA/2025/FY/Financial supplement
| doc_id = gr2rpazfcv
}}
 
''This article presentssummarizes AXA's FY 2025 financialFinancial supplement —published theon detailed2026-02-26 data tables behind the period's(21 resultspages).''
 
{{chunk|doc=gr2rpazfcv|c=1|p=1}}
== Market Data ==
 
====== Exchange rate by currency ======
 
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Exchange rate by currency
! style="text-align:left" | —
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 83 ⟶ 87:
|}
</div>
 
====== Discount rate 5Y by currency ======
 
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Discount rate 5Y by currency
|-
! style="text-align:left" | %
! class="col-s" style="text-align:right" | Average 1H24
Line 131 ⟶ 135:
|}
</div>
 
====== Discount rate 10Y by currency ======
 
<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|+ Discount rate 10Y by currency
|-
! style="text-align:left" | %
! class="col-s" style="text-align:right" | Closing 1H24
Line 180 ⟶ 184:
</div>
 
{{chunk|doc=gr2rpazfcv|c=2|p=2}}
== UE by LOB and Net Income ==
 
====== Group underlying earnings build-up by line of business and net income ======
 
<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Group underlying earnings build-up by line of business and net income
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Group
! colspan="4" style="text-align:center" | Property &amp; Casualty
! colspan="4" style="text-align:center" | Life &amp; Health
! colspan="4" style="text-align:center" | Asset Management {{footnotefn ref|1|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | Holdings {{footnotefn ref|12|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
|-
! style="text-align:left" | —
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Short-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
Line 250 ⟶ 255:
| style="text-align:right" | 8,512
| style="text-align:right" | 17,416
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
Line 272 ⟶ 277:
| style="text-align:right" | 97.1%
| style="text-align:right" | 97.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Margin
Line 294 ⟶ 299:
| style="text-align:right" | 248
| style="text-align:right" | 479
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Long-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
Line 330 ⟶ 335:
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Experience
Line 352 ⟶ 357:
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Financial Result &amp; Other'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
Line 418 ⟶ 423:
| style="text-align:right" | 1,625
| style="text-align:right" | 2,167
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 937
| style="text-align:right" | 2,004
Line 440 ⟶ 445:
| style="text-align:right" | -1,868
| style="text-align:right" | -2,900
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -698
| style="text-align:right" | -1,493
Line 462 ⟶ 467:
| style="text-align:right" | -452
| style="text-align:right" | -928
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -471
| style="text-align:right" | -948
Line 479 ⟶ 484:
| style="text-align:right" | -928
|-
| style="text-align:left" | '''<b>Underlying Earnings Before Tax'''</b>
| style="text-align:right" | '''<b>5,638'''</b>
| style="text-align:right" | '''<b>10,700'''</b>
| style="text-align:right" | '''<b>5,958'''</b>
| style="text-align:right" | '''<b>11,044'''</b>
| style="text-align:right" | '''<b>4,006'''</b>
| style="text-align:right" | '''<b>7,565'''</b>
| style="text-align:right" | '''<b>4,202'''</b>
| style="text-align:right" | '''<b>8,040'''</b>
| style="text-align:right" | '''<b>2,061'''</b>
| style="text-align:right" | '''<b>4,070'''</b>
| style="text-align:right" | '''<b>2,209'''</b>
| style="text-align:right" | '''<b>4,229'''</b>
| style="text-align:right" | '''<b>263'''</b>
| style="text-align:right" | '''<b>546'''</b>
| style="text-align:right" | '''<b>239'''</b>
| style="text-align:right" | '''<b>239'''</b>
| style="text-align:right" | '''<b>-693'''</b>
| style="text-align:right" | '''<b>-1,482'''</b>
| style="text-align:right" | '''<b>-692'''</b>
| style="text-align:right" | '''<b>-1,464'''</b>
|-
| style="text-align:left" | Tax
Line 523 ⟶ 528:
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 122
| style="text-align:right" | 218
Line 567 ⟶ 572:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Underlying Earnings Group Share'''</b>
| style="text-align:right" | '''<b>4,244'''</b>
| style="text-align:right" | '''<b>8,078'''</b>
| style="text-align:right" | '''<b>4,465'''</b>
| style="text-align:right" | '''<b>8,368'''</b>
| style="text-align:right" | '''<b>2,908'''</b>
| style="text-align:right" | '''<b>5,510'''</b>
| style="text-align:right" | '''<b>3,067'''</b>
| style="text-align:right" | '''<b>5,872'''</b>
| style="text-align:right" | '''<b>1,725'''</b>
| style="text-align:right" | '''<b>3,323'''</b>
| style="text-align:right" | '''<b>1,814'''</b>
| style="text-align:right" | '''<b>3,501'''</b>
| style="text-align:right" | '''<b>204'''</b>
| style="text-align:right" | '''<b>402'''</b>
| style="text-align:right" | '''<b>175'''</b>
| style="text-align:right" | '''<b>175'''</b>
| style="text-align:right" | '''<b>-592'''</b>
| style="text-align:right" | '''<b>-1,157'''</b>
| style="text-align:right" | '''<b>-591'''</b>
| style="text-align:right" | '''<b>-1,180'''</b>
|-
| style="text-align:left" | Underlying Earnings Growth Rate (constant FX)
Line 594 ⟶ 599:
| style="text-align:right" | 6%
| style="text-align:right" | 6%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying ROE'''</b>
| style="text-align:right" | '''<b>16.6%'''</b>
| style="text-align:right" | '''<b>15.2%'''</b>
| style="text-align:right" | '''<b>17.5%'''</b>
| style="text-align:right" | '''<b>16.0%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>16.2%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>17.3%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>13.6%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>14.4%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>26.0%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>n.a.'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Realized Capital Gains &amp; Losses
| style="text-align:right" | 93
| style="text-align:right" | 195
| style="text-align:right" | 66
| style="text-align:right" | 138
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Change in Fair Value of Assets &amp; Derivatives
| style="text-align:right" | -43
| style="text-align:right" | 83
| style="text-align:right" | -467
| style="text-align:right" | -813
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
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| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Amortization of customer intangibles
Line 682 ⟶ 687:
| style="text-align:right" | -48
| style="text-align:right" | -86
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Integration and Restructuring Costs
Line 704 ⟶ 709:
| style="text-align:right" | -63
| style="text-align:right" | -197
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
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| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Exceptional Items
Line 726 ⟶ 731:
| style="text-align:right" | -30
| style="text-align:right" | 2,386
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Net Income Group Share'''</b>
| style="text-align:right" | '''<b>4,020'''</b>
| style="text-align:right" | '''<b>7,886'''</b>
| style="text-align:right" | '''<b>3,922'''</b>
| style="text-align:right" | '''<b>9,797'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Deeply Subordinated and Undated Subordinated Debt Charges
Line 770 ⟶ 775:
| style="text-align:right" | -86
| style="text-align:right" | -174
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings for EPS calculation'''</b>
| style="text-align:right" | '''<b>4,138'''</b>
| style="text-align:right" | '''<b>7,877'''</b>
| style="text-align:right" | '''<b>4,379'''</b>
| style="text-align:right" | '''<b>8,195'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Net Income for EPS calculation'''</b>
| style="text-align:right" | '''<b>3,914'''</b>
| style="text-align:right" | '''<b>7,685'''</b>
| style="text-align:right" | '''<b>3,836'''</b>
| style="text-align:right" | '''<b>9,623'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
{{fn note|1=1|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
{{fn note|1=2|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
 
{{chunk|doc=gr2rpazfcv|c=3|p=3}}
== UE by Geography ==
 
====== Underlying earnings build-up by geography ======
 
<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ Underlying earnings build-up by geography
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Group
! colspan="4" style="text-align:center" | France
! colspan="4" style="text-align:center" | Europe
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa &amp; EME-LATAM
! colspan="4" style="text-align:center" | AXA IM {{footnotefn ref|13|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | Transversal &amp; Other
|-
! style="text-align:left" | —
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Short-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
Line 929 ⟶ 938:
| style="text-align:right" | 4,478
| style="text-align:right" | 8,986
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,053
| style="text-align:right" | 2,122
Line 939 ⟶ 948:
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Margin
Line 989 ⟶ 998:
| style="text-align:right" | 150
| style="text-align:right" | 9
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 6
| style="text-align:right" | 93
Line 998 ⟶ 1,007:
| style="text-align:right" | 109
|-
| style="text-align:left" | '''<b>Long-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
Line 1,049 ⟶ 1,058:
| style="text-align:right" | 538
| style="text-align:right" | 1,074
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 1,079 ⟶ 1,088:
| style="text-align:right" | -1
| style="text-align:right" | 6
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 1,088 ⟶ 1,097:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Financial Result &amp; Other'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
Line 1,229 ⟶ 1,238:
| style="text-align:right" | -4
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -447
| style="text-align:right" | -902
Line 1,238 ⟶ 1,247:
| style="text-align:right" | -887
|-
| style="text-align:left" | '''<b>Underlying Earnings Before Tax'''</b>
| style="text-align:right" | '''<b>5,638'''</b>
| style="text-align:right" | '''<b>10,700'''</b>
| style="text-align:right" | '''<b>5,958'''</b>
| style="text-align:right" | '''<b>11,044'''</b>
| style="text-align:right" | '''<b>1,380'''</b>
| style="text-align:right" | '''<b>2,738'''</b>
| style="text-align:right" | '''<b>1,384'''</b>
| style="text-align:right" | '''<b>2,888'''</b>
| style="text-align:right" | '''<b>2,210'''</b>
| style="text-align:right" | '''<b>4,297'''</b>
| style="text-align:right" | '''<b>2,406'''</b>
| style="text-align:right" | '''<b>4,651'''</b>
| style="text-align:right" | '''<b>1,385'''</b>
| style="text-align:right" | '''<b>2,409'''</b>
| style="text-align:right" | '''<b>1,366'''</b>
| style="text-align:right" | '''<b>2,543'''</b>
| style="text-align:right" | '''<b>935'''</b>
| style="text-align:right" | '''<b>1,826'''</b>
| style="text-align:right" | '''<b>1,093'''</b>
| style="text-align:right" | '''<b>1,835'''</b>
| style="text-align:right" | '''<b>263'''</b>
| style="text-align:right" | '''<b>546'''</b>
| style="text-align:right" | '''<b>239'''</b>
| style="text-align:right" | '''<b>239'''</b>
| style="text-align:right" | '''<b>-535'''</b>
| style="text-align:right" | '''<b>-1,116'''</b>
| style="text-align:right" | '''<b>-530'''</b>
| style="text-align:right" | '''<b>-1,113'''</b>
|-
| style="text-align:left" | Tax
Line 1,298 ⟶ 1,307:
| style="text-align:right" | 212
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 122
| style="text-align:right" | 218
Line 1,358 ⟶ 1,367:
| style="text-align:right" | -2
|-
| style="text-align:left" | '''<b>Underlying Earnings Group share'''</b>
| style="text-align:right" | '''<b>4,244'''</b>
| style="text-align:right" | '''<b>8,078'''</b>
| style="text-align:right" | '''<b>4,465'''</b>
| style="text-align:right" | '''<b>8,368'''</b>
| style="text-align:right" | '''<b>1,034'''</b>
| style="text-align:right" | '''<b>2,071'''</b>
| style="text-align:right" | '''<b>1,076'''</b>
| style="text-align:right" | '''<b>2,224'''</b>
| style="text-align:right" | '''<b>1,626'''</b>
| style="text-align:right" | '''<b>3,187'''</b>
| style="text-align:right" | '''<b>1,782'''</b>
| style="text-align:right" | '''<b>3,486'''</b>
| style="text-align:right" | '''<b>1,030'''</b>
| style="text-align:right" | '''<b>1,820'''</b>
| style="text-align:right" | '''<b>1,024'''</b>
| style="text-align:right" | '''<b>1,893'''</b>
| style="text-align:right" | '''<b>798'''</b>
| style="text-align:right" | '''<b>1,504'''</b>
| style="text-align:right" | '''<b>862'''</b>
| style="text-align:right" | '''<b>1,493'''</b>
| style="text-align:right" | '''<b>204'''</b>
| style="text-align:right" | '''<b>402'''</b>
| style="text-align:right" | '''<b>175'''</b>
| style="text-align:right" | '''<b>175'''</b>
| style="text-align:right" | '''<b>-447'''</b>
| style="text-align:right" | '''<b>-907'''</b>
| style="text-align:right" | '''<b>-455'''</b>
| style="text-align:right" | '''<b>-903'''</b>
|}
</div>
 
====== Underlying earnings by line of business and geography ======
 
<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ Underlying earnings by line of business and geography
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Group
! colspan="4" style="text-align:center" | France
! colspan="4" style="text-align:center" | Europe
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa &amp; EME-LATAM
! colspan="4" style="text-align:center" | AXA IM {{footnotefn ref|13|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | Transversal &amp; Other
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 1,433 ⟶ 1,442:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Underlying Earnings by Line of Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Property &amp; Casualty
| style="text-align:right" | 2,908
| style="text-align:right" | 5,510
Line 1,484 ⟶ 1,493:
| style="text-align:right" | 233
| style="text-align:right" | 355
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 70
| style="text-align:right" | 158
Line 1,493 ⟶ 1,502:
| style="text-align:right" | 151
|-
| style="text-align:left" | Life &amp; Health
| style="text-align:right" | 1,725
| style="text-align:right" | 3,323
Line 1,514 ⟶ 1,523:
| style="text-align:right" | 653
| style="text-align:right" | 1,165
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 19
Line 1,528 ⟶ 1,537:
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 204
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Holdings {{footnotefn ref|14|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
| style="text-align:right" | -592
| style="text-align:right" | -1,157
Line 1,574 ⟶ 1,583:
| style="text-align:right" | -24
| style="text-align:right" | -26
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -524
| style="text-align:right" | -1,083
Line 1,585 ⟶ 1,594:
</div>
 
{{fn note|1=3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
{{fn note|1=4|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
 
{{chunk|doc=gr2rpazfcv|c=4|p=4}}
== Shares & UEPS ==
 
====== Basic number of shares rollforward ======
 
<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|+ Basic number of shares rollforward
|-
! style="text-align:left" | million
! colspan="2" style="text-align:center" | Outstanding Shares Excluding Treasury Shares {{footnotefn ref|15|2=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}
! colspan="2" style="text-align:center" | Weighted Average Number
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Basic Number of Shares'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>As of Beginning of Period'''</b>
| style="text-align:right" | '''<b>2,226.2'''</b>
| style="text-align:right" | '''<b>2,175.4'''</b>
| style="text-align:right" | '''<b>2,226.2'''</b>
| style="text-align:right" | '''<b>2,175.4'''</b>
|-
| style="text-align:left" | Increase of Capital Dedicated to Employees
Line 1,637 ⟶ 1,650:
| style="text-align:right" | -64.9
|-
| style="text-align:left" | '''<b>As at End of Period'''</b>
| style="text-align:right" | '''<b>2,175.4'''</b>
| style="text-align:right" | '''<b>2,055.4'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>During the Period'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | '''<b>2,190.8'''</b>
| style="text-align:right" | '''<b>2,118.3'''</b>
|-
| style="text-align:left" | '''<b>Fully Diluted Number of Shares'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Stock Options
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.8
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Performance Shares
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 5.6
| style="text-align:right" | 5.1
|-
| style="text-align:left" | '''<b>During the Period (A)'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | '''<b>2,197.1'''</b>
| style="text-align:right" | '''<b>2,124.0'''</b>
|-
| style="text-align:left" | '''<b>Earnings Group Share:'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Income
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7,886
| style="text-align:right" | 9,797
|-
| style="text-align:left" | Underlying Earnings
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
|-
| style="text-align:left" | '''<b>Impact of undated and deeply subordinated debts:'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Undated and deeply subordinated debt charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -201
| style="text-align:right" | -174
|-
| style="text-align:left" | '''<b>Earnings for EPS Calculation:'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Income for EPS Calculation (B)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7,685
| style="text-align:right" | 9,623
|-
| style="text-align:left" | Underlying Earnings for EPS Calculation (C)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7,877
| style="text-align:right" | 8,195
|-
| style="text-align:left" | '''<b>Fully Diluted Euro per Share (EPS)'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>EPS (B/A)'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 3.50
| style="text-align:right" | 4.53
|-
| style="text-align:left" | '''<b>Underlying EPS (C/A)'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
Line 1,741 ⟶ 1,754:
</div>
 
{{fn note|1=5|2=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}
 
{{chunk|doc=gr2rpazfcv|c=5|p=5}}
== P&C UE by Sub LOB ==
 
====== Property & casualty underlying earnings build-up by line of business ======
 
<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|+ Property &amp; casualty underlying earnings build-up by line of business
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Commercial lines
Line 1,754 ⟶ 1,770:
! colspan="4" style="text-align:center" | Intercompany eliminations
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Short-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
Line 1,837 ⟶ 1,853:
| style="text-align:right" | 70.8%
| style="text-align:right" | 71.9%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
Line 1,859 ⟶ 1,875:
| style="text-align:right" | 69.4%
| style="text-align:right" | 71.5%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Nat Cats
Line 1,881 ⟶ 1,897:
| style="text-align:right" | 9.2%
| style="text-align:right" | 8.7%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Current Accident Year Discounting
Line 1,903 ⟶ 1,919:
| style="text-align:right" | -7.8%
| style="text-align:right" | -8.3%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Prior Year Reserve Development Ratio
Line 1,925 ⟶ 1,941:
| style="text-align:right" | -0.3%
| style="text-align:right" | 0.0%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Expense Ratio
Line 1,947 ⟶ 1,963:
| style="text-align:right" | 9.1%
| style="text-align:right" | 9.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Combined Ratio
Line 1,969 ⟶ 1,985:
| style="text-align:right" | 79.6%
| style="text-align:right" | 81.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Margin
Line 1,996 ⟶ 2,012:
| style="text-align:right" | -63
|-
| style="text-align:left" | '''<b>Long-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Financial Result &amp; Other'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
Line 2,151 ⟶ 2,167:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings Before Tax'''</b>
| style="text-align:right" | '''<b>4,006'''</b>
| style="text-align:right" | '''<b>7,565'''</b>
| style="text-align:right" | '''<b>4,202'''</b>
| style="text-align:right" | '''<b>8,040'''</b>
| style="text-align:right" | '''<b>2,843'''</b>
| style="text-align:right" | '''<b>5,203'''</b>
| style="text-align:right" | '''<b>2,973'''</b>
| style="text-align:right" | '''<b>5,557'''</b>
| style="text-align:right" | '''<b>886'''</b>
| style="text-align:right" | '''<b>1,674'''</b>
| style="text-align:right" | '''<b>913'''</b>
| style="text-align:right" | '''<b>1,914'''</b>
| style="text-align:right" | '''<b>365'''</b>
| style="text-align:right" | '''<b>696'''</b>
| style="text-align:right" | '''<b>349'''</b>
| style="text-align:right" | '''<b>650'''</b>
| style="text-align:right" | '''<b>-87'''</b>
| style="text-align:right" | '''<b>-8'''</b>
| style="text-align:right" | '''<b>-33'''</b>
| style="text-align:right" | '''<b>-82'''</b>
|-
| style="text-align:left" | Tax
Line 2,243 ⟶ 2,259:
| style="text-align:right" | -1,074
| style="text-align:right" | -2,060
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Minority Interests
Line 2,287 ⟶ 2,303:
| style="text-align:right" | -63
| style="text-align:right" | -111
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings Group share'''</b>
| style="text-align:right" | '''<b>2,908'''</b>
| style="text-align:right" | '''<b>5,510'''</b>
| style="text-align:right" | '''<b>3,067'''</b>
| style="text-align:right" | '''<b>5,872'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Closing Invested Assets'''</b>
| style="text-align:right" | '''<b>113,515'''</b>
| style="text-align:right" | '''<b>118,104'''</b>
| style="text-align:right" | '''<b>116,895'''</b>
| style="text-align:right" | '''<b>117,507'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | o/w VFA
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | o/w Non VFA
| style="text-align:right" | 113,515
| style="text-align:right" | 118,104
| style="text-align:right" | 116,895
| style="text-align:right" | 117,507
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>19,284'''</b>
| style="text-align:right" | '''<b>16,006'''</b>
| style="text-align:right" | '''<b>19,766'''</b>
| style="text-align:right" | '''<b>16,040'''</b>
| style="text-align:right" | '''<b>12,070'''</b>
| style="text-align:right" | '''<b>9,480'''</b>
| style="text-align:right" | '''<b>12,240'''</b>
| style="text-align:right" | '''<b>9,127'''</b>
| style="text-align:right" | '''<b>6,369'''</b>
| style="text-align:right" | '''<b>5,478'''</b>
| style="text-align:right" | '''<b>6,831'''</b>
| style="text-align:right" | '''<b>5,871'''</b>
| style="text-align:right" | '''<b>1,572'''</b>
| style="text-align:right" | '''<b>1,075'''</b>
| style="text-align:right" | '''<b>1,436'''</b>
| style="text-align:right" | '''<b>1,009'''</b>
| style="text-align:right" | '''<b>-728'''</b>
| style="text-align:right" | '''<b>-27'''</b>
| style="text-align:right" | '''<b>-740'''</b>
| style="text-align:right" | '''<b>32'''</b>
|-
| style="text-align:left" | '''<b>Best Estimate for incurred Claims net of reinsurance'''</b>
| style="text-align:right" | '''<b>69,800'''</b>
| style="text-align:right" | '''<b>71,751'''</b>
| style="text-align:right" | '''<b>70,215'''</b>
| style="text-align:right" | '''<b>70,567'''</b>
| style="text-align:right" | '''<b>45,710'''</b>
| style="text-align:right" | '''<b>46,570'''</b>
| style="text-align:right" | '''<b>46,591'''</b>
| style="text-align:right" | '''<b>47,002'''</b>
| style="text-align:right" | '''<b>17,809'''</b>
| style="text-align:right" | '''<b>18,308'''</b>
| style="text-align:right" | '''<b>17,781'''</b>
| style="text-align:right" | '''<b>17,402'''</b>
| style="text-align:right" | '''<b>6,704'''</b>
| style="text-align:right" | '''<b>6,830'''</b>
| style="text-align:right" | '''<b>6,290'''</b>
| style="text-align:right" | '''<b>6,198'''</b>
| style="text-align:right" | '''<b>-423'''</b>
| style="text-align:right" | '''<b>43'''</b>
| style="text-align:right" | '''<b>-447'''</b>
| style="text-align:right" | '''<b>-35'''</b>
|}
</div>
 
{{chunk|doc=gr2rpazfcv|c=6|p=6}}
== P&C UE by Geography ==
 
====== Property & casualty underlying earnings build-up by geography ======
 
<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ Property &amp; casualty underlying earnings build-up by geography
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | France
! colspan="4" style="text-align:center" | Europe
! colspan="8" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa &amp; EME-LATAM
! colspan="4" style="text-align:center" | Transversal &amp; Other
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | o/w AXA XL Insurance
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | o/w AXA XL Insurance
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | o/w AXA XL Insurance
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | o/w AXA XL Insurance
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Short-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
Line 2,804 ⟶ 2,821:
| style="text-align:right" | 86
|-
| style="text-align:left" | '''<b>Long-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Financial Result &amp; Other'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
Line 3,015 ⟶ 3,032:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings Before Tax'''</b>
| style="text-align:right" | '''<b>4,006'''</b>
| style="text-align:right" | '''<b>7,565'''</b>
| style="text-align:right" | '''<b>4,202'''</b>
| style="text-align:right" | '''<b>8,040'''</b>
| style="text-align:right" | '''<b>788'''</b>
| style="text-align:right" | '''<b>1,633'''</b>
| style="text-align:right" | '''<b>794'''</b>
| style="text-align:right" | '''<b>1,688'''</b>
| style="text-align:right" | '''<b>1,450'''</b>
| style="text-align:right" | '''<b>2,757'''</b>
| style="text-align:right" | '''<b>1,564'''</b>
| style="text-align:right" | '''<b>3,002'''</b>
| style="text-align:right" | '''<b>1,384'''</b>
| style="text-align:right" | '''<b>1,024'''</b>
| style="text-align:right" | '''<b>2,417'''</b>
| style="text-align:right" | '''<b>1,721'''</b>
| style="text-align:right" | '''<b>1,372'''</b>
| style="text-align:right" | '''<b>1,022'''</b>
| style="text-align:right" | '''<b>2,560'''</b>
| style="text-align:right" | '''<b>1,910'''</b>
| style="text-align:right" | '''<b>299'''</b>
| style="text-align:right" | '''<b>539'''</b>
| style="text-align:right" | '''<b>375'''</b>
| style="text-align:right" | '''<b>579'''</b>
| style="text-align:right" | '''<b>85'''</b>
| style="text-align:right" | '''<b>220'''</b>
| style="text-align:right" | '''<b>97'''</b>
| style="text-align:right" | '''<b>211'''</b>
|-
| style="text-align:left" | Tax
Line 3,164 ⟶ 3,181:
| style="text-align:right" | -58
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 2
| style="text-align:right" | 3
Line 3,224 ⟶ 3,241:
| style="text-align:right" | -2
|-
| style="text-align:left" | '''<b>Underlying Earnings Group share'''</b>
| style="text-align:right" | '''<b>2,908'''</b>
| style="text-align:right" | '''<b>5,510'''</b>
| style="text-align:right" | '''<b>3,067'''</b>
| style="text-align:right" | '''<b>5,872'''</b>
| style="text-align:right" | '''<b>539'''</b>
| style="text-align:right" | '''<b>1,161'''</b>
| style="text-align:right" | '''<b>574'''</b>
| style="text-align:right" | '''<b>1,237'''</b>
| style="text-align:right" | '''<b>1,073'''</b>
| style="text-align:right" | '''<b>2,029'''</b>
| style="text-align:right" | '''<b>1,152'''</b>
| style="text-align:right" | '''<b>2,216'''</b>
| style="text-align:right" | '''<b>1,032'''</b>
| style="text-align:right" | '''<b>767'''</b>
| style="text-align:right" | '''<b>1,828'''</b>
| style="text-align:right" | '''<b>1,264'''</b>
| style="text-align:right" | '''<b>1,032'''</b>
| style="text-align:right" | '''<b>770'''</b>
| style="text-align:right" | '''<b>1,913'''</b>
| style="text-align:right" | '''<b>1,427'''</b>
| style="text-align:right" | '''<b>194'''</b>
| style="text-align:right" | '''<b>334'''</b>
| style="text-align:right" | '''<b>233'''</b>
| style="text-align:right" | '''<b>355'''</b>
| style="text-align:right" | '''<b>70'''</b>
| style="text-align:right" | '''<b>158'''</b>
| style="text-align:right" | '''<b>75'''</b>
| style="text-align:right" | '''<b>151'''</b>
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>19,284'''</b>
| style="text-align:right" | '''<b>16,006'''</b>
| style="text-align:right" | '''<b>19,766'''</b>
| style="text-align:right" | '''<b>16,040'''</b>
| style="text-align:right" | '''<b>2,153'''</b>
| style="text-align:right" | '''<b>1,712'''</b>
| style="text-align:right" | '''<b>2,221'''</b>
| style="text-align:right" | '''<b>1,783'''</b>
| style="text-align:right" | '''<b>7,151'''</b>
| style="text-align:right" | '''<b>5,166'''</b>
| style="text-align:right" | '''<b>7,591'''</b>
| style="text-align:right" | '''<b>5,534'''</b>
| style="text-align:right" | '''<b>7,478'''</b>
| style="text-align:right" | '''<b>5,905'''</b>
| style="text-align:right" | '''<b>7,028'''</b>
| style="text-align:right" | '''<b>5,948'''</b>
| style="text-align:right" | '''<b>7,315'''</b>
| style="text-align:right" | '''<b>5,879'''</b>
| style="text-align:right" | '''<b>6,467'''</b>
| style="text-align:right" | '''<b>5,461'''</b>
| style="text-align:right" | '''<b>1,802'''</b>
| style="text-align:right" | '''<b>1,834'''</b>
| style="text-align:right" | '''<b>1,935'''</b>
| style="text-align:right" | '''<b>2,024'''</b>
| style="text-align:right" | '''<b>700'''</b>
| style="text-align:right" | '''<b>266'''</b>
| style="text-align:right" | '''<b>705'''</b>
| style="text-align:right" | '''<b>231'''</b>
|-
| style="text-align:left" | '''<b>Best Estimate for incurred Claims net of reinsurance'''</b>
| style="text-align:right" | '''<b>69,800'''</b>
| style="text-align:right" | '''<b>71,751'''</b>
| style="text-align:right" | '''<b>70,215'''</b>
| style="text-align:right" | '''<b>70,567'''</b>
| style="text-align:right" | '''<b>13,485'''</b>
| style="text-align:right" | '''<b>13,889'''</b>
| style="text-align:right" | '''<b>13,900'''</b>
| style="text-align:right" | '''<b>13,882'''</b>
| style="text-align:right" | '''<b>24,834'''</b>
| style="text-align:right" | '''<b>25,955'''</b>
| style="text-align:right" | '''<b>26,003'''</b>
| style="text-align:right" | '''<b>25,737'''</b>
| style="text-align:right" | '''<b>24,865'''</b>
| style="text-align:right" | '''<b>18,223'''</b>
| style="text-align:right" | '''<b>25,915'''</b>
| style="text-align:right" | '''<b>19,146'''</b>
| style="text-align:right" | '''<b>24,533'''</b>
| style="text-align:right" | '''<b>18,295'''</b>
| style="text-align:right" | '''<b>25,044'''</b>
| style="text-align:right" | '''<b>18,897'''</b>
| style="text-align:right" | '''<b>3,385'''</b>
| style="text-align:right" | '''<b>3,640'''</b>
| style="text-align:right" | '''<b>3,510'''</b>
| style="text-align:right" | '''<b>3,804'''</b>
| style="text-align:right" | '''<b>3,231'''</b>
| style="text-align:right" | '''<b>2,351'''</b>
| style="text-align:right" | '''<b>2,269'''</b>
| style="text-align:right" | '''<b>2,101'''</b>
|}
</div>
 
{{chunk|doc=gr2rpazfcv|c=7|p=7}}
== L&H UE by LOB ==
 
====== Life & health underlying earnings build-up by line of business ======
 
<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ Life &amp; health underlying earnings build-up by line of business
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health
! colspanclass="4col-s" style="text-align:centerright" | Employee Benefits* (out of Total Life &amp; Health) {{footnotefn ref|6|12=Employee Benefits include Group Protection and Group Health contracts.}}
! colspan="3" style="text-align:center" | Employee Benefits* (out of Total Life &amp; Health)
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 3,376 ⟶ 3,395:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Short-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
Line 3,448 ⟶ 3,467:
| style="text-align:right" | 347
|-
| style="text-align:left" | '''<b>Long-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
Line 3,574 ⟶ 3,593:
| style="text-align:right" | 38
|-
| style="text-align:left" | '''<b>Financial Result &amp; Other'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
Line 3,647 ⟶ 3,666:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings Before Tax'''</b>
| style="text-align:right" | '''<b>2,061'''</b>
| style="text-align:right" | '''<b>4,070'''</b>
| style="text-align:right" | '''<b>2,209'''</b>
| style="text-align:right" | '''<b>4,229'''</b>
| style="text-align:right" | '''<b>1,634'''</b>
| style="text-align:right" | '''<b>3,145'''</b>
| style="text-align:right" | '''<b>1,699'''</b>
| style="text-align:right" | '''<b>3,219'''</b>
| style="text-align:right" | '''<b>427'''</b>
| style="text-align:right" | '''<b>925'''</b>
| style="text-align:right" | '''<b>510'''</b>
| style="text-align:right" | '''<b>1,010'''</b>
| style="text-align:right" | '''<b>252'''</b>
| style="text-align:right" | '''<b>552'''</b>
| style="text-align:right" | '''<b>328'''</b>
| style="text-align:right" | '''<b>666'''</b>
|-
| style="text-align:left" | Tax
Line 3,736 ⟶ 3,755:
| style="text-align:right" | -110
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 103
| style="text-align:right" | 186
Line 3,749 ⟶ 3,768:
| style="text-align:right" | 8
| style="text-align:right" | 2
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Minority Interests
Line 3,767 ⟶ 3,786:
| style="text-align:right" | -3
| style="text-align:right" | -9
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings Group share'''</b>
| style="text-align:right" | '''<b>1,725'''</b>
| style="text-align:right" | '''<b>3,323'''</b>
| style="text-align:right" | '''<b>1,814'''</b>
| style="text-align:right" | '''<b>3,501'''</b>
| style="text-align:right" | '''<b>1,392'''</b>
| style="text-align:right" | '''<b>2,636'''</b>
| style="text-align:right" | '''<b>1,433'''</b>
| style="text-align:right" | '''<b>2,715'''</b>
| style="text-align:right" | '''<b>333'''</b>
| style="text-align:right" | '''<b>687'''</b>
| style="text-align:right" | '''<b>381'''</b>
| style="text-align:right" | '''<b>787'''</b>
| style="text-align:right" | '''<b>205'''</b>
| style="text-align:right" | '''<b>441'''</b>
| style="text-align:right" | '''<b>264'''</b>
| style="text-align:right" | '''<b>556'''</b>
|-
| style="text-align:left" | '''<b>Closing Invested Assets'''</b>
| style="text-align:right" | '''<b>329,460'''</b>
| style="text-align:right" | '''<b>345,008'''</b>
| style="text-align:right" | '''<b>338,447'''</b>
| style="text-align:right" | '''<b>334,840'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | o/w VFA
| style="text-align:right" | 234,783
| style="text-align:right" | 230,205
| style="text-align:right" | 229,844
| style="text-align:right" | 226,937
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | o/w Non VFA
| style="text-align:right" | 94,677
| style="text-align:right" | 114,803
| style="text-align:right" | 108,603
| style="text-align:right" | 107,903
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>2,446'''</b>
| style="text-align:right" | '''<b>2,096'''</b>
| style="text-align:right" | '''<b>2,856'''</b>
| style="text-align:right" | '''<b>2,511'''</b>
| style="text-align:right" | '''<b>157'''</b>
| style="text-align:right" | '''<b>96'''</b>
| style="text-align:right" | '''<b>105'''</b>
| style="text-align:right" | '''<b>21'''</b>
| style="text-align:right" | '''<b>2,289'''</b>
| style="text-align:right" | '''<b>2,000'''</b>
| style="text-align:right" | '''<b>2,750'''</b>
| style="text-align:right" | '''<b>2,490'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Best Estimate for incurred Claims net of reinsurance'''</b>
| style="text-align:right" | '''<b>13,876'''</b>
| style="text-align:right" | '''<b>14,162'''</b>
| style="text-align:right" | '''<b>13,960'''</b>
| style="text-align:right" | '''<b>14,592'''</b>
| style="text-align:right" | '''<b>11,589'''</b>
| style="text-align:right" | '''<b>11,778'''</b>
| style="text-align:right" | '''<b>11,623'''</b>
| style="text-align:right" | '''<b>11,205'''</b>
| style="text-align:right" | '''<b>2,286'''</b>
| style="text-align:right" | '''<b>2,384'''</b>
| style="text-align:right" | '''<b>2,337'''</b>
| style="text-align:right" | '''<b>3,386'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Best Estimate Liabilities net of reinsurance'''</b>
| style="text-align:right" | '''<b>295,342'''</b>
| style="text-align:right" | '''<b>306,249'''</b>
| style="text-align:right" | '''<b>301,040'''</b>
| style="text-align:right" | '''<b>300,391'''</b>
| style="text-align:right" | '''<b>275,276'''</b>
| style="text-align:right" | '''<b>285,391'''</b>
| style="text-align:right" | '''<b>280,314'''</b>
| style="text-align:right" | '''<b>280,280'''</b>
| style="text-align:right" | '''<b>20,066'''</b>
| style="text-align:right" | '''<b>20,858'''</b>
| style="text-align:right" | '''<b>20,726'''</b>
| style="text-align:right" | '''<b>20,112'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
Line 3,947 ⟶ 3,966:
| style="text-align:right" | 21,996
| style="text-align:right" | 21,576
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
Line 3,965 ⟶ 3,984:
| style="text-align:right" | -1,207
| style="text-align:right" | -1,417
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
Line 3,983 ⟶ 4,002:
| style="text-align:right" | -62
| style="text-align:right" | -47
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
{{fn note|1=6|2=Employee Benefits include Group Protection and Group Health contracts.}}
 
{{chunk|doc=gr2rpazfcv|c=8|p=8}}
== L&H UE by Geography ==
 
====== Life & health underlying earnings build-up by geography ======
 
<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ Life &amp; health underlying earnings build-up by geography
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | France
! colspan="4" style="text-align:center" | Europe
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa &amp; EME-LATAM
! colspan="4" style="text-align:center" | Transversal &amp; Other
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 4,030 ⟶ 4,052:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Short-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
Line 4,134 ⟶ 4,156:
| style="text-align:right" | 23
|-
| style="text-align:left" | '''<b>Long-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
Line 4,316 ⟶ 4,338:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Financial Result &amp; Other'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
Line 4,421 ⟶ 4,443:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings Before Tax'''</b>
| style="text-align:right" | '''<b>2,061'''</b>
| style="text-align:right" | '''<b>4,070'''</b>
| style="text-align:right" | '''<b>2,209'''</b>
| style="text-align:right" | '''<b>4,229'''</b>
| style="text-align:right" | '''<b>622'''</b>
| style="text-align:right" | '''<b>1,176'''</b>
| style="text-align:right" | '''<b>624'''</b>
| style="text-align:right" | '''<b>1,276'''</b>
| style="text-align:right" | '''<b>762'''</b>
| style="text-align:right" | '''<b>1,529'''</b>
| style="text-align:right" | '''<b>821'''</b>
| style="text-align:right" | '''<b>1,622'''</b>
| style="text-align:right" | '''<b>17'''</b>
| style="text-align:right" | '''<b>25'''</b>
| style="text-align:right" | '''<b>10'''</b>
| style="text-align:right" | '''<b>16'''</b>
| style="text-align:right" | '''<b>654'''</b>
| style="text-align:right" | '''<b>1,322'''</b>
| style="text-align:right" | '''<b>739'''</b>
| style="text-align:right" | '''<b>1,291'''</b>
| style="text-align:right" | '''<b>7'''</b>
| style="text-align:right" | '''<b>19'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>25'''</b>
|-
| style="text-align:left" | Tax
Line 4,550 ⟶ 4,572:
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 103
| style="text-align:right" | 186
Line 4,602 ⟶ 4,624:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Underlying Earnings Group share'''</b>
| style="text-align:right" | '''<b>1,725'''</b>
| style="text-align:right" | '''<b>3,323'''</b>
| style="text-align:right" | '''<b>1,814'''</b>
| style="text-align:right" | '''<b>3,501'''</b>
| style="text-align:right" | '''<b>519'''</b>
| style="text-align:right" | '''<b>964'''</b>
| style="text-align:right" | '''<b>524'''</b>
| style="text-align:right" | '''<b>1,039'''</b>
| style="text-align:right" | '''<b>559'''</b>
| style="text-align:right" | '''<b>1,104'''</b>
| style="text-align:right" | '''<b>616'''</b>
| style="text-align:right" | '''<b>1,264'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>25'''</b>
| style="text-align:right" | '''<b>8'''</b>
| style="text-align:right" | '''<b>12'''</b>
| style="text-align:right" | '''<b>627'''</b>
| style="text-align:right" | '''<b>1,211'''</b>
| style="text-align:right" | '''<b>653'''</b>
| style="text-align:right" | '''<b>1,165'''</b>
| style="text-align:right" | '''<b>7'''</b>
| style="text-align:right" | '''<b>19'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>22'''</b>
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>2,446'''</b>
| style="text-align:right" | '''<b>2,096'''</b>
| style="text-align:right" | '''<b>2,856'''</b>
| style="text-align:right" | '''<b>2,511'''</b>
| style="text-align:right" | '''<b>50'''</b>
| style="text-align:right" | '''<b>-2'''</b>
| style="text-align:right" | '''<b>28'''</b>
| style="text-align:right" | '''<b>-6'''</b>
| style="text-align:right" | '''<b>1,228'''</b>
| style="text-align:right" | '''<b>967'''</b>
| style="text-align:right" | '''<b>1,619'''</b>
| style="text-align:right" | '''<b>1,352'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>1,159'''</b>
| style="text-align:right" | '''<b>1,124'''</b>
| style="text-align:right" | '''<b>1,204'''</b>
| style="text-align:right" | '''<b>1,155'''</b>
| style="text-align:right" | '''<b>9'''</b>
| style="text-align:right" | '''<b>6'''</b>
| style="text-align:right" | '''<b>5'''</b>
| style="text-align:right" | '''<b>10'''</b>
|-
| style="text-align:left" | '''<b>Best Estimate for incurred Claims net of reinsurance'''</b>
| style="text-align:right" | '''<b>13,876'''</b>
| style="text-align:right" | '''<b>14,162'''</b>
| style="text-align:right" | '''<b>13,960'''</b>
| style="text-align:right" | '''<b>14,592'''</b>
| style="text-align:right" | '''<b>12,589'''</b>
| style="text-align:right" | '''<b>12,831'''</b>
| style="text-align:right" | '''<b>12,443'''</b>
| style="text-align:right" | '''<b>12,850'''</b>
| style="text-align:right" | '''<b>773'''</b>
| style="text-align:right" | '''<b>871'''</b>
| style="text-align:right" | '''<b>1,015'''</b>
| style="text-align:right" | '''<b>1,186'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>501'''</b>
| style="text-align:right" | '''<b>447'''</b>
| style="text-align:right" | '''<b>487'''</b>
| style="text-align:right" | '''<b>541'''</b>
| style="text-align:right" | '''<b>13'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>15'''</b>
| style="text-align:right" | '''<b>15'''</b>
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Best Estimate Liabilities net of reinsurance'''</b>
| style="text-align:right" | '''<b>295,342'''</b>
| style="text-align:right" | '''<b>306,249'''</b>
| style="text-align:right" | '''<b>301,040'''</b>
| style="text-align:right" | '''<b>300,391'''</b>
| style="text-align:right" | '''<b>112,949'''</b>
| style="text-align:right" | '''<b>115,280'''</b>
| style="text-align:right" | '''<b>114,525'''</b>
| style="text-align:right" | '''<b>114,424'''</b>
| style="text-align:right" | '''<b>135,034'''</b>
| style="text-align:right" | '''<b>139,257'''</b>
| style="text-align:right" | '''<b>137,584'''</b>
| style="text-align:right" | '''<b>136,725'''</b>
| style="text-align:right" | '''<b>324'''</b>
| style="text-align:right" | '''<b>345'''</b>
| style="text-align:right" | '''<b>310'''</b>
| style="text-align:right" | '''<b>309'''</b>
| style="text-align:right" | '''<b>47,035'''</b>
| style="text-align:right" | '''<b>51,368'''</b>
| style="text-align:right" | '''<b>48,620'''</b>
| style="text-align:right" | '''<b>48,934'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| class="wt-indent-1" style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
Line 4,784 ⟶ 4,806:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
Line 4,810 ⟶ 4,832:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
Line 4,838 ⟶ 4,860:
</div>
 
{{chunk|doc=gr2rpazfcv|c=9|p=9}}
== Life UE by Geography ==
 
====== Life underlying earnings build-up by geography ======
 
<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ Life underlying earnings build-up by geography
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | France
! colspan="4" style="text-align:center" | Europe
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa &amp; EME-LATAM
! colspan="4" style="text-align:center" | Transversal &amp; Other
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 4,878 ⟶ 4,901:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Short-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
Line 4,982 ⟶ 5,005:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Long-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
Line 5,164 ⟶ 5,187:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Financial Result &amp; Other'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
Line 5,269 ⟶ 5,292:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings Before Tax'''</b>
| style="text-align:right" | '''<b>1,634'''</b>
| style="text-align:right" | '''<b>3,145'''</b>
| style="text-align:right" | '''<b>1,699'''</b>
| style="text-align:right" | '''<b>3,219'''</b>
| style="text-align:right" | '''<b>563'''</b>
| style="text-align:right" | '''<b>1,060'''</b>
| style="text-align:right" | '''<b>579'''</b>
| style="text-align:right" | '''<b>1,156'''</b>
| style="text-align:right" | '''<b>645'''</b>
| style="text-align:right" | '''<b>1,227'''</b>
| style="text-align:right" | '''<b>643'''</b>
| style="text-align:right" | '''<b>1,176'''</b>
| style="text-align:right" | '''<b>17'''</b>
| style="text-align:right" | '''<b>25'''</b>
| style="text-align:right" | '''<b>10'''</b>
| style="text-align:right" | '''<b>16'''</b>
| style="text-align:right" | '''<b>409'''</b>
| style="text-align:right" | '''<b>833'''</b>
| style="text-align:right" | '''<b>468'''</b>
| style="text-align:right" | '''<b>872'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left" | Tax
Line 5,398 ⟶ 5,421:
| style="text-align:right" | 0
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 101
| style="text-align:right" | 182
Line 5,450 ⟶ 5,473:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Underlying Earnings Group share'''</b>
| style="text-align:right" | '''<b>1,392'''</b>
| style="text-align:right" | '''<b>2,636'''</b>
| style="text-align:right" | '''<b>1,433'''</b>
| style="text-align:right" | '''<b>2,715'''</b>
| style="text-align:right" | '''<b>470'''</b>
| style="text-align:right" | '''<b>875'''</b>
| style="text-align:right" | '''<b>486'''</b>
| style="text-align:right" | '''<b>943'''</b>
| style="text-align:right" | '''<b>474'''</b>
| style="text-align:right" | '''<b>891'''</b>
| style="text-align:right" | '''<b>484'''</b>
| style="text-align:right" | '''<b>923'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>25'''</b>
| style="text-align:right" | '''<b>8'''</b>
| style="text-align:right" | '''<b>12'''</b>
| style="text-align:right" | '''<b>434'''</b>
| style="text-align:right" | '''<b>845'''</b>
| style="text-align:right" | '''<b>456'''</b>
| style="text-align:right" | '''<b>837'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>157'''</b>
| style="text-align:right" | '''<b>96'''</b>
| style="text-align:right" | '''<b>105'''</b>
| style="text-align:right" | '''<b>21'''</b>
| style="text-align:right" | '''<b>23'''</b>
| style="text-align:right" | '''<b>-19'''</b>
| style="text-align:right" | '''<b>4'''</b>
| style="text-align:right" | '''<b>-41'''</b>
| style="text-align:right" | '''<b>-3'''</b>
| style="text-align:right" | '''<b>-14'''</b>
| style="text-align:right" | '''<b>-35'''</b>
| style="text-align:right" | '''<b>-24'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>137'''</b>
| style="text-align:right" | '''<b>129'''</b>
| style="text-align:right" | '''<b>137'''</b>
| style="text-align:right" | '''<b>86'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left" | '''<b>Best Estimate for incurred Claims net of reinsurance'''</b>
| style="text-align:right" | '''<b>11,589'''</b>
| style="text-align:right" | '''<b>11,778'''</b>
| style="text-align:right" | '''<b>11,623'''</b>
| style="text-align:right" | '''<b>11,205'''</b>
| style="text-align:right" | '''<b>11,349'''</b>
| style="text-align:right" | '''<b>11,502'''</b>
| style="text-align:right" | '''<b>11,352'''</b>
| style="text-align:right" | '''<b>10,939'''</b>
| style="text-align:right" | '''<b>75'''</b>
| style="text-align:right" | '''<b>120'''</b>
| style="text-align:right" | '''<b>118'''</b>
| style="text-align:right" | '''<b>124'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>165'''</b>
| style="text-align:right" | '''<b>157'''</b>
| style="text-align:right" | '''<b>154'''</b>
| style="text-align:right" | '''<b>142'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Best Estimate Liabilities net of reinsurance'''</b>
| style="text-align:right" | '''<b>275,276'''</b>
| style="text-align:right" | '''<b>285,391'''</b>
| style="text-align:right" | '''<b>280,314'''</b>
| style="text-align:right" | '''<b>280,280'''</b>
| style="text-align:right" | '''<b>112,949'''</b>
| style="text-align:right" | '''<b>115,280'''</b>
| style="text-align:right" | '''<b>114,525'''</b>
| style="text-align:right" | '''<b>114,424'''</b>
| style="text-align:right" | '''<b>114,389'''</b>
| style="text-align:right" | '''<b>117,841'''</b>
| style="text-align:right" | '''<b>116,058'''</b>
| style="text-align:right" | '''<b>115,433'''</b>
| style="text-align:right" | '''<b>324'''</b>
| style="text-align:right" | '''<b>345'''</b>
| style="text-align:right" | '''<b>310'''</b>
| style="text-align:right" | '''<b>309'''</b>
| style="text-align:right" | '''<b>47,614'''</b>
| style="text-align:right" | '''<b>51,926'''</b>
| style="text-align:right" | '''<b>49,420'''</b>
| style="text-align:right" | '''<b>50,113'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| class="wt-indent-1" style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 243,037
| style="text-align:right" | 251,273
Line 5,632 ⟶ 5,655:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,917
| style="text-align:right" | 52,713
Line 5,658 ⟶ 5,681:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -18,679
| style="text-align:right" | -18,595
Line 5,686 ⟶ 5,709:
</div>
 
{{chunk|doc=gr2rpazfcv|c=10|p=10}}
== Health UE by Geography ==
 
====== Health underlying earnings build-up by geography ======
 
<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ Health underlying earnings build-up by geography
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | France
! colspan="4" style="text-align:center" | Europe
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa &amp; EME-LATAM
! colspan="4" style="text-align:center" | Transversal &amp; Other
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | 1H24
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | 1H25
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 5,726 ⟶ 5,750:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Short-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
Line 5,830 ⟶ 5,854:
| style="text-align:right" | 23
|-
| style="text-align:left" | '''<b>Long-term Business'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
Line 6,012 ⟶ 6,036:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Financial Result &amp; Other'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
Line 6,117 ⟶ 6,141:
|-
| style="text-align:left" | Other Revenues
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings Before Tax'''</b>
| style="text-align:right" | '''<b>427'''</b>
| style="text-align:right" | '''<b>925'''</b>
| style="text-align:right" | '''<b>510'''</b>
| style="text-align:right" | '''<b>1,010'''</b>
| style="text-align:right" | '''<b>59'''</b>
| style="text-align:right" | '''<b>116'''</b>
| style="text-align:right" | '''<b>46'''</b>
| style="text-align:right" | '''<b>120'''</b>
| style="text-align:right" | '''<b>117'''</b>
| style="text-align:right" | '''<b>302'''</b>
| style="text-align:right" | '''<b>178'''</b>
| style="text-align:right" | '''<b>446'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>245'''</b>
| style="text-align:right" | '''<b>489'''</b>
| style="text-align:right" | '''<b>272'''</b>
| style="text-align:right" | '''<b>419'''</b>
| style="text-align:right" | '''<b>7'''</b>
| style="text-align:right" | '''<b>19'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>25'''</b>
|-
| style="text-align:left" | Tax
Line 6,246 ⟶ 6,270:
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 2
| style="text-align:right" | 4
Line 6,298 ⟶ 6,322:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Underlying Earnings Group share'''</b>
| style="text-align:right" | '''<b>333'''</b>
| style="text-align:right" | '''<b>687'''</b>
| style="text-align:right" | '''<b>381'''</b>
| style="text-align:right" | '''<b>787'''</b>
| style="text-align:right" | '''<b>49'''</b>
| style="text-align:right" | '''<b>89'''</b>
| style="text-align:right" | '''<b>39'''</b>
| style="text-align:right" | '''<b>96'''</b>
| style="text-align:right" | '''<b>85'''</b>
| style="text-align:right" | '''<b>213'''</b>
| style="text-align:right" | '''<b>132'''</b>
| style="text-align:right" | '''<b>341'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>192'''</b>
| style="text-align:right" | '''<b>366'''</b>
| style="text-align:right" | '''<b>197'''</b>
| style="text-align:right" | '''<b>328'''</b>
| style="text-align:right" | '''<b>7'''</b>
| style="text-align:right" | '''<b>19'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>22'''</b>
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Liabilities for remaining coverage net of reinsurance'''</b>
| style="text-align:right" | '''<b>2,289'''</b>
| style="text-align:right" | '''<b>2,000'''</b>
| style="text-align:right" | '''<b>2,750'''</b>
| style="text-align:right" | '''<b>2,490'''</b>
| style="text-align:right" | '''<b>27'''</b>
| style="text-align:right" | '''<b>18'''</b>
| style="text-align:right" | '''<b>24'''</b>
| style="text-align:right" | '''<b>35'''</b>
| style="text-align:right" | '''<b>1,231'''</b>
| style="text-align:right" | '''<b>981'''</b>
| style="text-align:right" | '''<b>1,654'''</b>
| style="text-align:right" | '''<b>1,375'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>1,022'''</b>
| style="text-align:right" | '''<b>995'''</b>
| style="text-align:right" | '''<b>1,067'''</b>
| style="text-align:right" | '''<b>1,069'''</b>
| style="text-align:right" | '''<b>9'''</b>
| style="text-align:right" | '''<b>6'''</b>
| style="text-align:right" | '''<b>5'''</b>
| style="text-align:right" | '''<b>10'''</b>
|-
| style="text-align:left" | '''<b>Best Estimate for incurred Claims net of reinsurance'''</b>
| style="text-align:right" | '''<b>2,286'''</b>
| style="text-align:right" | '''<b>2,384'''</b>
| style="text-align:right" | '''<b>2,337'''</b>
| style="text-align:right" | '''<b>3,386'''</b>
| style="text-align:right" | '''<b>1,240'''</b>
| style="text-align:right" | '''<b>1,329'''</b>
| style="text-align:right" | '''<b>1,091'''</b>
| style="text-align:right" | '''<b>1,911'''</b>
| style="text-align:right" | '''<b>698'''</b>
| style="text-align:right" | '''<b>751'''</b>
| style="text-align:right" | '''<b>898'''</b>
| style="text-align:right" | '''<b>1,062'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>336'''</b>
| style="text-align:right" | '''<b>290'''</b>
| style="text-align:right" | '''<b>334'''</b>
| style="text-align:right" | '''<b>398'''</b>
| style="text-align:right" | '''<b>13'''</b>
| style="text-align:right" | '''<b>14'''</b>
| style="text-align:right" | '''<b>15'''</b>
| style="text-align:right" | '''<b>15'''</b>
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Best Estimate Liabilities net of reinsurance'''</b>
| style="text-align:right" | '''<b>20,066'''</b>
| style="text-align:right" | '''<b>20,858'''</b>
| style="text-align:right" | '''<b>20,726'''</b>
| style="text-align:right" | '''<b>20,112'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>20,645'''</b>
| style="text-align:right" | '''<b>21,416'''</b>
| style="text-align:right" | '''<b>21,527'''</b>
| style="text-align:right" | '''<b>21,291'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>-579'''</b>
| style="text-align:right" | '''<b>-557'''</b>
| style="text-align:right" | '''<b>-800'''</b>
| style="text-align:right" | '''<b>-1,180'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
| style="text-align:right" | '''<b>0'''</b>
|-
| class="wt-indent-1" style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 20,977
| style="text-align:right" | 21,821
Line 6,480 ⟶ 6,504:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | -821
| style="text-align:right" | -868
Line 6,506 ⟶ 6,530:
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -90
| style="text-align:right" | -95
Line 6,534 ⟶ 6,558:
</div>
 
{{chunk|doc=gr2rpazfcv|c=11|p=11}}
== Asset Management ==
 
====== Asset management rollforward ======
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ Asset management rollforward
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:center" | 1H24
! colspan="2" style="text-align:center" | FY24
! colspan="2" style="text-align:center" | 1H25
! colspan="2" style="text-align:center" | FY25 {{footnotefn ref|17|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
|-
! style="text-align:left" | —
! class="col-sm" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-sm" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-sm" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-sm" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
|-
| style="text-align:left" | '''<b>Opening AUM (in Euro billion)'''</b>
| style="text-align:right" | '''<b>843'''</b>
| style="text-align:right" | '''<b>332'''</b>
| style="text-align:right" | '''<b>843'''</b>
| style="text-align:right" | '''<b>332'''</b>
| style="text-align:right" | '''<b>879'''</b>
| style="text-align:right" | '''<b>356'''</b>
| style="text-align:right" | '''<b>879'''</b>
| style="text-align:right" | '''<b>356'''</b>
|-
| style="text-align:left" | Net Inflows
Line 6,576 ⟶ 6,601:
| style="text-align:right" | -10
|-
| style="text-align:left" | Scope &amp; Other
| style="text-align:right" | 0
| style="text-align:right" | 10
Line 6,606 ⟶ 6,631:
| style="text-align:right" | -6
|-
| style="text-align:left" | '''<b>Closing AUM (in Euro billion)'''</b>
| style="text-align:right" | '''<b>859'''</b>
| style="text-align:right" | '''<b>340'''</b>
| style="text-align:right" | '''<b>879'''</b>
| style="text-align:right" | '''<b>356'''</b>
| style="text-align:right" | '''<b>853'''</b>
| style="text-align:right" | '''<b>341'''</b>
| style="text-align:right" | '''<b>853'''</b>
| style="text-align:right" | '''<b>341'''</b>
|-
| class="wt-indent-1" style="text-align:left" | Alternatives
Line 6,626 ⟶ 6,651:
| style="text-align:right" | 95
|-
| class="wt-indent-1" style="text-align:left" | Core &amp; Other
| style="text-align:right" | 532
| style="text-align:right" | 254
Line 6,638 ⟶ 6,663:
| class="wt-indent-1" style="text-align:left" | Asian Joint Ventures
| style="text-align:right" | 101
| style="text-align:right" | —
| style="text-align:right" | 99
| style="text-align:right" | —
| style="text-align:right" | 92
| style="text-align:right" | —
| style="text-align:right" | 92
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Gross Revenues - After Intercompany Elimination'''</b>
| style="text-align:right" | '''<b>787'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>1,701'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>875'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>875'''</b>
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Gross Revenues - Before Intercompany Elimination'''</b>
| style="text-align:right" | '''<b>937'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>2,004'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>1,018'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>1,018'''</b>
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Management Fees
Line 6,688 ⟶ 6,713:
| class="wt-indent-1" style="text-align:left" | Distribution Fees
| style="text-align:right" | 205
| style="text-align:right" | —
| style="text-align:right" | 409
| style="text-align:right" | —
| style="text-align:right" | 231
| style="text-align:right" | —
| style="text-align:right" | 231
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other
| style="text-align:right" | 35
| style="text-align:right" | —
| style="text-align:right" | 112
| style="text-align:right" | —
| style="text-align:right" | 46
| style="text-align:right" | —
| style="text-align:right" | 46
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>General Expenses'''</b>
| style="text-align:right" | '''<b>-698'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>-1,493'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>-793'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>-793'''</b>
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Distribution Fees Retroceded
| style="text-align:right" | -205
| style="text-align:right" | —
| style="text-align:right" | -409
| style="text-align:right" | —
| style="text-align:right" | -231
| style="text-align:right" | —
| style="text-align:right" | -231
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 24
| style="text-align:right" | —
| style="text-align:right" | 35
| style="text-align:right" | —
| style="text-align:right" | 14
| style="text-align:right" | —
| style="text-align:right" | 14
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings Before Tax'''</b>
| style="text-align:right" | '''<b>263'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>546'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>239'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>239'''</b>
| style="text-align:right" | —
|-
| style="text-align:left" | Tax
| style="text-align:right" | -69
| style="text-align:right" | —
| style="text-align:right" | -160
| style="text-align:right" | —
| style="text-align:right" | -68
| style="text-align:right" | —
| style="text-align:right" | -68
| style="text-align:right" | —
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 16
| style="text-align:right" | —
| style="text-align:right" | 29
| style="text-align:right" | —
| style="text-align:right" | 8
| style="text-align:right" | —
| style="text-align:right" | 8
| style="text-align:right" | —
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | -13
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Earnings Group Share'''</b>
| style="text-align:right" | '''<b>204'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>402'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>175'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>175'''</b>
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Average Assets under Management (€bn)'''</b>
| style="text-align:right" | '''<b>749'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>759'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>769'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>769'''</b>
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Asset Management Fee bps'''</b>
| style="text-align:right" | '''<b>18.1 bps'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>18.8 bps'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>18.8 bps'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>18.8 bps'''</b>
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying Cost Income Ratio'''</b>
| style="text-align:right" | '''<b>67.3%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>68.0%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>71.4%'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>71.4%'''</b>
| style="text-align:right" | —
|}
</div>
 
{{fn note|1=7|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
 
{{chunk|doc=gr2rpazfcv|c=12|p=12}}
== Holdings ==
 
====== Holdings underlying earnings build-up {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}} ======
 
<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|+ Holdings underlying earnings build-up {{fn ref|8|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
! style="text-align:left" | EUR million
|-
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:rightleft" | FY24In EUR million
! class="col-sm" style="text-align:right" | 1H251H24
! class="col-sm" style="text-align:right" | FY25FY24
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:left" | Financial Result
Line 6,854 ⟶ 6,882:
| style="text-align:right" | -928
|-
| style="text-align:left" | '''<b>Underlying Earnings Before Tax'''</b>
| style="text-align:right" | '''<b>-693'''</b>
| style="text-align:right" | '''<b>-1,482'''</b>
| style="text-align:right" | '''<b>-692'''</b>
| style="text-align:right" | '''<b>-1,464'''</b>
|-
| style="text-align:left" | Tax
Line 6,866 ⟶ 6,894:
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from Affiliates &amp; Other
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 6,878 ⟶ 6,906:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''<b>Underlying Earnings Group share'''</b>
| style="text-align:right" | '''<b>-592'''</b>
| style="text-align:right" | '''<b>-1,157'''</b>
| style="text-align:right" | '''<b>-591'''</b>
| style="text-align:right" | '''<b>-1,180'''</b>
|}
</div>
 
====== Holdings cash balance rollforward ======
 
<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|+ Holdings cash balance rollforward
! style="text-align:left" | EUR billion
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 6,896 ⟶ 6,924:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Opening Cash Balance at AXA SA {{footnotefn ref|9|12=Includes liquid invested assets.}}'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>4.0'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>4.0'''</b>
|-
| style="text-align:left" | Net cash remittance from subsidiaries {{footnotefn ref|110|2=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}}
| style="text-align:right" | —
| style="text-align:right" | 7.7
| style="text-align:right" | —
| style="text-align:right" | 7.5
|-
| class="wt-indent-1" style="text-align:left" | Property &amp; Casualty
| style="text-align:right" | —
| style="text-align:right" | 4.0
| style="text-align:right" | —
| style="text-align:right" | 5.1
|-
| class="wt-indent-1" style="text-align:left" | Life &amp; Health
| style="text-align:right" | —
| style="text-align:right" | 3.6
| style="text-align:right" | —
| style="text-align:right" | 2.5
|-
| class="wt-indent-1" style="text-align:left" | Asset Management &amp; Other
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Dividends
| style="text-align:right" | —
| style="text-align:right" | -4.4
| style="text-align:right" | —
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Share buy-backs {{footnotefn ref|111|2=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}
| style="text-align:right" | —
| style="text-align:right" | -1.8
| style="text-align:right" | —
| style="text-align:right" | -4.7
|-
| style="text-align:left" | Holding costs and interests
| style="text-align:right" | —
| style="text-align:right" | -1.3
| style="text-align:right" | —
| style="text-align:right" | -1.3
|-
| style="text-align:left" | Debt issuance
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 1.6
|-
| style="text-align:left" | M&amp;A and disposals
| style="text-align:right" | —
| style="text-align:right" | 0.0
| style="text-align:right" | —
| style="text-align:right" | 3.8
|-
| style="text-align:left" | Other
| style="text-align:right" | —
| style="text-align:right" | -0.3
| style="text-align:right" | —
| style="text-align:right" | -0.7
|-
| style="text-align:left" | '''<b>Closing Cash Balance at AXA SA {{footnotefn ref|9|12=Includes liquid invested assets.}}'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>4.0'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>5.6'''</b>
|}
</div>
 
{{fn note|1=8|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
{{fn note|1=9|2=Includes liquid invested assets.}}
{{fn note|1=10|2=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}}
{{fn note|1=11|2=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}
 
{{chunk|doc=gr2rpazfcv|c=13|p=13}}
== Activity Indicators ==
 
====== Activity indicators by line of business ======
 
<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|+ Activity indicators by line of business
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="8" style="text-align:center" | 1H24
! colspan="8" style="text-align:center" | FY24
Line 6,982 ⟶ 7,016:
! colspan="8" style="text-align:center" | FY25
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&amp;C
! class="col-s" style="text-align:right" | Life &amp; Health
! class="col-s" style="text-align:right" | o/w Employee Benefits {{footnotefn ref|112|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 6,992 ⟶ 7,026:
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&amp;C
! class="col-s" style="text-align:right" | Life &amp; Health
! class="col-s" style="text-align:right" | o/w Employee Benefits {{footnotefn ref|112|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 7,000 ⟶ 7,034:
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&amp;C
! class="col-s" style="text-align:right" | Life &amp; Health
! class="col-s" style="text-align:right" | o/w Employee Benefits {{footnotefn ref|112|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 7,008 ⟶ 7,042:
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&amp;C
! class="col-s" style="text-align:right" | Life &amp; Health
! class="col-s" style="text-align:right" | o/w Employee Benefits {{footnotefn ref|112|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 7,016 ⟶ 7,050:
! class="col-s" style="text-align:right" | Bank
|-
| style="text-align:left" | Gross Written Premiums &amp; Other Revenues
| style="text-align:right" | 59,872
| style="text-align:right" | 32,522
Line 7,052 ⟶ 7,086:
| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)
| style="text-align:right" | 1,206
| style="text-align:right" | —
| style="text-align:right" | 1,206
| style="text-align:right" | —
| style="text-align:right" | 953
| style="text-align:right" | 253
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,264
| style="text-align:right" | —
| style="text-align:right" | 2,264
| style="text-align:right" | —
| style="text-align:right" | 1,792
| style="text-align:right" | 473
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,189
| style="text-align:right" | —
| style="text-align:right" | 1,189
| style="text-align:right" | —
| style="text-align:right" | 928
| style="text-align:right" | 260
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,233
| style="text-align:right" | —
| style="text-align:right" | 2,233
| style="text-align:right" | —
| style="text-align:right" | 1,747
| style="text-align:right" | 486
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | —
| style="text-align:right" | 1,131
| style="text-align:right" | —
| style="text-align:right" | 919
| style="text-align:right" | 213
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,169
| style="text-align:right" | —
| style="text-align:right" | 2,169
| style="text-align:right" | —
| style="text-align:right" | 1,770
| style="text-align:right" | 399
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,184
| style="text-align:right" | —
| style="text-align:right" | 1,184
| style="text-align:right" | —
| style="text-align:right" | 950
| style="text-align:right" | 234
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,199
| style="text-align:right" | —
| style="text-align:right" | 2,199
| style="text-align:right" | —
| style="text-align:right" | 1,822
| style="text-align:right" | 377
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other NBV {{footnotefn ref|13|12=Includes expected profits from short term Life &amp; Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}
| style="text-align:right" | 456
| style="text-align:right" | —
| style="text-align:right" | 456
| style="text-align:right" | —
| style="text-align:right" | 333
| style="text-align:right" | 123
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 824
| style="text-align:right" | —
| style="text-align:right" | 824
| style="text-align:right" | —
| style="text-align:right" | 594
| style="text-align:right" | 231
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 382
| style="text-align:right" | —
| style="text-align:right" | 382
| style="text-align:right" | —
| style="text-align:right" | 270
| style="text-align:right" | 113
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 757
| style="text-align:right" | —
| style="text-align:right" | 757
| style="text-align:right" | —
| style="text-align:right" | 491
| style="text-align:right" | 266
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Tax
| style="text-align:right" | -381
| style="text-align:right" | —
| style="text-align:right" | -381
| style="text-align:right" | —
| style="text-align:right" | -299
| style="text-align:right" | -83
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -729
| style="text-align:right" | —
| style="text-align:right" | -729
| style="text-align:right" | —
| style="text-align:right" | -572
| style="text-align:right" | -158
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -378
| style="text-align:right" | —
| style="text-align:right" | -378
| style="text-align:right" | —
| style="text-align:right" | -292
| style="text-align:right" | -86
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -724
| style="text-align:right" | —
| style="text-align:right" | -724
| style="text-align:right" | —
| style="text-align:right" | -567
| style="text-align:right" | -157
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | —
| style="text-align:right" | 25,588
| style="text-align:right" | —
| style="text-align:right" | 18,234
| style="text-align:right" | 7,354
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | —
| style="text-align:right" | 36,860
| style="text-align:right" | 14,036
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 25,918
| style="text-align:right" | —
| style="text-align:right" | 25,918
| style="text-align:right" | —
| style="text-align:right" | 19,487
| style="text-align:right" | 6,430
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 49,357
| style="text-align:right" | —
| style="text-align:right" | 49,357
| style="text-align:right" | —
| style="text-align:right" | 37,103
| style="text-align:right" | 12,254
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | —
| style="text-align:right" | 4.7%
| style="text-align:right" | —
| style="text-align:right" | 5.2%
| style="text-align:right" | 3.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | —
| style="text-align:right" | 4.9%
| style="text-align:right" | 3.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | 4.8%
| style="text-align:right" | 4.0%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.5%
| style="text-align:right" | —
| style="text-align:right" | 4.5%
| style="text-align:right" | —
| style="text-align:right" | 4.7%
| style="text-align:right" | 4.0%
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
====== Activity indicators by geography ======
 
<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|+ Activity indicators by geography
! style="text-align:left" | EUR million
|-
! style="text-align:left" | In EUR million
! colspan="7" style="text-align:center" | 1H24
! colspan="7" style="text-align:center" | FY24
Line 7,266 ⟶ 7,300:
! colspan="7" style="text-align:center" | FY25
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | France
! class="col-s" style="text-align:right" | Europe
! class="col-s" style="text-align:right" | AXA XL
! class="col-s" style="text-align:right" | Asia, Africa &amp; EME-LATAM
! class="col-s" style="text-align:right" | AXA IM
! class="col-s" style="text-align:right" | Transversal &amp; Other
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | France
! class="col-s" style="text-align:right" | Europe
! class="col-s" style="text-align:right" | AXA XL
! class="col-s" style="text-align:right" | Asia, Africa &amp; EME-LATAM
! class="col-s" style="text-align:right" | AXA IM
! class="col-s" style="text-align:right" | Transversal &amp; Other
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | France
! class="col-s" style="text-align:right" | Europe
! class="col-s" style="text-align:right" | AXA XL
! class="col-s" style="text-align:right" | Asia, Africa &amp; EME-LATAM
! class="col-s" style="text-align:right" | AXA IM
! class="col-s" style="text-align:right" | Transversal &amp; Other
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | France
! class="col-s" style="text-align:right" | Europe
! class="col-s" style="text-align:right" | AXA XL
! class="col-s" style="text-align:right" | Asia, Africa &amp; EME-LATAM
! class="col-s" style="text-align:right" | AXA IM
! class="col-s" style="text-align:right" | Transversal &amp; Other
|-
| style="text-align:left" | Gross Written Premiums &amp; Other Revenues
| style="text-align:right" | 59,872
| style="text-align:right" | 14,719
Line 7,330 ⟶ 7,364:
| style="text-align:right" | 354
| style="text-align:right" | 348
| style="text-align:right" | —
| style="text-align:right" | 504
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,264
| style="text-align:right" | 682
| style="text-align:right" | 597
| style="text-align:right" | —
| style="text-align:right" | 986
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,189
| style="text-align:right" | 315
| style="text-align:right" | 364
| style="text-align:right" | —
| style="text-align:right" | 510
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,233
| style="text-align:right" | 695
| style="text-align:right" | 578
| style="text-align:right" | —
| style="text-align:right" | 959
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | New Business Contractual Service Margin (NB CSM)
Line 7,360 ⟶ 7,394:
| style="text-align:right" | 203
| style="text-align:right" | 398
| style="text-align:right" | —
| style="text-align:right" | 531
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,169
| style="text-align:right" | 391
| style="text-align:right" | 731
| style="text-align:right" | —
| style="text-align:right" | 1,047
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,184
| style="text-align:right" | 199
| style="text-align:right" | 443
| style="text-align:right" | —
| style="text-align:right" | 541
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,199
| style="text-align:right" | 431
| style="text-align:right" | 740
| style="text-align:right" | —
| style="text-align:right" | 1,028
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other NBV {{footnotefn ref|13|12=Includes expected profits from short term Life &amp; Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}
| style="text-align:right" | 456
| style="text-align:right" | 275
| style="text-align:right" | 50
| style="text-align:right" | —
| style="text-align:right" | 131
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 824
| style="text-align:right" | 528
| style="text-align:right" | 49
| style="text-align:right" | —
| style="text-align:right" | 247
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 382
| style="text-align:right" | 225
| style="text-align:right" | 28
| style="text-align:right" | —
| style="text-align:right" | 129
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 757
| style="text-align:right" | 506
| style="text-align:right" | 12
| style="text-align:right" | —
| style="text-align:right" | 239
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Tax
Line 7,420 ⟶ 7,454:
| style="text-align:right" | -123
| style="text-align:right" | -100
| style="text-align:right" | —
| style="text-align:right" | -158
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -729
| style="text-align:right" | -237
| style="text-align:right" | -184
| style="text-align:right" | —
| style="text-align:right" | -309
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -378
| style="text-align:right" | -109
| style="text-align:right" | -107
| style="text-align:right" | —
| style="text-align:right" | -161
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -724
| style="text-align:right" | -242
| style="text-align:right" | -174
| style="text-align:right" | —
| style="text-align:right" | -308
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
Line 7,450 ⟶ 7,484:
| style="text-align:right" | 12,301
| style="text-align:right" | 6,317
| style="text-align:right" | —
| style="text-align:right" | 6,971
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | 25,370
| style="text-align:right" | 11,831
| style="text-align:right" | —
| style="text-align:right" | 13,695
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 25,918
| style="text-align:right" | 11,662
| style="text-align:right" | 6,843
| style="text-align:right" | —
| style="text-align:right" | 7,413
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 49,357
| style="text-align:right" | 22,858
| style="text-align:right" | 12,651
| style="text-align:right" | —
| style="text-align:right" | 13,847
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
Line 7,480 ⟶ 7,514:
| style="text-align:right" | 2.9%
| style="text-align:right" | 5.5%
| style="text-align:right" | —
| style="text-align:right" | 7.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | 2.7%
| style="text-align:right" | 5.0%
| style="text-align:right" | —
| style="text-align:right" | 7.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.6%
| style="text-align:right" | 2.7%
| style="text-align:right" | 5.3%
| style="text-align:right" | —
| style="text-align:right" | 6.9%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.5%
| style="text-align:right" | 3.0%
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | 6.9%
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
{{fn note|1=12|2=Employee Benefits include Group Protection and Group Health contracts.}}
{{fn note|1=13|2=Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}
 
{{chunk|doc=gr2rpazfcv|c=14|p=14}}
== Balance Sheet ==
 
====== Assets build-up ======
 
<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|+ Assets build-up
! style="text-align:left" | EUR billion
|-
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:rightleft" | FY25In EUR billion
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:left" | Goodwill
Line 7,526 ⟶ 7,564:
| style="text-align:right" | 4.4
|-
| style="text-align:left" | '''<b>Total Intangible assets'''</b>
| style="text-align:right" | '''<b>22.6'''</b>
| style="text-align:right" | '''<b>22.2'''</b>
|-
| style="text-align:left" | Investments in real estate properties
Line 7,542 ⟶ 7,580:
| style="text-align:right" | 97.2
|-
| style="text-align:left" | '''<b>Total Investments from Insurance activities'''</b>
| style="text-align:right" | '''<b>537.5'''</b>
| style="text-align:right" | '''<b>526.9'''</b>
|-
| style="text-align:left" | Investments from Non-Insurance Activities
Line 7,582 ⟶ 7,620:
| style="text-align:right" | 22.2
|-
| style="text-align:left" | '''<b>Total Assets'''</b>
| style="text-align:right" | '''<b>653.8'''</b>
| style="text-align:right" | '''<b>635.5'''</b>
|}
</div>
 
====== Liabilities, non-controlling interests, and shareholders' equity build-up ======
 
<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|+ Liabilities, non-controlling interests, and shareholders' equity build-up
! style="text-align:left" | EUR billion
|-
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:rightleft" | FY25In EUR billion
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:left" | Shareholders' Equity group share
Line 7,604 ⟶ 7,642:
| style="text-align:right" | 2.4
|-
| style="text-align:left" | '''<b>Shareholders’ equity'''</b>
| style="text-align:right" | '''<b>52.5'''</b>
| style="text-align:right" | '''<b>49.6'''</b>
|-
| style="text-align:left" | Financing debt
Line 7,632 ⟶ 7,670:
| style="text-align:right" | 12.8
|-
| style="text-align:left" | '''<b>Liabilities arising from insurance, reinsurance and investment contracts'''</b>
| style="text-align:right" | '''<b>489.6'''</b>
| style="text-align:right" | '''<b>483.2'''</b>
|-
| style="text-align:left" | Liabilities Arising from Non-Insurance Activities
Line 7,652 ⟶ 7,690:
| style="text-align:right" | 0.0
|-
| style="text-align:left" | '''<b>Total Liabilities, Non-controlling Interests and Shareholders' Equity'''</b>
| style="text-align:right" | '''<b>653.8'''</b>
| style="text-align:right" | '''<b>635.5'''</b>
|}
</div>
 
{{chunk|doc=gr2rpazfcv|c=15|p=15}}
== CSM rollforward ==
 
====== Contractual Service Margin (CSM) rollforward by business unit ======
 
<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|+ Contractual Service Margin (CSM) rollforward by business unit
! style="text-align:left" | EUR million
|-
! class="col-s" style="text-align:right" | FY23 Restated {{footnote|1=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! class="col-s" style="text-align:rightleft" | NewIn BusinessEUR CSMmillion
! class="col-sm" style="text-align:right" | UnderlyingFY23 ReturnRestated on{{fn inforceref|14|2=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! class="col-sm" style="text-align:right" | CSMNew ReleaseBusiness CSM
! class="col-sm" style="text-align:right" | EconomicUnderlying VarianceReturn on inforce
! class="col-m" style="text-align:right" | CSM Release
! class="col-m" style="text-align:right" | Economic Variance
! class="col-s" style="text-align:right" | Operating Variance
! class="col-sm" style="text-align:right" | Other {{footnotefn ref|15|12=Including scope changes and FX.}}
! class="col-sm" style="text-align:right" | FY24
|-
| style="text-align:left" | '''<b>Total Group (pre-tax)'''</b>
| style="text-align:right" | '''<b>34,187'''</b>
| style="text-align:right" | '''<b>2,169'''</b>
| style="text-align:right" | '''<b>1,383'''</b>
| style="text-align:right" | '''<b>-2,775'''</b>
| style="text-align:right" | '''<b>-998'''</b>
| style="text-align:right" | '''<b>432'''</b>
| style="text-align:right" | '''<b>-545'''</b>
| style="text-align:right" | '''<b>33,853'''</b>
|-
| class="wt-indent-2" style="text-align:left" | P&amp;C
| style="text-align:right" | 206
| style="text-align:right" | 0
Line 7,714 ⟶ 7,753:
| style="text-align:right" | 7,744
|-
| style="text-align:left" | '''<b>Total Group (post-tax)'''</b>
| style="text-align:right" | '''<b>26,777'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | '''<b>26,320'''</b>
|}
</div>
 
====== Contractual Service Margin (CSM) rollforward by business unit ======
 
<div style="overflow-x:auto">
{| id="t22" class="wikitable fintable"
|+ Contractual Service Margin (CSM) rollforward by business unit
! style="text-align:left" | EUR million
|-
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:rightleft" | NewIn BusinessEUR CSMmillion
! class="col-sm" style="text-align:right" | Underlying Return on inforceFY24
! class="col-sm" style="text-align:right" | CSMNew ReleaseBusiness CSM
! class="col-m" style="text-align:right" | Underlying Return on inforce
! class="col-m" style="text-align:right" | CSM Release
! class="col-s" style="text-align:right" | Economic Variance
! class="col-sm" style="text-align:right" | Operating Variance
! class="col-sm" style="text-align:right" | Other {{footnotefn ref|15|12=Including scope changes and FX.}}
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Total Group (pre-tax)'''</b>
| style="text-align:right" | '''<b>33,853'''</b>
| style="text-align:right" | '''<b>2,199'''</b>
| style="text-align:right" | '''<b>1,328'''</b>
| style="text-align:right" | '''<b>-2,954'''</b>
| style="text-align:right" | '''<b>594'''</b>
| style="text-align:right" | '''<b>-316'''</b>
| style="text-align:right" | '''<b>-1,451'''</b>
| style="text-align:right" | '''<b>33,253'''</b>
|-
| class="wt-indent-2" style="text-align:left" | P&amp;C
| style="text-align:right" | 282
| style="text-align:right" | 0
Line 7,780 ⟶ 7,819:
| style="text-align:right" | 7,550
|-
| style="text-align:left" | '''<b>Total Group (post-tax)'''</b>
| style="text-align:right" | '''<b>26,320'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | '''<b>25,864'''</b>
|}
</div>
 
{{fn note|1=14|2=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
{{fn note|1=15|2=Including scope changes and FX.}}
 
{{chunk|doc=gr2rpazfcv|c=16|p=16}}
== Invested Assets ==
 
====== General Account invested assets build-up by asset class and rating ======
 
<div style="overflow-x:auto">
{| id="t23" class="wikitable fintable"
|+ General Account invested assets build-up by asset class and rating
! style="text-align:left" | EUR billion
|-
! style="text-align:center" | Fair value
! style="text-align:centerleft" | AssetIn AllocationEUR %billion
! class="col-s" style="text-align:centerright" | o/wFair Participatingvalue
! class="col-s" style="text-align:centerright" | DurationAsset Allocation gap%
! class="col-s" style="text-align:right" | o/w Participating
! class="col-m" style="text-align:right" | Duration gap
! colspan="7" style="text-align:center" | Fair Value by Rating
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Fair value
! class="col-s" style="text-align:right" | Asset Allocation %
! class="col-s" style="text-align:right" | o/w Participating
! class="col-sm" style="text-align:right" | Duration gap
! class="col-s" style="text-align:right" | Average rating1 {{footnotefn ref|121|2=Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}}
! class="col-s" style="text-align:right" | AAA
! class="col-s" style="text-align:right" | AA
Line 7,818 ⟶ 7,861:
! class="col-s" style="text-align:right" | Non Rated
|-
| style="text-align:left" | '''<b>General Account Invested Assets {{footnotefn ref|16|12=Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}}'''</b>
| style="text-align:right" | '''<b>450'''</b>
| style="text-align:right" | —
| style="text-align:right" | '''<b>60%'''</b>
| style="text-align:right" | '''<b>-0.4 yr'''</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Fixed Income
Line 7,835 ⟶ 7,878:
| style="text-align:right" | 77%
| style="text-align:right" | 60%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Government Bonds
Line 7,848 ⟶ 7,891:
| style="text-align:right" | 37%
| style="text-align:right" | 66%
| style="text-align:right" | —
| style="text-align:right" | '''<b>AA'''</b>
| style="text-align:right" | 27%
| style="text-align:right" | 31%
Line 7,861 ⟶ 7,904:
| style="text-align:right" | 27%
| style="text-align:right" | 55%
| style="text-align:right" | —
| style="text-align:right" | '''<b>A'''</b>
| style="text-align:right" | 16%
| style="text-align:right" | 6%
Line 7,868 ⟶ 7,911:
| style="text-align:right" | 28%
| style="text-align:right" | 11%
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other Fixed Income
Line 7,874 ⟶ 7,917:
| style="text-align:right" | 13%
| style="text-align:right" | 52%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-2" style="text-align:left" | Asset Backed Securities {{footnotefn ref|117|2=Includes 91% of CLOs.}}
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:right" | 48%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 54%
| style="text-align:right" | 28%
Line 7,896 ⟶ 7,939:
| style="text-align:right" | 4%
|-
| class="wt-indent-2" style="text-align:left" | Mortgage Loans {{footnotefn ref|18|12=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial &amp; agricultural loans (Euro 7 billion).}}
| style="text-align:right" | 31
| style="text-align:right" | 7%
| style="text-align:right" | 56%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Real Estate
Line 7,913 ⟶ 7,956:
| style="text-align:right" | 9%
| style="text-align:right" | 63%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Infrastructure Equity
Line 7,926 ⟶ 7,969:
| style="text-align:right" | 2%
| style="text-align:right" | 64%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Listed Equities {{footnotefn ref|119|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:right" | 82%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Private Equity &amp; Hedge Funds {{footnotefn ref|20|12=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
| style="text-align:right" | 55%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash
Line 7,965 ⟶ 8,008:
| style="text-align:right" | 4%
| style="text-align:right" | 50%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Policy Loans
Line 7,978 ⟶ 8,021:
| style="text-align:right" | 0%
| style="text-align:right" | 51%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
{{fn note|1=21|2=Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}}
{{fn note|1=16|2=Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}}
{{fn note|1=17|2=Includes 91% of CLOs.}}
{{fn note|1=18|2=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}}
{{fn note|1=19|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
{{fn note|1=20|2=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
 
{{chunk|doc=gr2rpazfcv|c=17|p=17}}
== Supplementary Info on Asset ==
 
====== Government bonds breakdown by geographical exposure ======
 
<div style="overflow-x:auto">
{| id="t24" class="wikitable fintable"
|+ Government bonds breakdown by geographical exposure
! style="text-align:left" | EUR billion
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
Line 8,011 ⟶ 8,062:
|-
| style="text-align:left" | Breakdown By Geographical Exposure
| style="text-align:right" | '''<b>167'''</b>
| style="text-align:right" | 6%
| style="text-align:right" | 12%
Line 8,026 ⟶ 8,077:
|}
</div>
 
====== Corporate bonds and loans breakdown by industry ======
 
<div style="overflow-x:auto">
{| id="t25" class="wikitable fintable"
|+ Corporate bonds and loans breakdown by industry
! style="text-align:left" | EUR billion
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Basic Materials
Line 8,037 ⟶ 8,088:
! class="col-s" style="text-align:right" | Consumer, Cyclical
! class="col-s" style="text-align:right" | Consumer, Non-Cyclical
! class="col-s" style="text-align:rightleft" | Covered and Senior Secured Bonds
! class="col-s" style="text-align:right" | Energy
! class="col-s" style="text-align:right" | Financials
Line 8,046 ⟶ 8,097:
|-
| style="text-align:left" | Breakdown By Industry
| style="text-align:right" | '''<b>121'''</b>
| style="text-align:right" | 2%
| style="text-align:right" | 6%
| style="text-align:right" | 4%
| style="text-align:right" | 11%
| style="text-align:rightleft" | 29%
| style="text-align:right" | 1%
| style="text-align:right" | 28%
Line 8,060 ⟶ 8,111:
|}
</div>
 
====== Corporate bonds and loans exposure to financials {{footnote|1=Includes REITS corporate bonds (Euro 3 billion).}} ======
 
<div style="overflow-x:auto">
{| id="t26" class="wikitable fintable"
|+ Corporate bonds and loans exposure to financials {{fn ref|31|2=Includes REITS corporate bonds (Euro 3 billion).}}
! style="text-align:left" | EUR billion
|-
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:rightleft" | BanksIn EUR billion
! class="col-sm" style="text-align:right" | Non-Banks1 {{footnote|1=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}Total
! class="col-m" style="text-align:right" | Banks
! class="col-s" style="text-align:right" | Non-Banks1 {{fn ref|23|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
|-
| style="text-align:left" | '''<b>Total'''</b>
| style="text-align:right" | '''<b>33.4'''</b>
| style="text-align:right" | '''<b>27.5'''</b>
| style="text-align:right" | '''<b>6.0'''</b>
|-
| style="text-align:left" | Senior Unsecured Bonds
Line 8,080 ⟶ 8,131:
| style="text-align:right" | 5.5
|-
| style="text-align:left" | Subordinated Bonds {{footnotefn ref|122|2=Includes AT1 (Euro 0.4 billion).}}
| style="text-align:right" | 3.0
| style="text-align:right" | 2.7
Line 8,091 ⟶ 8,142:
|}
</div>
 
====== Listed equities breakdown by asset domiciliation ======
 
<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|+ Listed equities breakdown by asset domiciliation
! style="text-align:left" | EUR billion
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
Line 8,109 ⟶ 8,160:
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
| style="text-align:right" | '''<b>10'''</b>
| style="text-align:right" | 3%
| style="text-align:right" | 7%
Line 8,121 ⟶ 8,172:
|}
</div>
 
====== Listed equities breakdown by industry {{footnote|1=Including hedges.}} ======
 
<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|+ Listed equities breakdown by industry {{fn ref|32|2=Including hedges.}}
! style="text-align:left" | EUR billion
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Basic Materials
Line 8,142 ⟶ 8,193:
|-
| style="text-align:left" | Breakdown By Industry
| style="text-align:right" | '''<b>10'''</b>
| style="text-align:right" | 5%
| style="text-align:right" | 11%
Line 8,157 ⟶ 8,208:
|}
</div>
 
====== Real estate breakdown by geographical exposure ======
 
<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+ Real estate breakdown by geographical exposure
! style="text-align:left" | EUR billion
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
Line 8,177 ⟶ 8,228:
|-
| style="text-align:left" | Breakdown By Geographical Exposure
| style="text-align:right" | '''<b>41'''</b>
| style="text-align:right" | 5%
| style="text-align:right" | 25%
Line 8,191 ⟶ 8,242:
|}
</div>
 
====== Real estate breakdown by type ======
 
<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|+ Real estate breakdown by type
! style="text-align:left" | EUR billion
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Office
Line 8,205 ⟶ 8,256:
|-
| style="text-align:left" | Breakdown By Type
| style="text-align:right" | '''<b>41'''</b>
| style="text-align:right" | 33%
| style="text-align:right" | 22%
Line 8,213 ⟶ 8,264:
|}
</div>
 
====== Private equities breakdown by asset domiciliation {{footnote|1=Excluding Non-listed Equity.}} ======
 
<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|+ Private equities breakdown by asset domiciliation {{fn ref|33|2=Excluding Non-listed Equity.}}
! style="text-align:left" | EUR billion
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Europe
Line 8,226 ⟶ 8,277:
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
| style="text-align:right" | '''<b>17'''</b>
| style="text-align:right" | 45%
| style="text-align:right" | 5%
Line 8,233 ⟶ 8,284:
|}
</div>
 
====== Mortgage loans breakdown by type ======
 
<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|+ Mortgage loans breakdown by type
! style="text-align:left" | EUR billion
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Residential
! class="col-s" style="text-align:right" | Commercial {{footnotefn ref|124|2=Loan to Value: 46%.}}
|-
| style="text-align:left" | Breakdown by Type
| style="text-align:right" | '''<b>23'''</b>
| style="text-align:right" | 69%
| style="text-align:right" | 31%
Line 8,250 ⟶ 8,301:
</div>
 
{{fn note|1=31|2=Includes REITS corporate bonds (Euro 3 billion).}}
{{fn note|1=23|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
{{fn note|1=22|2=Includes AT1 (Euro 0.4 billion).}}
{{fn note|1=32|2=Including hedges.}}
{{fn note|1=33|2=Excluding Non-listed Equity.}}
{{fn note|1=24|2=Loan to Value: 46%.}}
 
{{chunk|doc=gr2rpazfcv|c=18|p=18}}
== Shareholders Equity ==
 
====== Change in Group Share Consolidated Shareholders' Equity rollforward ======
 
<div style="overflow-x:auto">
{| id="t33" class="wikitable fintable"
|+ Change in Group Share Consolidated Shareholders' Equity rollforward
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY25
|-
|! style="text-align:left" | '''Shareholders' Equity at Beginning ofIn theEUR Period'''billion
|! class="col-m" style="text-align:right" | '''49.9'''FY25
|-
| style="text-align:left" | <b>Shareholders' Equity at Beginning of the Period</b>
| style="text-align:right" | <b>49.9</b>
|-
| style="text-align:left" | Paid-in Capital
Line 8,298 ⟶ 8,357:
| style="text-align:right" | -0.2
|-
| style="text-align:left" | '''<b>Shareholders' Equity at End of the Period'''</b>
| style="text-align:right" | '''<b>47.2'''</b>
|}
</div>
 
====== Group Share Consolidated Shareholders' Equity build-up ======
 
<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|+ Group Share Consolidated Shareholders' Equity build-up
! style="text-align:left" | EUR billion
|-
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:rightleft" | FY25In EUR billion
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:left" | Paid-in Capital
Line 8,347 ⟶ 8,406:
| style="text-align:right" | 41.4
|-
| style="text-align:left" | '''<b>Total Shareholders' Equity at the End of the Period'''</b>
| style="text-align:right" | '''<b>49.9'''</b>
| style="text-align:right" | '''<b>47.2'''</b>
|}
</div>
 
====== Book value per share and shareholders' equity plus CSM per share ======
 
<div style="overflow-x:auto">
{| id="t35" class="wikitable fintable"
|+ Book value per share and shareholders' equity plus CSM per share
|-
! style="text-align:left" | EUR
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>Book Value per Share {{footnotefn ref|25|12=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}'''</b>
| style="text-align:right" | '''<b>24.5'''</b>
| style="text-align:right" | '''<b>24.0'''</b>
|-
| style="text-align:left" | '''<b>Shareholders' Equity + CSM per Share {{footnotefn ref|26|12=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}'''</b>
| style="text-align:right" | '''<b>32.7'''</b>
| style="text-align:right" | '''<b>33.2'''</b>
|}
</div>
 
====== Unrealized gains and losses on invested assets net of tax build-up ======
 
<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|+ Unrealized gains and losses on invested assets net of tax build-up
! style="text-align:left" | EUR billion
|-
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:rightleft" | FY25In EUR billion
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:left" | Government Bonds (recyclable)
Line 8,399 ⟶ 8,458:
| style="text-align:right" | -0.1
|-
| style="text-align:left" | '''<b>Total Other Comprehensive Income Related to Invested Assets'''</b>
| style="text-align:right" | '''<b>-13.1'''</b>
| style="text-align:right" | '''<b>-17.3'''</b>
|-
| style="text-align:left" | Real Estate
Line 8,411 ⟶ 8,470:
| style="text-align:right" | -0.1
|-
| style="text-align:left" | '''<b>Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)'''</b>
| style="text-align:right" | '''<b>6.1'''</b>
| style="text-align:right" | '''<b>6.4'''</b>
|-
| style="text-align:left" | '''<b>Total Unrealized Gains and Losses on Invested Assets (Net of Tax)'''</b>
| style="text-align:right" | '''<b>-7.0'''</b>
| style="text-align:right" | '''<b>-10.9'''</b>
|}
</div>
 
{{fn note|1=25|2=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}
{{fn note|1=26|2=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}
 
{{chunk|doc=gr2rpazfcv|c=19|p=19}}
== RoE & Gearing ==
 
====== Return on equity ======
 
<div style="overflow-x:auto">
{| id="t37" class="wikitable fintable"
|+ Return on equity
! style="text-align:left" | EUR billion
|-
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:rightleft" | FY25In EUR billion
! class="col-s" style="text-align:right" | Change in % points (FY25 vs FY24)
! style="text-align:right" | FY25
! style="text-align:right" | Change in % points (FY25 vs FY24)
|-
| style="text-align:left" | '''<b>Net Income ROE'''</b>
| style="text-align:right" | '''<b>14.8%'''</b>
| style="text-align:right" | '''<b>18.8%'''</b>
| style="text-align:right" | '''<b>3.9 pt'''</b>
|-
| style="text-align:left" | Net Income {{footnotefn ref|127|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 7.7
| style="text-align:right" | 9.6
| style="text-align:right" | —
|-
| style="text-align:left" | Average Adjusted Shareholders' Equity {{footnotefn ref|128|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>Underlying ROE'''</b>
| style="text-align:right" | '''<b>15.2%'''</b>
| style="text-align:right" | '''<b>16.0%'''</b>
| style="text-align:right" | '''<b>0.8 pt'''</b>
|-
| style="text-align:left" | Underlying Earnings {{footnotefn ref|127|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 7.9
| style="text-align:right" | 8.2
| style="text-align:right" | —
|-
| style="text-align:left" | Average Adjusted Shareholders' Equity {{footnotefn ref|128|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
| style="text-align:right" | —
|}
</div>
 
====== Debt gearing build-up ======
 
<div style="overflow-x:auto">
{| id="t38" class="wikitable fintable"
|+ Debt gearing build-up
! style="text-align:left" | EUR billion
|-
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:rightleft" | FY25In EUR billion
! style="text-align:right" | FY24
! style="text-align:right" | FY25
|-
| style="text-align:left" | Financing Debt
Line 8,492 ⟶ 8,555:
| style="text-align:right" | -0.1
|-
| style="text-align:left" | '''<b>Total Gross Debt (A)'''</b>
| style="text-align:right" | '''<b>14.3'''</b>
| style="text-align:right" | '''<b>15.7'''</b>
|-
| style="text-align:left" | Undated Deeply Subordinated Notes (TSS)
Line 8,504 ⟶ 8,567:
| style="text-align:right" | 0.3
|-
| style="text-align:left" | '''<b>Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)'''</b>
| style="text-align:right" | '''<b>19.2'''</b>
| style="text-align:right" | '''<b>20.3'''</b>
|-
| style="text-align:left" | '''<b>Shareholders' Equity (Including Non-Controlling Interests) (a) (C) {{footnotefn ref|29|12=Shareholders' equity includes undated and deeply subordinated debts.}}'''</b>
| style="text-align:right" | '''<b>52.5'''</b>
| style="text-align:right" | '''<b>49.6'''</b>
|-
| style="text-align:left" | '''<b>Contractual Service Margin net of tax (D)'''</b>
| style="text-align:right" | '''<b>26.3'''</b>
| style="text-align:right" | '''<b>25.9'''</b>
|-
| style="text-align:left" | '''<b>Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)'''</b>
| style="text-align:right" | '''<b>93.1'''</b>
| style="text-align:right" | '''<b>91.1'''</b>
|-
| style="text-align:left" | '''<b>Debt Gearing (G) = (B) / (E)'''</b>
| style="text-align:right" | '''<b>20.6%'''</b>
| style="text-align:right" | '''<b>22.3%'''</b>
|}
</div>
 
{{fn note|1=27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
{{fn note|1=28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
{{fn note|1=29|2=Shareholders' equity includes undated and deeply subordinated debts.}}
 
{{chunk|doc=gr2rpazfcv|c=20|p=20}}
== Information on Solvency II ==
 
====== Solvency II rollforward ======
 
<div style="overflow-x:auto">
{| id="t39" class="wikitable fintable"
|+ Solvency II rollforward
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | Regulatory & model changes
! class="col-s" style="text-align:right" | Normalized Capital Generation
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Economic variance (incl. FX)
! class="col-s" style="text-align:right" | Dividend & share buy-backs
! class="col-s" style="text-align:right" | Debt
! class="col-s" style="text-align:right" | M&A, In-force and Other
! class="col-s" style="text-align:right" | FY25
|-
|! style="text-align:left" | '''Eligible OwnIn FundEUR (EOF)'''billion
|! style="text-align:right" | '''55.9'''FY24
|! style="text-align:right" | '''0.2'''Regulatory &amp; model changes
|! style="text-align:right" | '''8.8'''Normalized Capital Generation
|! style="text-align:right" | '''-0.4'''Operating variance
|! style="text-align:right" | '''-2Economic variance (incl.1''' FX)
|! style="text-align:right" | '''Dividend &amp; share buy-6.0'''backs
|! style="text-align:right" | '''1.6'''Debt
|! style="text-align:right" | '''M&amp;A, In-1.7'''force and Other
|! style="text-align:right" | '''56.4'''FY25
|-
| style="text-align:left" | '''Solvency<b>Eligible CapitalOwn RequirementFund (SCREOF)'''</b>
| style="text-align:right" | '''25<b>55.9'''</b>
| style="text-align:right" | '''<b>0.0'''2</b>
| style="text-align:right" | '''0<b>8.6'''8</b>
| style="text-align:right" | '''<b>-0.0'''4</b>
| style="text-align:right" | '''<b>-1.2'''.1</b>
| style="text-align:right" | '''0<b>-6.0'''</b>
| style="text-align:right" | '''0<b>1.0'''6</b>
| style="text-align:right" | '''<b>-01.2'''7</b>
| style="text-align:right" | '''25<b>56.2'''4</b>
|-
| style="text-align:left" | '''<b>Solvency IICapital Ratio'''Requirement (SCR)</b>
| style="text-align:right" | '''216%'''<b>25.9</b>
| style="text-align:right" | '''<b>0%'''.0</b>
| style="text-align:right" | '''28%'''<b>0.6</b>
| style="text-align:right" | '''-1%'''<b>0.0</b>
| style="text-align:right" | '''4%'''<b>-1.2</b>
| style="text-align:right" | '''-24%'''<b>0.0</b>
| style="text-align:right" | '''6%'''<b>0.0</b>
| style="text-align:right" | '''<b>-5%'''0.2</b>
| style="text-align:right" | '''224%'''<b>25.2</b>
|-
| style="text-align:left" | <b>Solvency II Ratio</b>
| style="text-align:right" | <b>216%</b>
| style="text-align:right" | <b>0%</b>
| style="text-align:right" | <b>28%</b>
| style="text-align:right" | <b>-1%</b>
| style="text-align:right" | <b>4%</b>
| style="text-align:right" | <b>-24%</b>
| style="text-align:right" | <b>6%</b>
| style="text-align:right" | <b>-5%</b>
| style="text-align:right" | <b>224%</b>
|}
</div>
 
====== Eligible own fund tiering by sector ======
 
<div style="overflow-x:auto">
{| id="t40" class="wikitable fintable"
|+ Eligible own fund tiering by sector
! style="text-align:left" | EUR billion
|-
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:rightleft" | UnrestrictedIn TierEUR 1billion
! class="col-s" style="text-align:right" | Restricted Tier 1Total
! class="col-s" style="text-align:right" | Unrestricted Tier 21
! class="col-s" style="text-align:right" | Restricted Tier 31
! style="text-align:right" | Tier 2
! style="text-align:right" | Tier 3
|-
| style="text-align:left" | '''<b>EOF as of FY25'''</b>
| style="text-align:right" | '''<b>56.4'''</b>
| style="text-align:right" | '''<b>39.6'''</b>
| style="text-align:right" | '''<b>4.7'''</b>
| style="text-align:right" | '''<b>11.6'''</b>
| style="text-align:right" | '''<b>0.4'''</b>
|-
| style="text-align:left" | Insurance Sector
| style="text-align:right" | '''<b>55.1'''</b>
| style="text-align:right" | 38.4
| style="text-align:right" | 4.7
Line 8,604 ⟶ 8,672:
|-
| class="wt-indent-1" style="text-align:left" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Subject to Transitional Measures {{footnotefn ref|130|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:right" | 2.4
| style="text-align:right" | —
| style="text-align:right" | 1.4
| style="text-align:right" | 1.0
| style="text-align:right" | —
|-
| style="text-align:left" | Other Financial Sectors
| style="text-align:right" | '''<b>1.2'''</b>
| style="text-align:right" | 1.2
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | '''<b>EOF as of FY24'''</b>
| style="text-align:right" | '''<b>55.9'''</b>
| style="text-align:right" | '''<b>40.0'''</b>
| style="text-align:right" | '''<b>4.9'''</b>
| style="text-align:right" | '''<b>10.2'''</b>
| style="text-align:right" | '''<b>0.8'''</b>
|-
| style="text-align:left" | Insurance Sector
| style="text-align:right" | '''<b>53.5'''</b>
| style="text-align:right" | 37.5
| style="text-align:right" | 4.9
Line 8,639 ⟶ 8,707:
|-
| class="wt-indent-1" style="text-align:left" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Subject to Transitional Measures {{footnotefn ref|130|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:right" | 4.5
| style="text-align:right" | —
| style="text-align:right" | 3.4
| style="text-align:right" | 1.1
| style="text-align:right" | —
|-
| style="text-align:left" | Other Financial Sectors
| style="text-align:right" | '''<b>2.5'''</b>
| style="text-align:right" | 2.5
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
====== Solvency II key sensitivities ======
 
<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|+ Solvency II key sensitivities
! style="text-align:left" | EUR billion
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
Line 8,711 ⟶ 8,779:
</div>
 
{{fn note|1=30|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
 
{{chunk|doc=gr2rpazfcv|c=21|p=21}}
== IFRS17 SHE to Group EOF ==
 
====== Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds ======
 
<div style="overflow-x:auto">
{| id="t42" class="wikitable fintable"
|+ Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds
! style="text-align:left" | EUR billion
|-
! class="col-s" style="text-align:right" | FY25
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:left" | '''<b>IFRS SHAREHOLDERS' EQUITY'''</b>
| style="text-align:right" | '''<b>49.6'''</b>
|-
| style="text-align:left" | Contractual Service Margin (net of tax)
| style="text-align:right" | 25.9
|-
| style="text-align:left" | '''<b>IFRS SHAREHOLDERS' EQUITY inc. CSM'''</b>
| style="text-align:right" | '''<b>75.5'''</b>
|-
| style="text-align:left" | Net URCG not included in Shareholders' Equity
Line 8,738 ⟶ 8,809:
| style="text-align:right" | -21.3
|-
| class="wt-indent-45" style="text-align:left" | Goodwill
| style="text-align:right" | -17.8
|-
| class="wt-indent-45" style="text-align:left" | others
| style="text-align:right" | -3.5
|-
| style="text-align:left" | '''<b>IFRS TANGIBLE NET ASSET VALUE'''</b>
| style="text-align:right" | '''<b>56.0'''</b>
|-
| style="text-align:left" | Foreseeable dividends and distribution
Line 8,753 ⟶ 8,824:
| style="text-align:right" | -9.6
|-
| class="wt-indent-45" style="text-align:left" | Risk Margin vs Risk Adjustment
| style="text-align:right" | -6.4
|-
| class="wt-indent-45" style="text-align:left" | BEL adjustment
| style="text-align:right" | -3.2
|-
Line 8,762 ⟶ 8,833:
| style="text-align:right" | -0.6
|-
| style="text-align:left" | '''<b>UNRESTRICTED TIER 1'''</b>
| style="text-align:right" | '''<b>39.6'''</b>
|-
| style="text-align:left" | Restricted Tier 1 + Tier 2
Line 8,771 ⟶ 8,842:
| style="text-align:right" | 0.4
|-
| style="text-align:left" | '''<b>GROUP ELIGIBLE OWN FUNDS'''</b>
| style="text-align:right" | '''<b>56.4'''</b>
|}
</div>
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