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Section records derived from the published summary page (21 sections)
 
Section records derived from the published summary page (21 sections)
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"data_items": [],
"data_items": [],
"effective_tags": [],
"effective_tags": [],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t1\" class=\"wikitable fintable\"\n|+ Exchange rate by currency\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Average 1H24\n! class=\"col-s\" style=\"text-align:right\" | Average FY24\n! class=\"col-s\" style=\"text-align:right\" | Average 1H25\n! class=\"col-s\" style=\"text-align:right\" | Average FY25\n|-\n| style=\"text-align:left\" | USD\n| style=\"text-align:right\" | 1.07\n| style=\"text-align:right\" | 1.04\n| style=\"text-align:right\" | 1.17\n| style=\"text-align:right\" | 1.17\n| style=\"text-align:right\" | 1.08\n| style=\"text-align:right\" | 1.08\n| style=\"text-align:right\" | 1.09\n| style=\"text-align:right\" | 1.13\n|-\n| style=\"text-align:left\" | JPY\n| style=\"text-align:right\" | 172\n| style=\"text-align:right\" | 163\n| style=\"text-align:right\" | 170\n| style=\"text-align:right\" | 184\n| style=\"text-align:right\" | 165\n| style=\"text-align:right\" | 164\n| style=\"text-align:right\" | 162\n| style=\"text-align:right\" | 169\n|-\n| style=\"text-align:left\" | GBP\n| style=\"text-align:right\" | 0.85\n| style=\"text-align:right\" | 0.83\n| style=\"text-align:right\" | 0.86\n| style=\"text-align:right\" | 0.87\n| style=\"text-align:right\" | 0.85\n| style=\"text-align:right\" | 0.85\n| style=\"text-align:right\" | 0.84\n| style=\"text-align:right\" | 0.86\n|-\n| style=\"text-align:left\" | CHF\n| style=\"text-align:right\" | 0.96\n| style=\"text-align:right\" | 0.94\n| style=\"text-align:right\" | 0.93\n| style=\"text-align:right\" | 0.93\n| style=\"text-align:right\" | 0.96\n| style=\"text-align:right\" | 0.95\n| style=\"text-align:right\" | 0.94\n| style=\"text-align:right\" | 0.94\n|-\n| style=\"text-align:left\" | HKD\n| style=\"text-align:right\" | 8.37\n| style=\"text-align:right\" | 8.04\n| style=\"text-align:right\" | 9.21\n| style=\"text-align:right\" | 9.14\n| style=\"text-align:right\" | 8.45\n| style=\"text-align:right\" | 8.44\n| style=\"text-align:right\" | 8.53\n| style=\"text-align:right\" | 8.82\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t2\" class=\"wikitable fintable\"\n|+ Discount rate 5Y by currency\n|-\n! style=\"text-align:left\" | %\n! class=\"col-s\" style=\"text-align:right\" | Average 1H24\n! class=\"col-s\" style=\"text-align:right\" | Average FY24\n! class=\"col-s\" style=\"text-align:right\" | Average 1H25\n! class=\"col-s\" style=\"text-align:right\" | Average FY25\n|-\n| style=\"text-align:left\" | EUR\n| style=\"text-align:right\" | 2.79%\n| style=\"text-align:right\" | 2.84%\n| style=\"text-align:right\" | 2.57%\n| style=\"text-align:right\" | 2.59%\n|-\n| style=\"text-align:left\" | USD\n| style=\"text-align:right\" | 4.35%\n| style=\"text-align:right\" | 4.41%\n| style=\"text-align:right\" | 4.40%\n| style=\"text-align:right\" | 4.23%\n|-\n| style=\"text-align:left\" | JPY\n| style=\"text-align:right\" | 0.22%\n| style=\"text-align:right\" | 0.42%\n| style=\"text-align:right\" | 0.89%\n| style=\"text-align:right\" | 1.01%\n|-\n| style=\"text-align:left\" | GBP\n| style=\"text-align:right\" | 4.00%\n| style=\"text-align:right\" | 4.25%\n| style=\"text-align:right\" | 4.38%\n| style=\"text-align:right\" | 4.31%\n|-\n| style=\"text-align:left\" | CHF\n| style=\"text-align:right\" | 1.05%\n| style=\"text-align:right\" | 0.82%\n| style=\"text-align:right\" | 0.18%\n| style=\"text-align:right\" | 0.16%\n|-\n| style=\"text-align:left\" | HKD\n| style=\"text-align:right\" | 3.75%\n| style=\"text-align:right\" | 3.67%\n| style=\"text-align:right\" | 3.45%\n| style=\"text-align:right\" | 3.18%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t3\" class=\"wikitable fintable\"\n|+ Discount rate 10Y by currency\n|-\n! style=\"text-align:left\" | %\n! class=\"col-s\" style=\"text-align:right\" | Closing 1H24\n! class=\"col-s\" style=\"text-align:right\" | Closing FY24\n! class=\"col-s\" style=\"text-align:right\" | Closing 1H25\n! class=\"col-s\" style=\"text-align:right\" | Closing FY25\n|-\n| style=\"text-align:left\" | EUR\n| style=\"text-align:right\" | 3.06%\n| style=\"text-align:right\" | 2.71%\n| style=\"text-align:right\" | 2.91%\n| style=\"text-align:right\" | 3.17%\n|-\n| style=\"text-align:left\" | USD\n| style=\"text-align:right\" | 4.54%\n| style=\"text-align:right\" | 4.66%\n| style=\"text-align:right\" | 4.43%\n| style=\"text-align:right\" | 4.45%\n|-\n| style=\"text-align:left\" | JPY\n| style=\"text-align:right\" | 1.04%\n| style=\"text-align:right\" | 1.07%\n| style=\"text-align:right\" | 1.44%\n| style=\"text-align:right\" | 2.08%\n|-\n| style=\"text-align:left\" | GBP\n| style=\"text-align:right\" | 4.27%\n| style=\"text-align:right\" | 4.48%\n| style=\"text-align:right\" | 4.56%\n| style=\"text-align:right\" | 4.55%\n|-\n| style=\"text-align:left\" | CHF\n| style=\"text-align:right\" | 0.98%\n| style=\"text-align:right\" | 0.38%\n| style=\"text-align:right\" | 0.53%\n| style=\"text-align:right\" | 0.67%\n|-\n| style=\"text-align:left\" | HKD\n| style=\"text-align:right\" | 3.79%\n| style=\"text-align:right\" | 3.91%\n| style=\"text-align:right\" | 3.02%\n| style=\"text-align:right\" | 3.21%\n|}\n\u003C/div\u003E"
"content": "**Exchange rate by currency**\n\n| | 1H24 | FY24 | 1H25 | FY25 | Average 1H24 | Average FY24 | Average 1H25 | Average FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| USD | 1.07 | 1.04 | 1.17 | 1.17 | 1.08 | 1.08 | 1.09 | 1.13 |\n| JPY | 172 | 163 | 170 | 184 | 165 | 164 | 162 | 169 |\n| GBP | 0.85 | 0.83 | 0.86 | 0.87 | 0.85 | 0.85 | 0.84 | 0.86 |\n| CHF | 0.96 | 0.94 | 0.93 | 0.93 | 0.96 | 0.95 | 0.94 | 0.94 |\n| HKD | 8.37 | 8.04 | 9.21 | 9.14 | 8.45 | 8.44 | 8.53 | 8.82 |\n\n**Discount rate 5Y by currency**\n\n| % | Average 1H24 | Average FY24 | Average 1H25 | Average FY25 |\n| --- | --- | --- | --- | --- |\n| EUR | 2.79% | 2.84% | 2.57% | 2.59% |\n| USD | 4.35% | 4.41% | 4.40% | 4.23% |\n| JPY | 0.22% | 0.42% | 0.89% | 1.01% |\n| GBP | 4.00% | 4.25% | 4.38% | 4.31% |\n| CHF | 1.05% | 0.82% | 0.18% | 0.16% |\n| HKD | 3.75% | 3.67% | 3.45% | 3.18% |\n\n**Discount rate 10Y by currency**\n\n| % | Closing 1H24 | Closing FY24 | Closing 1H25 | Closing FY25 |\n| --- | --- | --- | --- | --- |\n| EUR | 3.06% | 2.71% | 2.91% | 3.17% |\n| USD | 4.54% | 4.66% | 4.43% | 4.45% |\n| JPY | 1.04% | 1.07% | 1.44% | 2.08% |\n| GBP | 4.27% | 4.48% | 4.56% | 4.55% |\n| CHF | 0.98% | 0.38% | 0.53% | 0.67% |\n| HKD | 3.79% | 3.91% | 3.02% | 3.21% |"
},
},
{
{
Line 34: Line 34:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t4\" class=\"wikitable fintable\"\n|+ Group [[Definition:Underlying earnings|underlying earnings]] build-up by line of business and net income\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"4\" style=\"text-align:center\" | Group\n! colspan=\"4\" style=\"text-align:center\" | Property \u0026amp; Casualty\n! colspan=\"4\" style=\"text-align:center\" | Life \u0026amp; Health\n! colspan=\"4\" style=\"text-align:center\" | Asset Management {{fn ref|1|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}\n! colspan=\"4\" style=\"text-align:center\" | Holdings {{fn ref|2|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShort-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Revenues\n| style=\"text-align:right\" | 35,273\n| style=\"text-align:right\" | 72,104\n| style=\"text-align:right\" | 37,209\n| style=\"text-align:right\" | 75,071\n| style=\"text-align:right\" | 27,294\n| style=\"text-align:right\" | 55,898\n| style=\"text-align:right\" | 28,697\n| style=\"text-align:right\" | 57,656\n| style=\"text-align:right\" | 7,979\n| style=\"text-align:right\" | 16,207\n| style=\"text-align:right\" | 8,512\n| style=\"text-align:right\" | 17,416\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Combined Ratio\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 90.2%\n| style=\"text-align:right\" | 91.0%\n| style=\"text-align:right\" | 90.0%\n| style=\"text-align:right\" | 90.6%\n| style=\"text-align:right\" | 97.6%\n| style=\"text-align:right\" | 97.4%\n| style=\"text-align:right\" | 97.1%\n| style=\"text-align:right\" | 97.2%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Technical Margin\n| style=\"text-align:right\" | 2,877\n| style=\"text-align:right\" | 5,421\n| style=\"text-align:right\" | 3,107\n| style=\"text-align:right\" | 5,888\n| style=\"text-align:right\" | 2,682\n| style=\"text-align:right\" | 5,006\n| style=\"text-align:right\" | 2,859\n| style=\"text-align:right\" | 5,409\n| style=\"text-align:right\" | 195\n| style=\"text-align:right\" | 415\n| style=\"text-align:right\" | 248\n| style=\"text-align:right\" | 479\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELong-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | CSM Release\n| style=\"text-align:right\" | 1,395\n| style=\"text-align:right\" | 2,775\n| style=\"text-align:right\" | 1,428\n| style=\"text-align:right\" | 2,954\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,395\n| style=\"text-align:right\" | 2,775\n| style=\"text-align:right\" | 1,428\n| style=\"text-align:right\" | 2,954\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Technical Experience\n| style=\"text-align:right\" | -64\n| style=\"text-align:right\" | -95\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | -150\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -64\n| style=\"text-align:right\" | -95\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | -150\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFinancial Result \u0026amp; Other\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Financial Result\n| style=\"text-align:right\" | 2,064\n| style=\"text-align:right\" | 3,971\n| style=\"text-align:right\" | 2,148\n| style=\"text-align:right\" | 4,013\n| style=\"text-align:right\" | 1,324\n| style=\"text-align:right\" | 2,559\n| style=\"text-align:right\" | 1,343\n| style=\"text-align:right\" | 2,631\n| style=\"text-align:right\" | 536\n| style=\"text-align:right\" | 975\n| style=\"text-align:right\" | 563\n| style=\"text-align:right\" | 946\n| style=\"text-align:right\" | 24\n| style=\"text-align:right\" | 35\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 181\n| style=\"text-align:right\" | 402\n| style=\"text-align:right\" | 228\n| style=\"text-align:right\" | 422\n|-\n| style=\"text-align:left\" | [[Definition:Other revenue|Other Revenues]]\n| style=\"text-align:right\" | 1,459\n| style=\"text-align:right\" | 3,054\n| style=\"text-align:right\" | 1,625\n| style=\"text-align:right\" | 2,167\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 937\n| style=\"text-align:right\" | 2,004\n| style=\"text-align:right\" | 1,018\n| style=\"text-align:right\" | 1,018\n| style=\"text-align:right\" | 522\n| style=\"text-align:right\" | 1,050\n| style=\"text-align:right\" | 607\n| style=\"text-align:right\" | 1,149\n|-\n| style=\"text-align:left\" | Other Expenses\n| style=\"text-align:right\" | -1,624\n| style=\"text-align:right\" | -3,479\n| style=\"text-align:right\" | -1,868\n| style=\"text-align:right\" | -2,900\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -698\n| style=\"text-align:right\" | -1,493\n| style=\"text-align:right\" | -793\n| style=\"text-align:right\" | -793\n| style=\"text-align:right\" | -925\n| style=\"text-align:right\" | -1,986\n| style=\"text-align:right\" | -1,075\n| style=\"text-align:right\" | -2,107\n|-\n| style=\"text-align:left\" | Debt Financing Charges\n| style=\"text-align:right\" | -471\n| style=\"text-align:right\" | -948\n| style=\"text-align:right\" | -452\n| style=\"text-align:right\" | -928\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -471\n| style=\"text-align:right\" | -948\n| style=\"text-align:right\" | -452\n| style=\"text-align:right\" | -928\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Before Tax\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,638\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E10,700\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,958\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,044\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,006\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,565\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,202\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8,040\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,061\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,070\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,209\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,229\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E263\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E546\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E239\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E239\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-693\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,482\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-692\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,464\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -1,427\n| style=\"text-align:right\" | -2,662\n| style=\"text-align:right\" | -1,503\n| style=\"text-align:right\" | -2,644\n| style=\"text-align:right\" | -1,046\n| style=\"text-align:right\" | -1,952\n| style=\"text-align:right\" | -1,074\n| style=\"text-align:right\" | -2,060\n| style=\"text-align:right\" | -412\n| style=\"text-align:right\" | -874\n| style=\"text-align:right\" | -462\n| style=\"text-align:right\" | -800\n| style=\"text-align:right\" | -69\n| style=\"text-align:right\" | -160\n| style=\"text-align:right\" | -68\n| style=\"text-align:right\" | -68\n| style=\"text-align:right\" | 100\n| style=\"text-align:right\" | 324\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 284\n|-\n| style=\"text-align:left\" | Income from Affiliates \u0026amp; Other\n| style=\"text-align:right\" | 122\n| style=\"text-align:right\" | 218\n| style=\"text-align:right\" | 111\n| style=\"text-align:right\" | 168\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 103\n| style=\"text-align:right\" | 186\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 157\n| style=\"text-align:right\" | 16\n| style=\"text-align:right\" | 29\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Minority Interests\n| style=\"text-align:right\" | -89\n| style=\"text-align:right\" | -179\n| style=\"text-align:right\" | -101\n| style=\"text-align:right\" | -199\n| style=\"text-align:right\" | -56\n| style=\"text-align:right\" | -106\n| style=\"text-align:right\" | -63\n| style=\"text-align:right\" | -111\n| style=\"text-align:right\" | -27\n| style=\"text-align:right\" | -60\n| style=\"text-align:right\" | -34\n| style=\"text-align:right\" | -85\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -13\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Group Share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,244\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8,078\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,465\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8,368\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,908\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,510\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,067\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,872\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,725\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,323\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,814\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,501\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E204\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E402\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E175\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E175\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-592\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,157\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-591\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,180\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Underlying Earnings Growth Rate (constant [[Definition:Foreign exchange|FX]])\n| style=\"text-align:right\" | 4%\n| style=\"text-align:right\" | 7%\n| style=\"text-align:right\" | 6%\n| style=\"text-align:right\" | 6%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying ROE\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E16.6%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E15.2%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E17.5%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E16.0%\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E16.2%\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E17.3%\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E13.6%\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E14.4%\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E26.0%\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003En.a.\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Net Realized Capital Gains \u0026amp; Losses\n| style=\"text-align:right\" | 93\n| style=\"text-align:right\" | 195\n| style=\"text-align:right\" | 66\n| style=\"text-align:right\" | 138\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Change in Fair Value of Assets \u0026amp; Derivatives\n| style=\"text-align:right\" | -43\n| style=\"text-align:right\" | 83\n| style=\"text-align:right\" | -467\n| style=\"text-align:right\" | -813\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Amortization of customer intangibles\n| style=\"text-align:right\" | -50\n| style=\"text-align:right\" | -131\n| style=\"text-align:right\" | -48\n| style=\"text-align:right\" | -86\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Integration and Restructuring Costs\n| style=\"text-align:right\" | -78\n| style=\"text-align:right\" | -240\n| style=\"text-align:right\" | -63\n| style=\"text-align:right\" | -197\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Exceptional Items\n| style=\"text-align:right\" | -147\n| style=\"text-align:right\" | -99\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | 2,386\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003ENet Income Group Share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,020\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,886\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,922\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E9,797\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Deeply Subordinated and Undated Subordinated Debt Charges\n| style=\"text-align:right\" | -106\n| style=\"text-align:right\" | -201\n| style=\"text-align:right\" | -86\n| style=\"text-align:right\" | -174\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings for EPS calculation\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,138\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,877\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,379\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8,195\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003ENet Income for EPS calculation\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,914\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,685\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,836\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E9,623\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E\n\n{{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.}}\n{{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.}}"
"content": "**Group underlying earnings build-up by line of business and net income**\n\n| In EUR million | Group 1H24 | Group FY24 | Group 1H25 | Group FY25 | Property \u0026 Casualty 1H24 | Property \u0026 Casualty FY24 | Property \u0026 Casualty 1H25 | Property \u0026 Casualty FY25 | Life \u0026 Health 1H24 | Life \u0026 Health FY24 | Life \u0026 Health 1H25 | Life \u0026 Health FY25 | Asset Management (1) 1H24 | Asset Management (1) FY24 | Asset Management (1) 1H25 | Asset Management (1) FY25 | Holdings (2) 1H24 | Holdings (2) FY24 | Holdings (2) 1H25 | Holdings (2) FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 35,273 | 72,104 | 37,209 | 75,071 | 27,294 | 55,898 | 28,697 | 57,656 | 7,979 | 16,207 | 8,512 | 17,416 | | | | | | | | |\n| Short-term Business — Combined Ratio | | | | | 90.2% | 91.0% | 90.0% | 90.6% | 97.6% | 97.4% | 97.1% | 97.2% | | | | | | | | |\n| Short-term Business — Technical Margin | 2,877 | 5,421 | 3,107 | 5,888 | 2,682 | 5,006 | 2,859 | 5,409 | 195 | 415 | 248 | 479 | | | | | | | | |\n| Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | | | | | 1,395 | 2,775 | 1,428 | 2,954 | | | | | | | | |\n| Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | | | | | -64 | -95 | -30 | -150 | | | | | | | | |\n| Financial Result \u0026 Other — Financial Result | 2,064 | 3,971 | 2,148 | 4,013 | 1,324 | 2,559 | 1,343 | 2,631 | 536 | 975 | 563 | 946 | 24 | 35 | 14 | 14 | 181 | 402 | 228 | 422 |\n| Financial Result \u0026 Other — Other Revenues (Other revenue) | 1,459 | 3,054 | 1,625 | 2,167 | | | | | | | | | 937 | 2,004 | 1,018 | 1,018 | 522 | 1,050 | 607 | 1,149 |\n| Financial Result \u0026 Other — Other Expenses | -1,624 | -3,479 | -1,868 | -2,900 | | | | | | | | | -698 | -1,493 | -793 | -793 | -925 | -1,986 | -1,075 | -2,107 |\n| Financial Result \u0026 Other — Debt Financing Charges | -471 | -948 | -452 | -928 | | | | | | | | | | | | | -471 | -948 | -452 | -928 |\n| **Financial Result \u0026 Other — Underlying Earnings Before Tax** | 5,638 | 10,700 | 5,958 | 11,044 | 4,006 | 7,565 | 4,202 | 8,040 | 2,061 | 4,070 | 2,209 | 4,229 | 263 | 546 | 239 | 239 | -693 | -1,482 | -692 | -1,464 |\n| Financial Result \u0026 Other — Tax | -1,427 | -2,662 | -1,503 | -2,644 | -1,046 | -1,952 | -1,074 | -2,060 | -412 | -874 | -462 | -800 | -69 | -160 | -68 | -68 | 100 | 324 | 101 | 284 |\n| Financial Result \u0026 Other — Income from Affiliates \u0026 Other | 122 | 218 | 111 | 168 | 2 | 3 | 1 | 3 | 103 | 186 | 101 | 157 | 16 | 29 | 8 | 8 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Minority Interests | -89 | -179 | -101 | -199 | -56 | -106 | -63 | -111 | -27 | -60 | -34 | -85 | -6 | -13 | -4 | -4 | 0 | 0 | 0 | 0 |\n| **Financial Result \u0026 Other — Underlying Earnings Group Share** | 4,244 | 8,078 | 4,465 | 8,368 | 2,908 | 5,510 | 3,067 | 5,872 | 1,725 | 3,323 | 1,814 | 3,501 | 204 | 402 | 175 | 175 | -592 | -1,157 | -591 | -1,180 |\n| Financial Result \u0026 Other — Underlying Earnings Growth Rate (constant FX (Foreign exchange)) | 4% | 7% | 6% | 6% | | | | | | | | | | | | | | | | |\n| **Financial Result \u0026 Other — Underlying ROE** | 16.6% | 15.2% | 17.5% | 16.0% | | 16.2% | | 17.3% | | 13.6% | | 14.4% | | 26.0% | | n.a. | | | | |\n| Financial Result \u0026 Other — Net Realized Capital Gains \u0026 Losses | 93 | 195 | 66 | 138 | | | | | | | | | | | | | | | | |\n| Financial Result \u0026 Other — Change in Fair Value of Assets \u0026 Derivatives | -43 | 83 | -467 | -813 | | | | | | | | | | | | | | | | |\n| Financial Result \u0026 Other — Amortization of customer intangibles | -50 | -131 | -48 | -86 | | | | | | | | | | | | | | | | |\n| Financial Result \u0026 Other — Integration and Restructuring Costs | -78 | -240 | -63 | -197 | | | | | | | | | | | | | | | | |\n| Financial Result \u0026 Other — Exceptional Items | -147 | -99 | -30 | 2,386 | | | | | | | | | | | | | | | | |\n| **Financial Result \u0026 Other — Net Income Group Share** | 4,020 | 7,886 | 3,922 | 9,797 | | | | | | | | | | | | | | | | |\n| Financial Result \u0026 Other — Deeply Subordinated and Undated Subordinated Debt Charges | -106 | -201 | -86 | -174 | | | | | | | | | | | | | | | | |\n| **Financial Result \u0026 Other — Underlying Earnings for EPS calculation** | 4,138 | 7,877 | 4,379 | 8,195 | | | | | | | | | | | | | | | | |\n| **Financial Result \u0026 Other — Net Income for EPS calculation** | 3,914 | 7,685 | 3,836 | 9,623 | | | | | | | | | | | | | | | | |\n\n(1) AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.\n(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."
},
},
{
{
Line 53: Line 53:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t5\" class=\"wikitable fintable\"\n|+ [[Definition:Underlying earnings|Underlying earnings]] build-up by geography\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"4\" style=\"text-align:center\" | Group\n! colspan=\"4\" style=\"text-align:center\" | France\n! colspan=\"4\" style=\"text-align:center\" | Europe\n! colspan=\"4\" style=\"text-align:center\" | AXA XL\n! colspan=\"4\" style=\"text-align:center\" | Asia, Africa \u0026amp; EME-LATAM\n! colspan=\"4\" style=\"text-align:center\" | AXA IM {{fn ref|3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}\n! colspan=\"4\" style=\"text-align:center\" | Transversal \u0026amp; Other\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShort-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Revenues\n| style=\"text-align:right\" | 35,273\n| style=\"text-align:right\" | 72,104\n| style=\"text-align:right\" | 37,209\n| style=\"text-align:right\" | 75,071\n| style=\"text-align:right\" | 9,046\n| style=\"text-align:right\" | 18,698\n| style=\"text-align:right\" | 9,567\n| style=\"text-align:right\" | 19,555\n| style=\"text-align:right\" | 11,839\n| style=\"text-align:right\" | 24,005\n| style=\"text-align:right\" | 12,661\n| style=\"text-align:right\" | 25,724\n| style=\"text-align:right\" | 9,022\n| style=\"text-align:right\" | 18,530\n| style=\"text-align:right\" | 9,428\n| style=\"text-align:right\" | 18,699\n| style=\"text-align:right\" | 4,312\n| style=\"text-align:right\" | 8,750\n| style=\"text-align:right\" | 4,478\n| style=\"text-align:right\" | 8,986\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,053\n| style=\"text-align:right\" | 2,122\n| style=\"text-align:right\" | 1,075\n| style=\"text-align:right\" | 2,107\n|-\n| style=\"text-align:left\" | Combined Ratio\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Technical Margin\n| style=\"text-align:right\" | 2,877\n| style=\"text-align:right\" | 5,421\n| style=\"text-align:right\" | 3,107\n| style=\"text-align:right\" | 5,888\n| style=\"text-align:right\" | 692\n| style=\"text-align:right\" | 1,470\n| style=\"text-align:right\" | 658\n| style=\"text-align:right\" | 1,485\n| style=\"text-align:right\" | 998\n| style=\"text-align:right\" | 1,957\n| style=\"text-align:right\" | 1,176\n| style=\"text-align:right\" | 2,357\n| style=\"text-align:right\" | 1,111\n| style=\"text-align:right\" | 1,820\n| style=\"text-align:right\" | 1,074\n| style=\"text-align:right\" | 1,928\n| style=\"text-align:right\" | 70\n| style=\"text-align:right\" | 81\n| style=\"text-align:right\" | 150\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 6\n| style=\"text-align:right\" | 93\n| style=\"text-align:right\" | 49\n| style=\"text-align:right\" | 109\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELong-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | CSM Release\n| style=\"text-align:right\" | 1,395\n| style=\"text-align:right\" | 2,775\n| style=\"text-align:right\" | 1,428\n| style=\"text-align:right\" | 2,954\n| style=\"text-align:right\" | 407\n| style=\"text-align:right\" | 823\n| style=\"text-align:right\" | 419\n| style=\"text-align:right\" | 895\n| style=\"text-align:right\" | 468\n| style=\"text-align:right\" | 920\n| style=\"text-align:right\" | 471\n| style=\"text-align:right\" | 984\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 516\n| style=\"text-align:right\" | 1,029\n| style=\"text-align:right\" | 538\n| style=\"text-align:right\" | 1,074\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Technical Experience\n| style=\"text-align:right\" | -64\n| style=\"text-align:right\" | -95\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | -150\n| style=\"text-align:right\" | -40\n| style=\"text-align:right\" | -96\n| style=\"text-align:right\" | -37\n| style=\"text-align:right\" | -81\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | -8\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | -70\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -5\n| style=\"text-align:right\" | -17\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | 6\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFinancial Result \u0026amp; Other\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Financial Result\n| style=\"text-align:right\" | 2,064\n| style=\"text-align:right\" | 3,971\n| style=\"text-align:right\" | 2,148\n| style=\"text-align:right\" | 4,013\n| style=\"text-align:right\" | 350\n| style=\"text-align:right\" | 613\n| style=\"text-align:right\" | 380\n| style=\"text-align:right\" | 667\n| style=\"text-align:right\" | 784\n| style=\"text-align:right\" | 1,486\n| style=\"text-align:right\" | 765\n| style=\"text-align:right\" | 1,398\n| style=\"text-align:right\" | 283\n| style=\"text-align:right\" | 616\n| style=\"text-align:right\" | 308\n| style=\"text-align:right\" | 651\n| style=\"text-align:right\" | 382\n| style=\"text-align:right\" | 741\n| style=\"text-align:right\" | 425\n| style=\"text-align:right\" | 782\n| style=\"text-align:right\" | 24\n| style=\"text-align:right\" | 35\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 241\n| style=\"text-align:right\" | 480\n| style=\"text-align:right\" | 255\n| style=\"text-align:right\" | 502\n|-\n| style=\"text-align:left\" | [[Definition:Other revenue|Other Revenues]]\n| style=\"text-align:right\" | 1,459\n| style=\"text-align:right\" | 3,054\n| style=\"text-align:right\" | 1,625\n| style=\"text-align:right\" | 2,167\n| style=\"text-align:right\" | 53\n| style=\"text-align:right\" | 108\n| style=\"text-align:right\" | 44\n| style=\"text-align:right\" | 91\n| style=\"text-align:right\" | -18\n| style=\"text-align:right\" | -32\n| style=\"text-align:right\" | -8\n| style=\"text-align:right\" | -12\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | 937\n| style=\"text-align:right\" | 2,004\n| style=\"text-align:right\" | 1,018\n| style=\"text-align:right\" | 1,018\n| style=\"text-align:right\" | 488\n| style=\"text-align:right\" | 974\n| style=\"text-align:right\" | 573\n| style=\"text-align:right\" | 1,073\n|-\n| style=\"text-align:left\" | Other Expenses\n| style=\"text-align:right\" | -1,624\n| style=\"text-align:right\" | -3,479\n| style=\"text-align:right\" | -1,868\n| style=\"text-align:right\" | -2,900\n| style=\"text-align:right\" | -83\n| style=\"text-align:right\" | -180\n| style=\"text-align:right\" | -79\n| style=\"text-align:right\" | -168\n| style=\"text-align:right\" | -10\n| style=\"text-align:right\" | -25\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -9\n| style=\"text-align:right\" | -20\n| style=\"text-align:right\" | -14\n| style=\"text-align:right\" | -26\n| style=\"text-align:right\" | -698\n| style=\"text-align:right\" | -1,493\n| style=\"text-align:right\" | -793\n| style=\"text-align:right\" | -793\n| style=\"text-align:right\" | -823\n| style=\"text-align:right\" | -1,761\n| style=\"text-align:right\" | -976\n| style=\"text-align:right\" | -1,910\n|-\n| style=\"text-align:left\" | Debt Financing Charges\n| style=\"text-align:right\" | -471\n| style=\"text-align:right\" | -948\n| style=\"text-align:right\" | -452\n| style=\"text-align:right\" | -928\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -16\n| style=\"text-align:right\" | -33\n| style=\"text-align:right\" | -16\n| style=\"text-align:right\" | -32\n| style=\"text-align:right\" | -7\n| style=\"text-align:right\" | -12\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -447\n| style=\"text-align:right\" | -902\n| style=\"text-align:right\" | -431\n| style=\"text-align:right\" | -887\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Before Tax\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,638\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E10,700\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,958\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,044\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,380\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,738\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,384\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,888\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,210\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,297\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,406\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,651\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,385\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,409\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,366\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,543\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E935\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,826\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,093\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,835\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E263\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E546\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E239\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E239\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-535\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,116\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-530\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,113\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -1,427\n| style=\"text-align:right\" | -2,662\n| style=\"text-align:right\" | -1,503\n| style=\"text-align:right\" | -2,644\n| style=\"text-align:right\" | -350\n| style=\"text-align:right\" | -676\n| style=\"text-align:right\" | -308\n| style=\"text-align:right\" | -665\n| style=\"text-align:right\" | -536\n| style=\"text-align:right\" | -1,004\n| style=\"text-align:right\" | -568\n| style=\"text-align:right\" | -1,039\n| style=\"text-align:right\" | -355\n| style=\"text-align:right\" | -588\n| style=\"text-align:right\" | -342\n| style=\"text-align:right\" | -650\n| style=\"text-align:right\" | -205\n| style=\"text-align:right\" | -443\n| style=\"text-align:right\" | -294\n| style=\"text-align:right\" | -434\n| style=\"text-align:right\" | -69\n| style=\"text-align:right\" | -160\n| style=\"text-align:right\" | -68\n| style=\"text-align:right\" | -68\n| style=\"text-align:right\" | 88\n| style=\"text-align:right\" | 209\n| style=\"text-align:right\" | 76\n| style=\"text-align:right\" | 212\n|-\n| style=\"text-align:left\" | Income from Affiliates \u0026amp; Other\n| style=\"text-align:right\" | 122\n| style=\"text-align:right\" | 218\n| style=\"text-align:right\" | 111\n| style=\"text-align:right\" | 168\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 102\n| style=\"text-align:right\" | 181\n| style=\"text-align:right\" | 103\n| style=\"text-align:right\" | 160\n| style=\"text-align:right\" | 16\n| style=\"text-align:right\" | 29\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Minority Interests\n| style=\"text-align:right\" | -89\n| style=\"text-align:right\" | -179\n| style=\"text-align:right\" | -101\n| style=\"text-align:right\" | -199\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -48\n| style=\"text-align:right\" | -105\n| style=\"text-align:right\" | -56\n| style=\"text-align:right\" | -126\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -34\n| style=\"text-align:right\" | -60\n| style=\"text-align:right\" | -39\n| style=\"text-align:right\" | -68\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -13\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -2\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Group share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,244\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8,078\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,465\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8,368\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,034\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,071\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,076\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,224\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,626\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,187\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,782\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,486\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,030\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,820\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,024\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,893\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E798\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,504\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E862\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,493\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E204\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E402\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E175\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E175\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-447\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-907\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-455\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-903\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t6\" class=\"wikitable fintable\"\n|+ Underlying earnings by line of business and geography\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"4\" style=\"text-align:center\" | Group\n! colspan=\"4\" style=\"text-align:center\" | France\n! colspan=\"4\" style=\"text-align:center\" | Europe\n! colspan=\"4\" style=\"text-align:center\" | AXA XL\n! colspan=\"4\" style=\"text-align:center\" | Asia, Africa \u0026amp; EME-LATAM\n! colspan=\"4\" style=\"text-align:center\" | AXA IM {{fn ref|3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}\n! colspan=\"4\" style=\"text-align:center\" | Transversal \u0026amp; Other\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings by Line of Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Property \u0026amp; Casualty\n| style=\"text-align:right\" | 2,908\n| style=\"text-align:right\" | 5,510\n| style=\"text-align:right\" | 3,067\n| style=\"text-align:right\" | 5,872\n| style=\"text-align:right\" | 539\n| style=\"text-align:right\" | 1,161\n| style=\"text-align:right\" | 574\n| style=\"text-align:right\" | 1,237\n| style=\"text-align:right\" | 1,073\n| style=\"text-align:right\" | 2,029\n| style=\"text-align:right\" | 1,152\n| style=\"text-align:right\" | 2,216\n| style=\"text-align:right\" | 1,032\n| style=\"text-align:right\" | 1,828\n| style=\"text-align:right\" | 1,032\n| style=\"text-align:right\" | 1,913\n| style=\"text-align:right\" | 194\n| style=\"text-align:right\" | 334\n| style=\"text-align:right\" | 233\n| style=\"text-align:right\" | 355\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 70\n| style=\"text-align:right\" | 158\n| style=\"text-align:right\" | 75\n| style=\"text-align:right\" | 151\n|-\n| style=\"text-align:left\" | Life \u0026amp; Health\n| style=\"text-align:right\" | 1,725\n| style=\"text-align:right\" | 3,323\n| style=\"text-align:right\" | 1,814\n| style=\"text-align:right\" | 3,501\n| style=\"text-align:right\" | 519\n| style=\"text-align:right\" | 964\n| style=\"text-align:right\" | 524\n| style=\"text-align:right\" | 1,039\n| style=\"text-align:right\" | 559\n| style=\"text-align:right\" | 1,104\n| style=\"text-align:right\" | 616\n| style=\"text-align:right\" | 1,264\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 25\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | 627\n| style=\"text-align:right\" | 1,211\n| style=\"text-align:right\" | 653\n| style=\"text-align:right\" | 1,165\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 19\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 22\n|-\n| style=\"text-align:left\" | Asset Management\n| style=\"text-align:right\" | 204\n| style=\"text-align:right\" | 402\n| style=\"text-align:right\" | 175\n| style=\"text-align:right\" | 175\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 204\n| style=\"text-align:right\" | 402\n| style=\"text-align:right\" | 175\n| style=\"text-align:right\" | 175\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Holdings {{fn ref|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.}}\n| style=\"text-align:right\" | -592\n| style=\"text-align:right\" | -1,157\n| style=\"text-align:right\" | -591\n| style=\"text-align:right\" | -1,180\n| style=\"text-align:right\" | -24\n| style=\"text-align:right\" | -54\n| style=\"text-align:right\" | -23\n| style=\"text-align:right\" | -52\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | 54\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 6\n| style=\"text-align:right\" | -16\n| style=\"text-align:right\" | -33\n| style=\"text-align:right\" | -16\n| style=\"text-align:right\" | -32\n| style=\"text-align:right\" | -23\n| style=\"text-align:right\" | -41\n| style=\"text-align:right\" | -24\n| style=\"text-align:right\" | -26\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -524\n| style=\"text-align:right\" | -1,083\n| style=\"text-align:right\" | -543\n| style=\"text-align:right\" | -1,076\n|}\n\u003C/div\u003E\n\n{{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.}}\n{{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.}}"
"content": "**Underlying earnings build-up by geography**\n\n| In EUR million | Group 1H24 | Group FY24 | Group 1H25 | Group FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa \u0026 EME-LATAM 1H24 | Asia, Africa \u0026 EME-LATAM FY24 | Asia, Africa \u0026 EME-LATAM 1H25 | Asia, Africa \u0026 EME-LATAM FY25 | AXA IM (3) 1H24 | AXA IM (3) FY24 | AXA IM (3) 1H25 | AXA IM (3) FY25 | Transversal \u0026 Other 1H24 | Transversal \u0026 Other FY24 | Transversal \u0026 Other 1H25 | Transversal \u0026 Other FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 35,273 | 72,104 | 37,209 | 75,071 | 9,046 | 18,698 | 9,567 | 19,555 | 11,839 | 24,005 | 12,661 | 25,724 | 9,022 | 18,530 | 9,428 | 18,699 | 4,312 | 8,750 | 4,478 | 8,986 | | | | | 1,053 | 2,122 | 1,075 | 2,107 |\n| Combined Ratio — Technical Margin | 2,877 | 5,421 | 3,107 | 5,888 | 692 | 1,470 | 658 | 1,485 | 998 | 1,957 | 1,176 | 2,357 | 1,111 | 1,820 | 1,074 | 1,928 | 70 | 81 | 150 | 9 | | | | | 6 | 93 | 49 | 109 |\n| Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 407 | 823 | 419 | 895 | 468 | 920 | 471 | 984 | 4 | 3 | 0 | 1 | 516 | 1,029 | 538 | 1,074 | | | | | 0 | 0 | 0 | 0 |\n| Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | -40 | -96 | -37 | -81 | -11 | -8 | 8 | -70 | 3 | 2 | 0 | -5 | -17 | 7 | -1 | 6 | | | | | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Financial Result | 2,064 | 3,971 | 2,148 | 4,013 | 350 | 613 | 380 | 667 | 784 | 1,486 | 765 | 1,398 | 283 | 616 | 308 | 651 | 382 | 741 | 425 | 782 | 24 | 35 | 14 | 14 | 241 | 480 | 255 | 502 |\n| Financial Result \u0026 Other — Other Revenues (Other revenue) | 1,459 | 3,054 | 1,625 | 2,167 | 53 | 108 | 44 | 91 | -18 | -32 | -8 | -12 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -3 | 937 | 2,004 | 1,018 | 1,018 | 488 | 974 | 573 | 1,073 |\n| Financial Result \u0026 Other — Other Expenses | -1,624 | -3,479 | -1,868 | -2,900 | -83 | -180 | -79 | -168 | -10 | -25 | -6 | -3 | 0 | 0 | 0 | 0 | -9 | -20 | -14 | -26 | -698 | -1,493 | -793 | -793 | -823 | -1,761 | -976 | -1,910 |\n| Financial Result \u0026 Other — Debt Financing Charges | -471 | -948 | -452 | -928 | 0 | 0 | 0 | 0 | -1 | -2 | -1 | -2 | -16 | -33 | -16 | -32 | -7 | -12 | -4 | -6 | | | | | -447 | -902 | -431 | -887 |\n| **Financial Result \u0026 Other — Underlying Earnings Before Tax** | 5,638 | 10,700 | 5,958 | 11,044 | 1,380 | 2,738 | 1,384 | 2,888 | 2,210 | 4,297 | 2,406 | 4,651 | 1,385 | 2,409 | 1,366 | 2,543 | 935 | 1,826 | 1,093 | 1,835 | 263 | 546 | 239 | 239 | -535 | -1,116 | -530 | -1,113 |\n| Financial Result \u0026 Other — Tax | -1,427 | -2,662 | -1,503 | -2,644 | -350 | -676 | -308 | -665 | -536 | -1,004 | -568 | -1,039 | -355 | -588 | -342 | -650 | -205 | -443 | -294 | -434 | -69 | -160 | -68 | -68 | 88 | 209 | 76 | 212 |\n| Financial Result \u0026 Other — Income from Affiliates \u0026 Other | 122 | 218 | 111 | 168 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102 | 181 | 103 | 160 | 16 | 29 | 8 | 8 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Minority Interests | -89 | -179 | -101 | -199 | 0 | 0 | 0 | 0 | -48 | -105 | -56 | -126 | 0 | 0 | 0 | 0 | -34 | -60 | -39 | -68 | -6 | -13 | -4 | -4 | 0 | 0 | -1 | -2 |\n| **Financial Result \u0026 Other — Underlying Earnings Group share** | 4,244 | 8,078 | 4,465 | 8,368 | 1,034 | 2,071 | 1,076 | 2,224 | 1,626 | 3,187 | 1,782 | 3,486 | 1,030 | 1,820 | 1,024 | 1,893 | 798 | 1,504 | 862 | 1,493 | 204 | 402 | 175 | 175 | -447 | -907 | -455 | -903 |\n\n**Underlying earnings by line of business and geography**\n\n| In EUR million | Group 1H24 | Group FY24 | Group 1H25 | Group FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa \u0026 EME-LATAM 1H24 | Asia, Africa \u0026 EME-LATAM FY24 | Asia, Africa \u0026 EME-LATAM 1H25 | Asia, Africa \u0026 EME-LATAM FY25 | AXA IM (3) 1H24 | AXA IM (3) FY24 | AXA IM (3) 1H25 | AXA IM (3) FY25 | Transversal \u0026 Other 1H24 | Transversal \u0026 Other FY24 | Transversal \u0026 Other 1H25 | Transversal \u0026 Other FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Underlying Earnings by Line of Business — Property \u0026 Casualty | 2,908 | 5,510 | 3,067 | 5,872 | 539 | 1,161 | 574 | 1,237 | 1,073 | 2,029 | 1,152 | 2,216 | 1,032 | 1,828 | 1,032 | 1,913 | 194 | 334 | 233 | 355 | | | | | 70 | 158 | 75 | 151 |\n| Underlying Earnings by Line of Business — Life \u0026 Health | 1,725 | 3,323 | 1,814 | 3,501 | 519 | 964 | 524 | 1,039 | 559 | 1,104 | 616 | 1,264 | 14 | 25 | 8 | 12 | 627 | 1,211 | 653 | 1,165 | | | | | 7 | 19 | 14 | 22 |\n| Underlying Earnings by Line of Business — Asset Management | 204 | 402 | 175 | 175 | | | | | | | | | | | | | | | | | 204 | 402 | 175 | 175 | | | | |\n| Underlying Earnings by Line of Business — Holdings (4) | -592 | -1,157 | -591 | -1,180 | -24 | -54 | -23 | -52 | -6 | 54 | 14 | 6 | -16 | -33 | -16 | -32 | -23 | -41 | -24 | -26 | | | | | -524 | -1,083 | -543 | -1,076 |\n\n(3) 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.\n(4) 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."
},
},
{
{
Line 72: Line 72:
"Underlying earnings per share"
"Underlying earnings per share"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t7\" class=\"wikitable fintable\"\n|+ Basic number of shares rollforward\n|-\n! style=\"text-align:left\" | million\n! colspan=\"2\" style=\"text-align:center\" | Outstanding Shares Excluding Treasury Shares {{fn ref|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.}}\n! colspan=\"2\" style=\"text-align:center\" | Weighted Average Number\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBasic Number of Shares\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EAs of Beginning of Period\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,226.2\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,175.4\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,226.2\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,175.4\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Increase of Capital Dedicated to Employees\n| style=\"text-align:right\" | 12.9\n| style=\"text-align:right\" | 12.7\n| style=\"text-align:right\" | 0.9\n| style=\"text-align:right\" | 1.0\n|-\n| style=\"text-align:left\" | Exercice of Stock-options\n| style=\"text-align:right\" | 2.6\n| style=\"text-align:right\" | 1.1\n| style=\"text-align:right\" | 1.4\n| style=\"text-align:right\" | 0.6\n|-\n| style=\"text-align:left\" | Other Movement of Treasury Shares\n| style=\"text-align:right\" | 4.6\n| style=\"text-align:right\" | 4.2\n| style=\"text-align:right\" | 17.5\n| style=\"text-align:right\" | 6.3\n|-\n| style=\"text-align:left\" | Capital Increase / (Decrease)\n| style=\"text-align:right\" | -70.9\n| style=\"text-align:right\" | -138.0\n| style=\"text-align:right\" | -55.2\n| style=\"text-align:right\" | -64.9\n|-\n| style=\"text-align:left\" | \u003Cb\u003EAs at End of Period\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,175.4\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,055.4\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EDuring the Period\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E2,190.8\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,118.3\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFully Diluted Number of Shares\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Stock Options\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 0.8\n| style=\"text-align:right\" | 0.6\n|-\n| style=\"text-align:left\" | Performance Shares\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 5.6\n| style=\"text-align:right\" | 5.1\n|-\n| style=\"text-align:left\" | \u003Cb\u003EDuring the Period (A)\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E2,197.1\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,124.0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EEarnings Group Share:\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Net Income\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 7,886\n| style=\"text-align:right\" | 9,797\n|-\n| style=\"text-align:left\" | [[Definition:Underlying earnings|Underlying Earnings]]\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 8,078\n| style=\"text-align:right\" | 8,368\n|-\n| style=\"text-align:left\" | \u003Cb\u003EImpact of undated and deeply subordinated debts:\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Undated and deeply subordinated debt charges\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -201\n| style=\"text-align:right\" | -174\n|-\n| style=\"text-align:left\" | \u003Cb\u003EEarnings for EPS Calculation:\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Net Income for EPS Calculation (B)\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 7,685\n| style=\"text-align:right\" | 9,623\n|-\n| style=\"text-align:left\" | Underlying Earnings for EPS Calculation (C)\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 7,877\n| style=\"text-align:right\" | 8,195\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFully Diluted Euro per Share (EPS)\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EEPS (B/A)\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 3.50\n| style=\"text-align:right\" | 4.53\n|-\n| style=\"text-align:left\" | \u003Cb\u003E[[Definition:Underlying earnings per share|Underlying EPS]] (C/A)\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 3.59\n| style=\"text-align:right\" | 3.86\n|}\n\u003C/div\u003E\n\n{{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.}}"
"content": "**Basic number of shares rollforward**\n\n| million | Outstanding Shares Excluding Treasury Shares (5) FY24 | Outstanding Shares Excluding Treasury Shares (5) FY25 | Weighted Average Number FY24 | Weighted Average Number FY25 |\n| --- | --- | --- | --- | --- |\n| **Basic Number of Shares — As of Beginning of Period** | 2,226.2 | 2,175.4 | 2,226.2 | 2,175.4 |\n| Basic Number of Shares — Increase of Capital Dedicated to Employees | 12.9 | 12.7 | 0.9 | 1.0 |\n| Basic Number of Shares — Exercice of Stock-options | 2.6 | 1.1 | 1.4 | 0.6 |\n| Basic Number of Shares — Other Movement of Treasury Shares | 4.6 | 4.2 | 17.5 | 6.3 |\n| Basic Number of Shares — Capital Increase / (Decrease) | -70.9 | -138.0 | -55.2 | -64.9 |\n| **Basic Number of Shares — As at End of Period** | 2,175.4 | 2,055.4 | | |\n| **Basic Number of Shares — During the Period** | | | 2,190.8 | 2,118.3 |\n| Fully Diluted Number of Shares — Stock Options | | | 0.8 | 0.6 |\n| Fully Diluted Number of Shares — Performance Shares | | | 5.6 | 5.1 |\n| **Fully Diluted Number of Shares — During the Period (A)** | | | 2,197.1 | 2,124.0 |\n| Earnings Group Share: — Net Income | | | 7,886 | 9,797 |\n| Earnings Group Share: — Underlying Earnings | | | 8,078 | 8,368 |\n| Impact of undated and deeply subordinated debts: — Undated and deeply subordinated debt charges | | | -201 | -174 |\n| Earnings for EPS Calculation: — Net Income for EPS Calculation (B) | | | 7,685 | 9,623 |\n| Earnings for EPS Calculation: — Underlying Earnings for EPS Calculation (C) | | | 7,877 | 8,195 |\n| **Fully Diluted Euro per Share (EPS) — EPS (B/A)** | | | 3.50 | 4.53 |\n| **Fully Diluted Euro per Share (EPS) — Underlying EPS (Underlying earnings per share) (C/A)** | | | 3.59 | 3.86 |\n\n(5) 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."
},
},
{
{
Line 91: Line 91:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t8\" class=\"wikitable fintable\"\n|+ Property \u0026amp; casualty [[Definition:Underlying earnings|underlying earnings]] build-up by line of business\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"4\" style=\"text-align:center\" | Total\n! colspan=\"4\" style=\"text-align:center\" | Commercial lines\n! colspan=\"4\" style=\"text-align:center\" | Personal lines\n! colspan=\"4\" style=\"text-align:center\" | AXA XL Reinsurance\n! colspan=\"4\" style=\"text-align:center\" | Intercompany eliminations\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShort-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Revenues\n| style=\"text-align:right\" | 27,294\n| style=\"text-align:right\" | 55,898\n| style=\"text-align:right\" | 28,697\n| style=\"text-align:right\" | 57,656\n| style=\"text-align:right\" | 18,657\n| style=\"text-align:right\" | 38,019\n| style=\"text-align:right\" | 19,575\n| style=\"text-align:right\" | 39,090\n| style=\"text-align:right\" | 9,144\n| style=\"text-align:right\" | 18,705\n| style=\"text-align:right\" | 9,513\n| style=\"text-align:right\" | 19,276\n| style=\"text-align:right\" | 1,155\n| style=\"text-align:right\" | 2,394\n| style=\"text-align:right\" | 1,299\n| style=\"text-align:right\" | 2,493\n| style=\"text-align:right\" | -1,662\n| style=\"text-align:right\" | -3,220\n| style=\"text-align:right\" | -1,689\n| style=\"text-align:right\" | -3,203\n|-\n| style=\"text-align:left\" | Current Accident Year Loss Ratio\n| style=\"text-align:right\" | 67.0%\n| style=\"text-align:right\" | 67.7%\n| style=\"text-align:right\" | 66.7%\n| style=\"text-align:right\" | 66.9%\n| style=\"text-align:right\" | 68.1%\n| style=\"text-align:right\" | 68.8%\n| style=\"text-align:right\" | 68.0%\n| style=\"text-align:right\" | 68.0%\n| style=\"text-align:right\" | 69.8%\n| style=\"text-align:right\" | 70.0%\n| style=\"text-align:right\" | 68.8%\n| style=\"text-align:right\" | 69.1%\n| style=\"text-align:right\" | 69.7%\n| style=\"text-align:right\" | 70.6%\n| style=\"text-align:right\" | 70.8%\n| style=\"text-align:right\" | 71.9%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)\n| style=\"text-align:right\" | 67.4%\n| style=\"text-align:right\" | 67.4%\n| style=\"text-align:right\" | 67.0%\n| style=\"text-align:right\" | 67.0%\n| style=\"text-align:right\" | 69.2%\n| style=\"text-align:right\" | 69.4%\n| style=\"text-align:right\" | 69.3%\n| style=\"text-align:right\" | 68.8%\n| style=\"text-align:right\" | 68.8%\n| style=\"text-align:right\" | 68.5%\n| style=\"text-align:right\" | 67.5%\n| style=\"text-align:right\" | 67.9%\n| style=\"text-align:right\" | 68.0%\n| style=\"text-align:right\" | 67.9%\n| style=\"text-align:right\" | 69.4%\n| style=\"text-align:right\" | 71.5%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Undiscounted Current Accident Year Nat Cats\n| style=\"text-align:right\" | 3.6%\n| style=\"text-align:right\" | 3.8%\n| style=\"text-align:right\" | 3.5%\n| style=\"text-align:right\" | 3.4%\n| style=\"text-align:right\" | 2.7%\n| style=\"text-align:right\" | 2.9%\n| style=\"text-align:right\" | 2.7%\n| style=\"text-align:right\" | 2.6%\n| style=\"text-align:right\" | 4.0%\n| style=\"text-align:right\" | 4.1%\n| style=\"text-align:right\" | 3.8%\n| style=\"text-align:right\" | 3.6%\n| style=\"text-align:right\" | 10.6%\n| style=\"text-align:right\" | 10.4%\n| style=\"text-align:right\" | 9.2%\n| style=\"text-align:right\" | 8.7%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Current Accident Year Discounting\n| style=\"text-align:right\" | -3.9%\n| style=\"text-align:right\" | -3.6%\n| style=\"text-align:right\" | -3.9%\n| style=\"text-align:right\" | -3.5%\n| style=\"text-align:right\" | -3.7%\n| style=\"text-align:right\" | -3.5%\n| style=\"text-align:right\" | -3.9%\n| style=\"text-align:right\" | -3.5%\n| style=\"text-align:right\" | -3.0%\n| style=\"text-align:right\" | -2.6%\n| style=\"text-align:right\" | -2.6%\n| style=\"text-align:right\" | -2.4%\n| style=\"text-align:right\" | -8.8%\n| style=\"text-align:right\" | -7.7%\n| style=\"text-align:right\" | -7.8%\n| style=\"text-align:right\" | -8.3%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Prior Year Reserve Development Ratio\n| style=\"text-align:right\" | -1.5%\n| style=\"text-align:right\" | -1.6%\n| style=\"text-align:right\" | -1.1%\n| style=\"text-align:right\" | -1.1%\n| style=\"text-align:right\" | -1.1%\n| style=\"text-align:right\" | -1.2%\n| style=\"text-align:right\" | -1.3%\n| style=\"text-align:right\" | -0.8%\n| style=\"text-align:right\" | -2.3%\n| style=\"text-align:right\" | -1.8%\n| style=\"text-align:right\" | -0.6%\n| style=\"text-align:right\" | -1.6%\n| style=\"text-align:right\" | -1.1%\n| style=\"text-align:right\" | -0.8%\n| style=\"text-align:right\" | -0.3%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Expense Ratio\n| style=\"text-align:right\" | 24.7%\n| style=\"text-align:right\" | 25.0%\n| style=\"text-align:right\" | 24.5%\n| style=\"text-align:right\" | 24.8%\n| style=\"text-align:right\" | 23.1%\n| style=\"text-align:right\" | 23.6%\n| style=\"text-align:right\" | 23.2%\n| style=\"text-align:right\" | 23.5%\n| style=\"text-align:right\" | 25.5%\n| style=\"text-align:right\" | 25.7%\n| style=\"text-align:right\" | 25.1%\n| style=\"text-align:right\" | 25.2%\n| style=\"text-align:right\" | 10.0%\n| style=\"text-align:right\" | 9.9%\n| style=\"text-align:right\" | 9.1%\n| style=\"text-align:right\" | 9.4%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Combined Ratio\n| style=\"text-align:right\" | 90.2%\n| style=\"text-align:right\" | 91.0%\n| style=\"text-align:right\" | 90.0%\n| style=\"text-align:right\" | 90.6%\n| style=\"text-align:right\" | 90.1%\n| style=\"text-align:right\" | 91.1%\n| style=\"text-align:right\" | 89.9%\n| style=\"text-align:right\" | 90.7%\n| style=\"text-align:right\" | 92.9%\n| style=\"text-align:right\" | 93.9%\n| style=\"text-align:right\" | 93.3%\n| style=\"text-align:right\" | 92.8%\n| style=\"text-align:right\" | 78.7%\n| style=\"text-align:right\" | 79.7%\n| style=\"text-align:right\" | 79.6%\n| style=\"text-align:right\" | 81.4%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Technical Margin\n| style=\"text-align:right\" | 2,682\n| style=\"text-align:right\" | 5,006\n| style=\"text-align:right\" | 2,859\n| style=\"text-align:right\" | 5,409\n| style=\"text-align:right\" | 1,850\n| style=\"text-align:right\" | 3,372\n| style=\"text-align:right\" | 1,968\n| style=\"text-align:right\" | 3,616\n| style=\"text-align:right\" | 645\n| style=\"text-align:right\" | 1,136\n| style=\"text-align:right\" | 638\n| style=\"text-align:right\" | 1,392\n| style=\"text-align:right\" | 246\n| style=\"text-align:right\" | 486\n| style=\"text-align:right\" | 265\n| style=\"text-align:right\" | 464\n| style=\"text-align:right\" | -60\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | -12\n| style=\"text-align:right\" | -63\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELong-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | CSM Release\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Technical Experience\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFinancial Result \u0026amp; Other\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Financial Result\n| style=\"text-align:right\" | 1,324\n| style=\"text-align:right\" | 2,559\n| style=\"text-align:right\" | 1,343\n| style=\"text-align:right\" | 2,631\n| style=\"text-align:right\" | 993\n| style=\"text-align:right\" | 1,831\n| style=\"text-align:right\" | 1,004\n| style=\"text-align:right\" | 1,941\n| style=\"text-align:right\" | 240\n| style=\"text-align:right\" | 538\n| style=\"text-align:right\" | 275\n| style=\"text-align:right\" | 523\n| style=\"text-align:right\" | 119\n| style=\"text-align:right\" | 210\n| style=\"text-align:right\" | 85\n| style=\"text-align:right\" | 186\n| style=\"text-align:right\" | -28\n| style=\"text-align:right\" | -20\n| style=\"text-align:right\" | -20\n| style=\"text-align:right\" | -20\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Investment Income\n| style=\"text-align:right\" | 1,967\n| style=\"text-align:right\" | 3,731\n| style=\"text-align:right\" | 2,088\n| style=\"text-align:right\" | 3,988\n| style=\"text-align:right\" | 1,427\n| style=\"text-align:right\" | 2,625\n| style=\"text-align:right\" | 1,512\n| style=\"text-align:right\" | 2,864\n| style=\"text-align:right\" | 366\n| style=\"text-align:right\" | 761\n| style=\"text-align:right\" | 422\n| style=\"text-align:right\" | 794\n| style=\"text-align:right\" | 202\n| style=\"text-align:right\" | 365\n| style=\"text-align:right\" | 174\n| style=\"text-align:right\" | 350\n| style=\"text-align:right\" | -28\n| style=\"text-align:right\" | -20\n| style=\"text-align:right\" | -20\n| style=\"text-align:right\" | -20\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Insurance Finance Expenses\n| style=\"text-align:right\" | -643\n| style=\"text-align:right\" | -1,172\n| style=\"text-align:right\" | -745\n| style=\"text-align:right\" | -1,358\n| style=\"text-align:right\" | -434\n| style=\"text-align:right\" | -794\n| style=\"text-align:right\" | -508\n| style=\"text-align:right\" | -922\n| style=\"text-align:right\" | -126\n| style=\"text-align:right\" | -223\n| style=\"text-align:right\" | -148\n| style=\"text-align:right\" | -272\n| style=\"text-align:right\" | -83\n| style=\"text-align:right\" | -155\n| style=\"text-align:right\" | -90\n| style=\"text-align:right\" | -163\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | [[Definition:Other revenue|Other Revenues]]\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Other Expenses\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Debt Financing Charges\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Before Tax\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,006\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,565\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,202\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8,040\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,843\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,203\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,973\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,557\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E886\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,674\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E913\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,914\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E365\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E696\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E349\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E650\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-87\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-8\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-33\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-82\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -1,046\n| style=\"text-align:right\" | -1,952\n| style=\"text-align:right\" | -1,074\n| style=\"text-align:right\" | -2,060\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Income from Affiliates \u0026amp; Other\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Minority Interests\n| style=\"text-align:right\" | -56\n| style=\"text-align:right\" | -106\n| style=\"text-align:right\" | -63\n| style=\"text-align:right\" | -111\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Group share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,908\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,510\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,067\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,872\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EClosing Invested Assets\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E113,515\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E118,104\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E116,895\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E117,507\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | o/w VFA\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | o/w Non VFA\n| style=\"text-align:right\" | 113,515\n| style=\"text-align:right\" | 118,104\n| style=\"text-align:right\" | 116,895\n| style=\"text-align:right\" | 117,507\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | For short-term business\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELiabilities for remaining coverage net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19,284\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E16,006\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19,766\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E16,040\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E12,070\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E9,480\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E12,240\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E9,127\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6,369\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,478\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6,831\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,871\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,572\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,075\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,436\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,009\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-728\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-27\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-740\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E32\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBest Estimate for incurred Claims net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E69,800\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E71,751\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E70,215\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E70,567\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E45,710\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E46,570\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E46,591\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E47,002\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E17,809\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E18,308\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E17,781\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E17,402\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6,704\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6,830\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6,290\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6,198\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-423\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E43\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-447\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-35\u003C/b\u003E\n|}\n\u003C/div\u003E"
"content": "**Property \u0026 casualty underlying earnings build-up by line of business**\n\n| In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | Commercial lines 1H24 | Commercial lines FY24 | Commercial lines 1H25 | Commercial lines FY25 | Personal lines 1H24 | Personal lines FY24 | Personal lines 1H25 | Personal lines FY25 | AXA XL Reinsurance 1H24 | AXA XL Reinsurance FY24 | AXA XL Reinsurance 1H25 | AXA XL Reinsurance FY25 | Intercompany eliminations 1H24 | Intercompany eliminations FY24 | Intercompany eliminations 1H25 | Intercompany eliminations FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 27,294 | 55,898 | 28,697 | 57,656 | 18,657 | 38,019 | 19,575 | 39,090 | 9,144 | 18,705 | 9,513 | 19,276 | 1,155 | 2,394 | 1,299 | 2,493 | -1,662 | -3,220 | -1,689 | -3,203 |\n| Short-term Business — Current Accident Year Loss Ratio | 67.0% | 67.7% | 66.7% | 66.9% | 68.1% | 68.8% | 68.0% | 68.0% | 69.8% | 70.0% | 68.8% | 69.1% | 69.7% | 70.6% | 70.8% | 71.9% | | | | |\n| Short-term Business — Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 67.4% | 67.4% | 67.0% | 67.0% | 69.2% | 69.4% | 69.3% | 68.8% | 68.8% | 68.5% | 67.5% | 67.9% | 68.0% | 67.9% | 69.4% | 71.5% | | | | |\n| Short-term Business — Undiscounted Current Accident Year Nat Cats | 3.6% | 3.8% | 3.5% | 3.4% | 2.7% | 2.9% | 2.7% | 2.6% | 4.0% | 4.1% | 3.8% | 3.6% | 10.6% | 10.4% | 9.2% | 8.7% | | | | |\n| Short-term Business — Current Accident Year Discounting | -3.9% | -3.6% | -3.9% | -3.5% | -3.7% | -3.5% | -3.9% | -3.5% | -3.0% | -2.6% | -2.6% | -2.4% | -8.8% | -7.7% | -7.8% | -8.3% | | | | |\n| Short-term Business — Prior Year Reserve Development Ratio | -1.5% | -1.6% | -1.1% | -1.1% | -1.1% | -1.2% | -1.3% | -0.8% | -2.3% | -1.8% | -0.6% | -1.6% | -1.1% | -0.8% | -0.3% | 0.0% | | | | |\n| Short-term Business — Expense Ratio | 24.7% | 25.0% | 24.5% | 24.8% | 23.1% | 23.6% | 23.2% | 23.5% | 25.5% | 25.7% | 25.1% | 25.2% | 10.0% | 9.9% | 9.1% | 9.4% | | | | |\n| Short-term Business — Combined Ratio | 90.2% | 91.0% | 90.0% | 90.6% | 90.1% | 91.1% | 89.9% | 90.7% | 92.9% | 93.9% | 93.3% | 92.8% | 78.7% | 79.7% | 79.6% | 81.4% | | | | |\n| Short-term Business — Technical Margin | 2,682 | 5,006 | 2,859 | 5,409 | 1,850 | 3,372 | 1,968 | 3,616 | 645 | 1,136 | 638 | 1,392 | 246 | 486 | 265 | 464 | -60 | 12 | -12 | -63 |\n| Financial Result \u0026 Other — Financial Result | 1,324 | 2,559 | 1,343 | 2,631 | 993 | 1,831 | 1,004 | 1,941 | 240 | 538 | 275 | 523 | 119 | 210 | 85 | 186 | -28 | -20 | -20 | -20 |\n| Financial Result \u0026 Other — Investment Income | 1,967 | 3,731 | 2,088 | 3,988 | 1,427 | 2,625 | 1,512 | 2,864 | 366 | 761 | 422 | 794 | 202 | 365 | 174 | 350 | -28 | -20 | -20 | -20 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -643 | -1,172 | -745 | -1,358 | -434 | -794 | -508 | -922 | -126 | -223 | -148 | -272 | -83 | -155 | -90 | -163 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 4,006 | 7,565 | 4,202 | 8,040 | 2,843 | 5,203 | 2,973 | 5,557 | 886 | 1,674 | 913 | 1,914 | 365 | 696 | 349 | 650 | -87 | -8 | -33 | -82 |\n| Debt Financing Charges — Tax | -1,046 | -1,952 | -1,074 | -2,060 | | | | | | | | | | | | | | | | |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 2 | 3 | 1 | 3 | | | | | | | | | | | | | | | | |\n| Debt Financing Charges — Minority Interests | -56 | -106 | -63 | -111 | | | | | | | | | | | | | | | | |\n| **Debt Financing Charges — Underlying Earnings Group share** | 2,908 | 5,510 | 3,067 | 5,872 | | | | | | | | | | | | | | | | |\n| **Debt Financing Charges — Closing Invested Assets** | 113,515 | 118,104 | 116,895 | 117,507 | | | | | | | | | | | | | | | | |\n| Debt Financing Charges — o/w VFA | 0 | 0 | 0 | 0 | | | | | | | | | | | | | | | | |\n| Debt Financing Charges — o/w Non VFA | 113,515 | 118,104 | 116,895 | 117,507 | | | | | | | | | | | | | | | | |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 19,284 | 16,006 | 19,766 | 16,040 | 12,070 | 9,480 | 12,240 | 9,127 | 6,369 | 5,478 | 6,831 | 5,871 | 1,572 | 1,075 | 1,436 | 1,009 | -728 | -27 | -740 | 32 |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 69,800 | 71,751 | 70,215 | 70,567 | 45,710 | 46,570 | 46,591 | 47,002 | 17,809 | 18,308 | 17,781 | 17,402 | 6,704 | 6,830 | 6,290 | 6,198 | -423 | 43 | -447 | -35 |"
},
},
{
{
Line 110: Line 110:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t9\" class=\"wikitable fintable\"\n|+ Property \u0026amp; casualty [[Definition:Underlying earnings|underlying earnings]] build-up by geography\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"4\" style=\"text-align:center\" | Total\n! colspan=\"4\" style=\"text-align:center\" | France\n! colspan=\"4\" style=\"text-align:center\" | Europe\n! colspan=\"8\" style=\"text-align:center\" | AXA XL\n! colspan=\"4\" style=\"text-align:center\" | Asia, Africa \u0026amp; EME-LATAM\n! colspan=\"4\" style=\"text-align:center\" | Transversal \u0026amp; Other\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | o/w AXA XL Insurance\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | o/w AXA XL Insurance\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | o/w AXA XL Insurance\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | o/w AXA XL Insurance\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShort-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Revenues\n| style=\"text-align:right\" | 27,294\n| style=\"text-align:right\" | 55,898\n| style=\"text-align:right\" | 28,697\n| style=\"text-align:right\" | 57,656\n| style=\"text-align:right\" | 4,393\n| style=\"text-align:right\" | 9,194\n| style=\"text-align:right\" | 4,697\n| style=\"text-align:right\" | 9,768\n| style=\"text-align:right\" | 10,060\n| style=\"text-align:right\" | 20,400\n| style=\"text-align:right\" | 10,610\n| style=\"text-align:right\" | 21,305\n| style=\"text-align:right\" | 9,022\n| style=\"text-align:right\" | 7,867\n| style=\"text-align:right\" | 18,530\n| style=\"text-align:right\" | 16,136\n| style=\"text-align:right\" | 9,428\n| style=\"text-align:right\" | 8,129\n| style=\"text-align:right\" | 18,699\n| style=\"text-align:right\" | 16,207\n| style=\"text-align:right\" | 2,855\n| style=\"text-align:right\" | 5,825\n| style=\"text-align:right\" | 2,975\n| style=\"text-align:right\" | 5,949\n| style=\"text-align:right\" | 963\n| style=\"text-align:right\" | 1,948\n| style=\"text-align:right\" | 987\n| style=\"text-align:right\" | 1,935\n|-\n| style=\"text-align:left\" | Current Accident Year Loss Ratio\n| style=\"text-align:right\" | 67.0%\n| style=\"text-align:right\" | 67.7%\n| style=\"text-align:right\" | 66.7%\n| style=\"text-align:right\" | 66.9%\n| style=\"text-align:right\" | 69.4%\n| style=\"text-align:right\" | 68.9%\n| style=\"text-align:right\" | 70.6%\n| style=\"text-align:right\" | 70.1%\n| style=\"text-align:right\" | 66.5%\n| style=\"text-align:right\" | 66.9%\n| style=\"text-align:right\" | 64.7%\n| style=\"text-align:right\" | 65.1%\n| style=\"text-align:right\" | 67.5%\n| style=\"text-align:right\" | 67.2%\n| style=\"text-align:right\" | 69.2%\n| style=\"text-align:right\" | 69.0%\n| style=\"text-align:right\" | 68.4%\n| style=\"text-align:right\" | 68.0%\n| style=\"text-align:right\" | 68.8%\n| style=\"text-align:right\" | 68.3%\n| style=\"text-align:right\" | 68.6%\n| style=\"text-align:right\" | 69.3%\n| style=\"text-align:right\" | 68.2%\n| style=\"text-align:right\" | 69.6%\n| style=\"text-align:right\" | 53.2%\n| style=\"text-align:right\" | 51.0%\n| style=\"text-align:right\" | 48.0%\n| style=\"text-align:right\" | 44.6%\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)\n| style=\"text-align:right\" | 67.4%\n| style=\"text-align:right\" | 67.4%\n| style=\"text-align:right\" | 67.0%\n| style=\"text-align:right\" | 67.0%\n| style=\"text-align:right\" | 71.3%\n| style=\"text-align:right\" | 69.7%\n| style=\"text-align:right\" | 70.6%\n| style=\"text-align:right\" | 70.2%\n| style=\"text-align:right\" | 65.0%\n| style=\"text-align:right\" | 65.5%\n| style=\"text-align:right\" | 64.1%\n| style=\"text-align:right\" | 64.3%\n| style=\"text-align:right\" | 68.8%\n| style=\"text-align:right\" | 68.9%\n| style=\"text-align:right\" | 69.3%\n| style=\"text-align:right\" | 69.5%\n| style=\"text-align:right\" | 69.7%\n| style=\"text-align:right\" | 69.8%\n| style=\"text-align:right\" | 69.8%\n| style=\"text-align:right\" | 69.6%\n| style=\"text-align:right\" | 70.0%\n| style=\"text-align:right\" | 70.4%\n| style=\"text-align:right\" | 69.7%\n| style=\"text-align:right\" | 70.2%\n| style=\"text-align:right\" | 52.9%\n| style=\"text-align:right\" | 51.1%\n| style=\"text-align:right\" | 48.0%\n| style=\"text-align:right\" | 44.5%\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Undiscounted Current Accident Year Nat Cats\n| style=\"text-align:right\" | 3.6%\n| style=\"text-align:right\" | 3.8%\n| style=\"text-align:right\" | 3.5%\n| style=\"text-align:right\" | 3.4%\n| style=\"text-align:right\" | 3.4%\n| style=\"text-align:right\" | 3.8%\n| style=\"text-align:right\" | 4.8%\n| style=\"text-align:right\" | 4.5%\n| style=\"text-align:right\" | 4.5%\n| style=\"text-align:right\" | 4.1%\n| style=\"text-align:right\" | 3.3%\n| style=\"text-align:right\" | 3.1%\n| style=\"text-align:right\" | 3.8%\n| style=\"text-align:right\" | 2.8%\n| style=\"text-align:right\" | 4.6%\n| style=\"text-align:right\" | 3.8%\n| style=\"text-align:right\" | 4.2%\n| style=\"text-align:right\" | 3.4%\n| style=\"text-align:right\" | 3.9%\n| style=\"text-align:right\" | 3.1%\n| style=\"text-align:right\" | 0.8%\n| style=\"text-align:right\" | 0.9%\n| style=\"text-align:right\" | 0.8%\n| style=\"text-align:right\" | 1.6%\n| style=\"text-align:right\" | 1.4%\n| style=\"text-align:right\" | 1.1%\n| style=\"text-align:right\" | 1.3%\n| style=\"text-align:right\" | 1.2%\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Current Accident Year Discounting\n| style=\"text-align:right\" | -3.9%\n| style=\"text-align:right\" | -3.6%\n| style=\"text-align:right\" | -3.9%\n| style=\"text-align:right\" | -3.5%\n| style=\"text-align:right\" | -5.3%\n| style=\"text-align:right\" | -4.6%\n| style=\"text-align:right\" | -4.8%\n| style=\"text-align:right\" | -4.6%\n| style=\"text-align:right\" | -3.1%\n| style=\"text-align:right\" | -2.8%\n| style=\"text-align:right\" | -2.7%\n| style=\"text-align:right\" | -2.3%\n| style=\"text-align:right\" | -5.1%\n| style=\"text-align:right\" | -4.6%\n| style=\"text-align:right\" | -4.7%\n| style=\"text-align:right\" | -4.2%\n| style=\"text-align:right\" | -5.5%\n| style=\"text-align:right\" | -5.2%\n| style=\"text-align:right\" | -4.9%\n| style=\"text-align:right\" | -4.4%\n| style=\"text-align:right\" | -2.2%\n| style=\"text-align:right\" | -2.0%\n| style=\"text-align:right\" | -2.3%\n| style=\"text-align:right\" | -2.2%\n| style=\"text-align:right\" | -1.1%\n| style=\"text-align:right\" | -1.2%\n| style=\"text-align:right\" | -1.2%\n| style=\"text-align:right\" | -1.1%\n|-\n| style=\"text-align:left\" | Prior Year Reserve Development Ratio\n| style=\"text-align:right\" | -1.5%\n| style=\"text-align:right\" | -1.6%\n| style=\"text-align:right\" | -1.1%\n| style=\"text-align:right\" | -1.1%\n| style=\"text-align:right\" | -3.5%\n| style=\"text-align:right\" | -3.9%\n| style=\"text-align:right\" | -2.6%\n| style=\"text-align:right\" | -2.9%\n| style=\"text-align:right\" | -2.1%\n| style=\"text-align:right\" | -2.1%\n| style=\"text-align:right\" | -1.1%\n| style=\"text-align:right\" | -1.3%\n| style=\"text-align:right\" | -0.1%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | -0.1%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | -0.2%\n| style=\"text-align:right\" | -0.2%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | -0.1%\n| style=\"text-align:right\" | 0.1%\n| style=\"text-align:right\" | -1.0%\n| style=\"text-align:right\" | -0.2%\n| style=\"text-align:right\" | -3.7%\n| style=\"text-align:right\" | -5.7%\n| style=\"text-align:right\" | -4.0%\n| style=\"text-align:right\" | -1.9%\n|-\n| style=\"text-align:left\" | Expense Ratio\n| style=\"text-align:right\" | 24.7%\n| style=\"text-align:right\" | 25.0%\n| style=\"text-align:right\" | 24.5%\n| style=\"text-align:right\" | 24.8%\n| style=\"text-align:right\" | 21.9%\n| style=\"text-align:right\" | 21.9%\n| style=\"text-align:right\" | 20.7%\n| style=\"text-align:right\" | 20.4%\n| style=\"text-align:right\" | 25.9%\n| style=\"text-align:right\" | 26.2%\n| style=\"text-align:right\" | 26.0%\n| style=\"text-align:right\" | 26.2%\n| style=\"text-align:right\" | 20.3%\n| style=\"text-align:right\" | 21.8%\n| style=\"text-align:right\" | 21.0%\n| style=\"text-align:right\" | 22.7%\n| style=\"text-align:right\" | 20.4%\n| style=\"text-align:right\" | 22.2%\n| style=\"text-align:right\" | 20.9%\n| style=\"text-align:right\" | 22.6%\n| style=\"text-align:right\" | 29.4%\n| style=\"text-align:right\" | 29.6%\n| style=\"text-align:right\" | 29.0%\n| style=\"text-align:right\" | 29.8%\n| style=\"text-align:right\" | 50.5%\n| style=\"text-align:right\" | 50.9%\n| style=\"text-align:right\" | 52.5%\n| style=\"text-align:right\" | 52.8%\n|-\n| style=\"text-align:left\" | Combined Ratio\n| style=\"text-align:right\" | 90.2%\n| style=\"text-align:right\" | 91.0%\n| style=\"text-align:right\" | 90.0%\n| style=\"text-align:right\" | 90.6%\n| style=\"text-align:right\" | 87.8%\n| style=\"text-align:right\" | 86.8%\n| style=\"text-align:right\" | 88.6%\n| style=\"text-align:right\" | 87.5%\n| style=\"text-align:right\" | 90.3%\n| style=\"text-align:right\" | 91.0%\n| style=\"text-align:right\" | 89.6%\n| style=\"text-align:right\" | 90.0%\n| style=\"text-align:right\" | 87.7%\n| style=\"text-align:right\" | 89.0%\n| style=\"text-align:right\" | 90.2%\n| style=\"text-align:right\" | 91.7%\n| style=\"text-align:right\" | 88.6%\n| style=\"text-align:right\" | 90.0%\n| style=\"text-align:right\" | 89.7%\n| style=\"text-align:right\" | 91.0%\n| style=\"text-align:right\" | 98.0%\n| style=\"text-align:right\" | 99.1%\n| style=\"text-align:right\" | 96.2%\n| style=\"text-align:right\" | 99.2%\n| style=\"text-align:right\" | 100.1%\n| style=\"text-align:right\" | 96.2%\n| style=\"text-align:right\" | 96.5%\n| style=\"text-align:right\" | 95.5%\n|-\n| style=\"text-align:left\" | Technical Margin\n| style=\"text-align:right\" | 2,682\n| style=\"text-align:right\" | 5,006\n| style=\"text-align:right\" | 2,859\n| style=\"text-align:right\" | 5,409\n| style=\"text-align:right\" | 538\n| style=\"text-align:right\" | 1,212\n| style=\"text-align:right\" | 533\n| style=\"text-align:right\" | 1,220\n| style=\"text-align:right\" | 977\n| style=\"text-align:right\" | 1,844\n| style=\"text-align:right\" | 1,104\n| style=\"text-align:right\" | 2,127\n| style=\"text-align:right\" | 1,111\n| style=\"text-align:right\" | 865\n| style=\"text-align:right\" | 1,820\n| style=\"text-align:right\" | 1,335\n| style=\"text-align:right\" | 1,074\n| style=\"text-align:right\" | 809\n| style=\"text-align:right\" | 1,928\n| style=\"text-align:right\" | 1,464\n| style=\"text-align:right\" | 57\n| style=\"text-align:right\" | 55\n| style=\"text-align:right\" | 114\n| style=\"text-align:right\" | 48\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | 74\n| style=\"text-align:right\" | 35\n| style=\"text-align:right\" | 86\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELong-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | CSM Release\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Technical Experience\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFinancial Result \u0026amp; Other\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Financial Result\n| style=\"text-align:right\" | 1,324\n| style=\"text-align:right\" | 2,559\n| style=\"text-align:right\" | 1,343\n| style=\"text-align:right\" | 2,631\n| style=\"text-align:right\" | 251\n| style=\"text-align:right\" | 421\n| style=\"text-align:right\" | 261\n| style=\"text-align:right\" | 468\n| style=\"text-align:right\" | 473\n| style=\"text-align:right\" | 912\n| style=\"text-align:right\" | 461\n| style=\"text-align:right\" | 876\n| style=\"text-align:right\" | 273\n| style=\"text-align:right\" | 159\n| style=\"text-align:right\" | 596\n| style=\"text-align:right\" | 387\n| style=\"text-align:right\" | 298\n| style=\"text-align:right\" | 213\n| style=\"text-align:right\" | 632\n| style=\"text-align:right\" | 445\n| style=\"text-align:right\" | 242\n| style=\"text-align:right\" | 484\n| style=\"text-align:right\" | 261\n| style=\"text-align:right\" | 530\n| style=\"text-align:right\" | 86\n| style=\"text-align:right\" | 146\n| style=\"text-align:right\" | 62\n| style=\"text-align:right\" | 125\n|-\n| style=\"text-align:left\" | Investment Income\n| style=\"text-align:right\" | 1,967\n| style=\"text-align:right\" | 3,731\n| style=\"text-align:right\" | 2,088\n| style=\"text-align:right\" | 3,988\n| style=\"text-align:right\" | 334\n| style=\"text-align:right\" | 572\n| style=\"text-align:right\" | 373\n| style=\"text-align:right\" | 675\n| style=\"text-align:right\" | 658\n| style=\"text-align:right\" | 1,244\n| style=\"text-align:right\" | 667\n| style=\"text-align:right\" | 1,257\n| style=\"text-align:right\" | 614\n| style=\"text-align:right\" | 416\n| style=\"text-align:right\" | 1,233\n| style=\"text-align:right\" | 868\n| style=\"text-align:right\" | 681\n| style=\"text-align:right\" | 507\n| style=\"text-align:right\" | 1,331\n| style=\"text-align:right\" | 981\n| style=\"text-align:right\" | 261\n| style=\"text-align:right\" | 518\n| style=\"text-align:right\" | 292\n| style=\"text-align:right\" | 585\n| style=\"text-align:right\" | 100\n| style=\"text-align:right\" | 164\n| style=\"text-align:right\" | 74\n| style=\"text-align:right\" | 140\n|-\n| style=\"text-align:left\" | Insurance Finance Expenses\n| style=\"text-align:right\" | -643\n| style=\"text-align:right\" | -1,172\n| style=\"text-align:right\" | -745\n| style=\"text-align:right\" | -1,358\n| style=\"text-align:right\" | -83\n| style=\"text-align:right\" | -151\n| style=\"text-align:right\" | -112\n| style=\"text-align:right\" | -207\n| style=\"text-align:right\" | -185\n| style=\"text-align:right\" | -332\n| style=\"text-align:right\" | -206\n| style=\"text-align:right\" | -381\n| style=\"text-align:right\" | -341\n| style=\"text-align:right\" | -257\n| style=\"text-align:right\" | -637\n| style=\"text-align:right\" | -481\n| style=\"text-align:right\" | -384\n| style=\"text-align:right\" | -294\n| style=\"text-align:right\" | -699\n| style=\"text-align:right\" | -536\n| style=\"text-align:right\" | -20\n| style=\"text-align:right\" | -35\n| style=\"text-align:right\" | -31\n| style=\"text-align:right\" | -55\n| style=\"text-align:right\" | -14\n| style=\"text-align:right\" | -18\n| style=\"text-align:right\" | -12\n| style=\"text-align:right\" | -15\n|-\n| style=\"text-align:left\" | [[Definition:Other revenue|Other Revenues]]\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Other Expenses\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Debt Financing Charges\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Before Tax\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,006\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,565\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,202\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8,040\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E788\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,633\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E794\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,688\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,450\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,757\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,564\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,002\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,384\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,024\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,417\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,721\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,372\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,022\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,560\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,910\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E299\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E539\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E375\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E579\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E85\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E220\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E97\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E211\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -1,046\n| style=\"text-align:right\" | -1,952\n| style=\"text-align:right\" | -1,074\n| style=\"text-align:right\" | -2,060\n| style=\"text-align:right\" | -249\n| style=\"text-align:right\" | -472\n| style=\"text-align:right\" | -220\n| style=\"text-align:right\" | -451\n| style=\"text-align:right\" | -352\n| style=\"text-align:right\" | -671\n| style=\"text-align:right\" | -384\n| style=\"text-align:right\" | -734\n| style=\"text-align:right\" | -352\n| style=\"text-align:right\" | -257\n| style=\"text-align:right\" | -588\n| style=\"text-align:right\" | -457\n| style=\"text-align:right\" | -339\n| style=\"text-align:right\" | -252\n| style=\"text-align:right\" | -647\n| style=\"text-align:right\" | -482\n| style=\"text-align:right\" | -77\n| style=\"text-align:right\" | -159\n| style=\"text-align:right\" | -110\n| style=\"text-align:right\" | -170\n| style=\"text-align:right\" | -15\n| style=\"text-align:right\" | -62\n| style=\"text-align:right\" | -21\n| style=\"text-align:right\" | -58\n|-\n| style=\"text-align:left\" | Income from Affiliates \u0026amp; Other\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Minority Interests\n| style=\"text-align:right\" | -56\n| style=\"text-align:right\" | -106\n| style=\"text-align:right\" | -63\n| style=\"text-align:right\" | -111\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -25\n| style=\"text-align:right\" | -57\n| style=\"text-align:right\" | -28\n| style=\"text-align:right\" | -52\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | -49\n| style=\"text-align:right\" | -34\n| style=\"text-align:right\" | -57\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -2\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Group share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,908\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,510\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,067\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,872\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E539\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,161\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E574\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,237\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,073\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,029\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,152\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,216\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,032\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E767\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,828\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,264\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,032\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E770\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,913\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,427\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E194\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E334\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E233\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E355\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E70\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E158\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E75\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E151\u003C/b\u003E\n|-\n| style=\"text-align:left\" | For short-term business\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELiabilities for remaining coverage net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19,284\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E16,006\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19,766\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E16,040\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,153\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,712\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,221\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,783\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,151\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,166\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,591\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,534\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,478\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,905\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,028\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,948\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7,315\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,879\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6,467\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,461\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,802\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,834\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,935\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,024\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E700\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E266\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E705\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E231\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBest Estimate for incurred Claims net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E69,800\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E71,751\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E70,215\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E70,567\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E13,485\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E13,889\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E13,900\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E13,882\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E24,834\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25,955\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E26,003\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25,737\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E24,865\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E18,223\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25,915\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19,146\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E24,533\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E18,295\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25,044\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E18,897\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,385\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,640\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,510\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,804\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,231\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,351\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,269\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,101\u003C/b\u003E\n|}\n\u003C/div\u003E"
"content": "**Property \u0026 casualty underlying earnings build-up by geography**\n\n| In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL o/w AXA XL Insurance | AXA XL FY24 | AXA XL o/w AXA XL Insurance | AXA XL 1H25 | AXA XL o/w AXA XL Insurance | AXA XL FY25 | AXA XL o/w AXA XL Insurance | Asia, Africa \u0026 EME-LATAM 1H24 | Asia, Africa \u0026 EME-LATAM FY24 | Asia, Africa \u0026 EME-LATAM 1H25 | Asia, Africa \u0026 EME-LATAM FY25 | Transversal \u0026 Other 1H24 | Transversal \u0026 Other FY24 | Transversal \u0026 Other 1H25 | Transversal \u0026 Other FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 27,294 | 55,898 | 28,697 | 57,656 | 4,393 | 9,194 | 4,697 | 9,768 | 10,060 | 20,400 | 10,610 | 21,305 | 9,022 | 7,867 | 18,530 | 16,136 | 9,428 | 8,129 | 18,699 | 16,207 | 2,855 | 5,825 | 2,975 | 5,949 | 963 | 1,948 | 987 | 1,935 |\n| Short-term Business — Current Accident Year Loss Ratio | 67.0% | 67.7% | 66.7% | 66.9% | 69.4% | 68.9% | 70.6% | 70.1% | 66.5% | 66.9% | 64.7% | 65.1% | 67.5% | 67.2% | 69.2% | 69.0% | 68.4% | 68.0% | 68.8% | 68.3% | 68.6% | 69.3% | 68.2% | 69.6% | 53.2% | 51.0% | 48.0% | 44.6% |\n| Short-term Business — Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 67.4% | 67.4% | 67.0% | 67.0% | 71.3% | 69.7% | 70.6% | 70.2% | 65.0% | 65.5% | 64.1% | 64.3% | 68.8% | 68.9% | 69.3% | 69.5% | 69.7% | 69.8% | 69.8% | 69.6% | 70.0% | 70.4% | 69.7% | 70.2% | 52.9% | 51.1% | 48.0% | 44.5% |\n| Short-term Business — Undiscounted Current Accident Year Nat Cats | 3.6% | 3.8% | 3.5% | 3.4% | 3.4% | 3.8% | 4.8% | 4.5% | 4.5% | 4.1% | 3.3% | 3.1% | 3.8% | 2.8% | 4.6% | 3.8% | 4.2% | 3.4% | 3.9% | 3.1% | 0.8% | 0.9% | 0.8% | 1.6% | 1.4% | 1.1% | 1.3% | 1.2% |\n| Short-term Business — Current Accident Year Discounting | -3.9% | -3.6% | -3.9% | -3.5% | -5.3% | -4.6% | -4.8% | -4.6% | -3.1% | -2.8% | -2.7% | -2.3% | -5.1% | -4.6% | -4.7% | -4.2% | -5.5% | -5.2% | -4.9% | -4.4% | -2.2% | -2.0% | -2.3% | -2.2% | -1.1% | -1.2% | -1.2% | -1.1% |\n| Short-term Business — Prior Year Reserve Development Ratio | -1.5% | -1.6% | -1.1% | -1.1% | -3.5% | -3.9% | -2.6% | -2.9% | -2.1% | -2.1% | -1.1% | -1.3% | -0.1% | 0.0% | -0.1% | 0.0% | -0.2% | -0.2% | 0.0% | 0.0% | -0.1% | 0.1% | -1.0% | -0.2% | -3.7% | -5.7% | -4.0% | -1.9% |\n| Short-term Business — Expense Ratio | 24.7% | 25.0% | 24.5% | 24.8% | 21.9% | 21.9% | 20.7% | 20.4% | 25.9% | 26.2% | 26.0% | 26.2% | 20.3% | 21.8% | 21.0% | 22.7% | 20.4% | 22.2% | 20.9% | 22.6% | 29.4% | 29.6% | 29.0% | 29.8% | 50.5% | 50.9% | 52.5% | 52.8% |\n| Short-term Business — Combined Ratio | 90.2% | 91.0% | 90.0% | 90.6% | 87.8% | 86.8% | 88.6% | 87.5% | 90.3% | 91.0% | 89.6% | 90.0% | 87.7% | 89.0% | 90.2% | 91.7% | 88.6% | 90.0% | 89.7% | 91.0% | 98.0% | 99.1% | 96.2% | 99.2% | 100.1% | 96.2% | 96.5% | 95.5% |\n| Short-term Business — Technical Margin | 2,682 | 5,006 | 2,859 | 5,409 | 538 | 1,212 | 533 | 1,220 | 977 | 1,844 | 1,104 | 2,127 | 1,111 | 865 | 1,820 | 1,335 | 1,074 | 809 | 1,928 | 1,464 | 57 | 55 | 114 | 48 | -1 | 74 | 35 | 86 |\n| Financial Result \u0026 Other — Financial Result | 1,324 | 2,559 | 1,343 | 2,631 | 251 | 421 | 261 | 468 | 473 | 912 | 461 | 876 | 273 | 159 | 596 | 387 | 298 | 213 | 632 | 445 | 242 | 484 | 261 | 530 | 86 | 146 | 62 | 125 |\n| Financial Result \u0026 Other — Investment Income | 1,967 | 3,731 | 2,088 | 3,988 | 334 | 572 | 373 | 675 | 658 | 1,244 | 667 | 1,257 | 614 | 416 | 1,233 | 868 | 681 | 507 | 1,331 | 981 | 261 | 518 | 292 | 585 | 100 | 164 | 74 | 140 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -643 | -1,172 | -745 | -1,358 | -83 | -151 | -112 | -207 | -185 | -332 | -206 | -381 | -341 | -257 | -637 | -481 | -384 | -294 | -699 | -536 | -20 | -35 | -31 | -55 | -14 | -18 | -12 | -15 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 4,006 | 7,565 | 4,202 | 8,040 | 788 | 1,633 | 794 | 1,688 | 1,450 | 2,757 | 1,564 | 3,002 | 1,384 | 1,024 | 2,417 | 1,721 | 1,372 | 1,022 | 2,560 | 1,910 | 299 | 539 | 375 | 579 | 85 | 220 | 97 | 211 |\n| Debt Financing Charges — Tax | -1,046 | -1,952 | -1,074 | -2,060 | -249 | -472 | -220 | -451 | -352 | -671 | -384 | -734 | -352 | -257 | -588 | -457 | -339 | -252 | -647 | -482 | -77 | -159 | -110 | -170 | -15 | -62 | -21 | -58 |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 2 | 3 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 1 | 3 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Minority Interests | -56 | -106 | -63 | -111 | 0 | 0 | 0 | 0 | -25 | -57 | -28 | -52 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30 | -49 | -34 | -57 | 0 | 0 | -1 | -2 |\n| **Debt Financing Charges — Underlying Earnings Group share** | 2,908 | 5,510 | 3,067 | 5,872 | 539 | 1,161 | 574 | 1,237 | 1,073 | 2,029 | 1,152 | 2,216 | 1,032 | 767 | 1,828 | 1,264 | 1,032 | 770 | 1,913 | 1,427 | 194 | 334 | 233 | 355 | 70 | 158 | 75 | 151 |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 19,284 | 16,006 | 19,766 | 16,040 | 2,153 | 1,712 | 2,221 | 1,783 | 7,151 | 5,166 | 7,591 | 5,534 | 7,478 | 5,905 | 7,028 | 5,948 | 7,315 | 5,879 | 6,467 | 5,461 | 1,802 | 1,834 | 1,935 | 2,024 | 700 | 266 | 705 | 231 |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 69,800 | 71,751 | 70,215 | 70,567 | 13,485 | 13,889 | 13,900 | 13,882 | 24,834 | 25,955 | 26,003 | 25,737 | 24,865 | 18,223 | 25,915 | 19,146 | 24,533 | 18,295 | 25,044 | 18,897 | 3,385 | 3,640 | 3,510 | 3,804 | 3,231 | 2,351 | 2,269 | 2,101 |"
},
},
{
{
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"Underlying earnings"
"Underlying earnings"
],
],
"content": "**Life \u0026 health underlying earnings build-up by line of business**\n\n| In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | Life 1H24 | Life FY24 | Life 1H25 | Life FY25 | Health 1H24 | Health FY24 | Health 1H25 | Health FY25 | Employee Benefits* (out of Total Life \u0026 Health) (6) 1H24 | Employee Benefits* (out of Total Life \u0026 Health) FY24 | Employee Benefits* (out of Total Life \u0026 Health) 1H25 | Employee Benefits* (out of Total Life \u0026 Health) FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 7,979 | 16,207 | 8,512 | 17,416 | 2,112 | 4,247 | 2,211 | 4,444 | 5,867 | 11,960 | 6,301 | 12,972 | 5,592 | 11,482 | 5,931 | 12,035 |\n| Short-term Business — Combined Ratio | 97.6% | 97.4% | 97.1% | 97.2% | 94.5% | 95.5% | 95.2% | 95.4% | 98.6% | 98.1% | 97.8% | 97.9% | 98.2% | 97.8% | 97.4% | 97.1% |\n| Short-term Business — Technical Margin | 195 | 415 | 248 | 479 | 116 | 191 | 107 | 206 | 79 | 224 | 141 | 273 | 101 | 248 | 156 | 347 |\n| Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 1,136 | 2,253 | 1,158 | 2,415 | 259 | 522 | 270 | 539 | 58 | 110 | 59 | 107 |\n| Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | -71 | -98 | -28 | -139 | 7 | 3 | -2 | -11 | 17 | 37 | 22 | 38 |\n| Long-term Business — Actual vs. Expected Cash Flows | 9 | -15 | 12 | 39 | -4 | -33 | 10 | 37 | 13 | 18 | 2 | 2 | -3 | -2 | -5 | -8 |\n| Long-term Business — Risk Adjustment Release | 30 | 59 | 44 | 72 | 25 | 51 | 37 | 59 | 4 | 8 | 7 | 13 | 2 | 4 | 7 | 8 |\n| Long-term Business — Changes in Onerous Contracts | -32 | 6 | -12 | -29 | -30 | 9 | -10 | -25 | -1 | -2 | -2 | -4 | 0 | 0 | 0 | 0 |\n| Long-term Business — Other Long-term | -72 | -145 | -74 | -232 | -63 | -124 | -65 | -211 | -8 | -21 | -9 | -22 | 19 | 35 | 20 | 38 |\n| Financial Result \u0026 Other — Financial Result | 536 | 975 | 563 | 946 | 454 | 799 | 462 | 738 | 82 | 176 | 101 | 209 | 75 | 157 | 91 | 175 |\n| Financial Result \u0026 Other — Investment Income | 1,319 | 2,525 | 1,329 | 2,484 | 1,159 | 2,209 | 1,159 | 2,142 | 160 | 317 | 170 | 341 | 219 | 429 | 232 | 456 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -783 | -1,551 | -767 | -1,538 | -705 | -1,410 | -697 | -1,405 | -78 | -140 | -69 | -133 | -144 | -272 | -141 | -281 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 2,061 | 4,070 | 2,209 | 4,229 | 1,634 | 3,145 | 1,699 | 3,219 | 427 | 925 | 510 | 1,010 | 252 | 552 | 328 | 666 |\n| Debt Financing Charges — Tax | -412 | -874 | -462 | -800 | -316 | -635 | -329 | -584 | -96 | -239 | -133 | -216 | -46 | -111 | -64 | -110 |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 103 | 186 | 101 | 157 | 101 | 182 | 93 | 154 | 2 | 4 | 8 | 2 | | | | |\n| Debt Financing Charges — Minority Interests | -27 | -60 | -34 | -85 | -27 | -56 | -30 | -75 | 0 | -4 | -3 | -9 | | | | |\n| **Debt Financing Charges — Underlying Earnings Group share** | 1,725 | 3,323 | 1,814 | 3,501 | 1,392 | 2,636 | 1,433 | 2,715 | 333 | 687 | 381 | 787 | 205 | 441 | 264 | 556 |\n| **Debt Financing Charges — Closing Invested Assets** | 329,460 | 345,008 | 338,447 | 334,840 | | | | | | | | | | | | |\n| Debt Financing Charges — o/w VFA | 234,783 | 230,205 | 229,844 | 226,937 | | | | | | | | | | | | |\n| Debt Financing Charges — o/w Non VFA | 94,677 | 114,803 | 108,603 | 107,903 | | | | | | | | | | | | |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,446 | 2,096 | 2,856 | 2,511 | 157 | 96 | 105 | 21 | 2,289 | 2,000 | 2,750 | 2,490 | | | | |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 13,876 | 14,162 | 13,960 | 14,592 | 11,589 | 11,778 | 11,623 | 11,205 | 2,286 | 2,384 | 2,337 | 3,386 | | | | |\n| **For long-term business — Best Estimate Liabilities net of reinsurance** | 295,342 | 306,249 | 301,040 | 300,391 | 275,276 | 285,391 | 280,314 | 280,280 | 20,066 | 20,858 | 20,726 | 20,112 | | | | |\n| For long-term business — o/w VFA Gross of reinsurance | 264,013 | 273,094 | 266,960 | 271,902 | 243,037 | 251,273 | 244,964 | 250,326 | 20,977 | 21,821 | 21,996 | 21,576 | | | | |\n| For long-term business — o/w BBA Gross of reinsurance | 50,097 | 51,845 | 51,524 | 45,307 | 50,917 | 52,713 | 52,731 | 46,724 | -821 | -868 | -1,207 | -1,417 | | | | |\n| For long-term business — o/w Reinsurance | -18,768 | -18,690 | -17,443 | -16,817 | -18,679 | -18,595 | -17,381 | -16,770 | -90 | -95 | -62 | -47 | | | | |\n\n(6) Employee Benefits include Group Protection and Group Health contracts."
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t10\" class=\"wikitable fintable\"\n|+ Life \u0026amp; health [[Definition:Underlying earnings|underlying earnings]] build-up by line of business\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"4\" style=\"text-align:center\" | Total\n! colspan=\"4\" style=\"text-align:center\" | Life\n! colspan=\"4\" style=\"text-align:center\" | Health\n! class=\"col-s\" style=\"text-align:right\" | Employee Benefits* (out of Total Life \u0026amp; Health) {{fn ref|6|2=Employee Benefits include Group Protection and Group Health contracts.}}\n! colspan=\"3\" style=\"text-align:center\" | Employee Benefits* (out of Total Life \u0026amp; Health)\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShort-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Revenues\n| style=\"text-align:right\" | 7,979\n| style=\"text-align:right\" | 16,207\n| style=\"text-align:right\" | 8,512\n| style=\"text-align:right\" | 17,416\n| style=\"text-align:right\" | 2,112\n| style=\"text-align:right\" | 4,247\n| style=\"text-align:right\" | 2,211\n| style=\"text-align:right\" | 4,444\n| style=\"text-align:right\" | 5,867\n| style=\"text-align:right\" | 11,960\n| style=\"text-align:right\" | 6,301\n| style=\"text-align:right\" | 12,972\n| style=\"text-align:right\" | 5,592\n| style=\"text-align:right\" | 11,482\n| style=\"text-align:right\" | 5,931\n| style=\"text-align:right\" | 12,035\n|-\n| style=\"text-align:left\" | Combined Ratio\n| style=\"text-align:right\" | 97.6%\n| style=\"text-align:right\" | 97.4%\n| style=\"text-align:right\" | 97.1%\n| style=\"text-align:right\" | 97.2%\n| style=\"text-align:right\" | 94.5%\n| style=\"text-align:right\" | 95.5%\n| style=\"text-align:right\" | 95.2%\n| style=\"text-align:right\" | 95.4%\n| style=\"text-align:right\" | 98.6%\n| style=\"text-align:right\" | 98.1%\n| style=\"text-align:right\" | 97.8%\n| style=\"text-align:right\" | 97.9%\n| style=\"text-align:right\" | 98.2%\n| style=\"text-align:right\" | 97.8%\n| style=\"text-align:right\" | 97.4%\n| style=\"text-align:right\" | 97.1%\n|-\n| style=\"text-align:left\" | Technical Margin\n| style=\"text-align:right\" | 195\n| style=\"text-align:right\" | 415\n| style=\"text-align:right\" | 248\n| style=\"text-align:right\" | 479\n| style=\"text-align:right\" | 116\n| style=\"text-align:right\" | 191\n| style=\"text-align:right\" | 107\n| style=\"text-align:right\" | 206\n| style=\"text-align:right\" | 79\n| style=\"text-align:right\" | 224\n| style=\"text-align:right\" | 141\n| style=\"text-align:right\" | 273\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 248\n| style=\"text-align:right\" | 156\n| style=\"text-align:right\" | 347\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELong-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | CSM Release\n| style=\"text-align:right\" | 1,395\n| style=\"text-align:right\" | 2,775\n| style=\"text-align:right\" | 1,428\n| style=\"text-align:right\" | 2,954\n| style=\"text-align:right\" | 1,136\n| style=\"text-align:right\" | 2,253\n| style=\"text-align:right\" | 1,158\n| style=\"text-align:right\" | 2,415\n| style=\"text-align:right\" | 259\n| style=\"text-align:right\" | 522\n| style=\"text-align:right\" | 270\n| style=\"text-align:right\" | 539\n| style=\"text-align:right\" | 58\n| style=\"text-align:right\" | 110\n| style=\"text-align:right\" | 59\n| style=\"text-align:right\" | 107\n|-\n| style=\"text-align:left\" | Technical Experience\n| style=\"text-align:right\" | -64\n| style=\"text-align:right\" | -95\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | -150\n| style=\"text-align:right\" | -71\n| style=\"text-align:right\" | -98\n| style=\"text-align:right\" | -28\n| style=\"text-align:right\" | -139\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | 17\n| style=\"text-align:right\" | 37\n| style=\"text-align:right\" | 22\n| style=\"text-align:right\" | 38\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Actual vs. Expected Cash Flows\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" | -15\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | 39\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -33\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 37\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 18\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -5\n| style=\"text-align:right\" | -8\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Risk Adjustment Release\n| style=\"text-align:right\" | 30\n| style=\"text-align:right\" | 59\n| style=\"text-align:right\" | 44\n| style=\"text-align:right\" | 72\n| style=\"text-align:right\" | 25\n| style=\"text-align:right\" | 51\n| style=\"text-align:right\" | 37\n| style=\"text-align:right\" | 59\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 8\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Changes in Onerous Contracts\n| style=\"text-align:right\" | -32\n| style=\"text-align:right\" | 6\n| style=\"text-align:right\" | -12\n| style=\"text-align:right\" | -29\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" | -10\n| style=\"text-align:right\" | -25\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other Long-term\n| style=\"text-align:right\" | -72\n| style=\"text-align:right\" | -145\n| style=\"text-align:right\" | -74\n| style=\"text-align:right\" | -232\n| style=\"text-align:right\" | -63\n| style=\"text-align:right\" | -124\n| style=\"text-align:right\" | -65\n| style=\"text-align:right\" | -211\n| style=\"text-align:right\" | -8\n| style=\"text-align:right\" | -21\n| style=\"text-align:right\" | -9\n| style=\"text-align:right\" | -22\n| style=\"text-align:right\" | 19\n| style=\"text-align:right\" | 35\n| style=\"text-align:right\" | 20\n| style=\"text-align:right\" | 38\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFinancial Result \u0026amp; Other\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Financial Result\n| style=\"text-align:right\" | 536\n| style=\"text-align:right\" | 975\n| style=\"text-align:right\" | 563\n| style=\"text-align:right\" | 946\n| style=\"text-align:right\" | 454\n| style=\"text-align:right\" | 799\n| style=\"text-align:right\" | 462\n| style=\"text-align:right\" | 738\n| style=\"text-align:right\" | 82\n| style=\"text-align:right\" | 176\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 209\n| style=\"text-align:right\" | 75\n| style=\"text-align:right\" | 157\n| style=\"text-align:right\" | 91\n| style=\"text-align:right\" | 175\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Investment Income\n| style=\"text-align:right\" | 1,319\n| style=\"text-align:right\" | 2,525\n| style=\"text-align:right\" | 1,329\n| style=\"text-align:right\" | 2,484\n| style=\"text-align:right\" | 1,159\n| style=\"text-align:right\" | 2,209\n| style=\"text-align:right\" | 1,159\n| style=\"text-align:right\" | 2,142\n| style=\"text-align:right\" | 160\n| style=\"text-align:right\" | 317\n| style=\"text-align:right\" | 170\n| style=\"text-align:right\" | 341\n| style=\"text-align:right\" | 219\n| style=\"text-align:right\" | 429\n| style=\"text-align:right\" | 232\n| style=\"text-align:right\" | 456\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Insurance Finance Expenses\n| style=\"text-align:right\" | -783\n| style=\"text-align:right\" | -1,551\n| style=\"text-align:right\" | -767\n| style=\"text-align:right\" | -1,538\n| style=\"text-align:right\" | -705\n| style=\"text-align:right\" | -1,410\n| style=\"text-align:right\" | -697\n| style=\"text-align:right\" | -1,405\n| style=\"text-align:right\" | -78\n| style=\"text-align:right\" | -140\n| style=\"text-align:right\" | -69\n| style=\"text-align:right\" | -133\n| style=\"text-align:right\" | -144\n| style=\"text-align:right\" | -272\n| style=\"text-align:right\" | -141\n| style=\"text-align:right\" | -281\n|-\n| style=\"text-align:left\" | [[Definition:Other revenue|Other Revenues]]\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Other Expenses\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Debt Financing Charges\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Before Tax\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,061\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,070\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,209\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,229\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,634\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,145\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,699\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,219\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E427\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E925\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E510\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,010\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E252\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E552\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E328\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E666\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -412\n| style=\"text-align:right\" | -874\n| style=\"text-align:right\" | -462\n| style=\"text-align:right\" | -800\n| style=\"text-align:right\" | -316\n| style=\"text-align:right\" | -635\n| style=\"text-align:right\" | -329\n| style=\"text-align:right\" | -584\n| style=\"text-align:right\" | -96\n| style=\"text-align:right\" | -239\n| style=\"text-align:right\" | -133\n| style=\"text-align:right\" | -216\n| style=\"text-align:right\" | -46\n| style=\"text-align:right\" | -111\n| style=\"text-align:right\" | -64\n| style=\"text-align:right\" | -110\n|-\n| style=\"text-align:left\" | Income from Affiliates \u0026amp; Other\n| style=\"text-align:right\" | 103\n| style=\"text-align:right\" | 186\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 157\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 182\n| style=\"text-align:right\" | 93\n| style=\"text-align:right\" | 154\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Minority Interests\n| style=\"text-align:right\" | -27\n| style=\"text-align:right\" | -60\n| style=\"text-align:right\" | -34\n| style=\"text-align:right\" | -85\n| style=\"text-align:right\" | -27\n| style=\"text-align:right\" | -56\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | -75\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -9\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Group share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,725\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,323\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,814\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,501\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,392\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,636\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,433\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,715\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E333\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E687\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E381\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E787\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E205\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E441\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E264\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E556\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EClosing Invested Assets\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E329,460\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E345,008\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E338,447\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E334,840\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | o/w VFA\n| style=\"text-align:right\" | 234,783\n| style=\"text-align:right\" | 230,205\n| style=\"text-align:right\" | 229,844\n| style=\"text-align:right\" | 226,937\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | o/w Non VFA\n| style=\"text-align:right\" | 94,677\n| style=\"text-align:right\" | 114,803\n| style=\"text-align:right\" | 108,603\n| style=\"text-align:right\" | 107,903\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | For short-term business\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELiabilities for remaining coverage net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,446\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,096\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,856\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,511\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E157\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E96\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E105\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E21\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,289\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,000\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,750\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,490\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBest Estimate for incurred Claims net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E13,876\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14,162\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E13,960\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14,592\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,589\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,778\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,623\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,205\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,286\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,384\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,337\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,386\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | For long-term business\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBest Estimate Liabilities net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E295,342\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E306,249\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E301,040\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E300,391\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E275,276\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E285,391\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E280,314\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E280,280\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20,066\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20,858\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20,726\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20,112\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | o/w VFA Gross of reinsurance\n| style=\"text-align:right\" | 264,013\n| style=\"text-align:right\" | 273,094\n| style=\"text-align:right\" | 266,960\n| style=\"text-align:right\" | 271,902\n| style=\"text-align:right\" | 243,037\n| style=\"text-align:right\" | 251,273\n| style=\"text-align:right\" | 244,964\n| style=\"text-align:right\" | 250,326\n| style=\"text-align:right\" | 20,977\n| style=\"text-align:right\" | 21,821\n| style=\"text-align:right\" | 21,996\n| style=\"text-align:right\" | 21,576\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | o/w BBA Gross of reinsurance\n| style=\"text-align:right\" | 50,097\n| style=\"text-align:right\" | 51,845\n| style=\"text-align:right\" | 51,524\n| style=\"text-align:right\" | 45,307\n| style=\"text-align:right\" | 50,917\n| style=\"text-align:right\" | 52,713\n| style=\"text-align:right\" | 52,731\n| style=\"text-align:right\" | 46,724\n| style=\"text-align:right\" | -821\n| style=\"text-align:right\" | -868\n| style=\"text-align:right\" | -1,207\n| style=\"text-align:right\" | -1,417\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | o/w Reinsurance\n| style=\"text-align:right\" | -18,768\n| style=\"text-align:right\" | -18,690\n| style=\"text-align:right\" | -17,443\n| style=\"text-align:right\" | -16,817\n| style=\"text-align:right\" | -18,679\n| style=\"text-align:right\" | -18,595\n| style=\"text-align:right\" | -17,381\n| style=\"text-align:right\" | -16,770\n| style=\"text-align:right\" | -90\n| style=\"text-align:right\" | -95\n| style=\"text-align:right\" | -62\n| style=\"text-align:right\" | -47\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E\n\n{{fn note|1=6|2=Employee Benefits include Group Protection and Group Health contracts.}}"
},
},
{
{
Line 148: Line 148:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t11\" class=\"wikitable fintable\"\n|+ Life \u0026amp; health [[Definition:Underlying earnings|underlying earnings]] build-up by geography\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"4\" style=\"text-align:center\" | Total\n! colspan=\"4\" style=\"text-align:center\" | France\n! colspan=\"4\" style=\"text-align:center\" | Europe\n! colspan=\"4\" style=\"text-align:center\" | AXA XL\n! colspan=\"4\" style=\"text-align:center\" | Asia, Africa \u0026amp; EME-LATAM\n! colspan=\"4\" style=\"text-align:center\" | Transversal \u0026amp; Other\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShort-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Revenues\n| style=\"text-align:right\" | 7,979\n| style=\"text-align:right\" | 16,207\n| style=\"text-align:right\" | 8,512\n| style=\"text-align:right\" | 17,416\n| style=\"text-align:right\" | 4,654\n| style=\"text-align:right\" | 9,503\n| style=\"text-align:right\" | 4,870\n| style=\"text-align:right\" | 9,787\n| style=\"text-align:right\" | 1,778\n| style=\"text-align:right\" | 3,604\n| style=\"text-align:right\" | 2,051\n| style=\"text-align:right\" | 4,419\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1,457\n| style=\"text-align:right\" | 2,925\n| style=\"text-align:right\" | 1,503\n| style=\"text-align:right\" | 3,037\n| style=\"text-align:right\" | 90\n| style=\"text-align:right\" | 174\n| style=\"text-align:right\" | 88\n| style=\"text-align:right\" | 172\n|-\n| style=\"text-align:left\" | Combined Ratio\n| style=\"text-align:right\" | 97.6%\n| style=\"text-align:right\" | 97.4%\n| style=\"text-align:right\" | 97.1%\n| style=\"text-align:right\" | 97.2%\n| style=\"text-align:right\" | 96.7%\n| style=\"text-align:right\" | 97.3%\n| style=\"text-align:right\" | 97.4%\n| style=\"text-align:right\" | 97.3%\n| style=\"text-align:right\" | 98.8%\n| style=\"text-align:right\" | 96.9%\n| style=\"text-align:right\" | 96.4%\n| style=\"text-align:right\" | 94.8%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 99.1%\n| style=\"text-align:right\" | 99.1%\n| style=\"text-align:right\" | 97.6%\n| style=\"text-align:right\" | 101.3%\n| style=\"text-align:right\" | 92.2%\n| style=\"text-align:right\" | 89.1%\n| style=\"text-align:right\" | 83.6%\n| style=\"text-align:right\" | 86.7%\n|-\n| style=\"text-align:left\" | Technical Margin\n| style=\"text-align:right\" | 195\n| style=\"text-align:right\" | 415\n| style=\"text-align:right\" | 248\n| style=\"text-align:right\" | 479\n| style=\"text-align:right\" | 155\n| style=\"text-align:right\" | 258\n| style=\"text-align:right\" | 124\n| style=\"text-align:right\" | 265\n| style=\"text-align:right\" | 21\n| style=\"text-align:right\" | 113\n| style=\"text-align:right\" | 73\n| style=\"text-align:right\" | 230\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 26\n| style=\"text-align:right\" | 36\n| style=\"text-align:right\" | -39\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 19\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 23\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELong-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | CSM Release\n| style=\"text-align:right\" | 1,395\n| style=\"text-align:right\" | 2,775\n| style=\"text-align:right\" | 1,428\n| style=\"text-align:right\" | 2,954\n| style=\"text-align:right\" | 407\n| style=\"text-align:right\" | 823\n| style=\"text-align:right\" | 419\n| style=\"text-align:right\" | 895\n| style=\"text-align:right\" | 468\n| style=\"text-align:right\" | 920\n| style=\"text-align:right\" | 471\n| style=\"text-align:right\" | 984\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 516\n| style=\"text-align:right\" | 1,029\n| style=\"text-align:right\" | 538\n| style=\"text-align:right\" | 1,074\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Technical Experience\n| style=\"text-align:right\" | -64\n| style=\"text-align:right\" | -95\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | -150\n| style=\"text-align:right\" | -40\n| style=\"text-align:right\" | -96\n| style=\"text-align:right\" | -37\n| style=\"text-align:right\" | -81\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | -8\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | -70\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -5\n| style=\"text-align:right\" | -17\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | 6\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Actual vs. Expected Cash Flows\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" | -15\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | 39\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | -8\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 15\n| style=\"text-align:right\" | 5\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 22\n| style=\"text-align:right\" | 35\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Risk Adjustment Release\n| style=\"text-align:right\" | 30\n| style=\"text-align:right\" | 59\n| style=\"text-align:right\" | 44\n| style=\"text-align:right\" | 72\n| style=\"text-align:right\" | 5\n| style=\"text-align:right\" | 15\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 11\n| style=\"text-align:right\" | 21\n| style=\"text-align:right\" | 21\n| style=\"text-align:right\" | 32\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 23\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 25\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Changes in Onerous Contracts\n| style=\"text-align:right\" | -32\n| style=\"text-align:right\" | 6\n| style=\"text-align:right\" | -12\n| style=\"text-align:right\" | -29\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -33\n| style=\"text-align:right\" | -25\n| style=\"text-align:right\" | -13\n| style=\"text-align:right\" | -36\n| style=\"text-align:right\" | 5\n| style=\"text-align:right\" | 5\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | 26\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other Long-term\n| style=\"text-align:right\" | -72\n| style=\"text-align:right\" | -145\n| style=\"text-align:right\" | -74\n| style=\"text-align:right\" | -232\n| style=\"text-align:right\" | -52\n| style=\"text-align:right\" | -103\n| style=\"text-align:right\" | -49\n| style=\"text-align:right\" | -111\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | -61\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -26\n| style=\"text-align:right\" | -50\n| style=\"text-align:right\" | -37\n| style=\"text-align:right\" | -61\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFinancial Result \u0026amp; Other\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Financial Result\n| style=\"text-align:right\" | 536\n| style=\"text-align:right\" | 975\n| style=\"text-align:right\" | 563\n| style=\"text-align:right\" | 946\n| style=\"text-align:right\" | 100\n| style=\"text-align:right\" | 192\n| style=\"text-align:right\" | 118\n| style=\"text-align:right\" | 197\n| style=\"text-align:right\" | 284\n| style=\"text-align:right\" | 504\n| style=\"text-align:right\" | 269\n| style=\"text-align:right\" | 477\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 19\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 20\n| style=\"text-align:right\" | 142\n| style=\"text-align:right\" | 260\n| style=\"text-align:right\" | 165\n| style=\"text-align:right\" | 250\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 2\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Investment Income\n| style=\"text-align:right\" | 1,319\n| style=\"text-align:right\" | 2,525\n| style=\"text-align:right\" | 1,329\n| style=\"text-align:right\" | 2,484\n| style=\"text-align:right\" | 370\n| style=\"text-align:right\" | 701\n| style=\"text-align:right\" | 370\n| style=\"text-align:right\" | 703\n| style=\"text-align:right\" | 490\n| style=\"text-align:right\" | 916\n| style=\"text-align:right\" | 478\n| style=\"text-align:right\" | 889\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 27\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 27\n| style=\"text-align:right\" | 446\n| style=\"text-align:right\" | 882\n| style=\"text-align:right\" | 467\n| style=\"text-align:right\" | 862\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 2\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Insurance Finance Expenses\n| style=\"text-align:right\" | -783\n| style=\"text-align:right\" | -1,551\n| style=\"text-align:right\" | -767\n| style=\"text-align:right\" | -1,538\n| style=\"text-align:right\" | -270\n| style=\"text-align:right\" | -509\n| style=\"text-align:right\" | -252\n| style=\"text-align:right\" | -507\n| style=\"text-align:right\" | -206\n| style=\"text-align:right\" | -412\n| style=\"text-align:right\" | -209\n| style=\"text-align:right\" | -411\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -7\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -8\n| style=\"text-align:right\" | -303\n| style=\"text-align:right\" | -622\n| style=\"text-align:right\" | -301\n| style=\"text-align:right\" | -612\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | [[Definition:Other revenue|Other Revenues]]\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Other Expenses\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Debt Financing Charges\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Before Tax\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,061\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,070\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,209\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4,229\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E622\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,176\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E624\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,276\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E762\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,529\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E821\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,622\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E17\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E10\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E16\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E654\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,322\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E739\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,291\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -412\n| style=\"text-align:right\" | -874\n| style=\"text-align:right\" | -462\n| style=\"text-align:right\" | -800\n| style=\"text-align:right\" | -106\n| style=\"text-align:right\" | -220\n| style=\"text-align:right\" | -100\n| style=\"text-align:right\" | -237\n| style=\"text-align:right\" | -180\n| style=\"text-align:right\" | -376\n| style=\"text-align:right\" | -176\n| style=\"text-align:right\" | -285\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -123\n| style=\"text-align:right\" | -277\n| style=\"text-align:right\" | -182\n| style=\"text-align:right\" | -272\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -4\n|-\n| style=\"text-align:left\" | Income from Affiliates \u0026amp; Other\n| style=\"text-align:right\" | 103\n| style=\"text-align:right\" | 186\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 157\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 100\n| style=\"text-align:right\" | 177\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 157\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Minority Interests\n| style=\"text-align:right\" | -27\n| style=\"text-align:right\" | -60\n| style=\"text-align:right\" | -34\n| style=\"text-align:right\" | -85\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -23\n| style=\"text-align:right\" | -49\n| style=\"text-align:right\" | -28\n| style=\"text-align:right\" | -74\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -12\n| style=\"text-align:right\" | -5\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Group share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,725\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,323\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,814\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,501\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E519\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E964\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E524\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,039\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E559\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,104\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E616\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,264\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E12\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E627\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,211\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E653\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,165\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E22\u003C/b\u003E\n|-\n| style=\"text-align:left\" | For short-term business\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELiabilities for remaining coverage net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,446\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,096\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,856\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,511\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E50\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-2\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E28\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-6\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,228\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E967\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,619\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,352\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,159\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,124\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,204\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,155\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E10\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBest Estimate for incurred Claims net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E13,876\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14,162\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E13,960\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14,592\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E12,589\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E12,831\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E12,443\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E12,850\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E773\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E871\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,015\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,186\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E501\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E447\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E487\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E541\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E13\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E15\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E15\u003C/b\u003E\n|-\n| style=\"text-align:left\" | For long-term business\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBest Estimate Liabilities net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E295,342\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E306,249\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E301,040\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E300,391\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E112,949\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E115,280\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E114,525\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E114,424\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E135,034\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E139,257\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E137,584\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E136,725\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E324\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E345\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E310\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E309\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E47,035\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E51,368\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E48,620\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E48,934\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | o/w VFA Gross of reinsurance\n| style=\"text-align:right\" | 264,013\n| style=\"text-align:right\" | 273,094\n| style=\"text-align:right\" | 266,960\n| style=\"text-align:right\" | 271,902\n| style=\"text-align:right\" | 116,132\n| style=\"text-align:right\" | 117,942\n| style=\"text-align:right\" | 116,770\n| style=\"text-align:right\" | 117,266\n| style=\"text-align:right\" | 121,623\n| style=\"text-align:right\" | 125,513\n| style=\"text-align:right\" | 121,135\n| style=\"text-align:right\" | 122,782\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 26,258\n| style=\"text-align:right\" | 29,639\n| style=\"text-align:right\" | 29,055\n| style=\"text-align:right\" | 31,854\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | o/w BBA Gross of reinsurance\n| style=\"text-align:right\" | 50,097\n| style=\"text-align:right\" | 51,845\n| style=\"text-align:right\" | 51,524\n| style=\"text-align:right\" | 45,307\n| style=\"text-align:right\" | 9,606\n| style=\"text-align:right\" | 10,019\n| style=\"text-align:right\" | 9,848\n| style=\"text-align:right\" | 8,873\n| style=\"text-align:right\" | 13,520\n| style=\"text-align:right\" | 13,810\n| style=\"text-align:right\" | 16,410\n| style=\"text-align:right\" | 13,760\n| style=\"text-align:right\" | 1,670\n| style=\"text-align:right\" | 1,659\n| style=\"text-align:right\" | 1,522\n| style=\"text-align:right\" | 1,473\n| style=\"text-align:right\" | 25,301\n| style=\"text-align:right\" | 26,356\n| style=\"text-align:right\" | 23,743\n| style=\"text-align:right\" | 21,201\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | o/w Reinsurance\n| style=\"text-align:right\" | -18,768\n| style=\"text-align:right\" | -18,690\n| style=\"text-align:right\" | -17,443\n| style=\"text-align:right\" | -16,817\n| style=\"text-align:right\" | -12,790\n| style=\"text-align:right\" | -12,682\n| style=\"text-align:right\" | -12,093\n| style=\"text-align:right\" | -11,715\n| style=\"text-align:right\" | -108\n| style=\"text-align:right\" | -66\n| style=\"text-align:right\" | 39\n| style=\"text-align:right\" | 183\n| style=\"text-align:right\" | -1,346\n| style=\"text-align:right\" | -1,315\n| style=\"text-align:right\" | -1,212\n| style=\"text-align:right\" | -1,164\n| style=\"text-align:right\" | -4,524\n| style=\"text-align:right\" | -4,627\n| style=\"text-align:right\" | -4,178\n| style=\"text-align:right\" | -4,121\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|}\n\u003C/div\u003E"
"content": "**Life \u0026 health underlying earnings build-up by geography**\n\n| In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa \u0026 EME-LATAM 1H24 | Asia, Africa \u0026 EME-LATAM FY24 | Asia, Africa \u0026 EME-LATAM 1H25 | Asia, Africa \u0026 EME-LATAM FY25 | Transversal \u0026 Other 1H24 | Transversal \u0026 Other FY24 | Transversal \u0026 Other 1H25 | Transversal \u0026 Other FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 7,979 | 16,207 | 8,512 | 17,416 | 4,654 | 9,503 | 4,870 | 9,787 | 1,778 | 3,604 | 2,051 | 4,419 | 0 | 0 | 0 | 0 | 1,457 | 2,925 | 1,503 | 3,037 | 90 | 174 | 88 | 172 |\n| Short-term Business — Combined Ratio | 97.6% | 97.4% | 97.1% | 97.2% | 96.7% | 97.3% | 97.4% | 97.3% | 98.8% | 96.9% | 96.4% | 94.8% | 0.0% | 0.0% | 0.0% | 0.0% | 99.1% | 99.1% | 97.6% | 101.3% | 92.2% | 89.1% | 83.6% | 86.7% |\n| Short-term Business — Technical Margin | 195 | 415 | 248 | 479 | 155 | 258 | 124 | 265 | 21 | 113 | 73 | 230 | 0 | 0 | 0 | 0 | 13 | 26 | 36 | -39 | 7 | 19 | 14 | 23 |\n| Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 407 | 823 | 419 | 895 | 468 | 920 | 471 | 984 | 4 | 3 | 0 | 1 | 516 | 1,029 | 538 | 1,074 | 0 | 0 | 0 | 0 |\n| Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | -40 | -96 | -37 | -81 | -11 | -8 | 8 | -70 | 3 | 2 | 0 | -5 | -17 | 7 | -1 | 6 | 0 | 0 | 0 | 0 |\n| Long-term Business — Actual vs. Expected Cash Flows | 9 | -15 | 12 | 39 | 8 | -8 | 2 | 15 | 5 | -11 | -11 | -6 | -2 | -3 | -1 | -6 | 0 | 8 | 22 | 35 | 0 | 0 | 0 | 0 |\n| Long-term Business — Risk Adjustment Release | 30 | 59 | 44 | 72 | 5 | 15 | 9 | 14 | 11 | 21 | 21 | 32 | 0 | 1 | 0 | 1 | 13 | 23 | 13 | 25 | 0 | 0 | 0 | 0 |\n| Long-term Business — Changes in Onerous Contracts | -32 | 6 | -12 | -29 | 0 | 0 | 0 | 0 | -33 | -25 | -13 | -36 | 5 | 5 | 0 | 0 | -3 | 26 | 1 | 7 | 0 | 0 | 0 | 0 |\n| Long-term Business — Other Long-term | -72 | -145 | -74 | -232 | -52 | -103 | -49 | -111 | 7 | 7 | 12 | -61 | 0 | 0 | 0 | 0 | -26 | -50 | -37 | -61 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Financial Result | 536 | 975 | 563 | 946 | 100 | 192 | 118 | 197 | 284 | 504 | 269 | 477 | 10 | 19 | 10 | 20 | 142 | 260 | 165 | 250 | 0 | 0 | 0 | 2 |\n| Financial Result \u0026 Other — Investment Income | 1,319 | 2,525 | 1,329 | 2,484 | 370 | 701 | 370 | 703 | 490 | 916 | 478 | 889 | 13 | 27 | 14 | 27 | 446 | 882 | 467 | 862 | 0 | 0 | 0 | 2 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -783 | -1,551 | -767 | -1,538 | -270 | -509 | -252 | -507 | -206 | -412 | -209 | -411 | -3 | -7 | -4 | -8 | -303 | -622 | -301 | -612 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 2,061 | 4,070 | 2,209 | 4,229 | 622 | 1,176 | 624 | 1,276 | 762 | 1,529 | 821 | 1,622 | 17 | 25 | 10 | 16 | 654 | 1,322 | 739 | 1,291 | 7 | 19 | 14 | 25 |\n| Debt Financing Charges — Tax | -412 | -874 | -462 | -800 | -106 | -220 | -100 | -237 | -180 | -376 | -176 | -285 | -3 | 0 | -2 | -4 | -123 | -277 | -182 | -272 | 0 | 0 | -1 | -4 |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 103 | 186 | 101 | 157 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 177 | 101 | 157 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Minority Interests | -27 | -60 | -34 | -85 | 0 | 0 | 0 | 0 | -23 | -49 | -28 | -74 | 0 | 0 | 0 | 0 | -4 | -12 | -5 | -11 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Group share** | 1,725 | 3,323 | 1,814 | 3,501 | 519 | 964 | 524 | 1,039 | 559 | 1,104 | 616 | 1,264 | 14 | 25 | 8 | 12 | 627 | 1,211 | 653 | 1,165 | 7 | 19 | 14 | 22 |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,446 | 2,096 | 2,856 | 2,511 | 50 | -2 | 28 | -6 | 1,228 | 967 | 1,619 | 1,352 | 0 | 0 | 0 | 0 | 1,159 | 1,124 | 1,204 | 1,155 | 9 | 6 | 5 | 10 |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 13,876 | 14,162 | 13,960 | 14,592 | 12,589 | 12,831 | 12,443 | 12,850 | 773 | 871 | 1,015 | 1,186 | 0 | 0 | 0 | 0 | 501 | 447 | 487 | 541 | 13 | 14 | 15 | 15 |\n| **For long-term business — Best Estimate Liabilities net of reinsurance** | 295,342 | 306,249 | 301,040 | 300,391 | 112,949 | 115,280 | 114,525 | 114,424 | 135,034 | 139,257 | 137,584 | 136,725 | 324 | 345 | 310 | 309 | 47,035 | 51,368 | 48,620 | 48,934 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w VFA Gross of reinsurance | 264,013 | 273,094 | 266,960 | 271,902 | 116,132 | 117,942 | 116,770 | 117,266 | 121,623 | 125,513 | 121,135 | 122,782 | 0 | 0 | 0 | 0 | 26,258 | 29,639 | 29,055 | 31,854 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w BBA Gross of reinsurance | 50,097 | 51,845 | 51,524 | 45,307 | 9,606 | 10,019 | 9,848 | 8,873 | 13,520 | 13,810 | 16,410 | 13,760 | 1,670 | 1,659 | 1,522 | 1,473 | 25,301 | 26,356 | 23,743 | 21,201 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w Reinsurance | -18,768 | -18,690 | -17,443 | -16,817 | -12,790 | -12,682 | -12,093 | -11,715 | -108 | -66 | 39 | 183 | -1,346 | -1,315 | -1,212 | -1,164 | -4,524 | -4,627 | -4,178 | -4,121 | 0 | 0 | 0 | 0 |"
},
},
{
{
Line 167: Line 167:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t12\" class=\"wikitable fintable\"\n|+ Life [[Definition:Underlying earnings|underlying earnings]] build-up by geography\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"4\" style=\"text-align:center\" | Total\n! colspan=\"4\" style=\"text-align:center\" | France\n! colspan=\"4\" style=\"text-align:center\" | Europe\n! colspan=\"4\" style=\"text-align:center\" | AXA XL\n! colspan=\"4\" style=\"text-align:center\" | Asia, Africa \u0026amp; EME-LATAM\n! colspan=\"4\" style=\"text-align:center\" | Transversal \u0026amp; Other\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShort-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Revenues\n| style=\"text-align:right\" | 2,112\n| style=\"text-align:right\" | 4,247\n| style=\"text-align:right\" | 2,211\n| style=\"text-align:right\" | 4,444\n| style=\"text-align:right\" | 1,902\n| style=\"text-align:right\" | 3,843\n| style=\"text-align:right\" | 2,005\n| style=\"text-align:right\" | 4,044\n| style=\"text-align:right\" | 53\n| style=\"text-align:right\" | 109\n| style=\"text-align:right\" | 54\n| style=\"text-align:right\" | 106\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 157\n| style=\"text-align:right\" | 296\n| style=\"text-align:right\" | 152\n| style=\"text-align:right\" | 295\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Combined Ratio\n| style=\"text-align:right\" | 94.5%\n| style=\"text-align:right\" | 95.5%\n| style=\"text-align:right\" | 95.2%\n| style=\"text-align:right\" | 95.4%\n| style=\"text-align:right\" | 95.1%\n| style=\"text-align:right\" | 96.3%\n| style=\"text-align:right\" | 95.9%\n| style=\"text-align:right\" | 96.1%\n| style=\"text-align:right\" | 79.8%\n| style=\"text-align:right\" | 77.0%\n| style=\"text-align:right\" | 79.0%\n| style=\"text-align:right\" | 77.3%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 92.3%\n| style=\"text-align:right\" | 91.5%\n| style=\"text-align:right\" | 91.5%\n| style=\"text-align:right\" | 91.6%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n|-\n| style=\"text-align:left\" | Technical Margin\n| style=\"text-align:right\" | 116\n| style=\"text-align:right\" | 191\n| style=\"text-align:right\" | 107\n| style=\"text-align:right\" | 206\n| style=\"text-align:right\" | 93\n| style=\"text-align:right\" | 141\n| style=\"text-align:right\" | 83\n| style=\"text-align:right\" | 158\n| style=\"text-align:right\" | 11\n| style=\"text-align:right\" | 25\n| style=\"text-align:right\" | 11\n| style=\"text-align:right\" | 24\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | 25\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 25\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELong-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | CSM Release\n| style=\"text-align:right\" | 1,136\n| style=\"text-align:right\" | 2,253\n| style=\"text-align:right\" | 1,158\n| style=\"text-align:right\" | 2,415\n| style=\"text-align:right\" | 407\n| style=\"text-align:right\" | 823\n| style=\"text-align:right\" | 419\n| style=\"text-align:right\" | 895\n| style=\"text-align:right\" | 390\n| style=\"text-align:right\" | 759\n| style=\"text-align:right\" | 386\n| style=\"text-align:right\" | 804\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 336\n| style=\"text-align:right\" | 669\n| style=\"text-align:right\" | 353\n| style=\"text-align:right\" | 715\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Technical Experience\n| style=\"text-align:right\" | -71\n| style=\"text-align:right\" | -98\n| style=\"text-align:right\" | -28\n| style=\"text-align:right\" | -139\n| style=\"text-align:right\" | -40\n| style=\"text-align:right\" | -96\n| style=\"text-align:right\" | -37\n| style=\"text-align:right\" | -81\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | -53\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -5\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | -16\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Actual vs. Expected Cash Flows\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -33\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 37\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | -8\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 15\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -12\n| style=\"text-align:right\" | -10\n| style=\"text-align:right\" | 20\n| style=\"text-align:right\" | 33\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Risk Adjustment Release\n| style=\"text-align:right\" | 25\n| style=\"text-align:right\" | 51\n| style=\"text-align:right\" | 37\n| style=\"text-align:right\" | 59\n| style=\"text-align:right\" | 5\n| style=\"text-align:right\" | 15\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | 23\n| style=\"text-align:right\" | 20\n| style=\"text-align:right\" | 30\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Changes in Onerous Contracts\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" | -10\n| style=\"text-align:right\" | -25\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -32\n| style=\"text-align:right\" | -23\n| style=\"text-align:right\" | -13\n| style=\"text-align:right\" | -33\n| style=\"text-align:right\" | 5\n| style=\"text-align:right\" | 5\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | 26\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other Long-term\n| style=\"text-align:right\" | -63\n| style=\"text-align:right\" | -124\n| style=\"text-align:right\" | -65\n| style=\"text-align:right\" | -211\n| style=\"text-align:right\" | -52\n| style=\"text-align:right\" | -103\n| style=\"text-align:right\" | -49\n| style=\"text-align:right\" | -111\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 23\n| style=\"text-align:right\" | 17\n| style=\"text-align:right\" | -44\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -23\n| style=\"text-align:right\" | -45\n| style=\"text-align:right\" | -34\n| style=\"text-align:right\" | -55\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFinancial Result \u0026amp; Other\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Financial Result\n| style=\"text-align:right\" | 454\n| style=\"text-align:right\" | 799\n| style=\"text-align:right\" | 462\n| style=\"text-align:right\" | 738\n| style=\"text-align:right\" | 103\n| style=\"text-align:right\" | 193\n| style=\"text-align:right\" | 114\n| style=\"text-align:right\" | 185\n| style=\"text-align:right\" | 249\n| style=\"text-align:right\" | 432\n| style=\"text-align:right\" | 232\n| style=\"text-align:right\" | 401\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 19\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 20\n| style=\"text-align:right\" | 92\n| style=\"text-align:right\" | 155\n| style=\"text-align:right\" | 105\n| style=\"text-align:right\" | 132\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Investment Income\n| style=\"text-align:right\" | 1,159\n| style=\"text-align:right\" | 2,209\n| style=\"text-align:right\" | 1,159\n| style=\"text-align:right\" | 2,142\n| style=\"text-align:right\" | 344\n| style=\"text-align:right\" | 660\n| style=\"text-align:right\" | 346\n| style=\"text-align:right\" | 649\n| style=\"text-align:right\" | 451\n| style=\"text-align:right\" | 838\n| style=\"text-align:right\" | 438\n| style=\"text-align:right\" | 809\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 27\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 27\n| style=\"text-align:right\" | 350\n| style=\"text-align:right\" | 684\n| style=\"text-align:right\" | 361\n| style=\"text-align:right\" | 657\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Insurance Finance Expenses\n| style=\"text-align:right\" | -705\n| style=\"text-align:right\" | -1,410\n| style=\"text-align:right\" | -697\n| style=\"text-align:right\" | -1,405\n| style=\"text-align:right\" | -241\n| style=\"text-align:right\" | -467\n| style=\"text-align:right\" | -232\n| style=\"text-align:right\" | -464\n| style=\"text-align:right\" | -202\n| style=\"text-align:right\" | -407\n| style=\"text-align:right\" | -206\n| style=\"text-align:right\" | -408\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -7\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -8\n| style=\"text-align:right\" | -259\n| style=\"text-align:right\" | -530\n| style=\"text-align:right\" | -256\n| style=\"text-align:right\" | -525\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | [[Definition:Other revenue|Other Revenues]]\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Other Expenses\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Debt Financing Charges\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Before Tax\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,634\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,145\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,699\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,219\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E563\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,060\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E579\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,156\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E645\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,227\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E643\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,176\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E17\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E10\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E16\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E409\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E833\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E468\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E872\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -316\n| style=\"text-align:right\" | -635\n| style=\"text-align:right\" | -329\n| style=\"text-align:right\" | -584\n| style=\"text-align:right\" | -96\n| style=\"text-align:right\" | -194\n| style=\"text-align:right\" | -93\n| style=\"text-align:right\" | -213\n| style=\"text-align:right\" | -148\n| style=\"text-align:right\" | -289\n| style=\"text-align:right\" | -131\n| style=\"text-align:right\" | -183\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -68\n| style=\"text-align:right\" | -152\n| style=\"text-align:right\" | -103\n| style=\"text-align:right\" | -184\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Income from Affiliates \u0026amp; Other\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 182\n| style=\"text-align:right\" | 93\n| style=\"text-align:right\" | 154\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 97\n| style=\"text-align:right\" | 173\n| style=\"text-align:right\" | 93\n| style=\"text-align:right\" | 154\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Minority Interests\n| style=\"text-align:right\" | -27\n| style=\"text-align:right\" | -56\n| style=\"text-align:right\" | -30\n| style=\"text-align:right\" | -75\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -23\n| style=\"text-align:right\" | -47\n| style=\"text-align:right\" | -28\n| style=\"text-align:right\" | -70\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -9\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -5\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Group share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,392\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,636\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,433\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,715\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E470\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E875\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E486\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E943\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E474\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E891\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E484\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E923\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E12\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E434\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E845\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E456\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E837\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | For short-term business\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELiabilities for remaining coverage net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E157\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E96\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E105\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E21\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E23\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-19\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-41\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-3\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-14\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-35\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-24\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E137\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E129\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E137\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E86\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBest Estimate for incurred Claims net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,589\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,778\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,623\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,205\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,349\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,502\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11,352\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E10,939\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E75\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E120\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E118\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E124\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E165\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E157\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E154\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E142\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | For long-term business\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBest Estimate Liabilities net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E275,276\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E285,391\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E280,314\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E280,280\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E112,949\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E115,280\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E114,525\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E114,424\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E114,389\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E117,841\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E116,058\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E115,433\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E324\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E345\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E310\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E309\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E47,614\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E51,926\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E49,420\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E50,113\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | o/w VFA Gross of reinsurance\n| style=\"text-align:right\" | 243,037\n| style=\"text-align:right\" | 251,273\n| style=\"text-align:right\" | 244,964\n| style=\"text-align:right\" | 250,326\n| style=\"text-align:right\" | 116,132\n| style=\"text-align:right\" | 117,942\n| style=\"text-align:right\" | 116,770\n| style=\"text-align:right\" | 117,266\n| style=\"text-align:right\" | 100,727\n| style=\"text-align:right\" | 103,800\n| style=\"text-align:right\" | 99,267\n| style=\"text-align:right\" | 101,144\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 26,178\n| style=\"text-align:right\" | 29,530\n| style=\"text-align:right\" | 28,928\n| style=\"text-align:right\" | 31,916\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | o/w BBA Gross of reinsurance\n| style=\"text-align:right\" | 50,917\n| style=\"text-align:right\" | 52,713\n| style=\"text-align:right\" | 52,731\n| style=\"text-align:right\" | 46,724\n| style=\"text-align:right\" | 9,606\n| style=\"text-align:right\" | 10,019\n| style=\"text-align:right\" | 9,848\n| style=\"text-align:right\" | 8,873\n| style=\"text-align:right\" | 13,770\n| style=\"text-align:right\" | 14,107\n| style=\"text-align:right\" | 16,752\n| style=\"text-align:right\" | 14,106\n| style=\"text-align:right\" | 1,670\n| style=\"text-align:right\" | 1,659\n| style=\"text-align:right\" | 1,522\n| style=\"text-align:right\" | 1,473\n| style=\"text-align:right\" | 25,871\n| style=\"text-align:right\" | 26,927\n| style=\"text-align:right\" | 24,608\n| style=\"text-align:right\" | 22,272\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | o/w Reinsurance\n| style=\"text-align:right\" | -18,679\n| style=\"text-align:right\" | -18,595\n| style=\"text-align:right\" | -17,381\n| style=\"text-align:right\" | -16,770\n| style=\"text-align:right\" | -12,790\n| style=\"text-align:right\" | -12,682\n| style=\"text-align:right\" | -12,093\n| style=\"text-align:right\" | -11,715\n| style=\"text-align:right\" | -108\n| style=\"text-align:right\" | -66\n| style=\"text-align:right\" | 39\n| style=\"text-align:right\" | 183\n| style=\"text-align:right\" | -1,346\n| style=\"text-align:right\" | -1,315\n| style=\"text-align:right\" | -1,212\n| style=\"text-align:right\" | -1,164\n| style=\"text-align:right\" | -4,435\n| style=\"text-align:right\" | -4,532\n| style=\"text-align:right\" | -4,116\n| style=\"text-align:right\" | -4,074\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|}\n\u003C/div\u003E"
"content": "**Life underlying earnings build-up by geography**\n\n| In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa \u0026 EME-LATAM 1H24 | Asia, Africa \u0026 EME-LATAM FY24 | Asia, Africa \u0026 EME-LATAM 1H25 | Asia, Africa \u0026 EME-LATAM FY25 | Transversal \u0026 Other 1H24 | Transversal \u0026 Other FY24 | Transversal \u0026 Other 1H25 | Transversal \u0026 Other FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 2,112 | 4,247 | 2,211 | 4,444 | 1,902 | 3,843 | 2,005 | 4,044 | 53 | 109 | 54 | 106 | 0 | 0 | 0 | 0 | 157 | 296 | 152 | 295 | 0 | 0 | 0 | 0 |\n| Short-term Business — Combined Ratio | 94.5% | 95.5% | 95.2% | 95.4% | 95.1% | 96.3% | 95.9% | 96.1% | 79.8% | 77.0% | 79.0% | 77.3% | 0.0% | 0.0% | 0.0% | 0.0% | 92.3% | 91.5% | 91.5% | 91.6% | 0.0% | 0.0% | 0.0% | 0.0% |\n| Short-term Business — Technical Margin | 116 | 191 | 107 | 206 | 93 | 141 | 83 | 158 | 11 | 25 | 11 | 24 | 0 | 0 | 0 | 0 | 12 | 25 | 13 | 25 | 0 | 0 | 0 | 0 |\n| Long-term Business — CSM Release | 1,136 | 2,253 | 1,158 | 2,415 | 407 | 823 | 419 | 895 | 390 | 759 | 386 | 804 | 4 | 3 | 0 | 1 | 336 | 669 | 353 | 715 | 0 | 0 | 0 | 0 |\n| Long-term Business — Technical Experience | -71 | -98 | -28 | -139 | -40 | -96 | -37 | -81 | -4 | 12 | 13 | -53 | 3 | 2 | 0 | -5 | -30 | -16 | -4 | 0 | 0 | 0 | 0 | 0 |\n| Long-term Business — Actual vs. Expected Cash Flows | -4 | -33 | 10 | 37 | 8 | -8 | 2 | 15 | 3 | -11 | -11 | -6 | -2 | -3 | -1 | -6 | -12 | -10 | 20 | 33 | 0 | 0 | 0 | 0 |\n| Long-term Business — Risk Adjustment Release | 25 | 51 | 37 | 59 | 5 | 15 | 9 | 14 | 12 | 23 | 20 | 30 | 0 | 1 | 0 | 1 | 8 | 13 | 8 | 14 | 0 | 0 | 0 | 0 |\n| Long-term Business — Changes in Onerous Contracts | -30 | 9 | -10 | -25 | 0 | 0 | 0 | 0 | -32 | -23 | -13 | -33 | 5 | 5 | 0 | 0 | -3 | 26 | 3 | 8 | 0 | 0 | 0 | 0 |\n| Long-term Business — Other Long-term | -63 | -124 | -65 | -211 | -52 | -103 | -49 | -111 | 13 | 23 | 17 | -44 | 0 | 0 | 0 | 0 | -23 | -45 | -34 | -55 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Financial Result | 454 | 799 | 462 | 738 | 103 | 193 | 114 | 185 | 249 | 432 | 232 | 401 | 10 | 19 | 10 | 20 | 92 | 155 | 105 | 132 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Investment Income | 1,159 | 2,209 | 1,159 | 2,142 | 344 | 660 | 346 | 649 | 451 | 838 | 438 | 809 | 13 | 27 | 14 | 27 | 350 | 684 | 361 | 657 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -705 | -1,410 | -697 | -1,405 | -241 | -467 | -232 | -464 | -202 | -407 | -206 | -408 | -3 | -7 | -4 | -8 | -259 | -530 | -256 | -525 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 1,634 | 3,145 | 1,699 | 3,219 | 563 | 1,060 | 579 | 1,156 | 645 | 1,227 | 643 | 1,176 | 17 | 25 | 10 | 16 | 409 | 833 | 468 | 872 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Tax | -316 | -635 | -329 | -584 | -96 | -194 | -93 | -213 | -148 | -289 | -131 | -183 | -3 | 0 | -2 | -4 | -68 | -152 | -103 | -184 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 101 | 182 | 93 | 154 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97 | 173 | 93 | 154 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Minority Interests | -27 | -56 | -30 | -75 | 0 | 0 | 0 | 0 | -23 | -47 | -28 | -70 | 0 | 0 | 0 | 0 | -4 | -9 | -3 | -5 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Group share** | 1,392 | 2,636 | 1,433 | 2,715 | 470 | 875 | 486 | 943 | 474 | 891 | 484 | 923 | 14 | 25 | 8 | 12 | 434 | 845 | 456 | 837 | 0 | 0 | 0 | 0 |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 157 | 96 | 105 | 21 | 23 | -19 | 4 | -41 | -3 | -14 | -35 | -24 | 0 | 0 | 0 | 0 | 137 | 129 | 137 | 86 | 0 | 0 | 0 | 0 |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 11,589 | 11,778 | 11,623 | 11,205 | 11,349 | 11,502 | 11,352 | 10,939 | 75 | 120 | 118 | 124 | 0 | 0 | 0 | 0 | 165 | 157 | 154 | 142 | 0 | 0 | 0 | 0 |\n| **For long-term business — Best Estimate Liabilities net of reinsurance** | 275,276 | 285,391 | 280,314 | 280,280 | 112,949 | 115,280 | 114,525 | 114,424 | 114,389 | 117,841 | 116,058 | 115,433 | 324 | 345 | 310 | 309 | 47,614 | 51,926 | 49,420 | 50,113 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w VFA Gross of reinsurance | 243,037 | 251,273 | 244,964 | 250,326 | 116,132 | 117,942 | 116,770 | 117,266 | 100,727 | 103,800 | 99,267 | 101,144 | 0 | 0 | 0 | 0 | 26,178 | 29,530 | 28,928 | 31,916 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w BBA Gross of reinsurance | 50,917 | 52,713 | 52,731 | 46,724 | 9,606 | 10,019 | 9,848 | 8,873 | 13,770 | 14,107 | 16,752 | 14,106 | 1,670 | 1,659 | 1,522 | 1,473 | 25,871 | 26,927 | 24,608 | 22,272 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w Reinsurance | -18,679 | -18,595 | -17,381 | -16,770 | -12,790 | -12,682 | -12,093 | -11,715 | -108 | -66 | 39 | 183 | -1,346 | -1,315 | -1,212 | -1,164 | -4,435 | -4,532 | -4,116 | -4,074 | 0 | 0 | 0 | 0 |"
},
},
{
{
Line 186: Line 186:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t13\" class=\"wikitable fintable\"\n|+ Health [[Definition:Underlying earnings|underlying earnings]] build-up by geography\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"4\" style=\"text-align:center\" | Total\n! colspan=\"4\" style=\"text-align:center\" | France\n! colspan=\"4\" style=\"text-align:center\" | Europe\n! colspan=\"4\" style=\"text-align:center\" | AXA XL\n! colspan=\"4\" style=\"text-align:center\" | Asia, Africa \u0026amp; EME-LATAM\n! colspan=\"4\" style=\"text-align:center\" | Transversal \u0026amp; Other\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShort-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Revenues\n| style=\"text-align:right\" | 5,867\n| style=\"text-align:right\" | 11,960\n| style=\"text-align:right\" | 6,301\n| style=\"text-align:right\" | 12,972\n| style=\"text-align:right\" | 2,752\n| style=\"text-align:right\" | 5,661\n| style=\"text-align:right\" | 2,865\n| style=\"text-align:right\" | 5,744\n| style=\"text-align:right\" | 1,725\n| style=\"text-align:right\" | 3,495\n| style=\"text-align:right\" | 1,997\n| style=\"text-align:right\" | 4,314\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1,300\n| style=\"text-align:right\" | 2,629\n| style=\"text-align:right\" | 1,350\n| style=\"text-align:right\" | 2,742\n| style=\"text-align:right\" | 90\n| style=\"text-align:right\" | 174\n| style=\"text-align:right\" | 88\n| style=\"text-align:right\" | 172\n|-\n| style=\"text-align:left\" | Combined Ratio\n| style=\"text-align:right\" | 98.6%\n| style=\"text-align:right\" | 98.1%\n| style=\"text-align:right\" | 97.8%\n| style=\"text-align:right\" | 97.9%\n| style=\"text-align:right\" | 97.8%\n| style=\"text-align:right\" | 97.9%\n| style=\"text-align:right\" | 98.5%\n| style=\"text-align:right\" | 98.1%\n| style=\"text-align:right\" | 99.4%\n| style=\"text-align:right\" | 97.5%\n| style=\"text-align:right\" | 96.9%\n| style=\"text-align:right\" | 95.2%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 0.0%\n| style=\"text-align:right\" | 100.0%\n| style=\"text-align:right\" | 100.0%\n| style=\"text-align:right\" | 98.3%\n| style=\"text-align:right\" | 102.3%\n| style=\"text-align:right\" | 92.2%\n| style=\"text-align:right\" | 89.1%\n| style=\"text-align:right\" | 83.6%\n| style=\"text-align:right\" | 86.7%\n|-\n| style=\"text-align:left\" | Technical Margin\n| style=\"text-align:right\" | 79\n| style=\"text-align:right\" | 224\n| style=\"text-align:right\" | 141\n| style=\"text-align:right\" | 273\n| style=\"text-align:right\" | 62\n| style=\"text-align:right\" | 117\n| style=\"text-align:right\" | 42\n| style=\"text-align:right\" | 108\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 88\n| style=\"text-align:right\" | 62\n| style=\"text-align:right\" | 206\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 23\n| style=\"text-align:right\" | -64\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 19\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 23\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELong-term Business\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | CSM Release\n| style=\"text-align:right\" | 259\n| style=\"text-align:right\" | 522\n| style=\"text-align:right\" | 270\n| style=\"text-align:right\" | 539\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 78\n| style=\"text-align:right\" | 161\n| style=\"text-align:right\" | 84\n| style=\"text-align:right\" | 180\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 180\n| style=\"text-align:right\" | 360\n| style=\"text-align:right\" | 186\n| style=\"text-align:right\" | 359\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Technical Experience\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -20\n| style=\"text-align:right\" | -5\n| style=\"text-align:right\" | -17\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" | 23\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 6\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Actual vs. Expected Cash Flows\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 18\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | 18\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Risk Adjustment Release\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | 13\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | 1\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 5\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 5\n| style=\"text-align:right\" | 11\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Changes in Onerous Contracts\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other Long-term\n| style=\"text-align:right\" | -8\n| style=\"text-align:right\" | -21\n| style=\"text-align:right\" | -9\n| style=\"text-align:right\" | -22\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -16\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -16\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -5\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -5\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFinancial Result \u0026amp; Other\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Financial Result\n| style=\"text-align:right\" | 82\n| style=\"text-align:right\" | 176\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 209\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | 35\n| style=\"text-align:right\" | 72\n| style=\"text-align:right\" | 37\n| style=\"text-align:right\" | 76\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 51\n| style=\"text-align:right\" | 105\n| style=\"text-align:right\" | 60\n| style=\"text-align:right\" | 118\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 2\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Investment Income\n| style=\"text-align:right\" | 160\n| style=\"text-align:right\" | 317\n| style=\"text-align:right\" | 170\n| style=\"text-align:right\" | 341\n| style=\"text-align:right\" | 26\n| style=\"text-align:right\" | 41\n| style=\"text-align:right\" | 24\n| style=\"text-align:right\" | 55\n| style=\"text-align:right\" | 39\n| style=\"text-align:right\" | 77\n| style=\"text-align:right\" | 40\n| style=\"text-align:right\" | 79\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 95\n| style=\"text-align:right\" | 198\n| style=\"text-align:right\" | 106\n| style=\"text-align:right\" | 205\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 2\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Insurance Finance Expenses\n| style=\"text-align:right\" | -78\n| style=\"text-align:right\" | -140\n| style=\"text-align:right\" | -69\n| style=\"text-align:right\" | -133\n| style=\"text-align:right\" | -29\n| style=\"text-align:right\" | -43\n| style=\"text-align:right\" | -20\n| style=\"text-align:right\" | -42\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -5\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -45\n| style=\"text-align:right\" | -93\n| style=\"text-align:right\" | -45\n| style=\"text-align:right\" | -87\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | [[Definition:Other revenue|Other Revenues]]\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Other Expenses\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Debt Financing Charges\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Before Tax\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E427\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E925\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E510\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,010\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E59\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E116\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E46\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E120\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E117\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E302\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E178\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E446\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E245\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E489\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E272\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E419\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -96\n| style=\"text-align:right\" | -239\n| style=\"text-align:right\" | -133\n| style=\"text-align:right\" | -216\n| style=\"text-align:right\" | -10\n| style=\"text-align:right\" | -27\n| style=\"text-align:right\" | -7\n| style=\"text-align:right\" | -24\n| style=\"text-align:right\" | -31\n| style=\"text-align:right\" | -87\n| style=\"text-align:right\" | -46\n| style=\"text-align:right\" | -101\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -55\n| style=\"text-align:right\" | -125\n| style=\"text-align:right\" | -80\n| style=\"text-align:right\" | -88\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | -4\n|-\n| style=\"text-align:left\" | Income from Affiliates \u0026amp; Other\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Minority Interests\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -9\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Group share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E333\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E687\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E381\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E787\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E49\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E89\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E39\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E96\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E85\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E213\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E132\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E341\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E192\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E366\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E197\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E328\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E7\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E22\u003C/b\u003E\n|-\n| style=\"text-align:left\" | For short-term business\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELiabilities for remaining coverage net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,289\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,000\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,750\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,490\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E27\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E18\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E24\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E35\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,231\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E981\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,654\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,375\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,022\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E995\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,067\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,069\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E10\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBest Estimate for incurred Claims net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,286\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,384\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,337\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3,386\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,240\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,329\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,091\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,911\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E698\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E751\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E898\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,062\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E336\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E290\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E334\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E398\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E13\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E15\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E15\u003C/b\u003E\n|-\n| style=\"text-align:left\" | For long-term business\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBest Estimate Liabilities net of reinsurance\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20,066\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20,858\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20,726\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20,112\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20,645\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E21,416\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E21,527\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E21,291\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-579\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-557\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-800\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,180\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | o/w VFA Gross of reinsurance\n| style=\"text-align:right\" | 20,977\n| style=\"text-align:right\" | 21,821\n| style=\"text-align:right\" | 21,996\n| style=\"text-align:right\" | 21,576\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 20,896\n| style=\"text-align:right\" | 21,713\n| style=\"text-align:right\" | 21,868\n| style=\"text-align:right\" | 21,637\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 81\n| style=\"text-align:right\" | 109\n| style=\"text-align:right\" | 128\n| style=\"text-align:right\" | -62\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | o/w BBA Gross of reinsurance\n| style=\"text-align:right\" | -821\n| style=\"text-align:right\" | -868\n| style=\"text-align:right\" | -1,207\n| style=\"text-align:right\" | -1,417\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -250\n| style=\"text-align:right\" | -297\n| style=\"text-align:right\" | -342\n| style=\"text-align:right\" | -346\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -571\n| style=\"text-align:right\" | -571\n| style=\"text-align:right\" | -866\n| style=\"text-align:right\" | -1,071\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | o/w Reinsurance\n| style=\"text-align:right\" | -90\n| style=\"text-align:right\" | -95\n| style=\"text-align:right\" | -62\n| style=\"text-align:right\" | -47\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -90\n| style=\"text-align:right\" | -95\n| style=\"text-align:right\" | -62\n| style=\"text-align:right\" | -47\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|}\n\u003C/div\u003E"
"content": "**Health underlying earnings build-up by geography**\n\n| In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa \u0026 EME-LATAM 1H24 | Asia, Africa \u0026 EME-LATAM FY24 | Asia, Africa \u0026 EME-LATAM 1H25 | Asia, Africa \u0026 EME-LATAM FY25 | Transversal \u0026 Other 1H24 | Transversal \u0026 Other FY24 | Transversal \u0026 Other 1H25 | Transversal \u0026 Other FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 5,867 | 11,960 | 6,301 | 12,972 | 2,752 | 5,661 | 2,865 | 5,744 | 1,725 | 3,495 | 1,997 | 4,314 | 0 | 0 | 0 | 0 | 1,300 | 2,629 | 1,350 | 2,742 | 90 | 174 | 88 | 172 |\n| Short-term Business — Combined Ratio | 98.6% | 98.1% | 97.8% | 97.9% | 97.8% | 97.9% | 98.5% | 98.1% | 99.4% | 97.5% | 96.9% | 95.2% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 98.3% | 102.3% | 92.2% | 89.1% | 83.6% | 86.7% |\n| Short-term Business — Technical Margin | 79 | 224 | 141 | 273 | 62 | 117 | 42 | 108 | 10 | 88 | 62 | 206 | 0 | 0 | 0 | 0 | 1 | 1 | 23 | -64 | 7 | 19 | 14 | 23 |\n| Long-term Business — CSM Release | 259 | 522 | 270 | 539 | 0 | 0 | 0 | 0 | 78 | 161 | 84 | 180 | 0 | 0 | 0 | 0 | 180 | 360 | 186 | 359 | 0 | 0 | 0 | 0 |\n| Long-term Business — Technical Experience | 7 | 3 | -2 | -11 | 0 | 0 | 0 | 0 | -6 | -20 | -5 | -17 | 0 | 0 | 0 | 0 | 14 | 23 | 3 | 6 | 0 | 0 | 0 | 0 |\n| Long-term Business — Actual vs. Expected Cash Flows | 13 | 18 | 2 | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 18 | 2 | 2 | 0 | 0 | 0 | 0 |\n| Long-term Business — Risk Adjustment Release | 4 | 8 | 7 | 13 | 0 | 0 | 0 | 0 | 0 | -2 | 1 | 3 | 0 | 0 | 0 | 0 | 5 | 10 | 5 | 11 | 0 | 0 | 0 | 0 |\n| Long-term Business — Changes in Onerous Contracts | -1 | -2 | -2 | -4 | 0 | 0 | 0 | 0 | -1 | -2 | 0 | -3 | 0 | 0 | 0 | 0 | -1 | 0 | -1 | -1 | 0 | 0 | 0 | 0 |\n| Long-term Business — Other Long-term | -8 | -21 | -9 | -22 | 0 | 0 | 0 | 0 | -6 | -16 | -6 | -16 | 0 | 0 | 0 | 0 | -2 | -5 | -3 | -5 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Financial Result | 82 | 176 | 101 | 209 | -3 | -1 | 4 | 12 | 35 | 72 | 37 | 76 | 0 | 0 | 0 | 0 | 51 | 105 | 60 | 118 | 0 | 0 | 0 | 2 |\n| Financial Result \u0026 Other — Investment Income | 160 | 317 | 170 | 341 | 26 | 41 | 24 | 55 | 39 | 77 | 40 | 79 | 0 | 0 | 0 | 0 | 95 | 198 | 106 | 205 | 0 | 0 | 0 | 2 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -78 | -140 | -69 | -133 | -29 | -43 | -20 | -42 | -4 | -5 | -4 | -3 | 0 | 0 | 0 | 0 | -45 | -93 | -45 | -87 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 427 | 925 | 510 | 1,010 | 59 | 116 | 46 | 120 | 117 | 302 | 178 | 446 | 0 | 0 | 0 | 0 | 245 | 489 | 272 | 419 | 7 | 19 | 14 | 25 |\n| Debt Financing Charges — Tax | -96 | -239 | -133 | -216 | -10 | -27 | -7 | -24 | -31 | -87 | -46 | -101 | 0 | 0 | 0 | 0 | -55 | -125 | -80 | -88 | 0 | 0 | -1 | -4 |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 2 | 4 | 8 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 4 | 8 | 2 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Minority Interests | 0 | -4 | -3 | -9 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | -4 | 0 | 0 | 0 | 0 | 0 | -3 | -3 | -6 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Group share** | 333 | 687 | 381 | 787 | 49 | 89 | 39 | 96 | 85 | 213 | 132 | 341 | 0 | 0 | 0 | 0 | 192 | 366 | 197 | 328 | 7 | 19 | 14 | 22 |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,289 | 2,000 | 2,750 | 2,490 | 27 | 18 | 24 | 35 | 1,231 | 981 | 1,654 | 1,375 | 0 | 0 | 0 | 0 | 1,022 | 995 | 1,067 | 1,069 | 9 | 6 | 5 | 10 |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 2,286 | 2,384 | 2,337 | 3,386 | 1,240 | 1,329 | 1,091 | 1,911 | 698 | 751 | 898 | 1,062 | 0 | 0 | 0 | 0 | 336 | 290 | 334 | 398 | 13 | 14 | 15 | 15 |\n| **For long-term business — Best Estimate Liabilities net of reinsurance** | 20,066 | 20,858 | 20,726 | 20,112 | 0 | 0 | 0 | 0 | 20,645 | 21,416 | 21,527 | 21,291 | 0 | 0 | 0 | 0 | -579 | -557 | -800 | -1,180 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w VFA Gross of reinsurance | 20,977 | 21,821 | 21,996 | 21,576 | 0 | 0 | 0 | 0 | 20,896 | 21,713 | 21,868 | 21,637 | 0 | 0 | 0 | 0 | 81 | 109 | 128 | -62 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w BBA Gross of reinsurance | -821 | -868 | -1,207 | -1,417 | 0 | 0 | 0 | 0 | -250 | -297 | -342 | -346 | 0 | 0 | 0 | 0 | -571 | -571 | -866 | -1,071 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w Reinsurance | -90 | -95 | -62 | -47 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -90 | -95 | -62 | -47 | 0 | 0 | 0 | 0 |"
},
},
{
{
Line 205: Line 205:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "**Asset management rollforward**\n\n| In EUR million | 1H24 Total | 1H24 o/w Third Party | FY24 Total | FY24 o/w Third Party | 1H25 Total | 1H25 o/w Third Party | FY25 (7) Total | FY25 (7) o/w Third Party |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| **Opening AUM (Assets under management) (in Euro billion)** | 843 | 332 | 843 | 332 | 879 | 356 | 879 | 356 |\n| Net Inflows | 7 | -1 | 3 | 4 | -3 | -10 | -3 | -10 |\n| Scope \u0026 Other | 0 | 10 | 2 | 21 | 0 | -6 | 0 | -6 |\n| Market Effect | 12 | 10 | 26 | 21 | -3 | -6 | -3 | -6 |\n| Currency Impact | -4 | 10 | 5 | 21 | -21 | -6 | -21 | -6 |\n| **Closing AUM (in Euro billion)** | 859 | 340 | 879 | 356 | 853 | 341 | 853 | 341 |\n| Alternatives | 227 | 86 | 229 | 90 | 233 | 95 | 233 | 95 |\n| Core \u0026 Other | 532 | 254 | 551 | 266 | 528 | 246 | 528 | 246 |\n| Asian Joint Ventures | 101 | | 99 | | 92 | | 92 | |\n| **Gross Revenues - After Intercompany Elimination** | 787 | | 1,701 | | 875 | | 875 | |\n| **Gross Revenues - Before Intercompany Elimination** | 937 | | 2,004 | | 1,018 | | 1,018 | |\n| Management Fees | 679 | 385 | 1,425 | 773 | 724 | 439 | 724 | 439 |\n| Performance Fees | 18 | 8 | 57 | 21 | 16 | 9 | 16 | 9 |\n| Distribution Fees | 205 | | 409 | | 231 | | 231 | |\n| Other | 35 | | 112 | | 46 | | 46 | |\n| **General Expenses** | -698 | | -1,493 | | -793 | | -793 | |\n| Distribution Fees Retroceded | -205 | | -409 | | -231 | | -231 | |\n| Financial Result | 24 | | 35 | | 14 | | 14 | |\n| **Underlying Earnings Before Tax** | 263 | | 546 | | 239 | | 239 | |\n| Tax | -69 | | -160 | | -68 | | -68 | |\n| Income from Affiliates \u0026 Other | 16 | | 29 | | 8 | | 8 | |\n| Minority Interests | -6 | | -13 | | -4 | | -4 | |\n| **Underlying Earnings Group Share** | 204 | | 402 | | 175 | | 175 | |\n| **Average Assets under Management (€bn)** | 749 | | 759 | | 769 | | 769 | |\n| **Asset Management Fee bps** | 18.1 bps | | 18.8 bps | | 18.8 bps | | 18.8 bps | |\n| **Underlying Cost Income Ratio** | 67.3% | | 68.0% | | 71.4% | | 71.4% | |\n\n(7) 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."
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t14\" class=\"wikitable fintable\"\n|+ Asset management rollforward\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"2\" style=\"text-align:center\" | 1H24\n! colspan=\"2\" style=\"text-align:center\" | FY24\n! colspan=\"2\" style=\"text-align:center\" | 1H25\n! colspan=\"2\" style=\"text-align:center\" | FY25 {{fn ref|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.}}\n|-\n! style=\"text-align:left\" |\n! class=\"col-m\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | o/w Third Party\n! class=\"col-m\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | o/w Third Party\n! class=\"col-m\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | o/w Third Party\n! class=\"col-m\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | o/w Third Party\n|-\n| style=\"text-align:left\" | \u003Cb\u003EOpening [[Definition:Assets under management|AUM]] (in Euro billion)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E843\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E332\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E843\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E332\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E879\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E356\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E879\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E356\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Net Inflows\n| style=\"text-align:right\" | 7\n| style=\"text-align:right\" | -1\n| style=\"text-align:right\" | 3\n| style=\"text-align:right\" | 4\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -10\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -10\n|-\n| style=\"text-align:left\" | Scope \u0026amp; Other\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 21\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -6\n|-\n| style=\"text-align:left\" | Market Effect\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 26\n| style=\"text-align:right\" | 21\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -3\n| style=\"text-align:right\" | -6\n|-\n| style=\"text-align:left\" | Currency Impact\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 5\n| style=\"text-align:right\" | 21\n| style=\"text-align:right\" | -21\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" | -21\n| style=\"text-align:right\" | -6\n|-\n| style=\"text-align:left\" | \u003Cb\u003EClosing AUM (in Euro billion)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E859\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E340\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E879\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E356\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E853\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E341\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E853\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E341\u003C/b\u003E\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Alternatives\n| style=\"text-align:right\" | 227\n| style=\"text-align:right\" | 86\n| style=\"text-align:right\" | 229\n| style=\"text-align:right\" | 90\n| style=\"text-align:right\" | 233\n| style=\"text-align:right\" | 95\n| style=\"text-align:right\" | 233\n| style=\"text-align:right\" | 95\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Core \u0026amp; Other\n| style=\"text-align:right\" | 532\n| style=\"text-align:right\" | 254\n| style=\"text-align:right\" | 551\n| style=\"text-align:right\" | 266\n| style=\"text-align:right\" | 528\n| style=\"text-align:right\" | 246\n| style=\"text-align:right\" | 528\n| style=\"text-align:right\" | 246\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Asian Joint Ventures\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 99\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 92\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 92\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EGross Revenues - After Intercompany Elimination\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E787\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E1,701\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E875\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E875\u003C/b\u003E\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EGross Revenues - Before Intercompany Elimination\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E937\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E2,004\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E1,018\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E1,018\u003C/b\u003E\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Management Fees\n| style=\"text-align:right\" | 679\n| style=\"text-align:right\" | 385\n| style=\"text-align:right\" | 1,425\n| style=\"text-align:right\" | 773\n| style=\"text-align:right\" | 724\n| style=\"text-align:right\" | 439\n| style=\"text-align:right\" | 724\n| style=\"text-align:right\" | 439\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Performance Fees\n| style=\"text-align:right\" | 18\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 57\n| style=\"text-align:right\" | 21\n| style=\"text-align:right\" | 16\n| style=\"text-align:right\" | 9\n| style=\"text-align:right\" | 16\n| style=\"text-align:right\" | 9\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Distribution Fees\n| style=\"text-align:right\" | 205\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 409\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 231\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 231\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other\n| style=\"text-align:right\" | 35\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 112\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 46\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 46\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EGeneral Expenses\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-698\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E-1,493\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E-793\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E-793\u003C/b\u003E\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Distribution Fees Retroceded\n| style=\"text-align:right\" | -205\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -409\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -231\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -231\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Financial Result\n| style=\"text-align:right\" | 24\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 35\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 14\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003E[[Definition:Underlying earnings|Underlying Earnings]] Before Tax\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E263\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E546\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E239\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E239\u003C/b\u003E\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -69\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -160\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -68\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -68\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Income from Affiliates \u0026amp; Other\n| style=\"text-align:right\" | 16\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 29\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Minority Interests\n| style=\"text-align:right\" | -6\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -13\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -4\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Group Share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E204\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E402\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E175\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E175\u003C/b\u003E\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EAverage Assets under Management (€bn)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E749\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E759\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E769\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E769\u003C/b\u003E\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EAsset Management Fee bps\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E18.1 bps\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E18.8 bps\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E18.8 bps\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E18.8 bps\u003C/b\u003E\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Cost Income Ratio\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E67.3%\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E68.0%\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E71.4%\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E71.4%\u003C/b\u003E\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E\n\n{{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.}}"
},
},
{
{
Line 227: Line 227:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t15\" class=\"wikitable fintable\"\n|+ Holdings [[Definition:Underlying earnings|underlying earnings]] build-up {{fn ref|8|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}\n|-\n! style=\"text-align:left\" | In EUR million\n! class=\"col-m\" style=\"text-align:right\" | 1H24\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | 1H25\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Financial Result\n| style=\"text-align:right\" | 181\n| style=\"text-align:right\" | 402\n| style=\"text-align:right\" | 228\n| style=\"text-align:right\" | 422\n|-\n| style=\"text-align:left\" | [[Definition:Other revenue|Other Revenues]]\n| style=\"text-align:right\" | 522\n| style=\"text-align:right\" | 1,050\n| style=\"text-align:right\" | 607\n| style=\"text-align:right\" | 1,149\n|-\n| style=\"text-align:left\" | Other Expenses\n| style=\"text-align:right\" | -925\n| style=\"text-align:right\" | -1,986\n| style=\"text-align:right\" | -1,075\n| style=\"text-align:right\" | -2,107\n|-\n| style=\"text-align:left\" | Debt Financing Charges\n| style=\"text-align:right\" | -471\n| style=\"text-align:right\" | -948\n| style=\"text-align:right\" | -452\n| style=\"text-align:right\" | -928\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Before Tax\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-693\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,482\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-692\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,464\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | 100\n| style=\"text-align:right\" | 324\n| style=\"text-align:right\" | 101\n| style=\"text-align:right\" | 284\n|-\n| style=\"text-align:left\" | Income from Affiliates \u0026amp; Other\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | Minority Interests\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying Earnings Group share\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-592\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,157\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-591\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,180\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t16\" class=\"wikitable fintable\"\n|+ Holdings cash balance rollforward\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | 1H24\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | 1H25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EOpening Cash Balance at AXA SA {{fn ref|9|2=Includes liquid invested assets.}}\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E4.0\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E4.0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Net cash remittance from subsidiaries {{fn ref|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).}}\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 7.7\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 7.5\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Property \u0026amp; Casualty\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.0\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 5.1\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Life \u0026amp; Health\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 3.6\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2.5\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Asset Management \u0026amp; Other\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 0.1\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 0.0\n|-\n| style=\"text-align:left\" | [[Definition:Dividend|Dividends]]\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -4.4\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -4.6\n|-\n| style=\"text-align:left\" | Share buy-backs {{fn ref|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).}}\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -1.8\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -4.7\n|-\n| style=\"text-align:left\" | Holding costs and interests\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -1.3\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -1.3\n|-\n| style=\"text-align:left\" | Debt issuance\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 0.1\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1.6\n|-\n| style=\"text-align:left\" | M\u0026amp;A and disposals\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 0.0\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 3.8\n|-\n| style=\"text-align:left\" | Other\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -0.3\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -0.7\n|-\n| style=\"text-align:left\" | \u003Cb\u003EClosing Cash Balance at AXA SA {{fn ref|9|2=Includes liquid invested assets.}}\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E4.0\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E5.6\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n{{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.}}\n{{fn note|1=9|2=Includes liquid invested assets.}}\n{{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).}}\n{{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).}}"
"content": "**Holdings underlying earnings build-up (8)(footnote: 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.)**\n\n| In EUR million | 1H24 | FY24 | 1H25 | FY25 |\n| --- | --- | --- | --- | --- |\n| Financial Result | 181 | 402 | 228 | 422 |\n| Other Revenues (Other revenue) | 522 | 1,050 | 607 | 1,149 |\n| Other Expenses | -925 | -1,986 | -1,075 | -2,107 |\n| Debt Financing Charges | -471 | -948 | -452 | -928 |\n| **Underlying Earnings Before Tax** | -693 | -1,482 | -692 | -1,464 |\n| Tax | 100 | 324 | 101 | 284 |\n| Income from Affiliates \u0026 Other | 0 | 0 | 0 | 0 |\n| Minority Interests | 0 | 0 | 0 | 0 |\n| **Underlying Earnings Group share** | -592 | -1,157 | -591 | -1,180 |\n\n**Holdings cash balance rollforward**\n\n| In EUR billion | 1H24 | FY24 | 1H25 | FY25 |\n| --- | --- | --- | --- | --- |\n| Opening Cash Balance at AXA SA (9) | | 4.0 | | 4.0 |\n| Net cash remittance from subsidiaries (10) | | 7.7 | | 7.5 |\n| Property \u0026 Casualty | | 4.0 | | 5.1 |\n| Life \u0026 Health | | 3.6 | | 2.5 |\n| Asset Management \u0026 Other | | 0.1 | | 0.0 |\n| Dividends (Dividend) | | -4.4 | | -4.6 |\n| Share buy-backs (11) | | -1.8 | | -4.7 |\n| Holding costs and interests | | -1.3 | | -1.3 |\n| Debt issuance | | 0.1 | | 1.6 |\n| M\u0026A and disposals | | 0.0 | | 3.8 |\n| Other | | -0.3 | | -0.7 |\n| Closing Cash Balance at AXA SA (9) | | 4.0 | | 5.6 |\n\n(8) 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.\n(9) Includes liquid invested assets.\n(10) 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).\n(11) 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)."
},
},
{
{
Line 246: Line 246:
"Other revenue"
"Other revenue"
],
],
"content": "**Activity indicators by line of business**\n\n| In EUR million | 1H24 Total | 1H24 P\u0026C | 1H24 Life \u0026 Health | 1H24 o/w Employee Benefits (12) | 1H24 Life | 1H24 Health | 1H24 Asset Management | 1H24 Bank | FY24 Total | FY24 P\u0026C | FY24 Life \u0026 Health | FY24 o/w Employee Benefits (12) | FY24 Life | FY24 Health | FY24 Asset Management | FY24 Bank | 1H25 Total | 1H25 P\u0026C | 1H25 Life \u0026 Health | 1H25 o/w Employee Benefits (12) | 1H25 Life | 1H25 Health | 1H25 Asset Management | 1H25 Bank | FY25 Total | FY25 P\u0026C | FY25 Life \u0026 Health | FY25 o/w Employee Benefits (12) | FY25 Life | FY25 Health | FY25 Asset Management | FY25 Bank |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Gross Written Premiums \u0026 Other Revenues (Other revenue) | 59,872 | 32,522 | 26,505 | 6,673 | 17,419 | 9,086 | 787 | 57 | 110,316 | 56,514 | 51,983 | 12,167 | 34,497 | 17,486 | 1,701 | 118 | 64,251 | 34,097 | 29,230 | 7,223 | 19,081 | 10,149 | 875 | 49 | 115,524 | 58,038 | 56,512 | 12,867 | 37,499 | 19,014 | 875 | 99 |\n| IFRS17/9 New Business Value (NBV) (a) | 1,206 | | 1,206 | | 953 | 253 | | | 2,264 | | 2,264 | | 1,792 | 473 | | | 1,189 | | 1,189 | | 928 | 260 | | | 2,233 | | 2,233 | | 1,747 | 486 | | |\n| New Business Contractual Service Margin (NB CSM) | 1,131 | | 1,131 | | 919 | 213 | | | 2,169 | | 2,169 | | 1,770 | 399 | | | 1,184 | | 1,184 | | 950 | 234 | | | 2,199 | | 2,199 | | 1,822 | 377 | | |\n| Other NBV (13) | 456 | | 456 | | 333 | 123 | | | 824 | | 824 | | 594 | 231 | | | 382 | | 382 | | 270 | 113 | | | 757 | | 757 | | 491 | 266 | | |\n| Tax | -381 | | -381 | | -299 | -83 | | | -729 | | -729 | | -572 | -158 | | | -378 | | -378 | | -292 | -86 | | | -724 | | -724 | | -567 | -157 | | |\n| Present Value of Expected Premiums (PVEP) (b) | 25,588 | | 25,588 | | 18,234 | 7,354 | | | 50,896 | | 50,896 | | 36,860 | 14,036 | | | 25,918 | | 25,918 | | 19,487 | 6,430 | | | 49,357 | | 49,357 | | 37,103 | 12,254 | | |\n| IFRS17/9 NBV Margin (a)/(b) | 4.7% | | 4.7% | | 5.2% | 3.4% | | | 4.4% | | 4.4% | | 4.9% | 3.4% | | | 4.6% | | 4.6% | | 4.8% | 4.0% | | | 4.5% | | 4.5% | | 4.7% | 4.0% | | |\n\n**Activity indicators by geography**\n\n| In EUR million | 1H24 Total | 1H24 France | 1H24 Europe | 1H24 AXA XL | 1H24 Asia, Africa \u0026 EME-LATAM | 1H24 AXA IM | 1H24 Transversal \u0026 Other | FY24 Total | FY24 France | FY24 Europe | FY24 AXA XL | FY24 Asia, Africa \u0026 EME-LATAM | FY24 AXA IM | FY24 Transversal \u0026 Other | 1H25 Total | 1H25 France | 1H25 Europe | 1H25 AXA XL | 1H25 Asia, Africa \u0026 EME-LATAM | 1H25 AXA IM | 1H25 Transversal \u0026 Other | FY25 Total | FY25 France | FY25 Europe | FY25 AXA XL | FY25 Asia, Africa \u0026 EME-LATAM | FY25 AXA IM | FY25 Transversal \u0026 Other |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Gross Written Premiums \u0026 Other Revenues | 59,872 | 14,719 | 22,579 | 11,220 | 9,571 | 787 | 995 | 110,316 | 28,996 | 39,298 | 19,383 | 19,083 | 1,701 | 1,856 | 64,251 | 15,670 | 24,649 | 11,749 | 10,302 | 875 | 1,006 | 115,524 | 30,598 | 43,005 | 19,277 | 19,925 | 875 | 1,844 |\n| IFRS17/9 New Business Value (NBV) (a) | 1,206 | 354 | 348 | | 504 | | | 2,264 | 682 | 597 | | 986 | | | 1,189 | 315 | 364 | | 510 | | | 2,233 | 695 | 578 | | 959 | | |\n| New Business Contractual Service Margin (NB CSM) | 1,131 | 203 | 398 | | 531 | | | 2,169 | 391 | 731 | | 1,047 | | | 1,184 | 199 | 443 | | 541 | | | 2,199 | 431 | 740 | | 1,028 | | |\n| Other NBV (13) | 456 | 275 | 50 | | 131 | | | 824 | 528 | 49 | | 247 | | | 382 | 225 | 28 | | 129 | | | 757 | 506 | 12 | | 239 | | |\n| Tax | -381 | -123 | -100 | | -158 | | | -729 | -237 | -184 | | -309 | | | -378 | -109 | -107 | | -161 | | | -724 | -242 | -174 | | -308 | | |\n| Present Value of Expected Premiums (PVEP) (b) | 25,588 | 12,301 | 6,317 | | 6,971 | | | 50,896 | 25,370 | 11,831 | | 13,695 | | | 25,918 | 11,662 | 6,843 | | 7,413 | | | 49,357 | 22,858 | 12,651 | | 13,847 | | |\n| IFRS17/9 NBV Margin (a)/(b) | 4.7% | 2.9% | 5.5% | | 7.2% | | | 4.4% | 2.7% | 5.0% | | 7.2% | | | 4.6% | 2.7% | 5.3% | | 6.9% | | | 4.5% | 3.0% | 4.6% | | 6.9% | | |\n\n(12) Employee Benefits include Group Protection and Group Health contracts.\n(13) Includes expected profits from short term Life \u0026 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."
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t17\" class=\"wikitable fintable\"\n|+ Activity indicators by line of business\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"8\" style=\"text-align:center\" | 1H24\n! colspan=\"8\" style=\"text-align:center\" | FY24\n! colspan=\"8\" style=\"text-align:center\" | 1H25\n! colspan=\"8\" style=\"text-align:center\" | FY25\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | P\u0026amp;C\n! class=\"col-s\" style=\"text-align:right\" | Life \u0026amp; Health\n! class=\"col-s\" style=\"text-align:right\" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}\n! class=\"col-s\" style=\"text-align:right\" | Life\n! class=\"col-s\" style=\"text-align:right\" | Health\n! class=\"col-s\" style=\"text-align:right\" | Asset Management\n! class=\"col-s\" style=\"text-align:right\" | Bank\n! class=\"col-s\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | P\u0026amp;C\n! class=\"col-s\" style=\"text-align:right\" | Life \u0026amp; Health\n! class=\"col-s\" style=\"text-align:right\" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}\n! class=\"col-s\" style=\"text-align:right\" | Life\n! class=\"col-s\" style=\"text-align:right\" | Health\n! class=\"col-s\" style=\"text-align:right\" | Asset Management\n! class=\"col-s\" style=\"text-align:right\" | Bank\n! class=\"col-s\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | P\u0026amp;C\n! class=\"col-s\" style=\"text-align:right\" | Life \u0026amp; Health\n! class=\"col-s\" style=\"text-align:right\" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}\n! class=\"col-s\" style=\"text-align:right\" | Life\n! class=\"col-s\" style=\"text-align:right\" | Health\n! class=\"col-s\" style=\"text-align:right\" | Asset Management\n! class=\"col-s\" style=\"text-align:right\" | Bank\n! class=\"col-s\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | P\u0026amp;C\n! class=\"col-s\" style=\"text-align:right\" | Life \u0026amp; Health\n! class=\"col-s\" style=\"text-align:right\" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}\n! class=\"col-s\" style=\"text-align:right\" | Life\n! class=\"col-s\" style=\"text-align:right\" | Health\n! class=\"col-s\" style=\"text-align:right\" | Asset Management\n! class=\"col-s\" style=\"text-align:right\" | Bank\n|-\n| style=\"text-align:left\" | [[Definition:Gross written premiums|Gross Written Premiums]] \u0026amp; [[Definition:Other revenue|Other Revenues]]\n| style=\"text-align:right\" | 59,872\n| style=\"text-align:right\" | 32,522\n| style=\"text-align:right\" | 26,505\n| style=\"text-align:right\" | 6,673\n| style=\"text-align:right\" | 17,419\n| style=\"text-align:right\" | 9,086\n| style=\"text-align:right\" | 787\n| style=\"text-align:right\" | 57\n| style=\"text-align:right\" | 110,316\n| style=\"text-align:right\" | 56,514\n| style=\"text-align:right\" | 51,983\n| style=\"text-align:right\" | 12,167\n| style=\"text-align:right\" | 34,497\n| style=\"text-align:right\" | 17,486\n| style=\"text-align:right\" | 1,701\n| style=\"text-align:right\" | 118\n| style=\"text-align:right\" | 64,251\n| style=\"text-align:right\" | 34,097\n| style=\"text-align:right\" | 29,230\n| style=\"text-align:right\" | 7,223\n| style=\"text-align:right\" | 19,081\n| style=\"text-align:right\" | 10,149\n| style=\"text-align:right\" | 875\n| style=\"text-align:right\" | 49\n| style=\"text-align:right\" | 115,524\n| style=\"text-align:right\" | 58,038\n| style=\"text-align:right\" | 56,512\n| style=\"text-align:right\" | 12,867\n| style=\"text-align:right\" | 37,499\n| style=\"text-align:right\" | 19,014\n| style=\"text-align:right\" | 875\n| style=\"text-align:right\" | 99\n|-\n| style=\"text-align:left\" | IFRS17/9 New Business Value (NBV) (a)\n| style=\"text-align:right\" | 1,206\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,206\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 953\n| style=\"text-align:right\" | 253\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,264\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,264\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,792\n| style=\"text-align:right\" | 473\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,189\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,189\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 928\n| style=\"text-align:right\" | 260\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,233\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,233\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,747\n| style=\"text-align:right\" | 486\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | New Business Contractual Service Margin (NB CSM)\n| style=\"text-align:right\" | 1,131\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,131\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 919\n| style=\"text-align:right\" | 213\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,169\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,169\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,770\n| style=\"text-align:right\" | 399\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,184\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,184\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 950\n| style=\"text-align:right\" | 234\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,199\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,199\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,822\n| style=\"text-align:right\" | 377\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other NBV {{fn ref|13|2=Includes expected profits from short term Life \u0026amp; 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.}}\n| style=\"text-align:right\" | 456\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 456\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 333\n| style=\"text-align:right\" | 123\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 824\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 824\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 594\n| style=\"text-align:right\" | 231\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 382\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 382\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 270\n| style=\"text-align:right\" | 113\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 757\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 757\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 491\n| style=\"text-align:right\" | 266\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -381\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -381\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -299\n| style=\"text-align:right\" | -83\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -729\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -729\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -572\n| style=\"text-align:right\" | -158\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -378\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -378\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -292\n| style=\"text-align:right\" | -86\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -724\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -724\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -567\n| style=\"text-align:right\" | -157\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Present Value of Expected Premiums (PVEP) (b)\n| style=\"text-align:right\" | 25,588\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 25,588\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 18,234\n| style=\"text-align:right\" | 7,354\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 50,896\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 50,896\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 36,860\n| style=\"text-align:right\" | 14,036\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 25,918\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 25,918\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 19,487\n| style=\"text-align:right\" | 6,430\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 49,357\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 49,357\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 37,103\n| style=\"text-align:right\" | 12,254\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | IFRS17/9 NBV Margin (a)/(b)\n| style=\"text-align:right\" | 4.7%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.7%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 5.2%\n| style=\"text-align:right\" | 3.4%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.4%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.4%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.9%\n| style=\"text-align:right\" | 3.4%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.6%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.6%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.8%\n| style=\"text-align:right\" | 4.0%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.5%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.5%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.7%\n| style=\"text-align:right\" | 4.0%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t18\" class=\"wikitable fintable\"\n|+ Activity indicators by geography\n|-\n! style=\"text-align:left\" | In EUR million\n! colspan=\"7\" style=\"text-align:center\" | 1H24\n! colspan=\"7\" style=\"text-align:center\" | FY24\n! colspan=\"7\" style=\"text-align:center\" | 1H25\n! colspan=\"7\" style=\"text-align:center\" | FY25\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | France\n! class=\"col-s\" style=\"text-align:right\" | Europe\n! class=\"col-s\" style=\"text-align:right\" | AXA XL\n! class=\"col-s\" style=\"text-align:right\" | Asia, Africa \u0026amp; EME-LATAM\n! class=\"col-s\" style=\"text-align:right\" | AXA IM\n! class=\"col-s\" style=\"text-align:right\" | Transversal \u0026amp; Other\n! class=\"col-s\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | France\n! class=\"col-s\" style=\"text-align:right\" | Europe\n! class=\"col-s\" style=\"text-align:right\" | AXA XL\n! class=\"col-s\" style=\"text-align:right\" | Asia, Africa \u0026amp; EME-LATAM\n! class=\"col-s\" style=\"text-align:right\" | AXA IM\n! class=\"col-s\" style=\"text-align:right\" | Transversal \u0026amp; Other\n! class=\"col-s\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | France\n! class=\"col-s\" style=\"text-align:right\" | Europe\n! class=\"col-s\" style=\"text-align:right\" | AXA XL\n! class=\"col-s\" style=\"text-align:right\" | Asia, Africa \u0026amp; EME-LATAM\n! class=\"col-s\" style=\"text-align:right\" | AXA IM\n! class=\"col-s\" style=\"text-align:right\" | Transversal \u0026amp; Other\n! class=\"col-s\" style=\"text-align:right\" | Total\n! class=\"col-s\" style=\"text-align:right\" | France\n! class=\"col-s\" style=\"text-align:right\" | Europe\n! class=\"col-s\" style=\"text-align:right\" | AXA XL\n! class=\"col-s\" style=\"text-align:right\" | Asia, Africa \u0026amp; EME-LATAM\n! class=\"col-s\" style=\"text-align:right\" | AXA IM\n! class=\"col-s\" style=\"text-align:right\" | Transversal \u0026amp; Other\n|-\n| style=\"text-align:left\" | Gross Written Premiums \u0026amp; Other Revenues\n| style=\"text-align:right\" | 59,872\n| style=\"text-align:right\" | 14,719\n| style=\"text-align:right\" | 22,579\n| style=\"text-align:right\" | 11,220\n| style=\"text-align:right\" | 9,571\n| style=\"text-align:right\" | 787\n| style=\"text-align:right\" | 995\n| style=\"text-align:right\" | 110,316\n| style=\"text-align:right\" | 28,996\n| style=\"text-align:right\" | 39,298\n| style=\"text-align:right\" | 19,383\n| style=\"text-align:right\" | 19,083\n| style=\"text-align:right\" | 1,701\n| style=\"text-align:right\" | 1,856\n| style=\"text-align:right\" | 64,251\n| style=\"text-align:right\" | 15,670\n| style=\"text-align:right\" | 24,649\n| style=\"text-align:right\" | 11,749\n| style=\"text-align:right\" | 10,302\n| style=\"text-align:right\" | 875\n| style=\"text-align:right\" | 1,006\n| style=\"text-align:right\" | 115,524\n| style=\"text-align:right\" | 30,598\n| style=\"text-align:right\" | 43,005\n| style=\"text-align:right\" | 19,277\n| style=\"text-align:right\" | 19,925\n| style=\"text-align:right\" | 875\n| style=\"text-align:right\" | 1,844\n|-\n| style=\"text-align:left\" | IFRS17/9 New Business Value (NBV) (a)\n| style=\"text-align:right\" | 1,206\n| style=\"text-align:right\" | 354\n| style=\"text-align:right\" | 348\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 504\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,264\n| style=\"text-align:right\" | 682\n| style=\"text-align:right\" | 597\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 986\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,189\n| style=\"text-align:right\" | 315\n| style=\"text-align:right\" | 364\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 510\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,233\n| style=\"text-align:right\" | 695\n| style=\"text-align:right\" | 578\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 959\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | New Business Contractual Service Margin (NB CSM)\n| style=\"text-align:right\" | 1,131\n| style=\"text-align:right\" | 203\n| style=\"text-align:right\" | 398\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 531\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,169\n| style=\"text-align:right\" | 391\n| style=\"text-align:right\" | 731\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,047\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,184\n| style=\"text-align:right\" | 199\n| style=\"text-align:right\" | 443\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 541\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2,199\n| style=\"text-align:right\" | 431\n| style=\"text-align:right\" | 740\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1,028\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other NBV {{fn ref|13|2=Includes expected profits from short term Life \u0026amp; 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.}}\n| style=\"text-align:right\" | 456\n| style=\"text-align:right\" | 275\n| style=\"text-align:right\" | 50\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 131\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 824\n| style=\"text-align:right\" | 528\n| style=\"text-align:right\" | 49\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 247\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 382\n| style=\"text-align:right\" | 225\n| style=\"text-align:right\" | 28\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 129\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 757\n| style=\"text-align:right\" | 506\n| style=\"text-align:right\" | 12\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 239\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -381\n| style=\"text-align:right\" | -123\n| style=\"text-align:right\" | -100\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -158\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -729\n| style=\"text-align:right\" | -237\n| style=\"text-align:right\" | -184\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -309\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -378\n| style=\"text-align:right\" | -109\n| style=\"text-align:right\" | -107\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -161\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -724\n| style=\"text-align:right\" | -242\n| style=\"text-align:right\" | -174\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | -308\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Present Value of Expected Premiums (PVEP) (b)\n| style=\"text-align:right\" | 25,588\n| style=\"text-align:right\" | 12,301\n| style=\"text-align:right\" | 6,317\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 6,971\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 50,896\n| style=\"text-align:right\" | 25,370\n| style=\"text-align:right\" | 11,831\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 13,695\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 25,918\n| style=\"text-align:right\" | 11,662\n| style=\"text-align:right\" | 6,843\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 7,413\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 49,357\n| style=\"text-align:right\" | 22,858\n| style=\"text-align:right\" | 12,651\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 13,847\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | IFRS17/9 NBV Margin (a)/(b)\n| style=\"text-align:right\" | 4.7%\n| style=\"text-align:right\" | 2.9%\n| style=\"text-align:right\" | 5.5%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 7.2%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.4%\n| style=\"text-align:right\" | 2.7%\n| style=\"text-align:right\" | 5.0%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 7.2%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.6%\n| style=\"text-align:right\" | 2.7%\n| style=\"text-align:right\" | 5.3%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 6.9%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 4.5%\n| style=\"text-align:right\" | 3.0%\n| style=\"text-align:right\" | 4.6%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 6.9%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E\n\n{{fn note|1=12|2=Employee Benefits include Group Protection and Group Health contracts.}}\n{{fn note|1=13|2=Includes expected profits from short term Life \u0026 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.}}"
},
},
{
{
Line 259: Line 259:
"data_items": [],
"data_items": [],
"effective_tags": [],
"effective_tags": [],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t19\" class=\"wikitable fintable\"\n|+ Assets build-up\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Goodwill\n| style=\"text-align:right\" | 18.1\n| style=\"text-align:right\" | 17.8\n|-\n| style=\"text-align:left\" | Other intangible assets\n| style=\"text-align:right\" | 4.4\n| style=\"text-align:right\" | 4.4\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Intangible assets\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E22.6\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E22.2\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Investments in real estate properties\n| style=\"text-align:right\" | 29.2\n| style=\"text-align:right\" | 27.8\n|-\n| style=\"text-align:left\" | Financial investments\n| style=\"text-align:right\" | 418.2\n| style=\"text-align:right\" | 401.8\n|-\n| style=\"text-align:left\" | Unit-linked Assets\n| style=\"text-align:right\" | 90.1\n| style=\"text-align:right\" | 97.2\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Investments from Insurance activities\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E537.5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E526.9\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Investments from Non-Insurance Activities\n| style=\"text-align:right\" | 18.5\n| style=\"text-align:right\" | 16.6\n|-\n| style=\"text-align:left\" | Equity Method investments\n| style=\"text-align:right\" | 1.5\n| style=\"text-align:right\" | 1.5\n|-\n| style=\"text-align:left\" | Assets Arising from Insurance and Reinsurance Contracts Held\n| style=\"text-align:right\" | 26.1\n| style=\"text-align:right\" | 23.9\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Present Value of Future Cash Flows\n| style=\"text-align:right\" | 24.1\n| style=\"text-align:right\" | 22.0\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Contractual Service Margin\n| style=\"text-align:right\" | 1.4\n| style=\"text-align:right\" | 1.4\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Risk Adjustment\n| style=\"text-align:right\" | 0.5\n| style=\"text-align:right\" | 0.5\n|-\n| style=\"text-align:left\" | Receivables and Other Assets\n| style=\"text-align:right\" | 24.1\n| style=\"text-align:right\" | 21.9\n|-\n| style=\"text-align:left\" | Assets held for sale\n| style=\"text-align:right\" | 4.5\n| style=\"text-align:right\" | 0.2\n|-\n| style=\"text-align:left\" | Cash and cash equivalents\n| style=\"text-align:right\" | 19.0\n| style=\"text-align:right\" | 22.2\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Assets\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E653.8\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E635.5\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t20\" class=\"wikitable fintable\"\n|+ Liabilities, non-controlling interests, and shareholders' equity build-up\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Shareholders' Equity group share\n| style=\"text-align:right\" | 49.9\n| style=\"text-align:right\" | 47.2\n|-\n| style=\"text-align:left\" | Non-controlling Interests\n| style=\"text-align:right\" | 2.5\n| style=\"text-align:right\" | 2.4\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShareholders’ equity\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E52.5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E49.6\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Financing debt\n| style=\"text-align:right\" | 14.4\n| style=\"text-align:right\" | 15.8\n|-\n| style=\"text-align:left\" | Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts\n| style=\"text-align:right\" | 477.0\n| style=\"text-align:right\" | 470.4\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Present Value of Future Cash Flows\n| style=\"text-align:right\" | 438.4\n| style=\"text-align:right\" | 432.6\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Contractual Service Margin\n| style=\"text-align:right\" | 35.3\n| style=\"text-align:right\" | 34.7\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Risk Adjustment\n| style=\"text-align:right\" | 3.3\n| style=\"text-align:right\" | 3.1\n|-\n| style=\"text-align:left\" | Other Investment Contract Liabilities\n| style=\"text-align:right\" | 12.6\n| style=\"text-align:right\" | 12.8\n|-\n| style=\"text-align:left\" | \u003Cb\u003ELiabilities arising from insurance, reinsurance and investment contracts\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E489.6\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E483.2\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Liabilities Arising from Non-Insurance Activities\n| style=\"text-align:right\" | 10.1\n| style=\"text-align:right\" | 9.9\n|-\n| style=\"text-align:left\" | Provisions for risks and charges\n| style=\"text-align:right\" | 4.9\n| style=\"text-align:right\" | 4.6\n|-\n| style=\"text-align:left\" | Payables and Other liabilities\n| style=\"text-align:right\" | 80.9\n| style=\"text-align:right\" | 72.5\n|-\n| style=\"text-align:left\" | Liabilities held for sale\n| style=\"text-align:right\" | 1.4\n| style=\"text-align:right\" | 0.0\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Liabilities, Non-controlling Interests and Shareholders' Equity\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E653.8\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E635.5\u003C/b\u003E\n|}\n\u003C/div\u003E"
"content": "**Assets build-up**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Goodwill | 18.1 | 17.8 |\n| Other intangible assets | 4.4 | 4.4 |\n| **Total Intangible assets** | 22.6 | 22.2 |\n| Investments in real estate properties | 29.2 | 27.8 |\n| Financial investments | 418.2 | 401.8 |\n| Unit-linked Assets | 90.1 | 97.2 |\n| **Total Investments from Insurance activities** | 537.5 | 526.9 |\n| Investments from Non-Insurance Activities | 18.5 | 16.6 |\n| Equity Method investments | 1.5 | 1.5 |\n| Assets Arising from Insurance and Reinsurance Contracts Held | 26.1 | 23.9 |\n| Present Value of Future Cash Flows | 24.1 | 22.0 |\n| Contractual Service Margin | 1.4 | 1.4 |\n| Risk Adjustment | 0.5 | 0.5 |\n| Receivables and Other Assets | 24.1 | 21.9 |\n| Assets held for sale | 4.5 | 0.2 |\n| Cash and cash equivalents | 19.0 | 22.2 |\n| **Total Assets** | 653.8 | 635.5 |\n\n**Liabilities, non-controlling interests, and shareholders' equity build-up**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Shareholders' Equity group share | 49.9 | 47.2 |\n| Non-controlling Interests | 2.5 | 2.4 |\n| **Shareholders’ equity** | 52.5 | 49.6 |\n| Financing debt | 14.4 | 15.8 |\n| Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts | 477.0 | 470.4 |\n| Present Value of Future Cash Flows | 438.4 | 432.6 |\n| Contractual Service Margin | 35.3 | 34.7 |\n| Risk Adjustment | 3.3 | 3.1 |\n| Other Investment Contract Liabilities | 12.6 | 12.8 |\n| **Liabilities arising from insurance, reinsurance and investment contracts** | 489.6 | 483.2 |\n| Liabilities Arising from Non-Insurance Activities | 10.1 | 9.9 |\n| Provisions for risks and charges | 4.9 | 4.6 |\n| Payables and Other liabilities | 80.9 | 72.5 |\n| Liabilities held for sale | 1.4 | 0.0 |\n| **Total Liabilities, Non-controlling Interests and Shareholders' Equity** | 653.8 | 635.5 |"
},
},
{
{
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"data_items": [],
"data_items": [],
"effective_tags": [],
"effective_tags": [],
"content": "**Contractual Service Margin (CSM) rollforward by business unit**\n\n| In EUR million | FY23 Restated (14) | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other (15) | FY24 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| **Total Group (pre-tax)** | 34,187 | 2,169 | 1,383 | -2,775 | -998 | 432 | -545 | 33,853 |\n| P\u0026C | 206 | 0 | 0 | 0 | 0 | 0 | 76 | 282 |\n| Life | 26,200 | 1,770 | 1,172 | -2,253 | -890 | 363 | -534 | 25,826 |\n| Health | 7,782 | 400 | 211 | -522 | -108 | 69 | -87 | 7,744 |\n| **Total Group (post-tax)** | 26,777 | | | | | | | 26,320 |\n\n**Contractual Service Margin (CSM) rollforward by business unit**\n\n| In EUR million | FY24 | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other (15) | FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| **Total Group (pre-tax)** | 33,853 | 2,199 | 1,328 | -2,954 | 594 | -316 | -1,451 | 33,253 |\n| P\u0026C | 282 | 0 | 0 | 0 | 0 | 0 | -21 | 261 |\n| Life | 25,826 | 1,822 | 1,150 | -2,415 | 487 | -526 | -903 | 25,442 |\n| Health | 7,744 | 377 | 178 | -539 | 107 | 210 | -527 | 7,550 |\n| **Total Group (post-tax)** | 26,320 | | | | | | | 25,864 |\n\n(14) 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.\n(15) Including scope changes and FX."
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t21\" class=\"wikitable fintable\"\n|+ Contractual Service Margin (CSM) rollforward by business unit\n|-\n! style=\"text-align:left\" | In EUR million\n! class=\"col-m\" style=\"text-align:right\" | FY23 Restated {{fn ref|14|2=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}\n! class=\"col-m\" style=\"text-align:right\" | New Business CSM\n! class=\"col-m\" style=\"text-align:right\" | Underlying Return on inforce\n! class=\"col-m\" style=\"text-align:right\" | CSM Release\n! class=\"col-m\" style=\"text-align:right\" | Economic Variance\n! class=\"col-s\" style=\"text-align:right\" | Operating Variance\n! class=\"col-m\" style=\"text-align:right\" | Other {{fn ref|15|2=Including scope changes and FX.}}\n! class=\"col-m\" style=\"text-align:right\" | FY24\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Group (pre-tax)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E34,187\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,169\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,383\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-2,775\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-998\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E432\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-545\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E33,853\u003C/b\u003E\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | P\u0026amp;C\n| style=\"text-align:right\" | 206\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 76\n| style=\"text-align:right\" | 282\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Life\n| style=\"text-align:right\" | 26,200\n| style=\"text-align:right\" | 1,770\n| style=\"text-align:right\" | 1,172\n| style=\"text-align:right\" | -2,253\n| style=\"text-align:right\" | -890\n| style=\"text-align:right\" | 363\n| style=\"text-align:right\" | -534\n| style=\"text-align:right\" | 25,826\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Health\n| style=\"text-align:right\" | 7,782\n| style=\"text-align:right\" | 400\n| style=\"text-align:right\" | 211\n| style=\"text-align:right\" | -522\n| style=\"text-align:right\" | -108\n| style=\"text-align:right\" | 69\n| style=\"text-align:right\" | -87\n| style=\"text-align:right\" | 7,744\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Group (post-tax)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E26,777\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E26,320\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t22\" class=\"wikitable fintable\"\n|+ Contractual Service Margin (CSM) rollforward by business unit\n|-\n! style=\"text-align:left\" | In EUR million\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | New Business CSM\n! class=\"col-m\" style=\"text-align:right\" | Underlying Return on inforce\n! class=\"col-m\" style=\"text-align:right\" | CSM Release\n! class=\"col-s\" style=\"text-align:right\" | Economic Variance\n! class=\"col-m\" style=\"text-align:right\" | Operating Variance\n! class=\"col-m\" style=\"text-align:right\" | Other {{fn ref|15|2=Including scope changes and FX.}}\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Group (pre-tax)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E33,853\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E2,199\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1,328\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-2,954\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E594\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-316\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1,451\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E33,253\u003C/b\u003E\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | P\u0026amp;C\n| style=\"text-align:right\" | 282\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | 0\n| style=\"text-align:right\" | -21\n| style=\"text-align:right\" | 261\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Life\n| style=\"text-align:right\" | 25,826\n| style=\"text-align:right\" | 1,822\n| style=\"text-align:right\" | 1,150\n| style=\"text-align:right\" | -2,415\n| style=\"text-align:right\" | 487\n| style=\"text-align:right\" | -526\n| style=\"text-align:right\" | -903\n| style=\"text-align:right\" | 25,442\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Health\n| style=\"text-align:right\" | 7,744\n| style=\"text-align:right\" | 377\n| style=\"text-align:right\" | 178\n| style=\"text-align:right\" | -539\n| style=\"text-align:right\" | 107\n| style=\"text-align:right\" | 210\n| style=\"text-align:right\" | -527\n| style=\"text-align:right\" | 7,550\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Group (post-tax)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E26,320\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E25,864\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n{{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.}}\n{{fn note|1=15|2=Including scope changes and FX.}}"
},
},
{
{
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"data_items": [],
"data_items": [],
"effective_tags": [],
"effective_tags": [],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t23\" class=\"wikitable fintable\"\n|+ General Account invested assets build-up by asset class and rating\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | Fair value\n! class=\"col-s\" style=\"text-align:right\" | Asset Allocation %\n! class=\"col-s\" style=\"text-align:right\" | o/w Participating\n! class=\"col-m\" style=\"text-align:right\" | Duration gap\n! colspan=\"7\" style=\"text-align:center\" | Fair Value by Rating\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | Fair value\n! class=\"col-s\" style=\"text-align:right\" | Asset Allocation %\n! class=\"col-s\" style=\"text-align:right\" | o/w Participating\n! class=\"col-m\" style=\"text-align:right\" | Duration gap\n! class=\"col-s\" style=\"text-align:right\" | Average rating1 {{fn ref|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.}}\n! class=\"col-s\" style=\"text-align:right\" | AAA\n! class=\"col-s\" style=\"text-align:right\" | AA\n! class=\"col-s\" style=\"text-align:right\" | A\n! class=\"col-s\" style=\"text-align:right\" | BBB\n! class=\"col-s\" style=\"text-align:right\" | Below Investment Grade\n! class=\"col-s\" style=\"text-align:right\" | Non Rated\n|-\n| style=\"text-align:left\" | \u003Cb\u003EGeneral Account Invested Assets {{fn ref|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.}}\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E450\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003E60%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-0.4 yr\u003C/b\u003E\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Fixed Income\n| style=\"text-align:right\" | 345\n| style=\"text-align:right\" | 77%\n| style=\"text-align:right\" | 60%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Government Bonds\n| style=\"text-align:right\" | 167\n| style=\"text-align:right\" | 37%\n| style=\"text-align:right\" | 66%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003EAA\u003C/b\u003E\n| style=\"text-align:right\" | 27%\n| style=\"text-align:right\" | 31%\n| style=\"text-align:right\" | 28%\n| style=\"text-align:right\" | 10%\n| style=\"text-align:right\" | 2%\n| style=\"text-align:right\" | 2%\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Corporate Bonds and Loans\n| style=\"text-align:right\" | 121\n| style=\"text-align:right\" | 27%\n| style=\"text-align:right\" | 55%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | \u003Cb\u003EA\u003C/b\u003E\n| style=\"text-align:right\" | 16%\n| style=\"text-align:right\" | 6%\n| style=\"text-align:right\" | 39%\n| style=\"text-align:right\" | 28%\n| style=\"text-align:right\" | 11%\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other Fixed Income\n| style=\"text-align:right\" | 56\n| style=\"text-align:right\" | 13%\n| style=\"text-align:right\" | 52%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Asset Backed Securities {{fn ref|17|2=Includes 91% of CLOs.}}\n| style=\"text-align:right\" | 25\n| style=\"text-align:right\" | 6%\n| style=\"text-align:right\" | 48%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 54%\n| style=\"text-align:right\" | 28%\n| style=\"text-align:right\" | 10%\n| style=\"text-align:right\" | 3%\n| style=\"text-align:right\" | 1%\n| style=\"text-align:right\" | 4%\n|-\n| class=\"wt-indent-2\" style=\"text-align:left\" | Mortgage Loans {{fn ref|18|2=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial \u0026amp; agricultural loans (Euro 7 billion).}}\n| style=\"text-align:right\" | 31\n| style=\"text-align:right\" | 7%\n| style=\"text-align:right\" | 56%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Real Estate\n| style=\"text-align:right\" | 41\n| style=\"text-align:right\" | 9%\n| style=\"text-align:right\" | 63%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Infrastructure Equity\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 2%\n| style=\"text-align:right\" | 64%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Listed Equities {{fn ref|19|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 2%\n| style=\"text-align:right\" | 82%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Private Equity \u0026amp; Hedge Funds {{fn ref|20|2=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}\n| style=\"text-align:right\" | 23\n| style=\"text-align:right\" | 5%\n| style=\"text-align:right\" | 55%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Cash\n| style=\"text-align:right\" | 19\n| style=\"text-align:right\" | 4%\n| style=\"text-align:right\" | 50%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Policy Loans\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0%\n| style=\"text-align:right\" | 51%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E\n\n{{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.}}\n{{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.}}\n{{fn note|1=17|2=Includes 91% of CLOs.}}\n{{fn note|1=18|2=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial \u0026 agricultural loans (Euro 7 billion).}}\n{{fn note|1=19|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}\n{{fn note|1=20|2=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}"
"content": "**General Account invested assets build-up by asset class and rating**\n\n| In EUR billion | Fair value | Asset Allocation % | o/w Participating | Duration gap | Fair Value by Rating Average rating1 (21) | Fair Value by Rating AAA | Fair Value by Rating AA | Fair Value by Rating A | Fair Value by Rating BBB | Fair Value by Rating Below Investment Grade | Fair Value by Rating Non Rated |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| General Account Invested Assets (16) | 450 | | 60% | -0.4 yr | | | | | | | |\n| Fixed Income | 345 | 77% | 60% | | | | | | | | |\n| Government Bonds | 167 | 37% | 66% | | AA | 27% | 31% | 28% | 10% | 2% | 2% |\n| Corporate Bonds and Loans | 121 | 27% | 55% | | A | 16% | 6% | 39% | 28% | 11% | |\n| Other Fixed Income | 56 | 13% | 52% | | | | | | | | |\n| Asset Backed Securities (17) | 25 | 6% | 48% | | | 54% | 28% | 10% | 3% | 1% | 4% |\n| Mortgage Loans (18) | 31 | 7% | 56% | | | | | | | | |\n| Real Estate | 41 | 9% | 63% | | | | | | | | |\n| Infrastructure Equity | 10 | 2% | 64% | | | | | | | | |\n| Listed Equities (19) | 10 | 2% | 82% | | | | | | | | |\n| Private Equity \u0026 Hedge Funds (20) | 23 | 5% | 55% | | | | | | | | |\n| Cash | 19 | 4% | 50% | | | | | | | | |\n| Policy Loans | 2 | 0% | 51% | | | | | | | | |\n\n(21) 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.\n(16) 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.\n(17) Includes 91% of CLOs.\n(18) Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial \u0026 agricultural loans (Euro 7 billion).\n(19) Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).\n(20) Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion)."
},
},
{
{
Line 298: Line 298:
"data_items": [],
"data_items": [],
"effective_tags": [],
"effective_tags": [],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t24\" class=\"wikitable fintable\"\n|+ Government bonds breakdown by geographical exposure\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | Fair Value\n! class=\"col-s\" style=\"text-align:right\" | Belgium\n! class=\"col-s\" style=\"text-align:right\" | France\n! class=\"col-s\" style=\"text-align:right\" | Germany\n! class=\"col-s\" style=\"text-align:right\" | Italy\n! class=\"col-s\" style=\"text-align:right\" | Japan\n! class=\"col-s\" style=\"text-align:right\" | Netherlands\n! class=\"col-s\" style=\"text-align:right\" | Spain\n! class=\"col-s\" style=\"text-align:right\" | Switzerland\n! class=\"col-s\" style=\"text-align:right\" | United States\n! class=\"col-s\" style=\"text-align:right\" | Other EU countries\n! class=\"col-s\" style=\"text-align:right\" | Supranational\n! class=\"col-s\" style=\"text-align:right\" | Rest of the World\n|-\n| style=\"text-align:left\" | Breakdown By Geographical Exposure\n| style=\"text-align:right\" | \u003Cb\u003E167\u003C/b\u003E\n| style=\"text-align:right\" | 6%\n| style=\"text-align:right\" | 12%\n| style=\"text-align:right\" | 6%\n| style=\"text-align:right\" | 5%\n| style=\"text-align:right\" | 8%\n| style=\"text-align:right\" | 3%\n| style=\"text-align:right\" | 6%\n| style=\"text-align:right\" | 9%\n| style=\"text-align:right\" | 10%\n| style=\"text-align:right\" | 8%\n| style=\"text-align:right\" | 13%\n| style=\"text-align:right\" | 15%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t25\" class=\"wikitable fintable\"\n|+ Corporate bonds and loans breakdown by industry\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | Fair Value\n! class=\"col-s\" style=\"text-align:right\" | Basic Materials\n! class=\"col-s\" style=\"text-align:right\" | Communications\n! class=\"col-s\" style=\"text-align:right\" | Consumer, Cyclical\n! class=\"col-s\" style=\"text-align:right\" | Consumer, Non-Cyclical\n! style=\"text-align:left\" | Covered and Senior Secured Bonds\n! class=\"col-s\" style=\"text-align:right\" | Energy\n! class=\"col-s\" style=\"text-align:right\" | Financials\n! class=\"col-s\" style=\"text-align:right\" | Industrial\n! class=\"col-s\" style=\"text-align:right\" | Technology\n! class=\"col-s\" style=\"text-align:right\" | Utilities\n! class=\"col-s\" style=\"text-align:right\" | Other\n|-\n| style=\"text-align:left\" | Breakdown By Industry\n| style=\"text-align:right\" | \u003Cb\u003E121\u003C/b\u003E\n| style=\"text-align:right\" | 2%\n| style=\"text-align:right\" | 6%\n| style=\"text-align:right\" | 4%\n| style=\"text-align:right\" | 11%\n| style=\"text-align:left\" | 29%\n| style=\"text-align:right\" | 1%\n| style=\"text-align:right\" | 28%\n| style=\"text-align:right\" | 6%\n| style=\"text-align:right\" | 2%\n| style=\"text-align:right\" | 8%\n| style=\"text-align:right\" | 3%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t26\" class=\"wikitable fintable\"\n|+ Corporate bonds and loans exposure to financials {{fn ref|31|2=Includes REITS corporate bonds (Euro 3 billion).}}\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-m\" style=\"text-align:right\" | Total\n! class=\"col-m\" style=\"text-align:right\" | Banks\n! 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).}}\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E33.4\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E27.5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6.0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Senior Unsecured Bonds\n| style=\"text-align:right\" | 29.8\n| style=\"text-align:right\" | 24.3\n| style=\"text-align:right\" | 5.5\n|-\n| style=\"text-align:left\" | Subordinated Bonds {{fn ref|22|2=Includes AT1 (Euro 0.4 billion).}}\n| style=\"text-align:right\" | 3.0\n| style=\"text-align:right\" | 2.7\n| style=\"text-align:right\" | 0.4\n|-\n| style=\"text-align:left\" | Other\n| style=\"text-align:right\" | 0.6\n| style=\"text-align:right\" | 0.5\n| style=\"text-align:right\" | 0.1\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t27\" class=\"wikitable fintable\"\n|+ Listed equities breakdown by asset domiciliation\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | Fair Value\n! class=\"col-s\" style=\"text-align:right\" | Belgium\n! class=\"col-s\" style=\"text-align:right\" | France\n! class=\"col-s\" style=\"text-align:right\" | Germany\n! class=\"col-s\" style=\"text-align:right\" | Japan\n! class=\"col-s\" style=\"text-align:right\" | Netherlands\n! class=\"col-s\" style=\"text-align:right\" | Switzerland\n! class=\"col-s\" style=\"text-align:right\" | United States\n! class=\"col-s\" style=\"text-align:right\" | Other EU countries\n! class=\"col-s\" style=\"text-align:right\" | Rest of the World\n|-\n| style=\"text-align:left\" | Breakdown By Asset Domiciliation\n| style=\"text-align:right\" | \u003Cb\u003E10\u003C/b\u003E\n| style=\"text-align:right\" | 3%\n| style=\"text-align:right\" | 7%\n| style=\"text-align:right\" | 3%\n| style=\"text-align:right\" | 7%\n| style=\"text-align:right\" | 2%\n| style=\"text-align:right\" | 4%\n| style=\"text-align:right\" | 37%\n| style=\"text-align:right\" | 9%\n| style=\"text-align:right\" | 27%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t28\" class=\"wikitable fintable\"\n|+ Listed equities breakdown by industry {{fn ref|32|2=Including hedges.}}\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | Fair Value\n! class=\"col-s\" style=\"text-align:right\" | Basic Materials\n! class=\"col-s\" style=\"text-align:right\" | Communications\n! class=\"col-s\" style=\"text-align:right\" | Consumer, Cyclical\n! class=\"col-s\" style=\"text-align:right\" | Consumer, Non-Cyclical\n! class=\"col-s\" style=\"text-align:right\" | Diversified\n! class=\"col-s\" style=\"text-align:right\" | Energy\n! class=\"col-s\" style=\"text-align:right\" | Financials\n! class=\"col-s\" style=\"text-align:right\" | Funds\n! class=\"col-s\" style=\"text-align:right\" | Industrial\n! class=\"col-s\" style=\"text-align:right\" | Technology\n! class=\"col-s\" style=\"text-align:right\" | Utilities\n! class=\"col-s\" style=\"text-align:right\" | Other\n|-\n| style=\"text-align:left\" | Breakdown By Industry\n| style=\"text-align:right\" | \u003Cb\u003E10\u003C/b\u003E\n| style=\"text-align:right\" | 5%\n| style=\"text-align:right\" | 11%\n| style=\"text-align:right\" | 9%\n| style=\"text-align:right\" | 14%\n| style=\"text-align:right\" | 3%\n| style=\"text-align:right\" | 0%\n| style=\"text-align:right\" | 20%\n| style=\"text-align:right\" | 6%\n| style=\"text-align:right\" | 12%\n| style=\"text-align:right\" | 17%\n| style=\"text-align:right\" | 1%\n| style=\"text-align:right\" | 0%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t29\" class=\"wikitable fintable\"\n|+ Real estate breakdown by geographical exposure\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | Fair Value\n! class=\"col-s\" style=\"text-align:right\" | Belgium\n! class=\"col-s\" style=\"text-align:right\" | France\n! class=\"col-s\" style=\"text-align:right\" | Germany\n! class=\"col-s\" style=\"text-align:right\" | Italy\n! class=\"col-s\" style=\"text-align:right\" | Japan\n! class=\"col-s\" style=\"text-align:right\" | Spain\n! class=\"col-s\" style=\"text-align:right\" | Switzerland\n! class=\"col-s\" style=\"text-align:right\" | United Kingdom\n! class=\"col-s\" style=\"text-align:right\" | United States\n! class=\"col-s\" style=\"text-align:right\" | Other EU countries\n! class=\"col-s\" style=\"text-align:right\" | Rest of the World\n|-\n| style=\"text-align:left\" | Breakdown By Geographical Exposure\n| style=\"text-align:right\" | \u003Cb\u003E41\u003C/b\u003E\n| style=\"text-align:right\" | 5%\n| style=\"text-align:right\" | 25%\n| style=\"text-align:right\" | 11%\n| style=\"text-align:right\" | 3%\n| style=\"text-align:right\" | 5%\n| style=\"text-align:right\" | 4%\n| style=\"text-align:right\" | 13%\n| style=\"text-align:right\" | 7%\n| style=\"text-align:right\" | 12%\n| style=\"text-align:right\" | 5%\n| style=\"text-align:right\" | 10%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t30\" class=\"wikitable fintable\"\n|+ Real estate breakdown by type\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | Fair Value\n! class=\"col-s\" style=\"text-align:right\" | Office\n! class=\"col-s\" style=\"text-align:right\" | Residential\n! class=\"col-s\" style=\"text-align:right\" | Industrial-Logistic\n! class=\"col-s\" style=\"text-align:right\" | Retail\n! class=\"col-s\" style=\"text-align:right\" | Others\n|-\n| style=\"text-align:left\" | Breakdown By Type\n| style=\"text-align:right\" | \u003Cb\u003E41\u003C/b\u003E\n| style=\"text-align:right\" | 33%\n| style=\"text-align:right\" | 22%\n| style=\"text-align:right\" | 15%\n| style=\"text-align:right\" | 12%\n| style=\"text-align:right\" | 18%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t31\" class=\"wikitable fintable\"\n|+ Private equities breakdown by asset domiciliation {{fn ref|33|2=Excluding Non-listed Equity.}}\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | Fair Value\n! class=\"col-s\" style=\"text-align:right\" | Europe\n! class=\"col-s\" style=\"text-align:right\" | Japan\n! class=\"col-s\" style=\"text-align:right\" | United States\n! class=\"col-s\" style=\"text-align:right\" | Other\n|-\n| style=\"text-align:left\" | Breakdown By Asset Domiciliation\n| style=\"text-align:right\" | \u003Cb\u003E17\u003C/b\u003E\n| style=\"text-align:right\" | 45%\n| style=\"text-align:right\" | 5%\n| style=\"text-align:right\" | 46%\n| style=\"text-align:right\" | 5%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t32\" class=\"wikitable fintable\"\n|+ Mortgage loans breakdown by type\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | Fair Value\n! class=\"col-s\" style=\"text-align:right\" | Residential\n! class=\"col-s\" style=\"text-align:right\" | Commercial {{fn ref|24|2=Loan to Value: 46%.}}\n|-\n| style=\"text-align:left\" | Breakdown by Type\n| style=\"text-align:right\" | \u003Cb\u003E23\u003C/b\u003E\n| style=\"text-align:right\" | 69%\n| style=\"text-align:right\" | 31%\n|}\n\u003C/div\u003E\n\n{{fn note|1=31|2=Includes REITS corporate bonds (Euro 3 billion).}}\n{{fn note|1=23|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}\n{{fn note|1=22|2=Includes AT1 (Euro 0.4 billion).}}\n{{fn note|1=32|2=Including hedges.}}\n{{fn note|1=33|2=Excluding Non-listed Equity.}}\n{{fn note|1=24|2=Loan to Value: 46%.}}"
"content": "**Government bonds breakdown by geographical exposure**\n\n| In EUR billion | Fair Value | Belgium | France | Germany | Italy | Japan | Netherlands | Spain | Switzerland | United States | Other EU countries | Supranational | Rest of the World |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Geographical Exposure | 167 | 6% | 12% | 6% | 5% | 8% | 3% | 6% | 9% | 10% | 8% | 13% | 15% |\n\n**Corporate bonds and loans breakdown by industry**\n\n| In EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Covered and Senior Secured Bonds | Energy | Financials | Industrial | Technology | Utilities | Other |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Industry | 121 | 2% | 6% | 4% | 11% | 29% | 1% | 28% | 6% | 2% | 8% | 3% |\n\n**Corporate bonds and loans exposure to financials (31)(footnote: Includes REITS corporate bonds (Euro 3 billion).)**\n\n| In EUR billion | Total | Banks | Non-Banks1 (23) |\n| --- | --- | --- | --- |\n| **Total** | 33.4 | 27.5 | 6.0 |\n| Senior Unsecured Bonds | 29.8 | 24.3 | 5.5 |\n| Subordinated Bonds (22) | 3.0 | 2.7 | 0.4 |\n| Other | 0.6 | 0.5 | 0.1 |\n\n**Listed equities breakdown by asset domiciliation**\n\n| In EUR billion | Fair Value | Belgium | France | Germany | Japan | Netherlands | Switzerland | United States | Other EU countries | Rest of the World |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Asset Domiciliation | 10 | 3% | 7% | 3% | 7% | 2% | 4% | 37% | 9% | 27% |\n\n**Listed equities breakdown by industry (32)(footnote: Including hedges.)**\n\n| In EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Diversified | Energy | Financials | Funds | Industrial | Technology | Utilities | Other |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Industry | 10 | 5% | 11% | 9% | 14% | 3% | 0% | 20% | 6% | 12% | 17% | 1% | 0% |\n\n**Real estate breakdown by geographical exposure**\n\n| In EUR billion | Fair Value | Belgium | France | Germany | Italy | Japan | Spain | Switzerland | United Kingdom | United States | Other EU countries | Rest of the World |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Geographical Exposure | 41 | 5% | 25% | 11% | 3% | 5% | 4% | 13% | 7% | 12% | 5% | 10% |\n\n**Real estate breakdown by type**\n\n| In EUR billion | Fair Value | Office | Residential | Industrial-Logistic | Retail | Others |\n| --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Type | 41 | 33% | 22% | 15% | 12% | 18% |\n\n**Private equities breakdown by asset domiciliation (33)(footnote: Excluding Non-listed Equity.)**\n\n| In EUR billion | Fair Value | Europe | Japan | United States | Other |\n| --- | --- | --- | --- | --- | --- |\n| Breakdown By Asset Domiciliation | 17 | 45% | 5% | 46% | 5% |\n\n**Mortgage loans breakdown by type**\n\n| In EUR billion | Fair Value | Residential | Commercial (24) |\n| --- | --- | --- | --- |\n| Breakdown by Type | 23 | 69% | 31% |\n\n(31) Includes REITS corporate bonds (Euro 3 billion).\n(23) Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).\n(22) Includes AT1 (Euro 0.4 billion).\n(32) Including hedges.\n(33) Excluding Non-listed Equity.\n(24) Loan to Value: 46%."
},
},
{
{
Line 316: Line 316:
"Dividend"
"Dividend"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t33\" class=\"wikitable fintable\"\n|+ Change in Group Share Consolidated Shareholders' Equity rollforward\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShareholders' Equity at Beginning of the Period\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E49.9\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Paid-in Capital\n| style=\"text-align:right\" | -4.9\n|-\n| style=\"text-align:left\" | Treasury Shares\n| style=\"text-align:right\" | -0.1\n|-\n| style=\"text-align:left\" | Other Comprehensive Income Arising from Defined Benefit Plans\n| style=\"text-align:right\" | -0.3\n|-\n| style=\"text-align:left\" | Fair Value Recorded in Shareholders' Equity\n| style=\"text-align:right\" | 1.3\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other Comprehensive Income Related to Invested Assets\n| style=\"text-align:right\" | -4.2\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other Comprehensive Income Related to (re) Insurance Contracts\n| style=\"text-align:right\" | 5.4\n|-\n| style=\"text-align:left\" | Impact of Currency Fluctuations\n| style=\"text-align:right\" | -3.5\n|-\n| style=\"text-align:left\" | Undated Subordinated Debt (including interest charges)\n| style=\"text-align:right\" | -0.3\n|-\n| style=\"text-align:left\" | Realized Gains on Equity through Retained Earnings\n| style=\"text-align:right\" | 0.1\n|-\n| style=\"text-align:left\" | [[Definition:Dividend|Dividends]]\n| style=\"text-align:right\" | -4.6\n|-\n| style=\"text-align:left\" | Net Income for the Period\n| style=\"text-align:right\" | 9.8\n|-\n| style=\"text-align:left\" | Other\n| style=\"text-align:right\" | -0.2\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShareholders' Equity at End of the Period\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E47.2\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t34\" class=\"wikitable fintable\"\n|+ Group Share Consolidated Shareholders' Equity build-up\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Paid-in Capital\n| style=\"text-align:right\" | 21.8\n| style=\"text-align:right\" | 16.9\n|-\n| style=\"text-align:left\" | Treasury Shares\n| style=\"text-align:right\" | -1.5\n| style=\"text-align:right\" | -1.6\n|-\n| style=\"text-align:left\" | Other Comprehensive Income Arising from Defined Benefit Plans\n| style=\"text-align:right\" | -2.4\n| style=\"text-align:right\" | -2.8\n|-\n| style=\"text-align:left\" | Other Comprehensive Income\n| style=\"text-align:right\" | -8.1\n| style=\"text-align:right\" | -6.8\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other Comprehensive Income Related to Invested Assets\n| style=\"text-align:right\" | -13.1\n| style=\"text-align:right\" | -17.3\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Other Comprehensive Income Related to (re) Insurance Contracts\n| style=\"text-align:right\" | 5.0\n| style=\"text-align:right\" | 10.5\n|-\n| style=\"text-align:left\" | Translation Reserves\n| style=\"text-align:right\" | -1.1\n| style=\"text-align:right\" | -4.6\n|-\n| style=\"text-align:left\" | Undated Subordinated Debt\n| style=\"text-align:right\" | 4.8\n| style=\"text-align:right\" | 4.6\n|-\n| style=\"text-align:left\" | Retained Earnings\n| style=\"text-align:right\" | 36.5\n| style=\"text-align:right\" | 41.4\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Shareholders' Equity at the End of the Period\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E49.9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E47.2\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t35\" class=\"wikitable\"\n|+ Book value per share and shareholders' equity plus CSM per share\n|-\n! style=\"text-align:left\" | EUR\n! style=\"text-align:right\" | FY24\n! style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EBook Value per Share {{fn ref|25|2=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E24.5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E24.0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShareholders' Equity + CSM per Share {{fn ref|26|2=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E32.7\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E33.2\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t36\" class=\"wikitable fintable\"\n|+ Unrealized gains and losses on invested assets net of tax build-up\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-m\" style=\"text-align:right\" | FY24\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Government Bonds (recyclable)\n| style=\"text-align:right\" | -7.5\n| style=\"text-align:right\" | -13.0\n|-\n| style=\"text-align:left\" | Corporate Bonds (recyclable)\n| style=\"text-align:right\" | -4.1\n| style=\"text-align:right\" | -3.0\n|-\n| style=\"text-align:left\" | Cash Flow hedges (recyclable)\n| style=\"text-align:right\" | -3.5\n| style=\"text-align:right\" | -3.3\n|-\n| style=\"text-align:left\" | Equities (non-recyclable)\n| style=\"text-align:right\" | 2.3\n| style=\"text-align:right\" | 2.1\n|-\n| style=\"text-align:left\" | Others (recyclable)\n| style=\"text-align:right\" | -0.3\n| style=\"text-align:right\" | -0.1\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Other Comprehensive Income Related to Invested Assets\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-13.1\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-17.3\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Real Estate\n| style=\"text-align:right\" | 6.7\n| style=\"text-align:right\" | 6.5\n|-\n| style=\"text-align:left\" | Other Invested Assets Not Included in Shareholders' Equity\n| style=\"text-align:right\" | -0.6\n| style=\"text-align:right\" | -0.1\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6.1\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6.4\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Unrealized Gains and Losses on Invested Assets (Net of Tax)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-7.0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-10.9\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n{{fn note|1=25|2=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}\n{{fn note|1=26|2=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}"
"content": "**Change in Group Share Consolidated Shareholders' Equity rollforward**\n\n| In EUR billion | FY25 |\n| --- | --- |\n| **Shareholders' Equity at Beginning of the Period** | 49.9 |\n| Paid-in Capital | -4.9 |\n| Treasury Shares | -0.1 |\n| Other Comprehensive Income Arising from Defined Benefit Plans | -0.3 |\n| Fair Value Recorded in Shareholders' Equity | 1.3 |\n| Other Comprehensive Income Related to Invested Assets | -4.2 |\n| Other Comprehensive Income Related to (re) Insurance Contracts | 5.4 |\n| Impact of Currency Fluctuations | -3.5 |\n| Undated Subordinated Debt (including interest charges) | -0.3 |\n| Realized Gains on Equity through Retained Earnings | 0.1 |\n| Dividends (Dividend) | -4.6 |\n| Net Income for the Period | 9.8 |\n| Other | -0.2 |\n| **Shareholders' Equity at End of the Period** | 47.2 |\n\n**Group Share Consolidated Shareholders' Equity build-up**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Paid-in Capital | 21.8 | 16.9 |\n| Treasury Shares | -1.5 | -1.6 |\n| Other Comprehensive Income Arising from Defined Benefit Plans | -2.4 | -2.8 |\n| Other Comprehensive Income | -8.1 | -6.8 |\n| Other Comprehensive Income Related to Invested Assets | -13.1 | -17.3 |\n| Other Comprehensive Income Related to (re) Insurance Contracts | 5.0 | 10.5 |\n| Translation Reserves | -1.1 | -4.6 |\n| Undated Subordinated Debt | 4.8 | 4.6 |\n| Retained Earnings | 36.5 | 41.4 |\n| **Total Shareholders' Equity at the End of the Period** | 49.9 | 47.2 |\n\n**Book value per share and shareholders' equity plus CSM per share**\n\n| EUR | FY24 | FY25 |\n| --- | --- | --- |\n| Book Value per Share (25) | 24.5 | 24.0 |\n| Shareholders' Equity + CSM per Share (26) | 32.7 | 33.2 |\n\n**Unrealized gains and losses on invested assets net of tax build-up**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Government Bonds (recyclable) | -7.5 | -13.0 |\n| Corporate Bonds (recyclable) | -4.1 | -3.0 |\n| Cash Flow hedges (recyclable) | -3.5 | -3.3 |\n| Equities (non-recyclable) | 2.3 | 2.1 |\n| Others (recyclable) | -0.3 | -0.1 |\n| **Total Other Comprehensive Income Related to Invested Assets** | -13.1 | -17.3 |\n| Real Estate | 6.7 | 6.5 |\n| Other Invested Assets Not Included in Shareholders' Equity | -0.6 | -0.1 |\n| **Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)** | 6.1 | 6.4 |\n| **Total Unrealized Gains and Losses on Invested Assets (Net of Tax)** | -7.0 | -10.9 |\n\n(25) Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.\n(26) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share."
},
},
{
{
Line 333: Line 333:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t37\" class=\"wikitable\"\n|+ Return on equity\n|-\n! style=\"text-align:left\" | In EUR billion\n! style=\"text-align:right\" | FY24\n! style=\"text-align:right\" | FY25\n! style=\"text-align:right\" | Change in % points (FY25 vs FY24)\n|-\n| style=\"text-align:left\" | \u003Cb\u003ENet Income ROE\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14.8%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E18.8%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E3.9 pt\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Net Income {{fn ref|27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}\n| style=\"text-align:right\" | 7.7\n| style=\"text-align:right\" | 9.6\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Average Adjusted Shareholders' Equity {{fn ref|28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}\n| style=\"text-align:right\" | 51.8\n| style=\"text-align:right\" | 51.3\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUnderlying ROE\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E15.2%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E16.0%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0.8 pt\u003C/b\u003E\n|-\n| style=\"text-align:left\" | [[Definition:Underlying earnings|Underlying Earnings]] {{fn ref|27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}\n| style=\"text-align:right\" | 7.9\n| style=\"text-align:right\" | 8.2\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Average Adjusted Shareholders' Equity {{fn ref|28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}\n| style=\"text-align:right\" | 51.8\n| style=\"text-align:right\" | 51.3\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t38\" class=\"wikitable\"\n|+ Debt gearing build-up\n|-\n! style=\"text-align:left\" | In EUR billion\n! style=\"text-align:right\" | FY24\n! style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Financing Debt\n| style=\"text-align:right\" | 3.2\n| style=\"text-align:right\" | 3.2\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Financing Debt Instrument Issued\n| style=\"text-align:right\" | 3.2\n| style=\"text-align:right\" | 3.2\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Financing Debt Owed to Credit Institutions\n| style=\"text-align:right\" | 0.0\n| style=\"text-align:right\" | 0.0\n|-\n| style=\"text-align:left\" | Dated Subordinated Debt\n| style=\"text-align:right\" | 11.2\n| style=\"text-align:right\" | 12.6\n|-\n| style=\"text-align:left\" | Reversal of mark-to-market of interest rates derivatives\n| style=\"text-align:right\" | -0.1\n| style=\"text-align:right\" | -0.1\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Gross Debt (A)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E14.3\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E15.7\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Undated Deeply Subordinated Notes (TSS)\n| style=\"text-align:right\" | 2.9\n| style=\"text-align:right\" | 4.3\n|-\n| style=\"text-align:left\" | Deeply Subordinated Notes (TSDI)\n| style=\"text-align:right\" | 1.9\n| style=\"text-align:right\" | 0.3\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal Gross Debt incl. Undated and Deeply Subordinated Notes (B)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E19.2\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20.3\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShareholders' Equity (Including Non-Controlling Interests) (a) (C) {{fn ref|29|2=Shareholders' equity includes undated and deeply subordinated debts.}}\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E52.5\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E49.6\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EContractual Service Margin net of tax (D)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E26.3\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25.9\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EShareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E93.1\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E91.1\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003EDebt Gearing (G) = (B) / (E)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E20.6%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E22.3%\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n{{fn note|1=27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}\n{{fn note|1=28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}\n{{fn note|1=29|2=Shareholders' equity includes undated and deeply subordinated debts.}}"
"content": "**Return on equity**\n\n| In EUR billion | FY24 | FY25 | Change in % points (FY25 vs FY24) |\n| --- | --- | --- | --- |\n| **Net Income ROE** | 14.8% | 18.8% | 3.9 pt |\n| Net Income (27) | 7.7 | 9.6 | |\n| Average Adjusted Shareholders' Equity (28) | 51.8 | 51.3 | |\n| **Underlying ROE** | 15.2% | 16.0% | 0.8 pt |\n| Underlying Earnings (27) | 7.9 | 8.2 | |\n| Average Adjusted Shareholders' Equity (28) | 51.8 | 51.3 | |\n\n**Debt gearing build-up**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Financing Debt | 3.2 | 3.2 |\n| Financing Debt Instrument Issued | 3.2 | 3.2 |\n| Financing Debt Owed to Credit Institutions | 0.0 | 0.0 |\n| Dated Subordinated Debt | 11.2 | 12.6 |\n| Reversal of mark-to-market of interest rates derivatives | -0.1 | -0.1 |\n| **Total Gross Debt (A)** | 14.3 | 15.7 |\n| Undated Deeply Subordinated Notes (TSS) | 2.9 | 4.3 |\n| Deeply Subordinated Notes (TSDI) | 1.9 | 0.3 |\n| **Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)** | 19.2 | 20.3 |\n| Shareholders' Equity (Including Non-Controlling Interests) (a) (C) (29) | 52.5 | 49.6 |\n| **Contractual Service Margin net of tax (D)** | 26.3 | 25.9 |\n| **Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)** | 93.1 | 91.1 |\n| **Debt Gearing (G) = (B) / (E)** | 20.6% | 22.3% |\n\n(27) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).\n(28) Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).\n(29) Shareholders' equity includes undated and deeply subordinated debts."
},
},
{
{
Line 352: Line 352:
"Full year 2025"
"Full year 2025"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t39\" class=\"wikitable\"\n|+ Solvency II rollforward\n|-\n! style=\"text-align:left\" | In EUR billion\n! style=\"text-align:right\" | FY24\n! style=\"text-align:right\" | Regulatory \u0026amp; model changes\n! style=\"text-align:right\" | Normalized Capital Generation\n! style=\"text-align:right\" | Operating variance\n! style=\"text-align:right\" | Economic variance (incl. FX)\n! style=\"text-align:right\" | Dividend \u0026amp; share buy-backs\n! style=\"text-align:right\" | Debt\n! style=\"text-align:right\" | M\u0026amp;A, In-force and Other\n! style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EEligible Own Fund (EOF)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E55.9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0.2\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E8.8\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-0.4\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-2.1\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-6.0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E1.6\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1.7\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E56.4\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003ESolvency Capital Requirement (SCR)\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25.9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0.0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0.6\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0.0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1.2\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0.0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0.0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-0.2\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E25.2\u003C/b\u003E\n|-\n| style=\"text-align:left\" | \u003Cb\u003ESolvency II Ratio\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E216%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E28%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-1%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-24%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E6%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E-5%\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E224%\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t40\" class=\"wikitable\"\n|+ Eligible own fund tiering by sector\n|-\n! style=\"text-align:left\" | In EUR billion\n! style=\"text-align:right\" | Total\n! style=\"text-align:right\" | Unrestricted Tier 1\n! style=\"text-align:right\" | Restricted Tier 1\n! style=\"text-align:right\" | Tier 2\n! style=\"text-align:right\" | Tier 3\n|-\n| style=\"text-align:left\" | \u003Cb\u003EEOF as of [[Definition:Full year 2025|FY25]]\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E56.4\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E39.6\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4.7\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E11.6\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0.4\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Insurance Sector\n| style=\"text-align:right\" | \u003Cb\u003E55.1\u003C/b\u003E\n| style=\"text-align:right\" | 38.4\n| style=\"text-align:right\" | 4.7\n| style=\"text-align:right\" | 11.6\n| style=\"text-align:right\" | 0.4\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Ancillary\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Subject to Transitional Measures {{fn ref|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.}}\n| style=\"text-align:right\" | 2.4\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1.4\n| style=\"text-align:right\" | 1.0\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Other Financial Sectors\n| style=\"text-align:right\" | \u003Cb\u003E1.2\u003C/b\u003E\n| style=\"text-align:right\" | 1.2\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | \u003Cb\u003EEOF as of [[Definition:Full year 2024|FY24]]\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E55.9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E40.0\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E4.9\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E10.2\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E0.8\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Insurance Sector\n| style=\"text-align:right\" | \u003Cb\u003E53.5\u003C/b\u003E\n| style=\"text-align:right\" | 37.5\n| style=\"text-align:right\" | 4.9\n| style=\"text-align:right\" | 10.2\n| style=\"text-align:right\" | 0.8\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Ancillary\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| class=\"wt-indent-1\" style=\"text-align:left\" | Subject to Transitional Measures {{fn ref|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.}}\n| style=\"text-align:right\" | 4.5\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 3.4\n| style=\"text-align:right\" | 1.1\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Other Financial Sectors\n| style=\"text-align:right\" | \u003Cb\u003E2.5\u003C/b\u003E\n| style=\"text-align:right\" | 2.5\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t41\" class=\"wikitable fintable\"\n|+ Solvency II key sensitivities\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Interest Rate +50 bps\n| style=\"text-align:right\" | +2 pts\n| style=\"text-align:right\" | +2 pts\n|-\n| style=\"text-align:left\" | Interest Rate -50 bps\n| style=\"text-align:right\" | -4 pts\n| style=\"text-align:right\" | -1 pt\n|-\n| style=\"text-align:left\" | Corporate Spread +50bps\n| style=\"text-align:right\" | -1 pt\n| style=\"text-align:right\" | -1 pt\n|-\n| style=\"text-align:left\" | Euro Government Spreads +50bps\n| style=\"text-align:right\" | -10 pts\n| style=\"text-align:right\" | -7 pts\n|-\n| style=\"text-align:left\" | Credit Migration +20%\n| style=\"text-align:right\" | -4 pts\n| style=\"text-align:right\" | -4 pts\n|-\n| style=\"text-align:left\" | Listed Equities +25%\n| style=\"text-align:right\" | +0 pt\n| style=\"text-align:right\" | -1 pt\n|-\n| style=\"text-align:left\" | Listed Equities -25%\n| style=\"text-align:right\" | -3 pts\n| style=\"text-align:right\" | +2 pts\n|-\n| style=\"text-align:left\" | Private and Infrastructure Equity +25%\n| style=\"text-align:right\" | +13 pts\n| style=\"text-align:right\" | +14 pts\n|-\n| style=\"text-align:left\" | Private and Infrastructure Equity -25%\n| style=\"text-align:right\" | -15 pts\n| style=\"text-align:right\" | -19 pts\n|-\n| style=\"text-align:left\" | Inflation swap curve +50bps\n| style=\"text-align:right\" | -6 pts\n| style=\"text-align:right\" | -5 pts\n|}\n\u003C/div\u003E\n\n{{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.}}"
"content": "**Solvency II rollforward**\n\n| In EUR billion | FY24 | Regulatory \u0026 model changes | Normalized Capital Generation | Operating variance | Economic variance (incl. FX) | Dividend \u0026 share buy-backs | Debt | M\u0026A, In-force and Other | FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| **Eligible Own Fund (EOF)** | 55.9 | 0.2 | 8.8 | -0.4 | -2.1 | -6.0 | 1.6 | -1.7 | 56.4 |\n| **Solvency Capital Requirement (SCR)** | 25.9 | 0.0 | 0.6 | 0.0 | -1.2 | 0.0 | 0.0 | -0.2 | 25.2 |\n| **Solvency II Ratio** | 216% | 0% | 28% | -1% | 4% | -24% | 6% | -5% | 224% |\n\n**Eligible own fund tiering by sector**\n\n| In EUR billion | Total | Unrestricted Tier 1 | Restricted Tier 1 | Tier 2 | Tier 3 |\n| --- | --- | --- | --- | --- | --- |\n| **EOF as of FY25 (Full year 2025)** | 56.4 | 39.6 | 4.7 | 11.6 | 0.4 |\n| Insurance Sector | 55.1 | 38.4 | 4.7 | 11.6 | 0.4 |\n| Ancillary — Subject to Transitional Measures (30) | 2.4 | | 1.4 | 1.0 | |\n| Ancillary — Other Financial Sectors | 1.2 | 1.2 | | | |\n| **Ancillary — EOF as of FY24 (Full year 2024)** | 55.9 | 40.0 | 4.9 | 10.2 | 0.8 |\n| Ancillary — Insurance Sector | 53.5 | 37.5 | 4.9 | 10.2 | 0.8 |\n| Ancillary — Subject to Transitional Measures (30) | 4.5 | | 3.4 | 1.1 | |\n| Ancillary — Other Financial Sectors | 2.5 | 2.5 | | | |\n\n**Solvency II key sensitivities**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Interest Rate +50 bps | +2 pts | +2 pts |\n| Interest Rate -50 bps | -4 pts | -1 pt |\n| Corporate Spread +50bps | -1 pt | -1 pt |\n| Euro Government Spreads +50bps | -10 pts | -7 pts |\n| Credit Migration +20% | -4 pts | -4 pts |\n| Listed Equities +25% | +0 pt | -1 pt |\n| Listed Equities -25% | -3 pts | +2 pts |\n| Private and Infrastructure Equity +25% | +13 pts | +14 pts |\n| Private and Infrastructure Equity -25% | -15 pts | -19 pts |\n| Inflation swap curve +50bps | -6 pts | -5 pts |\n\n(30) 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."
},
},
{
{
Line 370: Line 370:
"Dividend"
"Dividend"
],
],
"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t42\" class=\"wikitable fintable\"\n|+ Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds\n|-\n! style=\"text-align:left\" | In EUR billion\n! class=\"col-m\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | \u003Cb\u003EIFRS SHAREHOLDERS' EQUITY\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E49.6\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Contractual Service Margin (net of tax)\n| style=\"text-align:right\" | 25.9\n|-\n| style=\"text-align:left\" | \u003Cb\u003EIFRS SHAREHOLDERS' EQUITY inc. CSM\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E75.5\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Net URCG not included in Shareholders' Equity\n| style=\"text-align:right\" | 6.4\n|-\n| style=\"text-align:left\" | Elimination Undated Subordinated Debts\n| style=\"text-align:right\" | -4.6\n|-\n| style=\"text-align:left\" | Elimination Intangibles\n| style=\"text-align:right\" | -21.3\n|-\n| class=\"wt-indent-5\" style=\"text-align:left\" | Goodwill\n| style=\"text-align:right\" | -17.8\n|-\n| class=\"wt-indent-5\" style=\"text-align:left\" | others\n| style=\"text-align:right\" | -3.5\n|-\n| style=\"text-align:left\" | \u003Cb\u003EIFRS TANGIBLE NET ASSET VALUE\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E56.0\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Foreseeable [[Definition:Dividend|dividends]] and distribution\n| style=\"text-align:right\" | -6.3\n|-\n| style=\"text-align:left\" | Technical provision adjustments\n| style=\"text-align:right\" | -9.6\n|-\n| class=\"wt-indent-5\" style=\"text-align:left\" | Risk Margin vs Risk Adjustment\n| style=\"text-align:right\" | -6.4\n|-\n| class=\"wt-indent-5\" style=\"text-align:left\" | BEL adjustment\n| style=\"text-align:right\" | -3.2\n|-\n| style=\"text-align:left\" | Other adjustments\n| style=\"text-align:right\" | -0.6\n|-\n| style=\"text-align:left\" | \u003Cb\u003EUNRESTRICTED TIER 1\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E39.6\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Restricted Tier 1 + Tier 2\n| style=\"text-align:right\" | 16.4\n|-\n| style=\"text-align:left\" | Tier 3\n| style=\"text-align:right\" | 0.4\n|-\n| style=\"text-align:left\" | \u003Cb\u003EGROUP ELIGIBLE OWN FUNDS\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E56.4\u003C/b\u003E\n|}\n\u003C/div\u003E"
"content": "**Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds**\n\n| In EUR billion | FY25 |\n| --- | --- |\n| **IFRS SHAREHOLDERS' EQUITY** | 49.6 |\n| Contractual Service Margin (net of tax) | 25.9 |\n| **IFRS SHAREHOLDERS' EQUITY inc. CSM** | 75.5 |\n| Net URCG not included in Shareholders' Equity | 6.4 |\n| Elimination Undated Subordinated Debts | -4.6 |\n| Elimination Intangibles | -21.3 |\n| Goodwill | -17.8 |\n| others | -3.5 |\n| **IFRS TANGIBLE NET ASSET VALUE** | 56.0 |\n| Foreseeable dividends (Dividend) and distribution | -6.3 |\n| Technical provision adjustments | -9.6 |\n| Risk Margin vs Risk Adjustment | -6.4 |\n| BEL adjustment | -3.2 |\n| Other adjustments | -0.6 |\n| **UNRESTRICTED TIER 1** | 39.6 |\n| Restricted Tier 1 + Tier 2 | 16.4 |\n| Tier 3 | 0.4 |\n| **GROUP ELIGIBLE OWN FUNDS** | 56.4 |"
}
}
],
],

Revision as of 20:35, 24 July 2026

doc_id"gr2rpazfcv"
sections
id"gr2rpazfcv-c1"
chunk1
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heading"Market Data"
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content"**Exchange rate by currency** | | 1H24 | FY24 | 1H25 | FY25 | Average 1H24 | Average FY24 | Average 1H25 | Average FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | USD | 1.07 | 1.04 | 1.17 | 1.17 | 1.08 | 1.08 | 1.09 | 1.13 | | JPY | 172 | 163 | 170 | 184 | 165 | 164 | 162 | 169 | | GBP | 0.85 | 0.83 | 0.86 | 0.87 | 0.85 | 0.85 | 0.84 | 0.86 | | CHF | 0.96 | 0.94 | 0.93 | 0.93 | 0.96 | 0.95 | 0.94 | 0.94 | | HKD | 8.37 | 8.04 | 9.21 | 9.14 | 8.45 | 8.44 | 8.53 | 8.82 | **Discount rate 5Y by currency** | % | Average 1H24 | Average FY24 | Average 1H25 | Average FY25 | | --- | --- | --- | --- | --- | | EUR | 2.79% | 2.84% | 2.57% | 2.59% | | USD | 4.35% | 4.41% | 4.40% | 4.23% | | JPY | 0.22% | 0.42% | 0.89% | 1.01% | | GBP | 4.00% | 4.25% | 4.38% | 4.31% | | CHF | 1.05% | 0.82% | 0.18% | 0.16% | | HKD | 3.75% | 3.67% | 3.45% | 3.18% | **Discount rate 10Y by currency** | % | Closing 1H24 | Closing FY24 | Closing 1H25 | Closing FY25 | | --- | --- | --- | --- | --- | | EUR | 3.06% | 2.71% | 2.91% | 3.17% | | USD | 4.54% | 4.66% | 4.43% | 4.45% | | JPY | 1.04% | 1.07% | 1.44% | 2.08% | | GBP | 4.27% | 4.48% | 4.56% | 4.55% | | CHF | 0.98% | 0.38% | 0.53% | 0.67% | | HKD | 3.79% | 3.91% | 3.02% | 3.21% |"
id"gr2rpazfcv-c2"
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heading"UE by LOB and Net Income"
tags
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"Other revenue"
"Foreign exchange"
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"Other revenue"
"Underlying earnings"
content"**Group underlying earnings build-up by line of business and net income** | In EUR million | Group 1H24 | Group FY24 | Group 1H25 | Group FY25 | Property & Casualty 1H24 | Property & Casualty FY24 | Property & Casualty 1H25 | Property & Casualty FY25 | Life & Health 1H24 | Life & Health FY24 | Life & Health 1H25 | Life & Health FY25 | Asset Management (1) 1H24 | Asset Management (1) FY24 | Asset Management (1) 1H25 | Asset Management (1) FY25 | Holdings (2) 1H24 | Holdings (2) FY24 | Holdings (2) 1H25 | Holdings (2) FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | 35,273 | 72,104 | 37,209 | 75,071 | 27,294 | 55,898 | 28,697 | 57,656 | 7,979 | 16,207 | 8,512 | 17,416 | | | | | | | | | | Short-term Business — Combined Ratio | | | | | 90.2% | 91.0% | 90.0% | 90.6% | 97.6% | 97.4% | 97.1% | 97.2% | | | | | | | | | | Short-term Business — Technical Margin | 2,877 | 5,421 | 3,107 | 5,888 | 2,682 | 5,006 | 2,859 | 5,409 | 195 | 415 | 248 | 479 | | | | | | | | | | Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | | | | | 1,395 | 2,775 | 1,428 | 2,954 | | | | | | | | | | Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | | | | | -64 | -95 | -30 | -150 | | | | | | | | | | Financial Result & Other — Financial Result | 2,064 | 3,971 | 2,148 | 4,013 | 1,324 | 2,559 | 1,343 | 2,631 | 536 | 975 | 563 | 946 | 24 | 35 | 14 | 14 | 181 | 402 | 228 | 422 | | Financial Result & Other — Other Revenues (Other revenue) | 1,459 | 3,054 | 1,625 | 2,167 | | | | | | | | | 937 | 2,004 | 1,018 | 1,018 | 522 | 1,050 | 607 | 1,149 | | Financial Result & Other — Other Expenses | -1,624 | -3,479 | -1,868 | -2,900 | | | | | | | | | -698 | -1,493 | -793 | -793 | -925 | -1,986 | -1,075 | -2,107 | | Financial Result & Other — Debt Financing Charges | -471 | -948 | -452 | -928 | | | | | | | | | | | | | -471 | -948 | -452 | -928 | | **Financial Result & Other — Underlying Earnings Before Tax** | 5,638 | 10,700 | 5,958 | 11,044 | 4,006 | 7,565 | 4,202 | 8,040 | 2,061 | 4,070 | 2,209 | 4,229 | 263 | 546 | 239 | 239 | -693 | -1,482 | -692 | -1,464 | | Financial Result & Other — Tax | -1,427 | -2,662 | -1,503 | -2,644 | -1,046 | -1,952 | -1,074 | -2,060 | -412 | -874 | -462 | -800 | -69 | -160 | -68 | -68 | 100 | 324 | 101 | 284 | | Financial Result & Other — Income from Affiliates & Other | 122 | 218 | 111 | 168 | 2 | 3 | 1 | 3 | 103 | 186 | 101 | 157 | 16 | 29 | 8 | 8 | 0 | 0 | 0 | 0 | | Financial Result & Other — Minority Interests | -89 | -179 | -101 | -199 | -56 | -106 | -63 | -111 | -27 | -60 | -34 | -85 | -6 | -13 | -4 | -4 | 0 | 0 | 0 | 0 | | **Financial Result & Other — Underlying Earnings Group Share** | 4,244 | 8,078 | 4,465 | 8,368 | 2,908 | 5,510 | 3,067 | 5,872 | 1,725 | 3,323 | 1,814 | 3,501 | 204 | 402 | 175 | 175 | -592 | -1,157 | -591 | -1,180 | | Financial Result & Other — Underlying Earnings Growth Rate (constant FX (Foreign exchange)) | 4% | 7% | 6% | 6% | | | | | | | | | | | | | | | | | | **Financial Result & Other — Underlying ROE** | 16.6% | 15.2% | 17.5% | 16.0% | | 16.2% | | 17.3% | | 13.6% | | 14.4% | | 26.0% | | n.a. | | | | | | Financial Result & Other — Net Realized Capital Gains & Losses | 93 | 195 | 66 | 138 | | | | | | | | | | | | | | | | | | Financial Result & Other — Change in Fair Value of Assets & Derivatives | -43 | 83 | -467 | -813 | | | | | | | | | | | | | | | | | | Financial Result & Other — Amortization of customer intangibles | -50 | -131 | -48 | -86 | | | | | | | | | | | | | | | | | | Financial Result & Other — Integration and Restructuring Costs | -78 | -240 | -63 | -197 | | | | | | | | | | | | | | | | | | Financial Result & Other — Exceptional Items | -147 | -99 | -30 | 2,386 | | | | | | | | | | | | | | | | | | **Financial Result & Other — Net Income Group Share** | 4,020 | 7,886 | 3,922 | 9,797 | | | | | | | | | | | | | | | | | | Financial Result & Other — Deeply Subordinated and Undated Subordinated Debt Charges | -106 | -201 | -86 | -174 | | | | | | | | | | | | | | | | | | **Financial Result & Other — Underlying Earnings for EPS calculation** | 4,138 | 7,877 | 4,379 | 8,195 | | | | | | | | | | | | | | | | | | **Financial Result & Other — Net Income for EPS calculation** | 3,914 | 7,685 | 3,836 | 9,623 | | | | | | | | | | | | | | | | | (1) AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025. (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."
id"gr2rpazfcv-c3"
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heading"UE by Geography"
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content"**Underlying earnings build-up by geography** | In EUR million | Group 1H24 | Group FY24 | Group 1H25 | Group FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | AXA IM (3) 1H24 | AXA IM (3) FY24 | AXA IM (3) 1H25 | AXA IM (3) FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | 35,273 | 72,104 | 37,209 | 75,071 | 9,046 | 18,698 | 9,567 | 19,555 | 11,839 | 24,005 | 12,661 | 25,724 | 9,022 | 18,530 | 9,428 | 18,699 | 4,312 | 8,750 | 4,478 | 8,986 | | | | | 1,053 | 2,122 | 1,075 | 2,107 | | Combined Ratio — Technical Margin | 2,877 | 5,421 | 3,107 | 5,888 | 692 | 1,470 | 658 | 1,485 | 998 | 1,957 | 1,176 | 2,357 | 1,111 | 1,820 | 1,074 | 1,928 | 70 | 81 | 150 | 9 | | | | | 6 | 93 | 49 | 109 | | Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 407 | 823 | 419 | 895 | 468 | 920 | 471 | 984 | 4 | 3 | 0 | 1 | 516 | 1,029 | 538 | 1,074 | | | | | 0 | 0 | 0 | 0 | | Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | -40 | -96 | -37 | -81 | -11 | -8 | 8 | -70 | 3 | 2 | 0 | -5 | -17 | 7 | -1 | 6 | | | | | 0 | 0 | 0 | 0 | | Financial Result & Other — Financial Result | 2,064 | 3,971 | 2,148 | 4,013 | 350 | 613 | 380 | 667 | 784 | 1,486 | 765 | 1,398 | 283 | 616 | 308 | 651 | 382 | 741 | 425 | 782 | 24 | 35 | 14 | 14 | 241 | 480 | 255 | 502 | | Financial Result & Other — Other Revenues (Other revenue) | 1,459 | 3,054 | 1,625 | 2,167 | 53 | 108 | 44 | 91 | -18 | -32 | -8 | -12 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -3 | 937 | 2,004 | 1,018 | 1,018 | 488 | 974 | 573 | 1,073 | | Financial Result & Other — Other Expenses | -1,624 | -3,479 | -1,868 | -2,900 | -83 | -180 | -79 | -168 | -10 | -25 | -6 | -3 | 0 | 0 | 0 | 0 | -9 | -20 | -14 | -26 | -698 | -1,493 | -793 | -793 | -823 | -1,761 | -976 | -1,910 | | Financial Result & Other — Debt Financing Charges | -471 | -948 | -452 | -928 | 0 | 0 | 0 | 0 | -1 | -2 | -1 | -2 | -16 | -33 | -16 | -32 | -7 | -12 | -4 | -6 | | | | | -447 | -902 | -431 | -887 | | **Financial Result & Other — Underlying Earnings Before Tax** | 5,638 | 10,700 | 5,958 | 11,044 | 1,380 | 2,738 | 1,384 | 2,888 | 2,210 | 4,297 | 2,406 | 4,651 | 1,385 | 2,409 | 1,366 | 2,543 | 935 | 1,826 | 1,093 | 1,835 | 263 | 546 | 239 | 239 | -535 | -1,116 | -530 | -1,113 | | Financial Result & Other — Tax | -1,427 | -2,662 | -1,503 | -2,644 | -350 | -676 | -308 | -665 | -536 | -1,004 | -568 | -1,039 | -355 | -588 | -342 | -650 | -205 | -443 | -294 | -434 | -69 | -160 | -68 | -68 | 88 | 209 | 76 | 212 | | Financial Result & Other — Income from Affiliates & Other | 122 | 218 | 111 | 168 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102 | 181 | 103 | 160 | 16 | 29 | 8 | 8 | 0 | 0 | 0 | 0 | | Financial Result & Other — Minority Interests | -89 | -179 | -101 | -199 | 0 | 0 | 0 | 0 | -48 | -105 | -56 | -126 | 0 | 0 | 0 | 0 | -34 | -60 | -39 | -68 | -6 | -13 | -4 | -4 | 0 | 0 | -1 | -2 | | **Financial Result & Other — Underlying Earnings Group share** | 4,244 | 8,078 | 4,465 | 8,368 | 1,034 | 2,071 | 1,076 | 2,224 | 1,626 | 3,187 | 1,782 | 3,486 | 1,030 | 1,820 | 1,024 | 1,893 | 798 | 1,504 | 862 | 1,493 | 204 | 402 | 175 | 175 | -447 | -907 | -455 | -903 | **Underlying earnings by line of business and geography** | In EUR million | Group 1H24 | Group FY24 | Group 1H25 | Group FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | AXA IM (3) 1H24 | AXA IM (3) FY24 | AXA IM (3) 1H25 | AXA IM (3) FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Underlying Earnings by Line of Business — Property & Casualty | 2,908 | 5,510 | 3,067 | 5,872 | 539 | 1,161 | 574 | 1,237 | 1,073 | 2,029 | 1,152 | 2,216 | 1,032 | 1,828 | 1,032 | 1,913 | 194 | 334 | 233 | 355 | | | | | 70 | 158 | 75 | 151 | | Underlying Earnings by Line of Business — Life & Health | 1,725 | 3,323 | 1,814 | 3,501 | 519 | 964 | 524 | 1,039 | 559 | 1,104 | 616 | 1,264 | 14 | 25 | 8 | 12 | 627 | 1,211 | 653 | 1,165 | | | | | 7 | 19 | 14 | 22 | | Underlying Earnings by Line of Business — Asset Management | 204 | 402 | 175 | 175 | | | | | | | | | | | | | | | | | 204 | 402 | 175 | 175 | | | | | | Underlying Earnings by Line of Business — Holdings (4) | -592 | -1,157 | -591 | -1,180 | -24 | -54 | -23 | -52 | -6 | 54 | 14 | 6 | -16 | -33 | -16 | -32 | -23 | -41 | -24 | -26 | | | | | -524 | -1,083 | -543 | -1,076 | (3) 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. (4) 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."
id"gr2rpazfcv-c4"
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heading"Shares & UEPS"
tags
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content"**Basic number of shares rollforward** | million | Outstanding Shares Excluding Treasury Shares (5) FY24 | Outstanding Shares Excluding Treasury Shares (5) FY25 | Weighted Average Number FY24 | Weighted Average Number FY25 | | --- | --- | --- | --- | --- | | **Basic Number of Shares — As of Beginning of Period** | 2,226.2 | 2,175.4 | 2,226.2 | 2,175.4 | | Basic Number of Shares — Increase of Capital Dedicated to Employees | 12.9 | 12.7 | 0.9 | 1.0 | | Basic Number of Shares — Exercice of Stock-options | 2.6 | 1.1 | 1.4 | 0.6 | | Basic Number of Shares — Other Movement of Treasury Shares | 4.6 | 4.2 | 17.5 | 6.3 | | Basic Number of Shares — Capital Increase / (Decrease) | -70.9 | -138.0 | -55.2 | -64.9 | | **Basic Number of Shares — As at End of Period** | 2,175.4 | 2,055.4 | | | | **Basic Number of Shares — During the Period** | | | 2,190.8 | 2,118.3 | | Fully Diluted Number of Shares — Stock Options | | | 0.8 | 0.6 | | Fully Diluted Number of Shares — Performance Shares | | | 5.6 | 5.1 | | **Fully Diluted Number of Shares — During the Period (A)** | | | 2,197.1 | 2,124.0 | | Earnings Group Share: — Net Income | | | 7,886 | 9,797 | | Earnings Group Share: — Underlying Earnings | | | 8,078 | 8,368 | | Impact of undated and deeply subordinated debts: — Undated and deeply subordinated debt charges | | | -201 | -174 | | Earnings for EPS Calculation: — Net Income for EPS Calculation (B) | | | 7,685 | 9,623 | | Earnings for EPS Calculation: — Underlying Earnings for EPS Calculation (C) | | | 7,877 | 8,195 | | **Fully Diluted Euro per Share (EPS) — EPS (B/A)** | | | 3.50 | 4.53 | | **Fully Diluted Euro per Share (EPS) — Underlying EPS (Underlying earnings per share) (C/A)** | | | 3.59 | 3.86 | (5) 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."
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heading"P&C UE by Sub LOB"
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"Underlying earnings"
content"**Property & casualty underlying earnings build-up by line of business** | In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | Commercial lines 1H24 | Commercial lines FY24 | Commercial lines 1H25 | Commercial lines FY25 | Personal lines 1H24 | Personal lines FY24 | Personal lines 1H25 | Personal lines FY25 | AXA XL Reinsurance 1H24 | AXA XL Reinsurance FY24 | AXA XL Reinsurance 1H25 | AXA XL Reinsurance FY25 | Intercompany eliminations 1H24 | Intercompany eliminations FY24 | Intercompany eliminations 1H25 | Intercompany eliminations FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | 27,294 | 55,898 | 28,697 | 57,656 | 18,657 | 38,019 | 19,575 | 39,090 | 9,144 | 18,705 | 9,513 | 19,276 | 1,155 | 2,394 | 1,299 | 2,493 | -1,662 | -3,220 | -1,689 | -3,203 | | Short-term Business — Current Accident Year Loss Ratio | 67.0% | 67.7% | 66.7% | 66.9% | 68.1% | 68.8% | 68.0% | 68.0% | 69.8% | 70.0% | 68.8% | 69.1% | 69.7% | 70.6% | 70.8% | 71.9% | | | | | | Short-term Business — Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 67.4% | 67.4% | 67.0% | 67.0% | 69.2% | 69.4% | 69.3% | 68.8% | 68.8% | 68.5% | 67.5% | 67.9% | 68.0% | 67.9% | 69.4% | 71.5% | | | | | | Short-term Business — Undiscounted Current Accident Year Nat Cats | 3.6% | 3.8% | 3.5% | 3.4% | 2.7% | 2.9% | 2.7% | 2.6% | 4.0% | 4.1% | 3.8% | 3.6% | 10.6% | 10.4% | 9.2% | 8.7% | | | | | | Short-term Business — Current Accident Year Discounting | -3.9% | -3.6% | -3.9% | -3.5% | -3.7% | -3.5% | -3.9% | -3.5% | -3.0% | -2.6% | -2.6% | -2.4% | -8.8% | -7.7% | -7.8% | -8.3% | | | | | | Short-term Business — Prior Year Reserve Development Ratio | -1.5% | -1.6% | -1.1% | -1.1% | -1.1% | -1.2% | -1.3% | -0.8% | -2.3% | -1.8% | -0.6% | -1.6% | -1.1% | -0.8% | -0.3% | 0.0% | | | | | | Short-term Business — Expense Ratio | 24.7% | 25.0% | 24.5% | 24.8% | 23.1% | 23.6% | 23.2% | 23.5% | 25.5% | 25.7% | 25.1% | 25.2% | 10.0% | 9.9% | 9.1% | 9.4% | | | | | | Short-term Business — Combined Ratio | 90.2% | 91.0% | 90.0% | 90.6% | 90.1% | 91.1% | 89.9% | 90.7% | 92.9% | 93.9% | 93.3% | 92.8% | 78.7% | 79.7% | 79.6% | 81.4% | | | | | | Short-term Business — Technical Margin | 2,682 | 5,006 | 2,859 | 5,409 | 1,850 | 3,372 | 1,968 | 3,616 | 645 | 1,136 | 638 | 1,392 | 246 | 486 | 265 | 464 | -60 | 12 | -12 | -63 | | Financial Result & Other — Financial Result | 1,324 | 2,559 | 1,343 | 2,631 | 993 | 1,831 | 1,004 | 1,941 | 240 | 538 | 275 | 523 | 119 | 210 | 85 | 186 | -28 | -20 | -20 | -20 | | Financial Result & Other — Investment Income | 1,967 | 3,731 | 2,088 | 3,988 | 1,427 | 2,625 | 1,512 | 2,864 | 366 | 761 | 422 | 794 | 202 | 365 | 174 | 350 | -28 | -20 | -20 | -20 | | Financial Result & Other — Insurance Finance Expenses | -643 | -1,172 | -745 | -1,358 | -434 | -794 | -508 | -922 | -126 | -223 | -148 | -272 | -83 | -155 | -90 | -163 | 0 | 0 | 0 | 0 | | **Debt Financing Charges — Underlying Earnings Before Tax** | 4,006 | 7,565 | 4,202 | 8,040 | 2,843 | 5,203 | 2,973 | 5,557 | 886 | 1,674 | 913 | 1,914 | 365 | 696 | 349 | 650 | -87 | -8 | -33 | -82 | | Debt Financing Charges — Tax | -1,046 | -1,952 | -1,074 | -2,060 | | | | | | | | | | | | | | | | | | Debt Financing Charges — Income from Affiliates & Other | 2 | 3 | 1 | 3 | | | | | | | | | | | | | | | | | | Debt Financing Charges — Minority Interests | -56 | -106 | -63 | -111 | | | | | | | | | | | | | | | | | | **Debt Financing Charges — Underlying Earnings Group share** | 2,908 | 5,510 | 3,067 | 5,872 | | | | | | | | | | | | | | | | | | **Debt Financing Charges — Closing Invested Assets** | 113,515 | 118,104 | 116,895 | 117,507 | | | | | | | | | | | | | | | | | | Debt Financing Charges — o/w VFA | 0 | 0 | 0 | 0 | | | | | | | | | | | | | | | | | | Debt Financing Charges — o/w Non VFA | 113,515 | 118,104 | 116,895 | 117,507 | | | | | | | | | | | | | | | | | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | 19,284 | 16,006 | 19,766 | 16,040 | 12,070 | 9,480 | 12,240 | 9,127 | 6,369 | 5,478 | 6,831 | 5,871 | 1,572 | 1,075 | 1,436 | 1,009 | -728 | -27 | -740 | 32 | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 69,800 | 71,751 | 70,215 | 70,567 | 45,710 | 46,570 | 46,591 | 47,002 | 17,809 | 18,308 | 17,781 | 17,402 | 6,704 | 6,830 | 6,290 | 6,198 | -423 | 43 | -447 | -35 |"
id"gr2rpazfcv-c6"
chunk6
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6
heading"P&C UE by Geography"
tags
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links
"Underlying earnings"
"Other revenue"
data_items
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effective_tags
"Other revenue"
"Underlying earnings"
content"**Property & casualty underlying earnings build-up by geography** | In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL o/w AXA XL Insurance | AXA XL FY24 | AXA XL o/w AXA XL Insurance | AXA XL 1H25 | AXA XL o/w AXA XL Insurance | AXA XL FY25 | AXA XL o/w AXA XL Insurance | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | 27,294 | 55,898 | 28,697 | 57,656 | 4,393 | 9,194 | 4,697 | 9,768 | 10,060 | 20,400 | 10,610 | 21,305 | 9,022 | 7,867 | 18,530 | 16,136 | 9,428 | 8,129 | 18,699 | 16,207 | 2,855 | 5,825 | 2,975 | 5,949 | 963 | 1,948 | 987 | 1,935 | | Short-term Business — Current Accident Year Loss Ratio | 67.0% | 67.7% | 66.7% | 66.9% | 69.4% | 68.9% | 70.6% | 70.1% | 66.5% | 66.9% | 64.7% | 65.1% | 67.5% | 67.2% | 69.2% | 69.0% | 68.4% | 68.0% | 68.8% | 68.3% | 68.6% | 69.3% | 68.2% | 69.6% | 53.2% | 51.0% | 48.0% | 44.6% | | Short-term Business — Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 67.4% | 67.4% | 67.0% | 67.0% | 71.3% | 69.7% | 70.6% | 70.2% | 65.0% | 65.5% | 64.1% | 64.3% | 68.8% | 68.9% | 69.3% | 69.5% | 69.7% | 69.8% | 69.8% | 69.6% | 70.0% | 70.4% | 69.7% | 70.2% | 52.9% | 51.1% | 48.0% | 44.5% | | Short-term Business — Undiscounted Current Accident Year Nat Cats | 3.6% | 3.8% | 3.5% | 3.4% | 3.4% | 3.8% | 4.8% | 4.5% | 4.5% | 4.1% | 3.3% | 3.1% | 3.8% | 2.8% | 4.6% | 3.8% | 4.2% | 3.4% | 3.9% | 3.1% | 0.8% | 0.9% | 0.8% | 1.6% | 1.4% | 1.1% | 1.3% | 1.2% | | Short-term Business — Current Accident Year Discounting | -3.9% | -3.6% | -3.9% | -3.5% | -5.3% | -4.6% | -4.8% | -4.6% | -3.1% | -2.8% | -2.7% | -2.3% | -5.1% | -4.6% | -4.7% | -4.2% | -5.5% | -5.2% | -4.9% | -4.4% | -2.2% | -2.0% | -2.3% | -2.2% | -1.1% | -1.2% | -1.2% | -1.1% | | Short-term Business — Prior Year Reserve Development Ratio | -1.5% | -1.6% | -1.1% | -1.1% | -3.5% | -3.9% | -2.6% | -2.9% | -2.1% | -2.1% | -1.1% | -1.3% | -0.1% | 0.0% | -0.1% | 0.0% | -0.2% | -0.2% | 0.0% | 0.0% | -0.1% | 0.1% | -1.0% | -0.2% | -3.7% | -5.7% | -4.0% | -1.9% | | Short-term Business — Expense Ratio | 24.7% | 25.0% | 24.5% | 24.8% | 21.9% | 21.9% | 20.7% | 20.4% | 25.9% | 26.2% | 26.0% | 26.2% | 20.3% | 21.8% | 21.0% | 22.7% | 20.4% | 22.2% | 20.9% | 22.6% | 29.4% | 29.6% | 29.0% | 29.8% | 50.5% | 50.9% | 52.5% | 52.8% | | Short-term Business — Combined Ratio | 90.2% | 91.0% | 90.0% | 90.6% | 87.8% | 86.8% | 88.6% | 87.5% | 90.3% | 91.0% | 89.6% | 90.0% | 87.7% | 89.0% | 90.2% | 91.7% | 88.6% | 90.0% | 89.7% | 91.0% | 98.0% | 99.1% | 96.2% | 99.2% | 100.1% | 96.2% | 96.5% | 95.5% | | Short-term Business — Technical Margin | 2,682 | 5,006 | 2,859 | 5,409 | 538 | 1,212 | 533 | 1,220 | 977 | 1,844 | 1,104 | 2,127 | 1,111 | 865 | 1,820 | 1,335 | 1,074 | 809 | 1,928 | 1,464 | 57 | 55 | 114 | 48 | -1 | 74 | 35 | 86 | | Financial Result & Other — Financial Result | 1,324 | 2,559 | 1,343 | 2,631 | 251 | 421 | 261 | 468 | 473 | 912 | 461 | 876 | 273 | 159 | 596 | 387 | 298 | 213 | 632 | 445 | 242 | 484 | 261 | 530 | 86 | 146 | 62 | 125 | | Financial Result & Other — Investment Income | 1,967 | 3,731 | 2,088 | 3,988 | 334 | 572 | 373 | 675 | 658 | 1,244 | 667 | 1,257 | 614 | 416 | 1,233 | 868 | 681 | 507 | 1,331 | 981 | 261 | 518 | 292 | 585 | 100 | 164 | 74 | 140 | | Financial Result & Other — Insurance Finance Expenses | -643 | -1,172 | -745 | -1,358 | -83 | -151 | -112 | -207 | -185 | -332 | -206 | -381 | -341 | -257 | -637 | -481 | -384 | -294 | -699 | -536 | -20 | -35 | -31 | -55 | -14 | -18 | -12 | -15 | | **Debt Financing Charges — Underlying Earnings Before Tax** | 4,006 | 7,565 | 4,202 | 8,040 | 788 | 1,633 | 794 | 1,688 | 1,450 | 2,757 | 1,564 | 3,002 | 1,384 | 1,024 | 2,417 | 1,721 | 1,372 | 1,022 | 2,560 | 1,910 | 299 | 539 | 375 | 579 | 85 | 220 | 97 | 211 | | Debt Financing Charges — Tax | -1,046 | -1,952 | -1,074 | -2,060 | -249 | -472 | -220 | -451 | -352 | -671 | -384 | -734 | -352 | -257 | -588 | -457 | -339 | -252 | -647 | -482 | -77 | -159 | -110 | -170 | -15 | -62 | -21 | -58 | | Debt Financing Charges — Income from Affiliates & Other | 2 | 3 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 1 | 3 | 0 | 0 | 0 | 0 | | Debt Financing Charges — Minority Interests | -56 | -106 | -63 | -111 | 0 | 0 | 0 | 0 | -25 | -57 | -28 | -52 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30 | -49 | -34 | -57 | 0 | 0 | -1 | -2 | | **Debt Financing Charges — Underlying Earnings Group share** | 2,908 | 5,510 | 3,067 | 5,872 | 539 | 1,161 | 574 | 1,237 | 1,073 | 2,029 | 1,152 | 2,216 | 1,032 | 767 | 1,828 | 1,264 | 1,032 | 770 | 1,913 | 1,427 | 194 | 334 | 233 | 355 | 70 | 158 | 75 | 151 | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | 19,284 | 16,006 | 19,766 | 16,040 | 2,153 | 1,712 | 2,221 | 1,783 | 7,151 | 5,166 | 7,591 | 5,534 | 7,478 | 5,905 | 7,028 | 5,948 | 7,315 | 5,879 | 6,467 | 5,461 | 1,802 | 1,834 | 1,935 | 2,024 | 700 | 266 | 705 | 231 | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 69,800 | 71,751 | 70,215 | 70,567 | 13,485 | 13,889 | 13,900 | 13,882 | 24,834 | 25,955 | 26,003 | 25,737 | 24,865 | 18,223 | 25,915 | 19,146 | 24,533 | 18,295 | 25,044 | 18,897 | 3,385 | 3,640 | 3,510 | 3,804 | 3,231 | 2,351 | 2,269 | 2,101 |"
id"gr2rpazfcv-c7"
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7
heading"L&H UE by LOB"
tags
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"Other revenue"
data_items
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content"**Life & health underlying earnings build-up by line of business** | In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | Life 1H24 | Life FY24 | Life 1H25 | Life FY25 | Health 1H24 | Health FY24 | Health 1H25 | Health FY25 | Employee Benefits* (out of Total Life & Health) (6) 1H24 | Employee Benefits* (out of Total Life & Health) FY24 | Employee Benefits* (out of Total Life & Health) 1H25 | Employee Benefits* (out of Total Life & Health) FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | 7,979 | 16,207 | 8,512 | 17,416 | 2,112 | 4,247 | 2,211 | 4,444 | 5,867 | 11,960 | 6,301 | 12,972 | 5,592 | 11,482 | 5,931 | 12,035 | | Short-term Business — Combined Ratio | 97.6% | 97.4% | 97.1% | 97.2% | 94.5% | 95.5% | 95.2% | 95.4% | 98.6% | 98.1% | 97.8% | 97.9% | 98.2% | 97.8% | 97.4% | 97.1% | | Short-term Business — Technical Margin | 195 | 415 | 248 | 479 | 116 | 191 | 107 | 206 | 79 | 224 | 141 | 273 | 101 | 248 | 156 | 347 | | Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 1,136 | 2,253 | 1,158 | 2,415 | 259 | 522 | 270 | 539 | 58 | 110 | 59 | 107 | | Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | -71 | -98 | -28 | -139 | 7 | 3 | -2 | -11 | 17 | 37 | 22 | 38 | | Long-term Business — Actual vs. Expected Cash Flows | 9 | -15 | 12 | 39 | -4 | -33 | 10 | 37 | 13 | 18 | 2 | 2 | -3 | -2 | -5 | -8 | | Long-term Business — Risk Adjustment Release | 30 | 59 | 44 | 72 | 25 | 51 | 37 | 59 | 4 | 8 | 7 | 13 | 2 | 4 | 7 | 8 | | Long-term Business — Changes in Onerous Contracts | -32 | 6 | -12 | -29 | -30 | 9 | -10 | -25 | -1 | -2 | -2 | -4 | 0 | 0 | 0 | 0 | | Long-term Business — Other Long-term | -72 | -145 | -74 | -232 | -63 | -124 | -65 | -211 | -8 | -21 | -9 | -22 | 19 | 35 | 20 | 38 | | Financial Result & Other — Financial Result | 536 | 975 | 563 | 946 | 454 | 799 | 462 | 738 | 82 | 176 | 101 | 209 | 75 | 157 | 91 | 175 | | Financial Result & Other — Investment Income | 1,319 | 2,525 | 1,329 | 2,484 | 1,159 | 2,209 | 1,159 | 2,142 | 160 | 317 | 170 | 341 | 219 | 429 | 232 | 456 | | Financial Result & Other — Insurance Finance Expenses | -783 | -1,551 | -767 | -1,538 | -705 | -1,410 | -697 | -1,405 | -78 | -140 | -69 | -133 | -144 | -272 | -141 | -281 | | **Debt Financing Charges — Underlying Earnings Before Tax** | 2,061 | 4,070 | 2,209 | 4,229 | 1,634 | 3,145 | 1,699 | 3,219 | 427 | 925 | 510 | 1,010 | 252 | 552 | 328 | 666 | | Debt Financing Charges — Tax | -412 | -874 | -462 | -800 | -316 | -635 | -329 | -584 | -96 | -239 | -133 | -216 | -46 | -111 | -64 | -110 | | Debt Financing Charges — Income from Affiliates & Other | 103 | 186 | 101 | 157 | 101 | 182 | 93 | 154 | 2 | 4 | 8 | 2 | | | | | | Debt Financing Charges — Minority Interests | -27 | -60 | -34 | -85 | -27 | -56 | -30 | -75 | 0 | -4 | -3 | -9 | | | | | | **Debt Financing Charges — Underlying Earnings Group share** | 1,725 | 3,323 | 1,814 | 3,501 | 1,392 | 2,636 | 1,433 | 2,715 | 333 | 687 | 381 | 787 | 205 | 441 | 264 | 556 | | **Debt Financing Charges — Closing Invested Assets** | 329,460 | 345,008 | 338,447 | 334,840 | | | | | | | | | | | | | | Debt Financing Charges — o/w VFA | 234,783 | 230,205 | 229,844 | 226,937 | | | | | | | | | | | | | | Debt Financing Charges — o/w Non VFA | 94,677 | 114,803 | 108,603 | 107,903 | | | | | | | | | | | | | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,446 | 2,096 | 2,856 | 2,511 | 157 | 96 | 105 | 21 | 2,289 | 2,000 | 2,750 | 2,490 | | | | | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 13,876 | 14,162 | 13,960 | 14,592 | 11,589 | 11,778 | 11,623 | 11,205 | 2,286 | 2,384 | 2,337 | 3,386 | | | | | | **For long-term business — Best Estimate Liabilities net of reinsurance** | 295,342 | 306,249 | 301,040 | 300,391 | 275,276 | 285,391 | 280,314 | 280,280 | 20,066 | 20,858 | 20,726 | 20,112 | | | | | | For long-term business — o/w VFA Gross of reinsurance | 264,013 | 273,094 | 266,960 | 271,902 | 243,037 | 251,273 | 244,964 | 250,326 | 20,977 | 21,821 | 21,996 | 21,576 | | | | | | For long-term business — o/w BBA Gross of reinsurance | 50,097 | 51,845 | 51,524 | 45,307 | 50,917 | 52,713 | 52,731 | 46,724 | -821 | -868 | -1,207 | -1,417 | | | | | | For long-term business — o/w Reinsurance | -18,768 | -18,690 | -17,443 | -16,817 | -18,679 | -18,595 | -17,381 | -16,770 | -90 | -95 | -62 | -47 | | | | | (6) Employee Benefits include Group Protection and Group Health contracts."
id"gr2rpazfcv-c8"
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heading"L&H UE by Geography"
tags
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"Other revenue"
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content"**Life & health underlying earnings build-up by geography** | In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | 7,979 | 16,207 | 8,512 | 17,416 | 4,654 | 9,503 | 4,870 | 9,787 | 1,778 | 3,604 | 2,051 | 4,419 | 0 | 0 | 0 | 0 | 1,457 | 2,925 | 1,503 | 3,037 | 90 | 174 | 88 | 172 | | Short-term Business — Combined Ratio | 97.6% | 97.4% | 97.1% | 97.2% | 96.7% | 97.3% | 97.4% | 97.3% | 98.8% | 96.9% | 96.4% | 94.8% | 0.0% | 0.0% | 0.0% | 0.0% | 99.1% | 99.1% | 97.6% | 101.3% | 92.2% | 89.1% | 83.6% | 86.7% | | Short-term Business — Technical Margin | 195 | 415 | 248 | 479 | 155 | 258 | 124 | 265 | 21 | 113 | 73 | 230 | 0 | 0 | 0 | 0 | 13 | 26 | 36 | -39 | 7 | 19 | 14 | 23 | | Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 407 | 823 | 419 | 895 | 468 | 920 | 471 | 984 | 4 | 3 | 0 | 1 | 516 | 1,029 | 538 | 1,074 | 0 | 0 | 0 | 0 | | Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | -40 | -96 | -37 | -81 | -11 | -8 | 8 | -70 | 3 | 2 | 0 | -5 | -17 | 7 | -1 | 6 | 0 | 0 | 0 | 0 | | Long-term Business — Actual vs. Expected Cash Flows | 9 | -15 | 12 | 39 | 8 | -8 | 2 | 15 | 5 | -11 | -11 | -6 | -2 | -3 | -1 | -6 | 0 | 8 | 22 | 35 | 0 | 0 | 0 | 0 | | Long-term Business — Risk Adjustment Release | 30 | 59 | 44 | 72 | 5 | 15 | 9 | 14 | 11 | 21 | 21 | 32 | 0 | 1 | 0 | 1 | 13 | 23 | 13 | 25 | 0 | 0 | 0 | 0 | | Long-term Business — Changes in Onerous Contracts | -32 | 6 | -12 | -29 | 0 | 0 | 0 | 0 | -33 | -25 | -13 | -36 | 5 | 5 | 0 | 0 | -3 | 26 | 1 | 7 | 0 | 0 | 0 | 0 | | Long-term Business — Other Long-term | -72 | -145 | -74 | -232 | -52 | -103 | -49 | -111 | 7 | 7 | 12 | -61 | 0 | 0 | 0 | 0 | -26 | -50 | -37 | -61 | 0 | 0 | 0 | 0 | | Financial Result & Other — Financial Result | 536 | 975 | 563 | 946 | 100 | 192 | 118 | 197 | 284 | 504 | 269 | 477 | 10 | 19 | 10 | 20 | 142 | 260 | 165 | 250 | 0 | 0 | 0 | 2 | | Financial Result & Other — Investment Income | 1,319 | 2,525 | 1,329 | 2,484 | 370 | 701 | 370 | 703 | 490 | 916 | 478 | 889 | 13 | 27 | 14 | 27 | 446 | 882 | 467 | 862 | 0 | 0 | 0 | 2 | | Financial Result & Other — Insurance Finance Expenses | -783 | -1,551 | -767 | -1,538 | -270 | -509 | -252 | -507 | -206 | -412 | -209 | -411 | -3 | -7 | -4 | -8 | -303 | -622 | -301 | -612 | 0 | 0 | 0 | 0 | | **Debt Financing Charges — Underlying Earnings Before Tax** | 2,061 | 4,070 | 2,209 | 4,229 | 622 | 1,176 | 624 | 1,276 | 762 | 1,529 | 821 | 1,622 | 17 | 25 | 10 | 16 | 654 | 1,322 | 739 | 1,291 | 7 | 19 | 14 | 25 | | Debt Financing Charges — Tax | -412 | -874 | -462 | -800 | -106 | -220 | -100 | -237 | -180 | -376 | -176 | -285 | -3 | 0 | -2 | -4 | -123 | -277 | -182 | -272 | 0 | 0 | -1 | -4 | | Debt Financing Charges — Income from Affiliates & Other | 103 | 186 | 101 | 157 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 177 | 101 | 157 | 0 | 0 | 0 | 0 | | Debt Financing Charges — Minority Interests | -27 | -60 | -34 | -85 | 0 | 0 | 0 | 0 | -23 | -49 | -28 | -74 | 0 | 0 | 0 | 0 | -4 | -12 | -5 | -11 | 0 | 0 | 0 | 0 | | **Debt Financing Charges — Underlying Earnings Group share** | 1,725 | 3,323 | 1,814 | 3,501 | 519 | 964 | 524 | 1,039 | 559 | 1,104 | 616 | 1,264 | 14 | 25 | 8 | 12 | 627 | 1,211 | 653 | 1,165 | 7 | 19 | 14 | 22 | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,446 | 2,096 | 2,856 | 2,511 | 50 | -2 | 28 | -6 | 1,228 | 967 | 1,619 | 1,352 | 0 | 0 | 0 | 0 | 1,159 | 1,124 | 1,204 | 1,155 | 9 | 6 | 5 | 10 | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 13,876 | 14,162 | 13,960 | 14,592 | 12,589 | 12,831 | 12,443 | 12,850 | 773 | 871 | 1,015 | 1,186 | 0 | 0 | 0 | 0 | 501 | 447 | 487 | 541 | 13 | 14 | 15 | 15 | | **For long-term business — Best Estimate Liabilities net of reinsurance** | 295,342 | 306,249 | 301,040 | 300,391 | 112,949 | 115,280 | 114,525 | 114,424 | 135,034 | 139,257 | 137,584 | 136,725 | 324 | 345 | 310 | 309 | 47,035 | 51,368 | 48,620 | 48,934 | 0 | 0 | 0 | 0 | | For long-term business — o/w VFA Gross of reinsurance | 264,013 | 273,094 | 266,960 | 271,902 | 116,132 | 117,942 | 116,770 | 117,266 | 121,623 | 125,513 | 121,135 | 122,782 | 0 | 0 | 0 | 0 | 26,258 | 29,639 | 29,055 | 31,854 | 0 | 0 | 0 | 0 | | For long-term business — o/w BBA Gross of reinsurance | 50,097 | 51,845 | 51,524 | 45,307 | 9,606 | 10,019 | 9,848 | 8,873 | 13,520 | 13,810 | 16,410 | 13,760 | 1,670 | 1,659 | 1,522 | 1,473 | 25,301 | 26,356 | 23,743 | 21,201 | 0 | 0 | 0 | 0 | | For long-term business — o/w Reinsurance | -18,768 | -18,690 | -17,443 | -16,817 | -12,790 | -12,682 | -12,093 | -11,715 | -108 | -66 | 39 | 183 | -1,346 | -1,315 | -1,212 | -1,164 | -4,524 | -4,627 | -4,178 | -4,121 | 0 | 0 | 0 | 0 |"
id"gr2rpazfcv-c9"
chunk9
pages
9
heading"Life UE by Geography"
tags
Empty array
links
"Underlying earnings"
"Other revenue"
data_items
Empty array
effective_tags
"Other revenue"
"Underlying earnings"
content"**Life underlying earnings build-up by geography** | In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | 2,112 | 4,247 | 2,211 | 4,444 | 1,902 | 3,843 | 2,005 | 4,044 | 53 | 109 | 54 | 106 | 0 | 0 | 0 | 0 | 157 | 296 | 152 | 295 | 0 | 0 | 0 | 0 | | Short-term Business — Combined Ratio | 94.5% | 95.5% | 95.2% | 95.4% | 95.1% | 96.3% | 95.9% | 96.1% | 79.8% | 77.0% | 79.0% | 77.3% | 0.0% | 0.0% | 0.0% | 0.0% | 92.3% | 91.5% | 91.5% | 91.6% | 0.0% | 0.0% | 0.0% | 0.0% | | Short-term Business — Technical Margin | 116 | 191 | 107 | 206 | 93 | 141 | 83 | 158 | 11 | 25 | 11 | 24 | 0 | 0 | 0 | 0 | 12 | 25 | 13 | 25 | 0 | 0 | 0 | 0 | | Long-term Business — CSM Release | 1,136 | 2,253 | 1,158 | 2,415 | 407 | 823 | 419 | 895 | 390 | 759 | 386 | 804 | 4 | 3 | 0 | 1 | 336 | 669 | 353 | 715 | 0 | 0 | 0 | 0 | | Long-term Business — Technical Experience | -71 | -98 | -28 | -139 | -40 | -96 | -37 | -81 | -4 | 12 | 13 | -53 | 3 | 2 | 0 | -5 | -30 | -16 | -4 | 0 | 0 | 0 | 0 | 0 | | Long-term Business — Actual vs. Expected Cash Flows | -4 | -33 | 10 | 37 | 8 | -8 | 2 | 15 | 3 | -11 | -11 | -6 | -2 | -3 | -1 | -6 | -12 | -10 | 20 | 33 | 0 | 0 | 0 | 0 | | Long-term Business — Risk Adjustment Release | 25 | 51 | 37 | 59 | 5 | 15 | 9 | 14 | 12 | 23 | 20 | 30 | 0 | 1 | 0 | 1 | 8 | 13 | 8 | 14 | 0 | 0 | 0 | 0 | | Long-term Business — Changes in Onerous Contracts | -30 | 9 | -10 | -25 | 0 | 0 | 0 | 0 | -32 | -23 | -13 | -33 | 5 | 5 | 0 | 0 | -3 | 26 | 3 | 8 | 0 | 0 | 0 | 0 | | Long-term Business — Other Long-term | -63 | -124 | -65 | -211 | -52 | -103 | -49 | -111 | 13 | 23 | 17 | -44 | 0 | 0 | 0 | 0 | -23 | -45 | -34 | -55 | 0 | 0 | 0 | 0 | | Financial Result & Other — Financial Result | 454 | 799 | 462 | 738 | 103 | 193 | 114 | 185 | 249 | 432 | 232 | 401 | 10 | 19 | 10 | 20 | 92 | 155 | 105 | 132 | 0 | 0 | 0 | 0 | | Financial Result & Other — Investment Income | 1,159 | 2,209 | 1,159 | 2,142 | 344 | 660 | 346 | 649 | 451 | 838 | 438 | 809 | 13 | 27 | 14 | 27 | 350 | 684 | 361 | 657 | 0 | 0 | 0 | 0 | | Financial Result & Other — Insurance Finance Expenses | -705 | -1,410 | -697 | -1,405 | -241 | -467 | -232 | -464 | -202 | -407 | -206 | -408 | -3 | -7 | -4 | -8 | -259 | -530 | -256 | -525 | 0 | 0 | 0 | 0 | | **Debt Financing Charges — Underlying Earnings Before Tax** | 1,634 | 3,145 | 1,699 | 3,219 | 563 | 1,060 | 579 | 1,156 | 645 | 1,227 | 643 | 1,176 | 17 | 25 | 10 | 16 | 409 | 833 | 468 | 872 | 0 | 0 | 0 | 0 | | Debt Financing Charges — Tax | -316 | -635 | -329 | -584 | -96 | -194 | -93 | -213 | -148 | -289 | -131 | -183 | -3 | 0 | -2 | -4 | -68 | -152 | -103 | -184 | 0 | 0 | 0 | 0 | | Debt Financing Charges — Income from Affiliates & Other | 101 | 182 | 93 | 154 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97 | 173 | 93 | 154 | 0 | 0 | 0 | 0 | | Debt Financing Charges — Minority Interests | -27 | -56 | -30 | -75 | 0 | 0 | 0 | 0 | -23 | -47 | -28 | -70 | 0 | 0 | 0 | 0 | -4 | -9 | -3 | -5 | 0 | 0 | 0 | 0 | | **Debt Financing Charges — Underlying Earnings Group share** | 1,392 | 2,636 | 1,433 | 2,715 | 470 | 875 | 486 | 943 | 474 | 891 | 484 | 923 | 14 | 25 | 8 | 12 | 434 | 845 | 456 | 837 | 0 | 0 | 0 | 0 | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | 157 | 96 | 105 | 21 | 23 | -19 | 4 | -41 | -3 | -14 | -35 | -24 | 0 | 0 | 0 | 0 | 137 | 129 | 137 | 86 | 0 | 0 | 0 | 0 | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 11,589 | 11,778 | 11,623 | 11,205 | 11,349 | 11,502 | 11,352 | 10,939 | 75 | 120 | 118 | 124 | 0 | 0 | 0 | 0 | 165 | 157 | 154 | 142 | 0 | 0 | 0 | 0 | | **For long-term business — Best Estimate Liabilities net of reinsurance** | 275,276 | 285,391 | 280,314 | 280,280 | 112,949 | 115,280 | 114,525 | 114,424 | 114,389 | 117,841 | 116,058 | 115,433 | 324 | 345 | 310 | 309 | 47,614 | 51,926 | 49,420 | 50,113 | 0 | 0 | 0 | 0 | | For long-term business — o/w VFA Gross of reinsurance | 243,037 | 251,273 | 244,964 | 250,326 | 116,132 | 117,942 | 116,770 | 117,266 | 100,727 | 103,800 | 99,267 | 101,144 | 0 | 0 | 0 | 0 | 26,178 | 29,530 | 28,928 | 31,916 | 0 | 0 | 0 | 0 | | For long-term business — o/w BBA Gross of reinsurance | 50,917 | 52,713 | 52,731 | 46,724 | 9,606 | 10,019 | 9,848 | 8,873 | 13,770 | 14,107 | 16,752 | 14,106 | 1,670 | 1,659 | 1,522 | 1,473 | 25,871 | 26,927 | 24,608 | 22,272 | 0 | 0 | 0 | 0 | | For long-term business — o/w Reinsurance | -18,679 | -18,595 | -17,381 | -16,770 | -12,790 | -12,682 | -12,093 | -11,715 | -108 | -66 | 39 | 183 | -1,346 | -1,315 | -1,212 | -1,164 | -4,435 | -4,532 | -4,116 | -4,074 | 0 | 0 | 0 | 0 |"
id"gr2rpazfcv-c10"
chunk10
pages
10
heading"Health UE by Geography"
tags
Empty array
links
"Underlying earnings"
"Other revenue"
data_items
Empty array
effective_tags
"Other revenue"
"Underlying earnings"
content"**Health underlying earnings build-up by geography** | In EUR million | Total 1H24 | Total FY24 | Total 1H25 | Total FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa & EME-LATAM 1H24 | Asia, Africa & EME-LATAM FY24 | Asia, Africa & EME-LATAM 1H25 | Asia, Africa & EME-LATAM FY25 | Transversal & Other 1H24 | Transversal & Other FY24 | Transversal & Other 1H25 | Transversal & Other FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | 5,867 | 11,960 | 6,301 | 12,972 | 2,752 | 5,661 | 2,865 | 5,744 | 1,725 | 3,495 | 1,997 | 4,314 | 0 | 0 | 0 | 0 | 1,300 | 2,629 | 1,350 | 2,742 | 90 | 174 | 88 | 172 | | Short-term Business — Combined Ratio | 98.6% | 98.1% | 97.8% | 97.9% | 97.8% | 97.9% | 98.5% | 98.1% | 99.4% | 97.5% | 96.9% | 95.2% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 98.3% | 102.3% | 92.2% | 89.1% | 83.6% | 86.7% | | Short-term Business — Technical Margin | 79 | 224 | 141 | 273 | 62 | 117 | 42 | 108 | 10 | 88 | 62 | 206 | 0 | 0 | 0 | 0 | 1 | 1 | 23 | -64 | 7 | 19 | 14 | 23 | | Long-term Business — CSM Release | 259 | 522 | 270 | 539 | 0 | 0 | 0 | 0 | 78 | 161 | 84 | 180 | 0 | 0 | 0 | 0 | 180 | 360 | 186 | 359 | 0 | 0 | 0 | 0 | | Long-term Business — Technical Experience | 7 | 3 | -2 | -11 | 0 | 0 | 0 | 0 | -6 | -20 | -5 | -17 | 0 | 0 | 0 | 0 | 14 | 23 | 3 | 6 | 0 | 0 | 0 | 0 | | Long-term Business — Actual vs. Expected Cash Flows | 13 | 18 | 2 | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 18 | 2 | 2 | 0 | 0 | 0 | 0 | | Long-term Business — Risk Adjustment Release | 4 | 8 | 7 | 13 | 0 | 0 | 0 | 0 | 0 | -2 | 1 | 3 | 0 | 0 | 0 | 0 | 5 | 10 | 5 | 11 | 0 | 0 | 0 | 0 | | Long-term Business — Changes in Onerous Contracts | -1 | -2 | -2 | -4 | 0 | 0 | 0 | 0 | -1 | -2 | 0 | -3 | 0 | 0 | 0 | 0 | -1 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | | Long-term Business — Other Long-term | -8 | -21 | -9 | -22 | 0 | 0 | 0 | 0 | -6 | -16 | -6 | -16 | 0 | 0 | 0 | 0 | -2 | -5 | -3 | -5 | 0 | 0 | 0 | 0 | | Financial Result & Other — Financial Result | 82 | 176 | 101 | 209 | -3 | -1 | 4 | 12 | 35 | 72 | 37 | 76 | 0 | 0 | 0 | 0 | 51 | 105 | 60 | 118 | 0 | 0 | 0 | 2 | | Financial Result & Other — Investment Income | 160 | 317 | 170 | 341 | 26 | 41 | 24 | 55 | 39 | 77 | 40 | 79 | 0 | 0 | 0 | 0 | 95 | 198 | 106 | 205 | 0 | 0 | 0 | 2 | | Financial Result & Other — Insurance Finance Expenses | -78 | -140 | -69 | -133 | -29 | -43 | -20 | -42 | -4 | -5 | -4 | -3 | 0 | 0 | 0 | 0 | -45 | -93 | -45 | -87 | 0 | 0 | 0 | 0 | | **Debt Financing Charges — Underlying Earnings Before Tax** | 427 | 925 | 510 | 1,010 | 59 | 116 | 46 | 120 | 117 | 302 | 178 | 446 | 0 | 0 | 0 | 0 | 245 | 489 | 272 | 419 | 7 | 19 | 14 | 25 | | Debt Financing Charges — Tax | -96 | -239 | -133 | -216 | -10 | -27 | -7 | -24 | -31 | -87 | -46 | -101 | 0 | 0 | 0 | 0 | -55 | -125 | -80 | -88 | 0 | 0 | -1 | -4 | | Debt Financing Charges — Income from Affiliates & Other | 2 | 4 | 8 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 4 | 8 | 2 | 0 | 0 | 0 | 0 | | Debt Financing Charges — Minority Interests | 0 | -4 | -3 | -9 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | -4 | 0 | 0 | 0 | 0 | 0 | -3 | -3 | -6 | 0 | 0 | 0 | 0 | | **Debt Financing Charges — Underlying Earnings Group share** | 333 | 687 | 381 | 787 | 49 | 89 | 39 | 96 | 85 | 213 | 132 | 341 | 0 | 0 | 0 | 0 | 192 | 366 | 197 | 328 | 7 | 19 | 14 | 22 | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,289 | 2,000 | 2,750 | 2,490 | 27 | 18 | 24 | 35 | 1,231 | 981 | 1,654 | 1,375 | 0 | 0 | 0 | 0 | 1,022 | 995 | 1,067 | 1,069 | 9 | 6 | 5 | 10 | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 2,286 | 2,384 | 2,337 | 3,386 | 1,240 | 1,329 | 1,091 | 1,911 | 698 | 751 | 898 | 1,062 | 0 | 0 | 0 | 0 | 336 | 290 | 334 | 398 | 13 | 14 | 15 | 15 | | **For long-term business — Best Estimate Liabilities net of reinsurance** | 20,066 | 20,858 | 20,726 | 20,112 | 0 | 0 | 0 | 0 | 20,645 | 21,416 | 21,527 | 21,291 | 0 | 0 | 0 | 0 | -579 | -557 | -800 | -1,180 | 0 | 0 | 0 | 0 | | For long-term business — o/w VFA Gross of reinsurance | 20,977 | 21,821 | 21,996 | 21,576 | 0 | 0 | 0 | 0 | 20,896 | 21,713 | 21,868 | 21,637 | 0 | 0 | 0 | 0 | 81 | 109 | 128 | -62 | 0 | 0 | 0 | 0 | | For long-term business — o/w BBA Gross of reinsurance | -821 | -868 | -1,207 | -1,417 | 0 | 0 | 0 | 0 | -250 | -297 | -342 | -346 | 0 | 0 | 0 | 0 | -571 | -571 | -866 | -1,071 | 0 | 0 | 0 | 0 | | For long-term business — o/w Reinsurance | -90 | -95 | -62 | -47 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -90 | -95 | -62 | -47 | 0 | 0 | 0 | 0 |"
id"gr2rpazfcv-c11"
chunk11
pages
11
heading"Asset Management"
tags
Empty array
links
"Assets under management"
"Underlying earnings"
data_items
Empty array
effective_tags
"Assets under management"
"Underlying earnings"
content"**Asset management rollforward** | In EUR million | 1H24 Total | 1H24 o/w Third Party | FY24 Total | FY24 o/w Third Party | 1H25 Total | 1H25 o/w Third Party | FY25 (7) Total | FY25 (7) o/w Third Party | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Opening AUM (Assets under management) (in Euro billion)** | 843 | 332 | 843 | 332 | 879 | 356 | 879 | 356 | | Net Inflows | 7 | -1 | 3 | 4 | -3 | -10 | -3 | -10 | | Scope & Other | 0 | 10 | 2 | 21 | 0 | -6 | 0 | -6 | | Market Effect | 12 | 10 | 26 | 21 | -3 | -6 | -3 | -6 | | Currency Impact | -4 | 10 | 5 | 21 | -21 | -6 | -21 | -6 | | **Closing AUM (in Euro billion)** | 859 | 340 | 879 | 356 | 853 | 341 | 853 | 341 | | Alternatives | 227 | 86 | 229 | 90 | 233 | 95 | 233 | 95 | | Core & Other | 532 | 254 | 551 | 266 | 528 | 246 | 528 | 246 | | Asian Joint Ventures | 101 | | 99 | | 92 | | 92 | | | **Gross Revenues - After Intercompany Elimination** | 787 | | 1,701 | | 875 | | 875 | | | **Gross Revenues - Before Intercompany Elimination** | 937 | | 2,004 | | 1,018 | | 1,018 | | | Management Fees | 679 | 385 | 1,425 | 773 | 724 | 439 | 724 | 439 | | Performance Fees | 18 | 8 | 57 | 21 | 16 | 9 | 16 | 9 | | Distribution Fees | 205 | | 409 | | 231 | | 231 | | | Other | 35 | | 112 | | 46 | | 46 | | | **General Expenses** | -698 | | -1,493 | | -793 | | -793 | | | Distribution Fees Retroceded | -205 | | -409 | | -231 | | -231 | | | Financial Result | 24 | | 35 | | 14 | | 14 | | | **Underlying Earnings Before Tax** | 263 | | 546 | | 239 | | 239 | | | Tax | -69 | | -160 | | -68 | | -68 | | | Income from Affiliates & Other | 16 | | 29 | | 8 | | 8 | | | Minority Interests | -6 | | -13 | | -4 | | -4 | | | **Underlying Earnings Group Share** | 204 | | 402 | | 175 | | 175 | | | **Average Assets under Management (€bn)** | 749 | | 759 | | 769 | | 769 | | | **Asset Management Fee bps** | 18.1 bps | | 18.8 bps | | 18.8 bps | | 18.8 bps | | | **Underlying Cost Income Ratio** | 67.3% | | 68.0% | | 71.4% | | 71.4% | | (7) 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."
id"gr2rpazfcv-c12"
chunk12
pages
12
heading"Holdings"
tags
Empty array
links
"Underlying earnings"
"Other revenue"
"Dividend"
data_items
Empty array
effective_tags
"Capital management"
"Dividend"
"Other revenue"
"Underlying earnings"
content"**Holdings underlying earnings build-up (8)(footnote: 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.)** | In EUR million | 1H24 | FY24 | 1H25 | FY25 | | --- | --- | --- | --- | --- | | Financial Result | 181 | 402 | 228 | 422 | | Other Revenues (Other revenue) | 522 | 1,050 | 607 | 1,149 | | Other Expenses | -925 | -1,986 | -1,075 | -2,107 | | Debt Financing Charges | -471 | -948 | -452 | -928 | | **Underlying Earnings Before Tax** | -693 | -1,482 | -692 | -1,464 | | Tax | 100 | 324 | 101 | 284 | | Income from Affiliates & Other | 0 | 0 | 0 | 0 | | Minority Interests | 0 | 0 | 0 | 0 | | **Underlying Earnings Group share** | -592 | -1,157 | -591 | -1,180 | **Holdings cash balance rollforward** | In EUR billion | 1H24 | FY24 | 1H25 | FY25 | | --- | --- | --- | --- | --- | | Opening Cash Balance at AXA SA (9) | | 4.0 | | 4.0 | | Net cash remittance from subsidiaries (10) | | 7.7 | | 7.5 | | Property & Casualty | | 4.0 | | 5.1 | | Life & Health | | 3.6 | | 2.5 | | Asset Management & Other | | 0.1 | | 0.0 | | Dividends (Dividend) | | -4.4 | | -4.6 | | Share buy-backs (11) | | -1.8 | | -4.7 | | Holding costs and interests | | -1.3 | | -1.3 | | Debt issuance | | 0.1 | | 1.6 | | M&A and disposals | | 0.0 | | 3.8 | | Other | | -0.3 | | -0.7 | | Closing Cash Balance at AXA SA (9) | | 4.0 | | 5.6 | (8) 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. (9) Includes liquid invested assets. (10) 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). (11) 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)."
id"gr2rpazfcv-c13"
chunk13
pages
13
heading"Activity Indicators"
tags
Empty array
links
"Gross written premiums"
"Other revenue"
data_items
Empty array
effective_tags
"Gross written premiums"
"Other revenue"
content"**Activity indicators by line of business** | In EUR million | 1H24 Total | 1H24 P&C | 1H24 Life & Health | 1H24 o/w Employee Benefits (12) | 1H24 Life | 1H24 Health | 1H24 Asset Management | 1H24 Bank | FY24 Total | FY24 P&C | FY24 Life & Health | FY24 o/w Employee Benefits (12) | FY24 Life | FY24 Health | FY24 Asset Management | FY24 Bank | 1H25 Total | 1H25 P&C | 1H25 Life & Health | 1H25 o/w Employee Benefits (12) | 1H25 Life | 1H25 Health | 1H25 Asset Management | 1H25 Bank | FY25 Total | FY25 P&C | FY25 Life & Health | FY25 o/w Employee Benefits (12) | FY25 Life | FY25 Health | FY25 Asset Management | FY25 Bank | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Gross Written Premiums & Other Revenues (Other revenue) | 59,872 | 32,522 | 26,505 | 6,673 | 17,419 | 9,086 | 787 | 57 | 110,316 | 56,514 | 51,983 | 12,167 | 34,497 | 17,486 | 1,701 | 118 | 64,251 | 34,097 | 29,230 | 7,223 | 19,081 | 10,149 | 875 | 49 | 115,524 | 58,038 | 56,512 | 12,867 | 37,499 | 19,014 | 875 | 99 | | IFRS17/9 New Business Value (NBV) (a) | 1,206 | | 1,206 | | 953 | 253 | | | 2,264 | | 2,264 | | 1,792 | 473 | | | 1,189 | | 1,189 | | 928 | 260 | | | 2,233 | | 2,233 | | 1,747 | 486 | | | | New Business Contractual Service Margin (NB CSM) | 1,131 | | 1,131 | | 919 | 213 | | | 2,169 | | 2,169 | | 1,770 | 399 | | | 1,184 | | 1,184 | | 950 | 234 | | | 2,199 | | 2,199 | | 1,822 | 377 | | | | Other NBV (13) | 456 | | 456 | | 333 | 123 | | | 824 | | 824 | | 594 | 231 | | | 382 | | 382 | | 270 | 113 | | | 757 | | 757 | | 491 | 266 | | | | Tax | -381 | | -381 | | -299 | -83 | | | -729 | | -729 | | -572 | -158 | | | -378 | | -378 | | -292 | -86 | | | -724 | | -724 | | -567 | -157 | | | | Present Value of Expected Premiums (PVEP) (b) | 25,588 | | 25,588 | | 18,234 | 7,354 | | | 50,896 | | 50,896 | | 36,860 | 14,036 | | | 25,918 | | 25,918 | | 19,487 | 6,430 | | | 49,357 | | 49,357 | | 37,103 | 12,254 | | | | IFRS17/9 NBV Margin (a)/(b) | 4.7% | | 4.7% | | 5.2% | 3.4% | | | 4.4% | | 4.4% | | 4.9% | 3.4% | | | 4.6% | | 4.6% | | 4.8% | 4.0% | | | 4.5% | | 4.5% | | 4.7% | 4.0% | | | **Activity indicators by geography** | In EUR million | 1H24 Total | 1H24 France | 1H24 Europe | 1H24 AXA XL | 1H24 Asia, Africa & EME-LATAM | 1H24 AXA IM | 1H24 Transversal & Other | FY24 Total | FY24 France | FY24 Europe | FY24 AXA XL | FY24 Asia, Africa & EME-LATAM | FY24 AXA IM | FY24 Transversal & Other | 1H25 Total | 1H25 France | 1H25 Europe | 1H25 AXA XL | 1H25 Asia, Africa & EME-LATAM | 1H25 AXA IM | 1H25 Transversal & Other | FY25 Total | FY25 France | FY25 Europe | FY25 AXA XL | FY25 Asia, Africa & EME-LATAM | FY25 AXA IM | FY25 Transversal & Other | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Gross Written Premiums & Other Revenues | 59,872 | 14,719 | 22,579 | 11,220 | 9,571 | 787 | 995 | 110,316 | 28,996 | 39,298 | 19,383 | 19,083 | 1,701 | 1,856 | 64,251 | 15,670 | 24,649 | 11,749 | 10,302 | 875 | 1,006 | 115,524 | 30,598 | 43,005 | 19,277 | 19,925 | 875 | 1,844 | | IFRS17/9 New Business Value (NBV) (a) | 1,206 | 354 | 348 | | 504 | | | 2,264 | 682 | 597 | | 986 | | | 1,189 | 315 | 364 | | 510 | | | 2,233 | 695 | 578 | | 959 | | | | New Business Contractual Service Margin (NB CSM) | 1,131 | 203 | 398 | | 531 | | | 2,169 | 391 | 731 | | 1,047 | | | 1,184 | 199 | 443 | | 541 | | | 2,199 | 431 | 740 | | 1,028 | | | | Other NBV (13) | 456 | 275 | 50 | | 131 | | | 824 | 528 | 49 | | 247 | | | 382 | 225 | 28 | | 129 | | | 757 | 506 | 12 | | 239 | | | | Tax | -381 | -123 | -100 | | -158 | | | -729 | -237 | -184 | | -309 | | | -378 | -109 | -107 | | -161 | | | -724 | -242 | -174 | | -308 | | | | Present Value of Expected Premiums (PVEP) (b) | 25,588 | 12,301 | 6,317 | | 6,971 | | | 50,896 | 25,370 | 11,831 | | 13,695 | | | 25,918 | 11,662 | 6,843 | | 7,413 | | | 49,357 | 22,858 | 12,651 | | 13,847 | | | | IFRS17/9 NBV Margin (a)/(b) | 4.7% | 2.9% | 5.5% | | 7.2% | | | 4.4% | 2.7% | 5.0% | | 7.2% | | | 4.6% | 2.7% | 5.3% | | 6.9% | | | 4.5% | 3.0% | 4.6% | | 6.9% | | | (12) Employee Benefits include Group Protection and Group Health contracts. (13) 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."
id"gr2rpazfcv-c14"
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heading"Balance Sheet"
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content"**Assets build-up** | In EUR billion | FY24 | FY25 | | --- | --- | --- | | Goodwill | 18.1 | 17.8 | | Other intangible assets | 4.4 | 4.4 | | **Total Intangible assets** | 22.6 | 22.2 | | Investments in real estate properties | 29.2 | 27.8 | | Financial investments | 418.2 | 401.8 | | Unit-linked Assets | 90.1 | 97.2 | | **Total Investments from Insurance activities** | 537.5 | 526.9 | | Investments from Non-Insurance Activities | 18.5 | 16.6 | | Equity Method investments | 1.5 | 1.5 | | Assets Arising from Insurance and Reinsurance Contracts Held | 26.1 | 23.9 | | Present Value of Future Cash Flows | 24.1 | 22.0 | | Contractual Service Margin | 1.4 | 1.4 | | Risk Adjustment | 0.5 | 0.5 | | Receivables and Other Assets | 24.1 | 21.9 | | Assets held for sale | 4.5 | 0.2 | | Cash and cash equivalents | 19.0 | 22.2 | | **Total Assets** | 653.8 | 635.5 | **Liabilities, non-controlling interests, and shareholders' equity build-up** | In EUR billion | FY24 | FY25 | | --- | --- | --- | | Shareholders' Equity group share | 49.9 | 47.2 | | Non-controlling Interests | 2.5 | 2.4 | | **Shareholders’ equity** | 52.5 | 49.6 | | Financing debt | 14.4 | 15.8 | | Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts | 477.0 | 470.4 | | Present Value of Future Cash Flows | 438.4 | 432.6 | | Contractual Service Margin | 35.3 | 34.7 | | Risk Adjustment | 3.3 | 3.1 | | Other Investment Contract Liabilities | 12.6 | 12.8 | | **Liabilities arising from insurance, reinsurance and investment contracts** | 489.6 | 483.2 | | Liabilities Arising from Non-Insurance Activities | 10.1 | 9.9 | | Provisions for risks and charges | 4.9 | 4.6 | | Payables and Other liabilities | 80.9 | 72.5 | | Liabilities held for sale | 1.4 | 0.0 | | **Total Liabilities, Non-controlling Interests and Shareholders' Equity** | 653.8 | 635.5 |"
id"gr2rpazfcv-c15"
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heading"CSM rollforward"
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content"**Contractual Service Margin (CSM) rollforward by business unit** | In EUR million | FY23 Restated (14) | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other (15) | FY24 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Total Group (pre-tax)** | 34,187 | 2,169 | 1,383 | -2,775 | -998 | 432 | -545 | 33,853 | | P&C | 206 | 0 | 0 | 0 | 0 | 0 | 76 | 282 | | Life | 26,200 | 1,770 | 1,172 | -2,253 | -890 | 363 | -534 | 25,826 | | Health | 7,782 | 400 | 211 | -522 | -108 | 69 | -87 | 7,744 | | **Total Group (post-tax)** | 26,777 | | | | | | | 26,320 | **Contractual Service Margin (CSM) rollforward by business unit** | In EUR million | FY24 | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other (15) | FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Total Group (pre-tax)** | 33,853 | 2,199 | 1,328 | -2,954 | 594 | -316 | -1,451 | 33,253 | | P&C | 282 | 0 | 0 | 0 | 0 | 0 | -21 | 261 | | Life | 25,826 | 1,822 | 1,150 | -2,415 | 487 | -526 | -903 | 25,442 | | Health | 7,744 | 377 | 178 | -539 | 107 | 210 | -527 | 7,550 | | **Total Group (post-tax)** | 26,320 | | | | | | | 25,864 | (14) 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. (15) Including scope changes and FX."
id"gr2rpazfcv-c16"
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heading"Invested Assets"
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content"**General Account invested assets build-up by asset class and rating** | In EUR billion | Fair value | Asset Allocation % | o/w Participating | Duration gap | Fair Value by Rating Average rating1 (21) | Fair Value by Rating AAA | Fair Value by Rating AA | Fair Value by Rating A | Fair Value by Rating BBB | Fair Value by Rating Below Investment Grade | Fair Value by Rating Non Rated | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | General Account Invested Assets (16) | 450 | | 60% | -0.4 yr | | | | | | | | | Fixed Income | 345 | 77% | 60% | | | | | | | | | | Government Bonds | 167 | 37% | 66% | | AA | 27% | 31% | 28% | 10% | 2% | 2% | | Corporate Bonds and Loans | 121 | 27% | 55% | | A | 16% | 6% | 39% | 28% | 11% | | | Other Fixed Income | 56 | 13% | 52% | | | | | | | | | | Asset Backed Securities (17) | 25 | 6% | 48% | | | 54% | 28% | 10% | 3% | 1% | 4% | | Mortgage Loans (18) | 31 | 7% | 56% | | | | | | | | | | Real Estate | 41 | 9% | 63% | | | | | | | | | | Infrastructure Equity | 10 | 2% | 64% | | | | | | | | | | Listed Equities (19) | 10 | 2% | 82% | | | | | | | | | | Private Equity & Hedge Funds (20) | 23 | 5% | 55% | | | | | | | | | | Cash | 19 | 4% | 50% | | | | | | | | | | Policy Loans | 2 | 0% | 51% | | | | | | | | | (21) 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. (16) 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. (17) Includes 91% of CLOs. (18) Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). (19) Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). (20) Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion)."
id"gr2rpazfcv-c17"
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heading"Supplementary Info on Asset"
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content"**Government bonds breakdown by geographical exposure** | In EUR billion | Fair Value | Belgium | France | Germany | Italy | Japan | Netherlands | Spain | Switzerland | United States | Other EU countries | Supranational | Rest of the World | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Geographical Exposure | 167 | 6% | 12% | 6% | 5% | 8% | 3% | 6% | 9% | 10% | 8% | 13% | 15% | **Corporate bonds and loans breakdown by industry** | In EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Covered and Senior Secured Bonds | Energy | Financials | Industrial | Technology | Utilities | Other | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Industry | 121 | 2% | 6% | 4% | 11% | 29% | 1% | 28% | 6% | 2% | 8% | 3% | **Corporate bonds and loans exposure to financials (31)(footnote: Includes REITS corporate bonds (Euro 3 billion).)** | In EUR billion | Total | Banks | Non-Banks1 (23) | | --- | --- | --- | --- | | **Total** | 33.4 | 27.5 | 6.0 | | Senior Unsecured Bonds | 29.8 | 24.3 | 5.5 | | Subordinated Bonds (22) | 3.0 | 2.7 | 0.4 | | Other | 0.6 | 0.5 | 0.1 | **Listed equities breakdown by asset domiciliation** | In EUR billion | Fair Value | Belgium | France | Germany | Japan | Netherlands | Switzerland | United States | Other EU countries | Rest of the World | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Asset Domiciliation | 10 | 3% | 7% | 3% | 7% | 2% | 4% | 37% | 9% | 27% | **Listed equities breakdown by industry (32)(footnote: Including hedges.)** | In EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Diversified | Energy | Financials | Funds | Industrial | Technology | Utilities | Other | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Industry | 10 | 5% | 11% | 9% | 14% | 3% | 0% | 20% | 6% | 12% | 17% | 1% | 0% | **Real estate breakdown by geographical exposure** | In EUR billion | Fair Value | Belgium | France | Germany | Italy | Japan | Spain | Switzerland | United Kingdom | United States | Other EU countries | Rest of the World | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Geographical Exposure | 41 | 5% | 25% | 11% | 3% | 5% | 4% | 13% | 7% | 12% | 5% | 10% | **Real estate breakdown by type** | In EUR billion | Fair Value | Office | Residential | Industrial-Logistic | Retail | Others | | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Type | 41 | 33% | 22% | 15% | 12% | 18% | **Private equities breakdown by asset domiciliation (33)(footnote: Excluding Non-listed Equity.)** | In EUR billion | Fair Value | Europe | Japan | United States | Other | | --- | --- | --- | --- | --- | --- | | Breakdown By Asset Domiciliation | 17 | 45% | 5% | 46% | 5% | **Mortgage loans breakdown by type** | In EUR billion | Fair Value | Residential | Commercial (24) | | --- | --- | --- | --- | | Breakdown by Type | 23 | 69% | 31% | (31) Includes REITS corporate bonds (Euro 3 billion). (23) Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). (22) Includes AT1 (Euro 0.4 billion). (32) Including hedges. (33) Excluding Non-listed Equity. (24) Loan to Value: 46%."
id"gr2rpazfcv-c18"
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heading"Shareholders Equity"
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content"**Change in Group Share Consolidated Shareholders' Equity rollforward** | In EUR billion | FY25 | | --- | --- | | **Shareholders' Equity at Beginning of the Period** | 49.9 | | Paid-in Capital | -4.9 | | Treasury Shares | -0.1 | | Other Comprehensive Income Arising from Defined Benefit Plans | -0.3 | | Fair Value Recorded in Shareholders' Equity | 1.3 | | Other Comprehensive Income Related to Invested Assets | -4.2 | | Other Comprehensive Income Related to (re) Insurance Contracts | 5.4 | | Impact of Currency Fluctuations | -3.5 | | Undated Subordinated Debt (including interest charges) | -0.3 | | Realized Gains on Equity through Retained Earnings | 0.1 | | Dividends (Dividend) | -4.6 | | Net Income for the Period | 9.8 | | Other | -0.2 | | **Shareholders' Equity at End of the Period** | 47.2 | **Group Share Consolidated Shareholders' Equity build-up** | In EUR billion | FY24 | FY25 | | --- | --- | --- | | Paid-in Capital | 21.8 | 16.9 | | Treasury Shares | -1.5 | -1.6 | | Other Comprehensive Income Arising from Defined Benefit Plans | -2.4 | -2.8 | | Other Comprehensive Income | -8.1 | -6.8 | | Other Comprehensive Income Related to Invested Assets | -13.1 | -17.3 | | Other Comprehensive Income Related to (re) Insurance Contracts | 5.0 | 10.5 | | Translation Reserves | -1.1 | -4.6 | | Undated Subordinated Debt | 4.8 | 4.6 | | Retained Earnings | 36.5 | 41.4 | | **Total Shareholders' Equity at the End of the Period** | 49.9 | 47.2 | **Book value per share and shareholders' equity plus CSM per share** | EUR | FY24 | FY25 | | --- | --- | --- | | Book Value per Share (25) | 24.5 | 24.0 | | Shareholders' Equity + CSM per Share (26) | 32.7 | 33.2 | **Unrealized gains and losses on invested assets net of tax build-up** | In EUR billion | FY24 | FY25 | | --- | --- | --- | | Government Bonds (recyclable) | -7.5 | -13.0 | | Corporate Bonds (recyclable) | -4.1 | -3.0 | | Cash Flow hedges (recyclable) | -3.5 | -3.3 | | Equities (non-recyclable) | 2.3 | 2.1 | | Others (recyclable) | -0.3 | -0.1 | | **Total Other Comprehensive Income Related to Invested Assets** | -13.1 | -17.3 | | Real Estate | 6.7 | 6.5 | | Other Invested Assets Not Included in Shareholders' Equity | -0.6 | -0.1 | | **Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)** | 6.1 | 6.4 | | **Total Unrealized Gains and Losses on Invested Assets (Net of Tax)** | -7.0 | -10.9 | (25) Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt. (26) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share."
id"gr2rpazfcv-c19"
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heading"RoE & Gearing"
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content"**Return on equity** | In EUR billion | FY24 | FY25 | Change in % points (FY25 vs FY24) | | --- | --- | --- | --- | | **Net Income ROE** | 14.8% | 18.8% | 3.9 pt | | Net Income (27) | 7.7 | 9.6 | | | Average Adjusted Shareholders' Equity (28) | 51.8 | 51.3 | | | **Underlying ROE** | 15.2% | 16.0% | 0.8 pt | | Underlying Earnings (27) | 7.9 | 8.2 | | | Average Adjusted Shareholders' Equity (28) | 51.8 | 51.3 | | **Debt gearing build-up** | In EUR billion | FY24 | FY25 | | --- | --- | --- | | Financing Debt | 3.2 | 3.2 | | Financing Debt Instrument Issued | 3.2 | 3.2 | | Financing Debt Owed to Credit Institutions | 0.0 | 0.0 | | Dated Subordinated Debt | 11.2 | 12.6 | | Reversal of mark-to-market of interest rates derivatives | -0.1 | -0.1 | | **Total Gross Debt (A)** | 14.3 | 15.7 | | Undated Deeply Subordinated Notes (TSS) | 2.9 | 4.3 | | Deeply Subordinated Notes (TSDI) | 1.9 | 0.3 | | **Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)** | 19.2 | 20.3 | | Shareholders' Equity (Including Non-Controlling Interests) (a) (C) (29) | 52.5 | 49.6 | | **Contractual Service Margin net of tax (D)** | 26.3 | 25.9 | | **Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)** | 93.1 | 91.1 | | **Debt Gearing (G) = (B) / (E)** | 20.6% | 22.3% | (27) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity). (28) Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity). (29) Shareholders' equity includes undated and deeply subordinated debts."
id"gr2rpazfcv-c20"
chunk20
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heading"Information on Solvency II"
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"Full year 2025"
"Full year 2024"
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"Full year 2024"
"Full year 2025"
content"**Solvency II rollforward** | In EUR billion | FY24 | Regulatory & model changes | Normalized Capital Generation | Operating variance | Economic variance (incl. FX) | Dividend & share buy-backs | Debt | M&A, In-force and Other | FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Eligible Own Fund (EOF)** | 55.9 | 0.2 | 8.8 | -0.4 | -2.1 | -6.0 | 1.6 | -1.7 | 56.4 | | **Solvency Capital Requirement (SCR)** | 25.9 | 0.0 | 0.6 | 0.0 | -1.2 | 0.0 | 0.0 | -0.2 | 25.2 | | **Solvency II Ratio** | 216% | 0% | 28% | -1% | 4% | -24% | 6% | -5% | 224% | **Eligible own fund tiering by sector** | In EUR billion | Total | Unrestricted Tier 1 | Restricted Tier 1 | Tier 2 | Tier 3 | | --- | --- | --- | --- | --- | --- | | **EOF as of FY25 (Full year 2025)** | 56.4 | 39.6 | 4.7 | 11.6 | 0.4 | | Insurance Sector | 55.1 | 38.4 | 4.7 | 11.6 | 0.4 | | Ancillary — Subject to Transitional Measures (30) | 2.4 | | 1.4 | 1.0 | | | Ancillary — Other Financial Sectors | 1.2 | 1.2 | | | | | **Ancillary — EOF as of FY24 (Full year 2024)** | 55.9 | 40.0 | 4.9 | 10.2 | 0.8 | | Ancillary — Insurance Sector | 53.5 | 37.5 | 4.9 | 10.2 | 0.8 | | Ancillary — Subject to Transitional Measures (30) | 4.5 | | 3.4 | 1.1 | | | Ancillary — Other Financial Sectors | 2.5 | 2.5 | | | | **Solvency II key sensitivities** | In EUR billion | FY24 | FY25 | | --- | --- | --- | | Interest Rate +50 bps | +2 pts | +2 pts | | Interest Rate -50 bps | -4 pts | -1 pt | | Corporate Spread +50bps | -1 pt | -1 pt | | Euro Government Spreads +50bps | -10 pts | -7 pts | | Credit Migration +20% | -4 pts | -4 pts | | Listed Equities +25% | +0 pt | -1 pt | | Listed Equities -25% | -3 pts | +2 pts | | Private and Infrastructure Equity +25% | +13 pts | +14 pts | | Private and Infrastructure Equity -25% | -15 pts | -19 pts | | Inflation swap curve +50bps | -6 pts | -5 pts | (30) 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."
id"gr2rpazfcv-c21"
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heading"IFRS17 SHE to Group EOF"
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content"**Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds** | In EUR billion | FY25 | | --- | --- | | **IFRS SHAREHOLDERS' EQUITY** | 49.6 | | Contractual Service Margin (net of tax) | 25.9 | | **IFRS SHAREHOLDERS' EQUITY inc. CSM** | 75.5 | | Net URCG not included in Shareholders' Equity | 6.4 | | Elimination Undated Subordinated Debts | -4.6 | | Elimination Intangibles | -21.3 | | Goodwill | -17.8 | | others | -3.5 | | **IFRS TANGIBLE NET ASSET VALUE** | 56.0 | | Foreseeable dividends (Dividend) and distribution | -6.3 | | Technical provision adjustments | -9.6 | | Risk Margin vs Risk Adjustment | -6.4 | | BEL adjustment | -3.2 | | Other adjustments | -0.6 | | **UNRESTRICTED TIER 1** | 39.6 | | Restricted Tier 1 + Tier 2 | 16.4 | | Tier 3 | 0.4 | | **GROUP ELIGIBLE OWN FUNDS** | 56.4 |"
title"AXA/2025/FY/Financial supplement"
source_url"https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx"
Retrieved from "https://www.insurerbrain.com/w/index.php?title=Data:AXA/2025/FY/Financial_supplement.json&oldid=25288"