Data:AXA/2025/FY/Financial supplement.json: Difference between revisions

"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."

"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."

"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)."

"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": "**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."

"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 |"