|
"Underlying earnings"
],
"content": "**Group underlying earnings build-up by line of business and net income**\n\n| In EUR million | Group 1H24 | Group FY24 (Full year 2024) | Group 1H25 | Group FY25 (Full year 2025) | 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 | 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 (Underlying earnings)** | 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."
},
{
"Underlying earnings"
],
"content": "**Underlying earnings build-up by geography**\n\n| In EUR million | Group 1H24 | Group FY24 (Full year 2024) | Group 1H25 | Group FY25 (Full year 2025) | 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 (AXA Investment Managers) (3) 1H24 | AXA IM (AXA Investment Managers) (3) FY24 | AXA IM (AXA Investment Managers) (3) 1H25 | AXA IM (AXA Investment Managers) (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 | 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 (Underlying earnings)** | 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."
},
{
"Underlying earnings per share"
],
"content": "**Basic number of shares rollforward**\n\n| million | Outstanding Shares Excluding Treasury Shares (5) FY24 (Full year 2024) | Outstanding Shares Excluding Treasury Shares (5) FY25 (Full year 2025) | 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."
},
{
"Underlying earnings"
],
"content": "**Property \u0026 casualty underlying earnings build-up by line of business**\n\n| In EUR million | Total 1H24 | Total FY24 (Full year 2024) | Total 1H25 | Total FY25 (Full year 2025) | 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 (Underlying earnings)** | 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 |"
},
{
"Underlying earnings"
],
"content": "**Life \u0026 health underlying earnings build-up by line of business**\n\n| In EUR million | Total 1H24 | Total FY24 (Full year 2024) | Total 1H25 | Total FY25 (Full year 2025) | 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 (Underlying earnings)** | 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."
},
{
"Underlying earnings"
],
"content": "**Asset management rollforward**\n\n| In EUR million | 1H24 Total | 1H24 o/w Third Party | FY24 (Full year 2024) Total | FY24 (Full year 2024) o/w Third Party | 1H25 Total | 1H25 o/w Third Party | FY25 (Full year 2025) (7) Total | FY25 (Full year 2025) (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 (Underlying earnings)** | 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."
},
{
"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.)**\n\n| In EUR million | 1H24 | FY24 (Full year 2024) | 1H25 | FY25 (Full year 2025) |\n| --- | --- | --- | --- | --- |\n| Financial Result | 181 | 402 | 228 | 422 |\n| Other Revenues | 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 (Underlying earnings)** | -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 | — | -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)."
},
{
"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 (Full year 2024) Total | FY24 (Full year 2024) P\u0026C | FY24 (Full year 2024) Life \u0026 Health | FY24 (Full year 2024) o/w Employee Benefits (12) | FY24 (Full year 2024) Life | FY24 (Full year 2024) Health | FY24 (Full year 2024) Asset Management | FY24 (Full year 2024) 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 (Full year 2025) Total | FY25 (Full year 2025) P\u0026C | FY25 (Full year 2025) Life \u0026 Health | FY25 (Full year 2025) o/w Employee Benefits (12) | FY25 (Full year 2025) Life | FY25 (Full year 2025) Health | FY25 (Full year 2025) Asset Management | FY25 (Full year 2025) Bank |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Gross Written Premiums \u0026 Other Revenues | 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 (AXA Investment Managers) | 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."
},
{
"Full year 2025"
],
"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 (Full year 2024) |\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 (Full year 2025) |\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."
},
{
"data_items": [],
"effective_tags": [],
"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)."
},
{
"Underlying earnings"
],
"content": "**Return on equity**\n\n| In EUR billion | FY24 (Full year 2024) | FY25 (Full year 2025) | 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."
},
{
"Full year 2025"
],
"content": "**Solvency II rollforward**\n\n| In EUR billion | FY24 (Full year 2024) | Regulatory \u0026 model changes | Normalized Capital Generation | Operating variance | Economic variance (incl. FX (Foreign exchange)) | Dividend \u0026 share buy-backs | Debt | M\u0026A, In-force and Other | FY25 (Full year 2025) |\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** | 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** | 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."
},
{
|