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= Full Year 2025 Earnings – Financial Supplement =
{| class="wikitable" style="width:100%; text-align:right"

|+ 📊 Zurich Insurance Group — Property & Casualty: Europe, Middle East & Africa (EMEA) (USD mm), FY24–FY25


= Financial Supplement - Table of Contents =



= Gross Written Premiums & Other Revenues, New Business Value & Present Value of Expected Premiums =

=== 1H24 ===

{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, 1H24 (Euro million)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
! style="background:#eaecf0;text-align:right;width:9em;" | Life & Health
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! style="background:#eaecf0;text-align:right;width:9em;" | Life
! style="background:#eaecf0;text-align:right;width:6em;" | Health
! style="background:#eaecf0;text-align:right;width:6em;" | Asset Management
! style="background:#eaecf0;text-align:right;width:6em;" | Bank
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
! style="background:#eaecf0; text-align:left" | !! style="background:#eaecf0; text-align:right; width:6em" | 1H24 !! style="background:#eaecf0; text-align:right; width:6em" | 2H24 !! style="background:#eaecf0; text-align:right; width:6em" | FY24 !! style="background:#eaecf0; text-align:right; width:6em" | 1H25 !! style="background:#eaecf0; text-align:right; width:6em" | 2H25 !! style="background:#eaecf0; text-align:right; width:6em" | FY25
| style="text-align:right" | 59,872.000
| style="text-align:right" | 32,522
| style="text-align:right" | 26,505.000
| style="text-align:right" | 6,673
| style="text-align:right" | 17,419.000
| style="text-align:right" | 9,086.000
| style="text-align:right" | 787
| style="text-align:right" | 57
|-
|-
| style="text-align:left" | Insurance revenue¹ || 8,989.2 || 9,661.8 || 18,651.0 || 9,801.1 || 10,851.2 || 20,652.3
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="background:#f8f9fa;text-align:right" | '''1,206.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''1,206.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''953.000'''
| style="background:#f8f9fa;text-align:right" | '''253.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''—'''
|-
|-
| style="text-align:left" | Ins. service exp.: losses, gross || (5,364.2) || (6,575.9) || (11,940.1) || (5,505.9) || (6,583.3) || (12,089.2)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131.000
| style="text-align:right" | —
| style="text-align:right" | 1,131.000
| style="text-align:right" | —
| style="text-align:right" | 919.000
| style="text-align:right" | 213.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" | Ins. service exp.: expenses, gross || (2,159.4) || (2,326.6) || (4,486.1) || (2,370.5) || (2,709.7) || (5,080.2)
| style="text-align:right" | 456.000
| style="text-align:right" | —
| style="text-align:right" | 456.000
| style="text-align:right" | —
| style="text-align:right" | 333.000
| style="text-align:right" | 123.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Net exp. from reinsurance contracts held¹ || (749.1) || (156.3) || (905.3) || (952.1) || (641.9) || (1,594.0)
| style="text-align:left" |    Tax
| style="text-align:right" | (381.000)
| style="text-align:right" | —
| style="text-align:right" | (381.000)
| style="text-align:right" | —
| style="text-align:right" | (299.000)
| style="text-align:right" | (83.000)
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Insurance service result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''716.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''603.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,319.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''972.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''916.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,888.8'''
| style="text-align:right" | 25,588.000
| style="text-align:right" | —
| style="text-align:right" | 25,588.000
| style="text-align:right" | —
| style="text-align:right" | 18,234.000
| style="text-align:right" | 7,354.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Net inv. income on Group inv. || 443.8 || 464.1 || 907.8 || 498.4 || 523.1 || 1,021.5
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.047
| style="text-align:right" | —
| style="text-align:right" | 0.047
| style="text-align:right" | —
| style="text-align:right" | 0.052
| style="text-align:right" | 0.034
| style="text-align:right" | —
| style="text-align:right" | —
|}

=== FY24 ===

{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, Full Year 2024 (Euro million)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
! style="background:#eaecf0;text-align:right;width:9em;" | Life & Health
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! style="background:#eaecf0;text-align:right;width:9em;" | Life
! style="background:#eaecf0;text-align:right;width:9em;" | Health
! style="background:#eaecf0;text-align:right;width:6em;" | Asset Management
! style="background:#eaecf0;text-align:right;width:6em;" | Bank
|-
|-
| style="text-align:left" | Net capital gains/(losses) on Group inv. || 53.3 || 26.1 || 79.4 || (6.8) || 48.6 || 41.8
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 110,316.000
| style="text-align:right" | 56,514
| style="text-align:right" | 51,983.000
| style="text-align:right" | 12,167
| style="text-align:right" | 34,497.000
| style="text-align:right" | 17,486.000
| style="text-align:right" | 1,701
| style="text-align:right" | 118
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net inv. result on Group inv.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''497.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''490.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''987.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''491.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''571.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,063.3'''
| style="background:#f8f9fa;text-align:right" | '''2,264.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''2,264.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''1,792.000'''
| style="background:#f8f9fa;text-align:right" | '''473.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''—'''
|-
|-
| style="text-align:left" | Re-/Ins. finance income/(expenses) || (184.2) || (195.4) || (379.5) || (209.7) || (225.7) || (435.4)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 2,169.000
| style="text-align:right" | —
| style="text-align:right" | 2,169.000
| style="text-align:right" | —
| style="text-align:right" | 1,770.000
| style="text-align:right" | 399.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net investment result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''312.9''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''294.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''607.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''281.9''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''346.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''627.9'''
| style="text-align:right" | 824.000
| style="text-align:right" | —
| style="text-align:right" | 824.000
| style="text-align:right" | —
| style="text-align:right" | 594.000
| style="text-align:right" | 231.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Fee income || 109.3 || 112.9 || 222.2 || 115.2 || 120.9 || 236.1
| style="text-align:left" |    Tax
| style="text-align:right" | (729.000)
| style="text-align:right" | —
| style="text-align:right" | (729.000)
| style="text-align:right" | —
| style="text-align:right" | (572.000)
| style="text-align:right" | (158.000)
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Fee business expenses || (83.3) || (86.9) || (170.2) || (85.8) || (94.8) || (180.7)
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 50,896.000
| style="text-align:right" | —
| style="text-align:right" | 50,896.000
| style="text-align:right" | —
| style="text-align:right" | 36,860.000
| style="text-align:right" | 14,036.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Fee result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''26.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''26.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''52.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''29.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''26.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''55.4'''
| style="text-align:right" | 0.044
| style="text-align:right" | —
| style="text-align:right" | 0.044
| style="text-align:right" | —
| style="text-align:right" | 0.049
| style="text-align:right" | 0.034
| style="text-align:right" | —
| style="text-align:right" | —
|}

=== 1H25 ===

{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, 1H25 (Euro million)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
! style="background:#eaecf0;text-align:right;width:9em;" | Life & Health
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! style="background:#eaecf0;text-align:right;width:9em;" | Life
! style="background:#eaecf0;text-align:right;width:6em;" | Health
! style="background:#eaecf0;text-align:right;width:6em;" | Asset Management
! style="background:#eaecf0;text-align:right;width:6em;" | Bank
|-
|-
| style="text-align:left" | Other result || (263.1) || (202.6) || (465.7) || (230.3) || (271.2) || (501.5)
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 64,251.000
| style="text-align:right" | 34,097
| style="text-align:right" | 29,230.000
| style="text-align:right" | 7,223
| style="text-align:right" | 19,081.000
| style="text-align:right" | 10,149.00
| style="text-align:right" | 875
| style="text-align:right" | 49
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="text-align:left" |    of which: tech. non-qualifying exp. || (259.0) || (216.2) || (475.2) || (222.3) || (261.6) || (483.9)
| style="background:#f8f9fa;text-align:right" | '''1,189.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''1,189.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''928.000'''
| style="background:#f8f9fa;text-align:right" | '''260.00'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''—'''
|-
|-
| style="text-align:left" | Income tax (exp.)/benefit attrib. to policyholders || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,184.000
| style="text-align:right" | —
| style="text-align:right" | 1,184.000
| style="text-align:right" | —
| style="text-align:right" | 950.000
| style="text-align:right" | 234.00
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''BOP before NCI''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''792.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''721.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,513.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,053.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,017.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,070.7'''
| style="text-align:right" | 382.000
| style="text-align:right" | —
| style="text-align:right" | 382.000
| style="text-align:right" | —
| style="text-align:right" | 270.000
| style="text-align:right" | 113.00
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | NCI || 11.6 || 14.5 || 26.0 || 14.6 || 13.7 || 28.3
| style="text-align:left" |    Tax
| style="text-align:right" | (378.000)
| style="text-align:right" | —
| style="text-align:right" | (378.000)
| style="text-align:right" | —
| style="text-align:right" | (292.000)
| style="text-align:right" | (86.00)
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Business operating profit''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''780.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''706.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,487.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,038.9''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,003.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,042.4'''
| style="text-align:right" | 25,918.000
| style="text-align:right" | —
| style="text-align:right" | 25,918.000
| style="text-align:right" | —
| style="text-align:right" | 19,487.000
| style="text-align:right" | 6,430.00
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| colspan="7" style="text-align:left; border-top:1px solid #a2a9b1; background:#eaecf0" | '''Ratios, as % of insurance revenue'''
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.046
|-
| style="text-align:left" | Loss ratio || 68.0% || 69.7% || 68.9% || 65.9% || 66.6% || 66.3%
| style="text-align:right" | —
| style="text-align:right" | 0.046
|-
| style="text-align:left" |    of which catastrophes || 1.0% || 1.7% || 1.4% || 1.0% || 0.5% || 0.7%
| style="text-align:right" | —
| style="text-align:right" | 0.048
|-
| style="text-align:right" | 0.04
| style="text-align:left" |    of which discount impact (curr. AY) || -3.2% || -2.8% || -3.0% || -2.6% || -2.5% || -2.6%
| style="text-align:right" | —
|-
| style="text-align:left" |    of which PYD || -2.4% || -2.1% || -2.3% || -2.6% || -2.4% || -2.5%
| style="text-align:right" | —
|-
| style="text-align:left" | Expense ratio² || 26.9% || 26.3% || 26.6% || 26.5% || 27.4% || 26.9%
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Combined ratio''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''94.9%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''96.0%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''95.5%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''92.3%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''94.0%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''93.2%'''
|}
|}


=== FY25 ===
{| class="wikitable" style="width:100%; text-align:right"

|+ 📊 Zurich Insurance Group — Property & Casualty: North America (USD mm), FY24–FY25
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, Full Year 2025 (Euro million)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
! style="background:#eaecf0;text-align:right;width:9em;" | Life & Health
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! style="background:#eaecf0;text-align:right;width:9em;" | Life
! style="background:#eaecf0;text-align:right;width:6em;" | Health
! style="background:#eaecf0;text-align:right;width:6em;" | Asset Management
! style="background:#eaecf0;text-align:right;width:6em;" | Bank
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
! style="background:#eaecf0; text-align:left" | !! style="background:#eaecf0; text-align:right; width:6em" | 1H24 !! style="background:#eaecf0; text-align:right; width:6em" | 2H24 !! style="background:#eaecf0; text-align:right; width:6em" | FY24 !! style="background:#eaecf0; text-align:right; width:6em" | 1H25 !! style="background:#eaecf0; text-align:right; width:6em" | 2H25 !! style="background:#eaecf0; text-align:right; width:6em" | FY25
| style="text-align:right" | 115,524.000
| style="text-align:right" | 58,038
| style="text-align:right" | 56,512.000
| style="text-align:right" | 12,867
| style="text-align:right" | 37,499.000
| style="text-align:right" | 19,014.00
| style="text-align:right" | 875
| style="text-align:right" | 99
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="text-align:left" | Insurance revenue¹ || 9,970.2 || 11,014.9 || 20,985.1 || 10,520.1 || 11,598.8 || 22,118.9
| style="background:#f8f9fa;text-align:right" | '''2,233.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''2,233.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''1,747.000'''
| style="background:#f8f9fa;text-align:right" | '''486.00'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''—'''
|-
|-
| style="text-align:left" | Ins. service exp.: losses, gross || (5,576.8) || (7,303.9) || (12,880.6) || (5,516.0) || (6,917.3) || (12,433.3)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 2,199.000
| style="text-align:right" | —
| style="text-align:right" | 2,199.000
| style="text-align:right" | —
| style="text-align:right" | 1,822.000
| style="text-align:right" | 377.00
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" | Ins. service exp.: expenses, gross || (2,396.8) || (2,608.7) || (5,005.5) || (2,827.3) || (2,983.7) || (5,811.1)
| style="text-align:right" | 757.000
| style="text-align:right" | —
| style="text-align:right" | 757.000
| style="text-align:right" | —
| style="text-align:right" | 491.000
| style="text-align:right" | 266.00
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Tax
| style="text-align:left" | Net exp. from reinsurance contracts held¹ || (1,084.8) || (336.3) || (1,421.1) || (1,199.9) || (638.0) || (1,837.9)
| style="text-align:right" | (724.000)
| style="text-align:right" | —
| style="text-align:right" | (724.000)
| style="text-align:right" | —
| style="text-align:right" | (567.000)
| style="text-align:right" | (157.00)
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Insurance service result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''911.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''766.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,677.9''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''976.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,059.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,036.6'''
| style="text-align:right" | 49,357.000
| style="text-align:right" | —
| style="text-align:right" | 49,357.000
| style="text-align:right" | —
| style="text-align:right" | 37,103.000
| style="text-align:right" | 12,254.00
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Net inv. income on Group inv. || 563.9 || 576.9 || 1,140.8 || 577.8 || 611.2 || 1,189.0
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.045
| style="text-align:right" | —
| style="text-align:right" | 0.045
| style="text-align:right" | —
| style="text-align:right" | 0.047
| style="text-align:right" | 0.04
| style="text-align:right" | —
| style="text-align:right" | —
|}

=== 1H24 ===

{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, 1H24 (Euro million)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:9em;" | France
! style="background:#eaecf0;text-align:right;width:9em;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! style="background:#eaecf0;text-align:right;width:6em;" | Asia, Africa & EME-LATAM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
|-
| style="text-align:left" | Net capital gains/(losses) on Group inv. || 88.2 || 105.5 || 193.7 || 38.9 || 133.6 || 172.4
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 59,872.000
| style="text-align:right" | 14,719.000
| style="text-align:right" | 22,579.000
| style="text-align:right" | 11,220
| style="text-align:right" | 9,571.000
| style="text-align:right" | 787
| style="text-align:right" | 995
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net inv. result on Group inv.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''652.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''682.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,334.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''616.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''744.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,361.4'''
| style="background:#f8f9fa;text-align:right" | '''1,206.000'''
| style="background:#f8f9fa;text-align:right" | '''354.000'''
| style="background:#f8f9fa;text-align:right" | '''348.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''504.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''—'''
|-
|-
| style="text-align:left" | Re-/Ins. finance income/(expenses) || (321.0) || (369.3) || (690.3) || (370.7) || (376.3) || (747.0)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131.000
| style="text-align:right" | 203.000
| style="text-align:right" | 398.000
| style="text-align:right" | —
| style="text-align:right" | 531.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net investment result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''331.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''313.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''644.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''246.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''368.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''614.4'''
| style="text-align:right" | 456.000
| style="text-align:right" | 275.000
| style="text-align:right" | 50.000
| style="text-align:right" | —
| style="text-align:right" | 131.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Fee income || 104.0 || 101.9 || 206.0 || 133.2 || 116.4 || 249.6
| style="text-align:left" |    Tax
| style="text-align:right" | (381.000)
| style="text-align:right" | (123.000)
| style="text-align:right" | (100.000)
| style="text-align:right" | —
| style="text-align:right" | (158.000)
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Fee business expenses || (64.8) || (69.5) || (134.3) || (104.2) || (78.1) || (182.3)
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,588.000
| style="text-align:right" | 12,301.000
| style="text-align:right" | 6,317.000
| style="text-align:right" | —
| style="text-align:right" | 6,971.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Fee result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''39.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''32.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''71.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''29.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''38.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''67.3'''
| style="text-align:right" | 0.047
|-
| style="text-align:left" | Other result || (45.9) || (34.5) || (80.5) || (47.5) || (17.1) || (64.6)
| style="text-align:right" | 0.029
| style="text-align:right" | 0.055
|-
| style="text-align:right" | —
| style="text-align:left" |    of which: tech. non-qualifying exp. || (87.3) || (77.6) || (164.8) || (100.7) || (77.5) || (178.2)
| style="text-align:right" | 0.072
|-
| style="text-align:right" | —
| style="text-align:left" | Income tax (exp.)/benefit attrib. to policyholders || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
| style="text-align:right" | —
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''BOP before NCI''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,236.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,077.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,313.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,204.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,449.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,653.7'''
|-
| style="text-align:left" | NCI || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Business operating profit''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,236.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,077.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,313.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,204.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,449.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,653.7'''
|-
| colspan="7" style="text-align:left; border-top:1px solid #a2a9b1; background:#eaecf0" | '''Ratios, as % of insurance revenue'''
|-
| style="text-align:left" | Loss ratio || 66.8% || 69.4% || 68.2% || 63.8% || 65.1% || 64.5%
|-
| style="text-align:left" |    of which catastrophes || 3.5% || 5.4% || 4.5% || 2.9% || 0.6% || 1.7%
|-
| style="text-align:left" |    of which discount impact (curr. AY) || -4.9% || -3.9% || -4.4% || -4.5% || -3.8% || -4.2%
|-
| style="text-align:left" |    of which PYD || -1.0% || -1.0% || -1.0% || -1.3% || -0.5% || -0.9%
|-
| style="text-align:left" | Expense ratio² || 24.9% || 24.4% || 24.6% || 27.8% || 26.4% || 27.1%
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Combined ratio''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''91.7%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''93.7%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''92.8%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''91.7%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''91.5%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''91.6%'''
|}
|}


*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.
{| class="wikitable" style="width:100%; text-align:right"
** Employee Benefits include Group Protection and Group Health contracts.
|+ 📊 Zurich Insurance Group — Property & Casualty: Asia Pacific (USD mm), FY24–FY25

=== FY24 ===

{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, Full Year 2024, Euro Million
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:9em;" | France
! style="background:#eaecf0;text-align:right;width:6em;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! style="background:#eaecf0;text-align:right;width:9em;" | Asia, Africa & EME-LATAM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
! style="background:#eaecf0; text-align:left" | !! style="background:#eaecf0; text-align:right; width:6em" | 1H24 !! style="background:#eaecf0; text-align:right; width:6em" | 2H24 !! style="background:#eaecf0; text-align:right; width:6em" | FY24 !! style="background:#eaecf0; text-align:right; width:6em" | 1H25 !! style="background:#eaecf0; text-align:right; width:6em" | 2H25 !! style="background:#eaecf0; text-align:right; width:6em" | FY25
| style="text-align:right" | 110,316.000
| style="text-align:right" | 28,996.000
| style="text-align:right" | 39,298.00
| style="text-align:right" | 19,383
| style="text-align:right" | 19,083.000
| style="text-align:right" | 1,701
| style="text-align:right" | 1,856
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="text-align:left" | Insurance revenue¹ || 1,746.3 || 2,046.8 || 3,793.0 || 2,004.4 || 2,102.8 || 4,107.2
| style="background:#f8f9fa;text-align:right" | '''2,264.000'''
| style="background:#f8f9fa;text-align:right" | '''682.000'''
| style="background:#f8f9fa;text-align:right" | '''597.00'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''986.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''—'''
|-
|-
| style="text-align:left" | Ins. service exp.: losses, gross || (815.3) || (959.7) || (1,775.1) || (984.3) || (1,159.0) || (2,143.3)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 2,169.000
| style="text-align:right" | 391.000
| style="text-align:right" | 731.00
| style="text-align:right" | —
| style="text-align:right" | 1,047.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" | Ins. service exp.: expenses, gross || (534.9) || (617.1) || (1,152.0) || (604.9) || (620.5) || (1,225.5)
| style="text-align:right" | 824.000
| style="text-align:right" | 528.000
| style="text-align:right" | 49.00
| style="text-align:right" | —
| style="text-align:right" | 247.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Net exp. from reinsurance contracts held¹ || (231.1) || (259.7) || (490.8) || (225.8) || (153.2) || (379.0)
| style="text-align:left" |    Tax
| style="text-align:right" | (729.000)
| style="text-align:right" | (237.000)
| style="text-align:right" | (184.00)
| style="text-align:right" | —
| style="text-align:right" | (309.000)
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Insurance service result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''164.9''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''210.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''375.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''189.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''170.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''359.4'''
| style="text-align:right" | 50,896.000
| style="text-align:right" | 25,370.000
| style="text-align:right" | 11,831.00
| style="text-align:right" | —
| style="text-align:right" | 13,695.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Net inv. income on Group inv. || 75.4 || 104.4 || 179.8 || 99.8 || 107.1 || 206.9
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.044
|-
| style="text-align:left" | Net capital gains/(losses) on Group inv. || (2.0) || 0.6 || (1.3) || 0.1 || (3.3) || (3.2)
| style="text-align:right" | 0.027
| style="text-align:right" | 0.05
|-
| style="text-align:right" | —
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net inv. result on Group inv.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''73.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''105.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''178.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''99.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''103.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''203.6'''
| style="text-align:right" | 0.072
|-
| style="text-align:right" | —
| style="text-align:left" | Re-/Ins. finance income/(expenses) || (27.0) || (31.7) || (58.8) || (32.0) || (33.0) || (65.0)
| style="text-align:right" | —
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net investment result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''46.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''73.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''119.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''67.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''70.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''138.6'''
|-
| style="text-align:left" | Fee income || 29.9 || 25.0 || 54.9 || 18.6 || 26.0 || 44.6
|-
| style="text-align:left" | Fee business expenses || (37.2) || (42.0) || (79.3) || (36.4) || (47.1) || (83.5)
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Fee result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(7.3)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(17.0)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(24.3)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(17.8)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(21.1)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(38.9)'''
|-
| style="text-align:left" | Other result || (55.1) || (61.3) || (116.3) || (60.2) || (56.4) || (116.6)
|-
| style="text-align:left" |    of which: tech. non-qualifying exp. || (55.3) || (51.6) || (106.8) || (61.3) || (65.0) || (126.2)
|-
| style="text-align:left" | Income tax (exp.)/benefit attrib. to policyholders || (2.0) || (2.8) || (4.8) || (0.4) || (1.7) || (2.2)
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''BOP before NCI''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''146.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''202.6''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''349.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''178.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''161.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''340.4'''
|-
| style="text-align:left" | NCI || 1.5 || 4.9 || 6.4 || (1.3) || (4.6) || (5.9)
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Business operating profit''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''145.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''197.6''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''343.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''180.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''166.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''346.3'''
|-
| colspan="7" style="text-align:left; border-top:1px solid #a2a9b1; background:#eaecf0" | '''Ratios, as % of insurance revenue'''
|-
| style="text-align:left" | Loss ratio || 59.9% || 59.6% || 59.7% || 60.4% || 62.4% || 61.4%
|-
| style="text-align:left" |    of which catastrophes || 0.2% || 0.0% || 0.1% || 0.5% || 0.3% || 0.4%
|-
| style="text-align:left" |    of which discount impact (curr. AY) || -1.5% || -1.5% || -1.5% || -1.5% || -1.6% || -1.6%
|-
| style="text-align:left" |    of which PYD || -3.2% || -1.2% || -2.2% || -4.2% || -2.1% || -3.2%
|-
| style="text-align:left" | Expense ratio² || 33.8% || 32.7% || 33.2% || 33.2% || 32.6% || 32.9%
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Combined ratio''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''93.7%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''92.2%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''92.9%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''93.6%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''95.0%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''94.3%'''
|}
|}


*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.
{| class="wikitable" style="width:100%; text-align:right"
** Employee Benefits include Group Protection and Group Health contracts.
|+ 📊 Zurich Insurance Group — Property & Casualty: Latin America (USD mm), FY24–FY25

=== 1H25 ===

{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, 1H25 (Euro million)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:9em;" | France
! style="background:#eaecf0;text-align:right;width:9em;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! style="background:#eaecf0;text-align:right;width:9em;" | Asia, Africa & EME-LATAM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
! style="background:#eaecf0; text-align:left" | !! style="background:#eaecf0; text-align:right; width:6em" | 1H24 !! style="background:#eaecf0; text-align:right; width:6em" | 2H24 !! style="background:#eaecf0; text-align:right; width:6em" | FY24 !! style="background:#eaecf0; text-align:right; width:6em" | 1H25 !! style="background:#eaecf0; text-align:right; width:6em" | 2H25 !! style="background:#eaecf0; text-align:right; width:6em" | FY25
| style="text-align:right" | 64,251.000
| style="text-align:right" | 15,670.000
| style="text-align:right" | 24,649.000
| style="text-align:right" | 11,749
| style="text-align:right" | 10,302.000
| style="text-align:right" | 875
| style="text-align:right" | 1,006
|-
|-
| style="text-align:left" | Insurance revenue¹ || 1,573.3 || 1,588.7 || 3,161.9 || 1,566.5 || 1,679.0 || 3,245.5
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="background:#f8f9fa;text-align:right" | '''1,189.000'''
| style="background:#f8f9fa;text-align:right" | '''315.000'''
| style="background:#f8f9fa;text-align:right" | '''364.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''510.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''—'''
|-
|-
| style="text-align:left" | Ins. service exp.: losses, gross || (630.3) || (475.1) || (1,105.4) || (540.2) || (580.2) || (1,120.4)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,184.000
| style="text-align:right" | 199.000
| style="text-align:right" | 443.000
| style="text-align:right" | —
| style="text-align:right" | 541.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" | Ins. service exp.: expenses, gross || (617.6) || (622.1) || (1,239.7) || (604.8) || (674.2) || (1,278.9)
| style="text-align:right" | 382.000
| style="text-align:right" | 225.000
| style="text-align:right" | 28.000
| style="text-align:right" | —
| style="text-align:right" | 129.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Net exp. from reinsurance contracts held¹ || (196.7) || (337.8) || (534.5) || (232.9) || (261.0) || (493.9)
| style="text-align:left" |    Tax
| style="text-align:right" | (378.000)
| style="text-align:right" | (109.000)
| style="text-align:right" | (107.000)
| style="text-align:right" | —
| style="text-align:right" | (161.000)
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Insurance service result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''128.6''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''153.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''282.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''188.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''163.6''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''352.2'''
| style="text-align:right" | 25,918.000
| style="text-align:right" | 11,662.000
| style="text-align:right" | 6,843.000
| style="text-align:right" | —
| style="text-align:right" | 7,413.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Net inv. income on Group inv. || 148.9 || 121.7 || 270.6 || 103.2 || 103.8 || 207.0
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.046
|-
| style="text-align:left" | Net capital gains/(losses) on Group inv. || 11.9 || (17.1) || (5.2) || 2.0 || (2.3) || (0.3)
| style="text-align:right" | 0.027
| style="text-align:right" | 0.053
|-
| style="text-align:right" | —
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net inv. result on Group inv.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''160.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''104.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''265.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''105.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''101.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''206.7'''
| style="text-align:right" | 0.069
|-
| style="text-align:right" | —
| style="text-align:left" | Re-/Ins. finance income/(expenses) || (45.3) || (32.8) || (78.1) || (31.3) || (26.4) || (57.7)
| style="text-align:right" | —
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net investment result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''115.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''71.9''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''187.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''73.9''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''75.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''149.0'''
|-
| style="text-align:left" | Fee income || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
|-
| style="text-align:left" | Fee business expenses || 0.1 || (0.2) || (0.1) || (1.0) || (0.6) || (1.6)
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Fee result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(0.2)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(0.1)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(1.0)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(0.6)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(1.6)'''
|-
| style="text-align:left" | Other result || (64.4) || (66.1) || (130.5) || (73.1) || (72.8) || (145.9)
|-
| style="text-align:left" |    of which: tech. non-qualifying exp. || (61.9) || (67.0) || (128.9) || (71.7) || (71.6) || (143.3)
|-
| style="text-align:left" | Income tax (exp.)/benefit attrib. to policyholders || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''BOP before NCI''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''179.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''159.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''339.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''188.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''165.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''353.7'''
|-
| style="text-align:left" | NCI || 58.3 || 58.2 || 116.4 || 64.7 || 70.2 || 134.8
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Business operating profit''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''121.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''101.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''222.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''123.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''95.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''218.9'''
|-
| colspan="7" style="text-align:left; border-top:1px solid #a2a9b1; background:#eaecf0" | '''Ratios, as % of insurance revenue'''
|-
| style="text-align:left" | Loss ratio || 52.6% || 51.2% || 51.9% || 49.4% || 50.1% || 49.7%
|-
| style="text-align:left" |    of which catastrophes || 0.6% || -0.0% || 0.3% || 0.0% || 0.0% || 0.0%
|-
| style="text-align:left" |    of which discount impact (curr. AY) || -1.9% || -1.4% || -1.7% || -1.6% || -1.1% || -1.3%
|-
| style="text-align:left" |    of which PYD || 0.1% || -0.1% || -0.0% || -2.0% || -0.0% || -1.0%
|-
| style="text-align:left" | Expense ratio² || 43.2% || 43.4% || 43.3% || 43.2% || 44.4% || 43.8%
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Combined ratio''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''95.8%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''94.5%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''95.1%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''92.5%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''94.5%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''93.6%'''
|}
|}


*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.
{| class="wikitable" style="width:100%; text-align:right"
** Employee Benefits include Group Protection and Group Health contracts.
|+ 📊 Zurich Insurance Group — Property & Casualty: Group Reinsurance (USD mm), FY24–FY25

=== FY25 ===

{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, Full Year 2025 (Euro million)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | France
! style="background:#eaecf0;text-align:right;width:9em;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! style="background:#eaecf0;text-align:right;width:9em;" | Asia, Africa & EME-LATAM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
! style="background:#eaecf0; text-align:left" | !! style="background:#eaecf0; text-align:right; width:6em" | 1H24 !! style="background:#eaecf0; text-align:right; width:6em" | 2H24 !! style="background:#eaecf0; text-align:right; width:6em" | FY24 !! style="background:#eaecf0; text-align:right; width:6em" | 1H25 !! style="background:#eaecf0; text-align:right; width:6em" | 2H25 !! style="background:#eaecf0; text-align:right; width:6em" | FY25
| style="text-align:right" | 115,524.000
| style="text-align:right" | 30,598.00
| style="text-align:right" | 43,005.000
| style="text-align:right" | 19,277
| style="text-align:right" | 19,925.000
| style="text-align:right" | 875
| style="text-align:right" | 1,844
|-
|-
| style="text-align:left" | Insurance revenue¹ || 398.3 || 400.2 || 798.5 || 413.6 || 416.9 || 830.5
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="background:#f8f9fa;text-align:right" | '''2,233.000'''
| style="background:#f8f9fa;text-align:right" | '''695.00'''
| style="background:#f8f9fa;text-align:right" | '''578.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''959.000'''
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''—'''
|-
|-
| style="text-align:left" | Ins. service exp.: losses, gross || (208.0) || (415.1) || (623.1) || (197.7) || (213.3) || (411.1)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 2,199.000
| style="text-align:right" | 431.00
| style="text-align:right" | 740.000
| style="text-align:right" | —
| style="text-align:right" | 1,028.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Ins. service exp.: expenses, gross || (11.3) || (17.7) || (28.9) || (19.8) || (16.0) || (35.8)
| style="text-align:left" |    Other NBV *
| style="text-align:right" | 757.000
| style="text-align:right" | 506.00
| style="text-align:right" | 12.000
| style="text-align:right" | —
| style="text-align:right" | 239.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Net exp. from reinsurance contracts held¹ || (237.8) || (63.1) || (300.9) || (296.7) || (179.3) || (476.0)
| style="text-align:left" |    Tax
| style="text-align:right" | (724.000)
| style="text-align:right" | (242.00)
| style="text-align:right" | (174.000)
| style="text-align:right" | —
| style="text-align:right" | (308.000)
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Insurance service result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(58.7)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(95.7)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(154.4)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(100.7)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''8.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(92.4)'''
| style="text-align:right" | 49,357.000
| style="text-align:right" | 22,858.00
| style="text-align:right" | 12,651.000
| style="text-align:right" | —
| style="text-align:right" | 13,847.000
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Net inv. income on Group inv. || 1.2 || 2.7 || 3.9 || (3.2) || 14.2 || 11.0
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.045
|-
| style="text-align:left" | Net capital gains/(losses) on Group inv. || 1.0 || 1.8 || 2.8 || 1.8 || (1.8) || 0.0
| style="text-align:right" | 0.03
| style="text-align:right" | 0.046
|-
| style="text-align:right" | —
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net inv. result on Group inv.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''4.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''6.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(1.3)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''12.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''11.0'''
| style="text-align:right" | 0.069
|-
| style="text-align:right" | —
| style="text-align:left" | Re-/Ins. finance income/(expenses) || (10.8) || (15.7) || (26.5) || (15.1) || (17.3) || (32.3)
| style="text-align:right" | —
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net investment result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(8.5)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(11.3)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(19.8)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(16.4)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(4.9)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(21.3)'''
|-
| style="text-align:left" | Fee income || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
|-
| style="text-align:left" | Fee business expenses || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Fee result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0'''
|-
| style="text-align:left" | Other result || 7.6 || 4.6 || 12.3 || (0.8) || (18.1) || (18.9)
|-
| style="text-align:left" |    of which: tech. non-qualifying exp. || (20.6) || (24.2) || (44.9) || (22.8) || (42.1) || (64.8)
|-
| style="text-align:left" | Income tax (exp.)/benefit attrib. to policyholders || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''BOP before NCI''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(59.6)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(102.4)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(162.0)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(117.9)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(14.7)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(132.7)'''
|-
| style="text-align:left" | NCI || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Business operating profit''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(59.6)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(102.4)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(162.0)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(117.9)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(14.7)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(132.7)'''
|-
| colspan="7" style="text-align:left; border-top:1px solid #a2a9b1; background:#eaecf0" | '''Ratios, as % of insurance revenue'''
|-
| style="text-align:left" | Loss ratio || n.m. || n.m. || n.m. || n.m. || n.m. || n.m.
|-
| style="text-align:left" |    of which catastrophes || n.m. || n.m. || n.m. || n.m. || n.m. || n.m.
|-
| style="text-align:left" |    of which discount impact (curr. AY) || n.m. || n.m. || n.m. || n.m. || n.m. || n.m.
|-
| style="text-align:left" |    of which PYD || n.m. || n.m. || n.m. || n.m. || n.m. || n.m.
|-
| style="text-align:left" | Expense ratio² || n.m. || n.m. || n.m. || n.m. || n.m. || n.m.
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Combined ratio''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.'''
|}
|}


*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.
{| class="wikitable" style="width:100%; text-align:right"
** Employee Benefits include Group Protection and Group Health contracts.
|+ 📊 Zurich Insurance Group — Property & Casualty: Eliminations (USD mm), FY24–FY25

= Balance Sheet =

=== Assets ===

{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Balance Sheet, Annual, FY24–FY25 (Euro billion)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | FY24
! style="background:#eaecf0;text-align:right;width:6em;" | FY25
! style="background:#eaecf0;text-align:left;width:9em;" | Liabilities, Non-controlling Interests & Shareholders' Equity
! style="background:#eaecf0;text-align:right;width:6em;" | FY24
! style="background:#eaecf0;text-align:right;width:6em;" | FY25
|-
|-
| style="text-align:left" |    Goodwill
! style="background:#eaecf0; text-align:left" | !! style="background:#eaecf0; text-align:right; width:6em" | 1H24 !! style="background:#eaecf0; text-align:right; width:6em" | 2H24 !! style="background:#eaecf0; text-align:right; width:6em" | FY24 !! style="background:#eaecf0; text-align:right; width:6em" | 1H25 !! style="background:#eaecf0; text-align:right; width:6em" | 2H25 !! style="background:#eaecf0; text-align:right; width:6em" | FY25
| style="text-align:right" | 18.1
| style="text-align:right" | 17.8
| style="text-align:left" | Shareholders' Equity group share
| style="text-align:right" | 49.9
| style="text-align:right" | 47.2
|-
|-
| style="text-align:left" | Insurance revenue¹ || (1,231.6) || (1,366.5) || (2,598.1) || (1,291.6) || (1,429.1) || (2,720.7)
| style="text-align:left" |    Other intangible assets
| style="text-align:right" | 4.4
| style="text-align:right" | 4.4
| style="text-align:left" | Non-controlling Interests
| style="text-align:right" | 2.5
| style="text-align:right" | 2.4
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Total Intangible assets'''
| style="text-align:left" | Ins. service exp.: losses, gross || 486.9 || 1,271.5 || 1,758.4 || 360.3 || 635.3 || 995.6
| style="background:#f8f9fa;text-align:right" | '''22.6'''
| style="background:#f8f9fa;text-align:right" | '''22.2'''
| style="background:#f8f9fa;text-align:left" | '''Shareholders’ equity'''
| style="background:#f8f9fa;text-align:right" | '''52.5'''
| style="background:#f8f9fa;text-align:right" | '''49.6'''
|-
|-
| style="text-align:left" | Ins. service exp.: expenses, gross || (1.8) || 1.1 || (0.7) || (4.6) || (4.6) || (9.2)
| style="text-align:left" |    Investments in real estate properties
| style="text-align:right" | 29.2
| style="text-align:right" | 27.8
| style="text-align:left" | Financing debt
| style="text-align:right" | 14.4
| style="text-align:right" | 15.8
|-
|-
| style="text-align:left" |    Financial investments
| style="text-align:left" | Net exp. from reinsurance contracts held¹ || 746.5 || 93.9 || 840.4 || 935.9 || 798.4 || 1,734.3
| style="text-align:right" | 418.2
| style="text-align:right" | 401.8
| style="text-align:left" | Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts
| style="text-align:right" | 477.0
| style="text-align:right" | 470.4
|-
|-
| style="text-align:left" |    Unit-linked Assets
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Insurance service result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0'''
| style="text-align:right" | 90.1
| style="text-align:right" | 97.2
| style="text-align:left" | Present Value of Future Cash Flows
| style="text-align:right" | 438.4
| style="text-align:right" | 432.6
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Total Investments from Insurance activities'''
| style="text-align:left" | Net inv. income on Group inv. || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
| style="background:#f8f9fa;text-align:right" | '''537.5'''
| style="background:#f8f9fa;text-align:right" | '''526.9'''
| style="background:#f8f9fa;text-align:left" | '''Contractual Service Margin'''
| style="background:#f8f9fa;text-align:right" | '''35.3'''
| style="background:#f8f9fa;text-align:right" | '''34.7'''
|-
|-
| style="text-align:left" | Net capital gains/(losses) on Group inv. || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
| style="text-align:left" | Investments from Non-Insurance Activities
| style="text-align:right" | 18.5
| style="text-align:right" | 16.6
| style="text-align:left" | Risk Adjustment
| style="text-align:right" | 3.3
| style="text-align:right" | 3.1
|-
|-
| style="text-align:left" | Equity Method investments
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net inv. result on Group inv.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0'''
| style="text-align:right" | 1.5
| style="text-align:right" | 1.5
| style="text-align:left" | Other Investment Contract Liabilities
| style="text-align:right" | 12.6
| style="text-align:right" | 12.8
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Assets Arising from Insurance and Reinsurance Contracts Held'''
| style="text-align:left" | Re-/Ins. finance income/(expenses) || 0.1 || 0.0 || 0.1 || 0.0 || (0.4) || (0.4)
| style="background:#f8f9fa;text-align:right" | '''26.1'''
| style="background:#f8f9fa;text-align:right" | '''23.9'''
| style="background:#f8f9fa;text-align:left" | '''Liabilities arising from insurance, reinsurance and investment contracts'''
| style="background:#f8f9fa;text-align:right" | '''489.6'''
| style="background:#f8f9fa;text-align:right" | '''483.2'''
|-
|-
| style="text-align:left" |    Present Value of Future Cash Flows
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net investment result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(0.4)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(0.3)'''
| style="text-align:right" | 24.1
| style="text-align:right" | 22.0
| style="text-align:left" | Liabilities Arising from Non-Insurance Activities
| style="text-align:right" | 10.1
| style="text-align:right" | 9.9
|-
|-
| style="text-align:left" | Fee income || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
| style="text-align:left" |    Contractual Service Margin
| style="text-align:right" | 1.4
| style="text-align:right" | 1.4
| style="text-align:left" | Provisions for risks and charges
| style="text-align:right" | 4.9
| style="text-align:right" | 4.6
|-
|-
| style="text-align:left" | Fee business expenses || (0.6) || (1.0) || (1.6) || 0.5 || 0.0 || 0.5
| style="text-align:left" |    Risk Adjustment
| style="text-align:right" | 0.5
| style="text-align:right" | 0.5
| style="text-align:left" | Payables and Other liabilities
| style="text-align:right" | 80.9
| style="text-align:right" | 72.5
|-
|-
| style="text-align:left" | Receivables and Other Assets
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Fee result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(0.6)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(1.0)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''(1.6)''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.5'''
| style="text-align:right" | 24.1
| style="text-align:right" | 21.9
| style="text-align:left" | Liabilities held for sale
| style="text-align:right" | 1.4
| style="text-align:right" | 0.0
|-
|-
| style="text-align:left" | Other result || 0.5 || 1.0 || 1.5 || (0.6) || 0.4 || (0.2)
| style="text-align:left" | Assets held for sale
| style="text-align:right" | 4.5
| style="text-align:right" | 0.2
| style="text-align:left" | Total Liabilities, Non-controlling Interests and Shareholders' Equity
| style="text-align:right" | 653.8
| style="text-align:right" | 635.5
|-
|-
| style="text-align:left" |    of which: tech. non-qualifying exp. || 0.5 || 1.0 || 1.5 || (0.5) || 0.0 || (0.6)
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 19.0
| style="text-align:right" | 22.2
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Total Assets'''
| style="text-align:left" | Income tax (exp.)/benefit attrib. to policyholders || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
| style="background:#f8f9fa;text-align:right" | '''653.8'''
|-
| style="background:#f8f9fa;text-align:right" | '''635.5'''
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''BOP before NCI''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0'''
| style="background:#f8f9fa;text-align:left" | '''—'''
|-
| style="text-align:left" | NCI || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="background:#f8f9fa;text-align:right" | '''—'''
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Business operating profit''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''0.0'''
|-
| colspan="7" style="text-align:left; border-top:1px solid #a2a9b1; background:#eaecf0" | '''Ratios, as % of insurance revenue'''
|-
| style="text-align:left" | Loss ratio || n.m. || n.m. || n.m. || n.m. || n.m. || n.m.
|-
| style="text-align:left" |    of which catastrophes || n.m. || n.m. || n.m. || n.m. || n.m. || n.m.
|-
| style="text-align:left" |    of which discount impact (curr. AY) || n.m. || n.m. || n.m. || n.m. || n.m. || n.m.
|-
| style="text-align:left" |    of which PYD || n.m. || n.m. || n.m. || n.m. || n.m. || n.m.
|-
| style="text-align:left" | Expense ratio² || n.m. || n.m. || n.m. || n.m. || n.m. || n.m.
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Combined ratio''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''n.m.'''
|}
|}


=== Liabilities, Non-controlling Interests & Shareholders' Equity ===
{| class="wikitable" style="width:100%; text-align:right"

|+ 📊 Zurich Insurance Group — Property & Casualty: Total (USD mm), FY24–FY25
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Balance Sheet: Liabilities, Non-controlling Interests & Shareholders' Equity (EUR bn), FY24–FY25
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | FY24
! style="background:#eaecf0;text-align:right;width:6em;" | FY25
! style="background:#eaecf0;text-align:left;width:9em;" | Liabilities, Non-controlling Interests & Shareholders' Equity
! style="background:#eaecf0;text-align:right;width:6em;" | FY24
! style="background:#eaecf0;text-align:right;width:6em;" | FY25
|-
|-
| style="text-align:left" | Goodwill
! style="background:#eaecf0; text-align:left" | !! style="background:#eaecf0; text-align:right; width:6em" | 1H24 !! style="background:#eaecf0; text-align:right; width:6em" | 2H24 !! style="background:#eaecf0; text-align:right; width:6em" | FY24 !! style="background:#eaecf0; text-align:right; width:6em" | 1H25 !! style="background:#eaecf0; text-align:right; width:6em" | 2H25 !! style="background:#eaecf0; text-align:right; width:6em" | FY25
| style="text-align:right" | 18.1
| style="text-align:right" | 17.8
| style="text-align:left" | Shareholders' Equity group share
| style="text-align:right" | 49.9
| style="text-align:right" | 47.2
|-
|-
| style="text-align:left" | Insurance revenue¹ || 21,445.7 || 23,345.8 || 44,791.5 || 23,014.1 || 25,219.5 || 48,233.6
| style="text-align:left" | Other intangible assets
| style="text-align:right" | 4.4
| style="text-align:right" | 4.4
| style="text-align:left" | Non-controlling Interests
| style="text-align:right" | 2.5
| style="text-align:right" | 2.4
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''   Total Intangible assets'''
| style="text-align:left" | Ins. service exp.: losses, gross || (12,107.8) || (14,458.2) || (26,566.0) || (12,383.9) || (14,817.7) || (27,201.6)
| style="background:#f8f9fa;text-align:right" | '''22.6'''
| style="background:#f8f9fa;text-align:right" | '''22.2'''
| style="background:#f8f9fa;text-align:left" | '''Shareholders’ equity'''
| style="background:#f8f9fa;text-align:right" | '''52.5'''
| style="background:#f8f9fa;text-align:right" | '''49.6'''
|-
|-
| style="text-align:left" | Ins. service exp.: expenses, gross || (5,721.8) || (6,191.1) || (11,912.9) || (6,431.9) || (7,008.7) || (13,440.7)
| style="text-align:left" | Investments in real estate properties
| style="text-align:right" | 29.2
| style="text-align:right" | 27.8
| style="text-align:left" | Financing debt
| style="text-align:right" | 14.4
| style="text-align:right" | 15.8
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Financial investments'''
| style="text-align:left" | Net exp. from reinsurance contracts held¹ || (1,753.0) || (1,059.2) || (2,812.2) || (1,971.6) || (1,075.0) || (3,046.6)
| style="background:#f8f9fa;text-align:right" | '''418.2'''
| style="background:#f8f9fa;text-align:right" | '''401.8'''
| style="background:#f8f9fa;text-align:left" | '''Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts'''
| style="background:#f8f9fa;text-align:right" | '''477.0'''
| style="background:#f8f9fa;text-align:right" | '''470.4'''
|-
|-
| style="text-align:left" |    Unit-linked Assets
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Insurance service result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,863.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,637.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''3,500.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,226.6''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,318.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''4,544.7'''
| style="text-align:right" | 90.1
| style="text-align:right" | 97.2
| style="text-align:left" | Present Value of Future Cash Flows
| style="text-align:right" | 438.4
| style="text-align:right" | 432.6
|-
|-
| style="text-align:left" | Net inv. income on Group inv. || 1,233.2 || 1,269.8 || 2,503.0 || 1,276.0 || 1,359.4 || 2,635.4
| style="text-align:left" |    Total Investments from Insurance activities
| style="text-align:right" | 537.5
| style="text-align:right" | 526.9
| style="text-align:left" | Contractual Service Margin
| style="text-align:right" | 35.3
| style="text-align:right" | 34.7
|-
|-
| style="text-align:left" | Net capital gains/(losses) on Group inv. || 152.5 || 116.9 || 269.4 || 35.9 || 174.7 || 210.7
| style="text-align:left" | Investments from Non-Insurance Activities
| style="text-align:right" | 18.5
| style="text-align:right" | 16.6
| style="text-align:left" | Risk Adjustment
| style="text-align:right" | 3.3
| style="text-align:right" | 3.1
|-
|-
| style="text-align:left" | Equity Method investments
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net inv. result on Group inv.''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,385.6''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,386.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,772.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,311.9''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,534.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,846.1'''
| style="text-align:right" | 1.5
| style="text-align:right" | 1.5
| style="text-align:left" | Other Investment Contract Liabilities
| style="text-align:right" | 12.6
| style="text-align:right" | 12.8
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Assets Arising from Insurance and Reinsurance Contracts Held'''
| style="text-align:left" | Re-/Ins. finance income/(expenses) || (588.2) || (644.9) || (1,233.2) || (658.8) || (679.0) || (1,337.8)
| style="background:#f8f9fa;text-align:right" | '''26.1'''
| style="background:#f8f9fa;text-align:right" | '''23.9'''
| style="background:#f8f9fa;text-align:left" | '''Liabilities arising from insurance, reinsurance and investment contracts'''
| style="background:#f8f9fa;text-align:right" | '''489.6'''
| style="background:#f8f9fa;text-align:right" | '''483.2'''
|-
|-
| style="text-align:left" |    Present Value of Future Cash Flows
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net investment result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''797.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''741.9''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,539.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''653.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''855.1''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,508.2'''
| style="text-align:right" | 24.1
| style="text-align:right" | 22.0
| style="text-align:left" | Liabilities Arising from Non-Insurance Activities
| style="text-align:right" | 10.1
| style="text-align:right" | 9.9
|-
|-
| style="text-align:left" | Fee income || 243.3 || 239.9 || 483.2 || 267.0 || 263.3 || 530.3
| style="text-align:left" |    Contractual Service Margin
| style="text-align:right" | 1.4
| style="text-align:right" | 1.4
| style="text-align:left" | Provisions for risks and charges
| style="text-align:right" | 4.9
| style="text-align:right" | 4.6
|-
|-
| style="text-align:left" | Fee business expenses || (185.8) || (199.6) || (385.4) || (226.8) || (220.7) || (447.5)
| style="text-align:left" |    Risk Adjustment
| style="text-align:right" | 0.5
| style="text-align:right" | 0.5
| style="text-align:left" | Payables and Other liabilities
| style="text-align:right" | 80.9
| style="text-align:right" | 72.5
|-
|-
| style="text-align:left" | Receivables and Other Assets
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Fee result''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''57.4''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''40.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''97.7''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''40.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''42.6''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''82.8'''
| style="text-align:right" | 24.1
| style="text-align:right" | 21.9
| style="text-align:left" | Liabilities held for sale
| style="text-align:right" | 1.4
| style="text-align:right" | 0.0
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''Assets held for sale'''
| style="text-align:left" | Other result || (420.3) || (358.9) || (779.2) || (412.6) || (435.2) || (847.7)
| style="background:#f8f9fa;text-align:right" | '''4.5'''
|-
| style="background:#f8f9fa;text-align:right" | '''0.2'''
| style="text-align:left" |    of which: tech. non-qualifying exp. || (483.6) || (435.6) || (919.2) || (479.2) || (517.8) || (997.0)
| style="background:#f8f9fa;text-align:left" | '''Total Liabilities, Non-controlling Interests and Shareholders' Equity'''
|-
| style="background:#f8f9fa;text-align:right" | '''653.8'''
| style="text-align:left" | Income tax (exp.)/benefit attrib. to policyholders || (2.0) || (2.8) || (4.8) || (0.4) || (1.7) || (2.2)
| style="background:#f8f9fa;text-align:right" | '''635.5'''
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''BOP before NCI''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,295.6''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,057.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''4,353.3''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,507.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,778.8''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''5,285.8'''
|-
| style="text-align:left" | NCI || 71.4 || 77.5 || 148.9 || 77.9 || 79.2 || 157.2
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Business operating profit''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,224.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''1,980.2''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''4,204.5''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,429.0''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''2,699.6''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''5,128.6'''
|-
| colspan="7" style="text-align:left; border-top:1px solid #a2a9b1; background:#eaecf0" | '''Ratios, as % of insurance revenue'''
|-
| style="text-align:left" | Loss ratio || 64.6% || 66.5% || 65.6% || 62.4% || 63.0% || 62.7%
|-
| style="text-align:left" |    of which catastrophes || 2.4% || 3.7% || 3.1% || 1.8% || 0.6% || 1.2%
|-
| style="text-align:left" |    of which discount impact (curr. AY) || -4.0% || -3.2% || -3.6% || -3.5% || -3.1% || -3.3%
|-
| style="text-align:left" |    of which PYD || -1.6% || -1.5% || -1.6% || -1.8% || -1.7% || -1.8%
|-
| style="text-align:left" | Expense ratio² || 28.9% || 28.4% || 28.6% || 30.0% || 29.8% || 29.9%
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Combined ratio''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''93.6%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''94.9%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''94.2%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''92.4%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''92.9%''' || style="border-top:1px solid #a2a9b1; background:#f8f9fa" | '''92.6%'''
|}
|}

<small>¹ Includes add-back and international programs business.</small><br>
<small>² Includes insurance service expenses reported in the insurance service result, as well as technical non-qualifying expenses reported in the other result.</small>

Revision as of 00:47, 22 March 2026

Full Year 2025 Earnings – Financial Supplement

Financial Supplement - Table of Contents

Gross Written Premiums & Other Revenues, New Business Value & Present Value of Expected Premiums

1H24

+ 📊 AXA Consolidated — Activity Indicators, 1H24 (Euro million)
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 59,872.000 32,522 26,505.000 6,673 17,419.000 9,086.000 787 57
IFRS17/9 New Business Value (NBV) (a) 1,206.000 — 1,206.000 — 953.000 253.000 — —
   New Business Contractual Service Margin (NB CSM) 1,131.000 — 1,131.000 — 919.000 213.000 — —
   Other NBV * 456.000 — 456.000 — 333.000 123.000 — —
   Tax (381.000) — (381.000) — (299.000) (83.000) — —
Present Value of Expected Premiums (PVEP) (b) 25,588.000 — 25,588.000 — 18,234.000 7,354.000 — —
IFRS17/9 NBV Margin (a)/(b) 0.047 — 0.047 — 0.052 0.034 — —

FY24

+ 📊 AXA Consolidated — Activity Indicators, Full Year 2024 (Euro million)
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 110,316.000 56,514 51,983.000 12,167 34,497.000 17,486.000 1,701 118
IFRS17/9 New Business Value (NBV) (a) 2,264.000 — 2,264.000 — 1,792.000 473.000 — —
   New Business Contractual Service Margin (NB CSM) 2,169.000 — 2,169.000 — 1,770.000 399.000 — —
   Other NBV * 824.000 — 824.000 — 594.000 231.000 — —
   Tax (729.000) — (729.000) — (572.000) (158.000) — —
Present Value of Expected Premiums (PVEP) (b) 50,896.000 — 50,896.000 — 36,860.000 14,036.000 — —
IFRS17/9 NBV Margin (a)/(b) 0.044 — 0.044 — 0.049 0.034 — —

1H25

+ 📊 AXA Consolidated — Activity Indicators, 1H25 (Euro million)
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 64,251.000 34,097 29,230.000 7,223 19,081.000 10,149.00 875 49
IFRS17/9 New Business Value (NBV) (a) 1,189.000 — 1,189.000 — 928.000 260.00 — —
   New Business Contractual Service Margin (NB CSM) 1,184.000 — 1,184.000 — 950.000 234.00 — —
   Other NBV * 382.000 — 382.000 — 270.000 113.00 — —
   Tax (378.000) — (378.000) — (292.000) (86.00) — —
Present Value of Expected Premiums (PVEP) (b) 25,918.000 — 25,918.000 — 19,487.000 6,430.00 — —
IFRS17/9 NBV Margin (a)/(b) 0.046 — 0.046 — 0.048 0.04 — —

FY25

+ 📊 AXA Consolidated — Activity Indicators, Full Year 2025 (Euro million)
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 115,524.000 58,038 56,512.000 12,867 37,499.000 19,014.00 875 99
IFRS17/9 New Business Value (NBV) (a) 2,233.000 — 2,233.000 — 1,747.000 486.00 — —
   New Business Contractual Service Margin (NB CSM) 2,199.000 — 2,199.000 — 1,822.000 377.00 — —
   Other NBV * 757.000 — 757.000 — 491.000 266.00 — —
   Tax (724.000) — (724.000) — (567.000) (157.00) — —
Present Value of Expected Premiums (PVEP) (b) 49,357.000 — 49,357.000 — 37,103.000 12,254.00 — —
IFRS17/9 NBV Margin (a)/(b) 0.045 — 0.045 — 0.047 0.04 — —

1H24

+ 📊 AXA Consolidated — Activity Indicators, 1H24 (Euro million)
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 59,872.000 14,719.000 22,579.000 11,220 9,571.000 787 995
IFRS17/9 New Business Value (NBV) (a) 1,206.000 354.000 348.000 — 504.000 — —
   New Business Contractual Service Margin (NB CSM) 1,131.000 203.000 398.000 — 531.000 — —
   Other NBV * 456.000 275.000 50.000 — 131.000 — —
   Tax (381.000) (123.000) (100.000) — (158.000) — —
Present Value of Expected Premiums (PVEP) (b) 25,588.000 12,301.000 6,317.000 — 6,971.000 — —
IFRS17/9 NBV Margin (a)/(b) 0.047 0.029 0.055 — 0.072 — —
  • 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.
    • Employee Benefits include Group Protection and Group Health contracts.

FY24

+ 📊 AXA Consolidated — Activity Indicators, Full Year 2024, Euro Million
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 110,316.000 28,996.000 39,298.00 19,383 19,083.000 1,701 1,856
IFRS17/9 New Business Value (NBV) (a) 2,264.000 682.000 597.00 — 986.000 — —
   New Business Contractual Service Margin (NB CSM) 2,169.000 391.000 731.00 — 1,047.000 — —
   Other NBV * 824.000 528.000 49.00 — 247.000 — —
   Tax (729.000) (237.000) (184.00) — (309.000) — —
Present Value of Expected Premiums (PVEP) (b) 50,896.000 25,370.000 11,831.00 — 13,695.000 — —
IFRS17/9 NBV Margin (a)/(b) 0.044 0.027 0.05 — 0.072 — —
  • 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.
    • Employee Benefits include Group Protection and Group Health contracts.

1H25

+ 📊 AXA Consolidated — Activity Indicators, 1H25 (Euro million)
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 64,251.000 15,670.000 24,649.000 11,749 10,302.000 875 1,006
IFRS17/9 New Business Value (NBV) (a) 1,189.000 315.000 364.000 — 510.000 — —
   New Business Contractual Service Margin (NB CSM) 1,184.000 199.000 443.000 — 541.000 — —
   Other NBV * 382.000 225.000 28.000 — 129.000 — —
   Tax (378.000) (109.000) (107.000) — (161.000) — —
Present Value of Expected Premiums (PVEP) (b) 25,918.000 11,662.000 6,843.000 — 7,413.000 — —
IFRS17/9 NBV Margin (a)/(b) 0.046 0.027 0.053 — 0.069 — —
  • 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.
    • Employee Benefits include Group Protection and Group Health contracts.

FY25

+ 📊 AXA Consolidated — Activity Indicators, Full Year 2025 (Euro million)
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 115,524.000 30,598.00 43,005.000 19,277 19,925.000 875 1,844
IFRS17/9 New Business Value (NBV) (a) 2,233.000 695.00 578.000 — 959.000 — —
   New Business Contractual Service Margin (NB CSM) 2,199.000 431.00 740.000 — 1,028.000 — —
   Other NBV * 757.000 506.00 12.000 — 239.000 — —
   Tax (724.000) (242.00) (174.000) — (308.000) — —
Present Value of Expected Premiums (PVEP) (b) 49,357.000 22,858.00 12,651.000 — 13,847.000 — —
IFRS17/9 NBV Margin (a)/(b) 0.045 0.03 0.046 — 0.069 — —
  • 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.
    • Employee Benefits include Group Protection and Group Health contracts.

Balance Sheet

Assets

+ 📊 AXA Consolidated — Balance Sheet, Annual, FY24–FY25 (Euro billion)
FY24 FY25 Liabilities, Non-controlling Interests & Shareholders' Equity FY24 FY25
   Goodwill 18.1 17.8 Shareholders' Equity group share 49.9 47.2
   Other intangible assets 4.4 4.4 Non-controlling Interests 2.5 2.4
Total Intangible assets 22.6 22.2 Shareholders’ equity 52.5 49.6
   Investments in real estate properties 29.2 27.8 Financing debt 14.4 15.8
   Financial investments 418.2 401.8 Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts 477.0 470.4
   Unit-linked Assets 90.1 97.2 Present Value of Future Cash Flows 438.4 432.6
Total Investments from Insurance activities 537.5 526.9 Contractual Service Margin 35.3 34.7
Investments from Non-Insurance Activities 18.5 16.6 Risk Adjustment 3.3 3.1
Equity Method investments 1.5 1.5 Other Investment Contract Liabilities 12.6 12.8
Assets Arising from Insurance and Reinsurance Contracts Held 26.1 23.9 Liabilities arising from insurance, reinsurance and investment contracts 489.6 483.2
   Present Value of Future Cash Flows 24.1 22.0 Liabilities Arising from Non-Insurance Activities 10.1 9.9
   Contractual Service Margin 1.4 1.4 Provisions for risks and charges 4.9 4.6
   Risk Adjustment 0.5 0.5 Payables and Other liabilities 80.9 72.5
Receivables and Other Assets 24.1 21.9 Liabilities held for sale 1.4 0.0
Assets held for sale 4.5 0.2 Total Liabilities, Non-controlling Interests and Shareholders' Equity 653.8 635.5
Cash and cash equivalents 19.0 22.2 — — —
Total Assets 653.8 635.5 — — —

Liabilities, Non-controlling Interests & Shareholders' Equity

+ 📊 AXA Consolidated — Balance Sheet: Liabilities, Non-controlling Interests & Shareholders' Equity (EUR bn), FY24–FY25
FY24 FY25 Liabilities, Non-controlling Interests & Shareholders' Equity FY24 FY25
Goodwill 18.1 17.8 Shareholders' Equity group share 49.9 47.2
Other intangible assets 4.4 4.4 Non-controlling Interests 2.5 2.4
   Total Intangible assets 22.6 22.2 Shareholders’ equity 52.5 49.6
Investments in real estate properties 29.2 27.8 Financing debt 14.4 15.8
Financial investments 418.2 401.8 Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts 477.0 470.4
   Unit-linked Assets 90.1 97.2 Present Value of Future Cash Flows 438.4 432.6
   Total Investments from Insurance activities 537.5 526.9 Contractual Service Margin 35.3 34.7
Investments from Non-Insurance Activities 18.5 16.6 Risk Adjustment 3.3 3.1
Equity Method investments 1.5 1.5 Other Investment Contract Liabilities 12.6 12.8
Assets Arising from Insurance and Reinsurance Contracts Held 26.1 23.9 Liabilities arising from insurance, reinsurance and investment contracts 489.6 483.2
   Present Value of Future Cash Flows 24.1 22.0 Liabilities Arising from Non-Insurance Activities 10.1 9.9
   Contractual Service Margin 1.4 1.4 Provisions for risks and charges 4.9 4.6
   Risk Adjustment 0.5 0.5 Payables and Other liabilities 80.9 72.5
Receivables and Other Assets 24.1 21.9 Liabilities held for sale 1.4 0.0
Assets held for sale 4.5 0.2 Total Liabilities, Non-controlling Interests and Shareholders' Equity 653.8 635.5
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