|
= 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="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | Insurance revenue¹ || 8,989.2 || '''IFRS17/9,661.8 ||New 18,651.0Business ||Value 9,801.1 || 10,851.2 ||(NBV) 20,652.3(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. New serviceBusiness exp.:Contractual losses,Service gross ||Margin (5,364.2)NB || (6,575.9) || (11,940.1) || (5,505.9) || (6,583.3) || (12,089.2CSM)
| 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) 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" | NetIFRS17/9 inv.NBV incomeMargin on Group inv. || 443.8 || 464.1 || 907.8 || 498.4 || 523.1 || 1,021.5(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" | NetGross capitalWritten gains/(losses)Premiums on& GroupOther inv. || 53.3 || 26.1 || 79.4 || (6.8) || 48.6 || 41.8Revenues
| 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. New financeBusiness income/(expenses)Contractual ||Service (184.2) ||Margin (195.4)NB || (379.5) || (209.7) || (225.7) || (435.4CSM)
| 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 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" | FeePresent businessValue expensesof ||Expected (83.3) ||Premiums (86.9PVEP) || (170.2) || (85.8) || (94.8) || (180.7b)
| 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" | OtherGross resultWritten ||Premiums (263.1)& || (202.6) || (465.7) || (230.3) || (271.2) ||Other (501.5)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 New taxBusiness (exp.)/benefitContractual attrib.Service toMargin policyholders(NB || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0CSM)
| 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 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 %IFRS17/9 ofNBV insuranceMargin revenue'''(a)/(b)
| style="text-align:right" | 0.046
|-
| style="text-align:leftright" | Loss ratio || 68.0% || 69.7% || 68.9% || 65.9% || 66.6% || 66.3%—
| style="text-align:right" | 0.046
|-
| style="text-align:leftright" | of which catastrophes || 1.0% || 1.7% || 1.4% || 1.0% || 0.5% || 0.7%—
| 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:leftright" | of which PYD || -2.4% || -2.1% || -2.3% || -2.6% || -2.4% || -2.5%—
|-
| 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. New serviceBusiness exp.:Contractual losses,Service gross ||Margin (5,576.8)NB || (7,303.9) || (12,880.6) || (5,516.0) || (6,917.3) || (12,433.3CSM)
| 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.IFRS17/9 || 576.9 || 1,140.8 || 577.8 || 611.2NBV ||Margin 1,189.0(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" | NetGross capitalWritten gains/(losses)Premiums on& GroupOther inv. || 88.2 || 105.5 || 193.7 || 38.9 || 133.6 || 172.4Revenues
| 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. New financeBusiness income/(expenses)Contractual ||Service (321.0) ||Margin (369.3)NB || (690.3) || (370.7) || (376.3) || (747.0CSM)
| 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 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" | FeePresent businessValue expensesof ||Expected (64.8) ||Premiums (69.5PVEP) || (134.3) || (104.2) || (78.1) || (182.3b)
| 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:leftright" | Other result || (45.9) || (34.5) || (80.5) || (47.5) || (17.1) || (640.6)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. New serviceBusiness exp.:Contractual losses,Service gross ||Margin (815.3)NB || (959.7) || (1,775.1) || (984.3) || (1,159.0) || (2,143.3CSM)
| 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) 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" | NetIFRS17/9 inv.NBV incomeMargin on Group inv. || 75.4 || 104.4 || 179.8 || 99.8 || 107.1 || 206.9(a)/(b)
| style="text-align:right" | 0.044
|-
| style="text-align:leftright" | Net capital gains/(losses) on Group inv. || (2.0) || 0.6 || (1.3) || 0.1 || (3.3) || (3.2)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="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | Insurance revenue¹ || 1,573.3 || 1,588.7 || 3,161.'''IFRS17/9 ||New 1,566.5Business ||Value 1,679.0 ||(NBV) 3,245.5(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. New serviceBusiness exp.:Contractual losses,Service gross ||Margin (630.3)NB || (475.1) || (1,105.4) || (540.2) || (580.2) || (1,120.4CSM)
| 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) 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.IFRS17/9 || 121.7 || 270.6 || 103.2 || 103.8NBV ||Margin 207.0(a)/(b)
| style="text-align:right" | 0.046
|-
| style="text-align:leftright" | Net capital gains/(losses) on Group inv. || 11.9 || (17.1) || (5.2) || 2.0 || (2.3) || (0.3)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="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | Insurance'''IFRS17/9 revenue¹New ||Business 398.3Value || 400.2 || 798.5 || 413.6 || 416.9 ||(NBV) 830.5(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. New serviceBusiness exp.:Contractual losses,Service gross ||Margin (208.0)NB || (415.1) || (623.1) || (197.7) || (213.3) || (411.1CSM)
| 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. Other serviceNBV exp.: expenses, gross || (11.3) || (17.7) || (28.9) || (19.8) || (16.0) || (35.8)*
| 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) 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" | NetIFRS17/9 inv.NBV income on Group inv. || 1.2 || 2.7 || 3.9 ||Margin (3.2a)/(b) || 14.2 || 11.0
| style="text-align:right" | 0.045
|-
| style="text-align:leftright" | Net capital gains/(losses) on Group inv. || 1.0 || 1.8 || 2.8 || 1.8 || (1.8) || 0.003
| 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 Other revenue¹intangible || (1,231.6) || (1,366.5) || (2,598.1) || (1,291.6) || (1,429.1) || (2,720.7)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. Investments servicein exp.:real expenses,estate gross || (1.8) || 1.1 || (0.7) || (4.6) || (4.6) || (9.2)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" | NetInvestments capitalfrom gains/(losses)Non-Insurance on Group inv. || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0Activities
| 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 Contractual incomeService || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0Margin
| 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 Risk business expenses || (0.6) || (1.0) || (1.6) || 0.5 || 0.0 || 0.5Adjustment
| 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" | OtherAssets resultheld ||for 0.5 || 1.0 || 1.5 || (0.6) || 0.4 || (0.2)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" | ofCash which:and tech.cash non-qualifying exp. || 0.5 || 1.0 || 1.5 || (0.5) || 0.0 || (0.6)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="background:#f8f9fa;text-align:leftright" | NCI || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.0'''—'''
| 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" | InsuranceOther revenue¹intangible || 21,445.7 || 23,345.8 || 44,791.5 || 23,014.1 || 25,219.5 || 48,233.6assets
| 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.Investments servicein exp.:real expenses,estate gross || (5,721.8) || (6,191.1) || (11,912.9) || (6,431.9) || (7,008.7) || (13,440.7)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 Total inv.Investments incomefrom onInsurance Group inv. || 1,233.2 || 1,269.8 || 2,503.0 || 1,276.0 || 1,359.4 || 2,635.4activities
| 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" | NetInvestments capitalfrom gains/(losses)Non-Insurance on Group inv. || 152.5 || 116.9 || 269.4 || 35.9 || 174.7 || 210.7Activities
| 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 Contractual incomeService || 243.3 || 239.9 || 483.2 || 267.0 || 263.3 || 530.3Margin
| 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 Risk business expenses || (185.8) || (199.6) || (385.4) || (226.8) || (220.7) || (447.5)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>
|